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Speaker 1: Exactly how I'm going to achieve my financial goals and

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Speaker 1: dreams for two thousand and twenty five, breaking down my

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Speaker 1: game plan, the things that I'm going to do or

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Speaker 1: have actually already begun to help make sure that twenty

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Speaker 1: twenty five is my best year yet. Welcome to Sugar

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Speaker 1: Mama's Fireplay. Good morning, everyone, and welcome back to another

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Speaker 1: episode of Sugar Mama's Fireplay. Today, I am really excited

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Speaker 1: to share with you the game plan, the strategy, how

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Speaker 1: I'm going to be managing my money, my income, my

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Speaker 1: cash flow, and hopefully ticking off all the goals that

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Speaker 1: I have set down for two thousand and twenty five. Now,

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Speaker 1: before I begin, a quick reminder as to my general

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Speaker 1: advice warning and my financial planning license details.

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Speaker 2: Obviously, the things I'll be.

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Speaker 1: Talking about in today episode are exciting and you might think, oh,

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Speaker 1: is this right for me? Maybe I should be doing

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Speaker 1: this myself. And yes, whilst these things are great and

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Speaker 1: could most definitely help you, you never know if there's

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Speaker 1: actually something else that may be even more powerful, which

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Speaker 1: is why you should always go and talk to a

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Speaker 1: financial planner and ask them for personal advice. Now, to

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Speaker 1: anyone who's listening to this going, Yes, I know this.

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Speaker 1: Can I know the warning, I understand it, But I

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Speaker 1: can't afford a financial planner right now, or I don't

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Speaker 1: want to see a financial planner right now? Can I

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Speaker 1: remind you as to my book Mindful Money. In Mindful Money,

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Speaker 1: I explain absolutely everything you need to know and understand

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Speaker 1: about setting yourself up for financial independence, from managing your

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Speaker 1: cash flow to picking the right superannuation account, from building

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Speaker 1: your investment portfolio of whatever assets.

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Speaker 2: You may desire.

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Speaker 1: So there are some great resources out there to rely

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Speaker 1: on until you are ready to use, until you are

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Speaker 1: ready to go and see a financial planner. All right,

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Speaker 1: let's talk about my financial game plan, and of course

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Speaker 1: you are welcome to ask me any questions through Instagram now.

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Speaker 1: In last week's episode, I shared with you some of

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Speaker 1: my financial goals, which I will admit I was a

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Speaker 1: little bit nervous about doing, wondering what you might think.

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Speaker 1: But I'm sure that's just my own insecurity because no

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Speaker 1: one here really judges each other. We're here to hold

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Speaker 1: each other's hand, pull each other up if we're down,

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Speaker 1: and of course keep cheering all the way as we

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Speaker 1: go from strength to strength, even when it comes to

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Speaker 1: pushing through those setbacks and challenges. Now, the reason why

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Speaker 1: I want to share with you my game plan is

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Speaker 1: to help you realize how important it is for you

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Speaker 1: to have your own game plan for your own goals.

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Speaker 1: Of course financial goals, but also all those other goals.

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Speaker 1: As I said previously, if you have goals without a plan,

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Speaker 1: there's just simply as a wish floating around not really

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Speaker 1: actually doing things. By having a game plan, you start

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Speaker 1: setting down a strategy, and these are the key benefits.

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Speaker 1: And for me, when I look at my game plan,

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Speaker 1: it helps ensure that these goals are achieved. So for me,

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Speaker 1: having a game plan is really important. I think you'll

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Speaker 1: get a lot of value yourself from doing your own

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Speaker 1: game plan for your goals. I know myself when I

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Speaker 1: have done a game plan and I've folded it to

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Speaker 1: the best of my ability, even if I do fall

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Speaker 1: short at the end of the year, I know that

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Speaker 1: I will still feel proud about how hard I've worked,

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Speaker 1: the effort that I put in, the determination, the commitment,

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Speaker 1: and the passion that I have gained along the way

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Speaker 1: from my own personal growth and development. So here are

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Speaker 1: some additional benefits for you to think about when you

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Speaker 1: design your own game plan for your financial strategy of

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Speaker 1: course your own personal growth throughout twenty twenty five.

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Speaker 2: Now, the reason why I'm going to.

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Speaker 1: Quickly touch on these benefits is to help motivate you

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Speaker 1: to really do a really robust, detailed game plan, but

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Speaker 1: also understand that it can be flexible and fluid and

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Speaker 1: work with you as your year of goals and things

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Speaker 1: happen and don't happen, and there are setbacks, but allows

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Speaker 1: you to get back on the bandwagon again. And then

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Speaker 1: I promise, the moment i've shared with you these key

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Speaker 1: benefits of a game plan, I will share with you

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Speaker 1: my game plan. But this is important, so please bear

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Speaker 1: with me. Number One, having a game plan stops you

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Speaker 1: from wasting time. When I look at my game plan,

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Speaker 1: I can see that there is a lot to be done.

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Speaker 1: I've got a busy twenty twenty five, and the longer

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Speaker 1: I wait, the longer I delay stuff around, I'm just

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Speaker 1: going to end up adding more stress and pressure to

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Speaker 1: my shoulders, which I don't really need or want any more.

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Speaker 1: So why would I want to make life so much

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Speaker 1: harder for myself? This is the value of having a

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Speaker 1: game plan. The second benefit of having a game plan

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Speaker 1: is it allows me to allocate my time and see

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Speaker 1: the priorities. When I look at my goals and I

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Speaker 1: look at the strategy for each goal to help make

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Speaker 1: sure that it's going to happen, I can actually see

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Speaker 1: with a great sense of clarity as to what I

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Speaker 1: need to tackle first and also what is the smartest

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Speaker 1: thing to actually tackle first. Whilst I would love to

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Speaker 1: jump in and focus purely on renovating our kitchen, I

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Speaker 1: know that it is far more efficient and more important

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Speaker 1: to actually focus on building up our financial float and

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Speaker 1: some of our emergency money funds. So having game plan

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Speaker 1: really helps give you that bird's eye view on your

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Speaker 1: own financial situation and what really needs to be fixed

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Speaker 1: as a pressing priority, and you know to put that

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Speaker 1: at the top of your list as a priority. So

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Speaker 1: it allows you to allocate your time and also you

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Speaker 1: can use as a motivation to push through those responsible

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Speaker 1: goals that you can quickly then move on to those

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Speaker 1: fun goals like holidays and special purchases. Number three, game

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Speaker 1: plan will curb your distractions.

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Speaker 2: I am just like you. I love fashion.

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Speaker 1: I love captural wardrobe fashion, I love beautiful handbags and shoes.

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Speaker 1: I love holidays and going out for dinner and spending

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Speaker 1: time with friends, and I love the occasional glass of champagne.

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Speaker 1: But I also know that I've got a lot of

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Speaker 1: things to achieve.

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Speaker 2: I've got a big year ahead of me.

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Speaker 1: But when I go back to my game plan and

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Speaker 1: I look at all the exciting things that are ahead

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Speaker 1: of me and all the things that I can potentially

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Speaker 1: achieve for myself and for my family, suddenly this point

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Speaker 1: of comparison between buying a new pair of pants, shoes,

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Speaker 1: or address versus having a brand new kitchen, a kitchen

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Speaker 1: of my tastes and styles and one that's not going

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Speaker 1: to fall apart. And when I open up a cuver door,

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Speaker 1: suddenly that point of comparison helps dissipate those sort of

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Speaker 1: instant gratification, almost materialistic desires, and it recalibrates my sense

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Speaker 1: of focus and what is important and what is the

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Speaker 1: bigger picture here for twenty twenty five. So that is

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Speaker 1: a really great value of having your own game plan.

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Speaker 2: Number four. A game plan allows flexibility.

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Speaker 1: A lot of people think that a financial strategy, or

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Speaker 1: in this case, a financial game plan, is set in stone, and.

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Speaker 2: It's very rigid strict you must follow it to the tea.

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Speaker 2: That couldn't be further from the truth.

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Speaker 1: A game plan is fluid, it's free flowing, and it's flexible.

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Speaker 1: I shared in last week's episode that if something pops up,

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Speaker 1: for example, whilst I'm saving up some emergency money. For example,

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Speaker 1: I shared last week that one of my biggest priorities

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Speaker 1: is to quickly rebuild our emergency money at the level

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Speaker 1: that it really should be, as well as our financial float.

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Speaker 1: But at the same time, one of my fun financial

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Speaker 1: goals is to renovate our kitchen. Now, I know that

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Speaker 1: if a special sale comes up, for example, appliances, and

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Speaker 1: I'm able to buy the dishwasher and the cook top

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Speaker 1: and the fridge, all those things come up with an

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Speaker 1: amazing sale, it would be sensible to capitalize on those opportunities.

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Speaker 1: And I've given myself permission to have some flexibility there now.

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Speaker 1: By having this game plan and having that flexibility, because

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Speaker 1: I've agreed with myself that there will be some give

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Speaker 1: and take and some allowed tweaks and changes along the way,

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Speaker 1: I know that I can safely jump on those opportunities

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Speaker 1: to actually help save money and jump on some great bargains,

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Speaker 1: but I know the moment I've ticked that box and

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Speaker 1: made the most of those opportunities, I can then return

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Speaker 1: back with clarity direction as to which goal is next,

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Speaker 1: which is my case, returning back to those emergencies, save

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Speaker 1: if I haven't built them up sufficiently yet or not.

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Speaker 1: So that flexibility can allow you to safely deviate if

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Speaker 1: you like, but then it directs you straight back to

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Speaker 1: what you need to focus on as a priority. And

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Speaker 1: number five peace of mind. Having a financial game plan

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Speaker 1: is like having instructions cooking instructions. You see, my game

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Speaker 1: plan has been really carefully mapped out. I have not

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Speaker 1: rushed this at all. I have written it down, I've reviewed,

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Speaker 1: I've changed it, I've reviewed it again, I've adjusted it,

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Speaker 1: I've reviewed it again. I've then expanded it, I've reviewed

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Speaker 1: it again. I've then tweaked and changed it, and then

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Speaker 1: I've reviewed it and then I've improved it. So by

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Speaker 1: having these really clear instructions and this list of priorities

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Speaker 1: and this understanding of time and deadlines, I have this

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Speaker 1: incredible sense of purpose and a direction to follow that's

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Speaker 1: going to help me, to the best of my ability

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Speaker 1: achieve those goals. And I know that I'm not going

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Speaker 1: to be wayting time. And what this has given me

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Speaker 1: is a great sense of confidence and empowerment, and I

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Speaker 1: actually feel really excited about achieving these goals and following

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Speaker 1: these instructions. As I said, it's like cooking instructions being

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Speaker 1: given a new dish to try that's a little bit

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Speaker 1: out of our skill set, a little bit complicated, but

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Speaker 1: then the instructions are clearly detailed in front of us

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Speaker 1: with steps. Having a game plan is exactly the same thing.

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Speaker 1: It gives you instructions to follow, and particularly the beginning

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Speaker 1: of the year or throughout the year, when there are

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Speaker 1: natural setbacks and challenges, coming back to those instructions can

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Speaker 1: really help boost your confidence and actually allow you to

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Speaker 1: see that you might quite possibly be able to do this,

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Speaker 1: that is, achieve all of those goals and dreams that

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Speaker 1: you set for yourself. This is the power of a

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Speaker 1: game plan. All right, now you understand why you need

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Speaker 1: to have a game plan, and you now feel excited

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Speaker 1: about working on your game plan. Let me share with

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Speaker 1: you my game plan to achieve my goals, because I'm

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Speaker 1: sure some of you will have very similar goals to me,

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Speaker 1: and maybe some of the ideas.

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Speaker 2: That I share with you to help achieve my goals,

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Speaker 2: you can.

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Speaker 1: Maybe apply if appropriate few obviously with the guidance of

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Speaker 1: a financial planner, and help improve your own financial situation.

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Speaker 1: So one of my goals is to help rebuild our

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Speaker 1: financial float and emergency money. Now, when I did the

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Speaker 1: Sugar Mama ten Day Financial Reset Challenge, I realized that

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Speaker 1: our emergency money is not really where it really should

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Speaker 1: be at this point in time, and our financial float

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Speaker 1: got a bit of a hammering during Christmas and obviously

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Speaker 1: all the ongoing expenses that come with school holidays. So

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Speaker 1: I now know what I need to do, and my

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Speaker 1: game plan to rebuild those is to go back to

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Speaker 1: our budget and look at tweaks and changes that we

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Speaker 1: can make to help shift more money as a priority

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Speaker 1: into our financial float. And just so you understand, if

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Speaker 1: you've done my budgeting and cash flow course, a financial

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Speaker 1: floats is designed to help prepare for all those ad

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Speaker 1: hoc expenses like birthday presents, Valentine Day, any sort of

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Speaker 1: religious festivities that you choose to celebrate such as Christmas,

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Speaker 1: and it's for all those kind of irregular bills that

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Speaker 1: kind of throw us off guard. Like you know, when

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Speaker 1: the retro comes through, all the car insurance, the CTP,

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Speaker 1: that's what that financial float is designed to help you

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Speaker 1: get through. So I need to go back to the budget,

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Speaker 1: which I've already done, make some tweaks and changes, and

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Speaker 1: I'm also going to be including one month the weekend

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Speaker 1: where we have a no spend weekend, so it can

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Speaker 1: really help us boost additional money that can be shifted

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Speaker 1: across in rebuilding that float and of course rebuilding our

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Speaker 1: emergency money. The second goal that I have shared with

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Speaker 1: you is our goal to have a holiday, a family

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Speaker 1: holiday skiing in Queenstown, New Zealand. Now I'm excited to

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Speaker 1: share with you. Already in the process of doing this,

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Speaker 1: so we're booking all of our flights on Frequent Flyer points.

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Speaker 1: We are also issues a little bit controversial, but we're

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Speaker 1: going to be pulling the kids out of school now

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Speaker 1: by traveling outside of school holidays, the cost of accommodation

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Speaker 1: and the amount of points that we need to book

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Speaker 1: those flights is significantly cheaper, like twenty percent up to

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Speaker 1: thirty percent cheaper. I'm also going to be looking at

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Speaker 1: buying package deals, especially when it comes to our lift

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Speaker 1: passes and skier gear rental. There are some great offers

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Speaker 1: going at the moment. I'm going to make sure I

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Speaker 1: lock those in before those prices start to adjust and

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Speaker 1: change as we get closer. So the key points are

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Speaker 1: obviously using frequent fly points. Tom and I pretty much

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Speaker 1: fly religiously with one particular airline that we both love,

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Speaker 1: and we both cross share our points to help maximize

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Speaker 1: booking as many tickets as possible for free. And because

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Speaker 1: Tom flies so much at work, he's got a great

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Speaker 1: status with one of the airlines, which means it gets

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Speaker 1: the opportunity to book flights with less stress less drama.

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Speaker 1: It also means we potentially get upgrades along the way.

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Speaker 1: But the most important point that I also want to

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Speaker 1: share here with you is a holiday savings I always

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Speaker 1: recommend that everyone have a lifestyle goal account, and this

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Speaker 1: is something I go into detail and explain who the

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Speaker 1: Sugar Mamma Budget and cash Flow Academy. So this is

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Speaker 1: a separate online savings account that you contribute to every

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Speaker 1: time you get paid, In fact, the moment you get paid.

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Speaker 2: It's a preage.

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Speaker 1: Determined a great amount flat amount that you put into

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Speaker 1: that account every single month or every single foot night

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Speaker 1: or wherever often you get paid and this can build

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Speaker 1: up over time. So when it comes to wanting to

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Speaker 1: go on holiday, on booking those flights, booking that accommodation,

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Speaker 1: there is sufficient money. They're ready to go. And it

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Speaker 1: means that you have not only money paid for the

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Speaker 1: accommodation and the airfare and all those spending money things

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Speaker 1: like food and activities entertainment whilst on holidays, it means

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Speaker 1: that you then come home without the stress and drama

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Speaker 1: and guilt and embarrassment and shame of having debt. I

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Speaker 1: have never gone on a holiday and come back to debt.

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Speaker 1: It would actually ruin all the benefits and blessings and

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Speaker 1: pleasure that comes from traveling and taking yourself away from

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Speaker 1: groundhole day. So we be using those approaches to make

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Speaker 1: sure our holiday is booked in, it's paid for upfront,

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Speaker 1: and we come home with absolutely no debt whatsoever. And

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Speaker 1: again this is a non negotiable. And anyone's interested in

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Speaker 1: doing the Sugar Mamma Budget and cash Flow Academy, which

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Speaker 1: does include a one on one session of me, I've

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Speaker 1: popped the enrollment details in the podcast notes for you.

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Speaker 1: Goal number three and that is renovating our kitchen. Now

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Speaker 1: I'm going to share something with you, and I do

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Speaker 1: have a bit of an I guess an unfair advantage

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Speaker 1: you could save from this particular goal. But one of

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Speaker 1: my goals from last year was actually to save up

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Speaker 1: money for this goal, and we got so close to

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Speaker 1: achieving this goal by regular savings, Tom and I both

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Speaker 1: taking on additional ad hoc work to help boost the

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Speaker 1: funds that went into this savings account. But something really

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Speaker 1: frustrating happened at the end of twenty twenty four. Kitchen

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Speaker 1: renovation savings took a massive nose dive. We had some

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Speaker 1: unexpected expenses that were not our fault, completely out of

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Speaker 1: our hands, and we weren't told about them, and literally

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Speaker 1: got sent a huge bill with ten days to quickly

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Speaker 1: pay it. And it was a small business behind this

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Speaker 1: that had actually helped us, and we just went, Okay,

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Speaker 1: it's Christmas time, everyone's suffering with cash show, we need

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Speaker 1: to make sure we paid this as a priority. So

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Speaker 1: as heartbreaking as it was and frustrating it was, we

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Speaker 1: just took the money out of our kitchen innovation funds

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Speaker 1: and paid it. It was a bitter taste in my mouth.

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Speaker 1: I won't lie, but I share this with you to

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Speaker 1: let you see that I am human just like you.

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Speaker 1: This was so disappointing. I was so upset and disheartened

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Speaker 1: because it did come out of the blue and there

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Speaker 1: was nothing we could do about it. And it's just

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Speaker 1: part of life's rich tapestry. You know, nothing is ever

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Speaker 1: smooth sailing onward and upwards. It's top twitsts and turns

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Speaker 1: backwards then you might leapfrog again. So anyway, we had

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Speaker 1: a bit of a we have a bit of an advantage,

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Speaker 1: you could say, because we are returning back to the

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Speaker 1: remaining savings that are still in that account, even though

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Speaker 1: they've obviously been eaten away substantially, And we're already hitting

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Speaker 1: the ground running with taking on some extra work that

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Speaker 1: Tom and I both can do as we juggle family

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Speaker 1: and friends and some sort of sense of normalcy and

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Speaker 1: balance in life. So we are slowly and steadily building

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Speaker 1: this up, and we plan to hopefully be able to

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Speaker 1: have enough money by July so that we can get

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Speaker 1: the whole kitchen paid for upfront without taking on any debt. Now,

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Speaker 1: I know some people were thinking, why wouldn't you just

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Speaker 1: like redraw off your home loan, like, there's surely extra

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Speaker 1: money sitting in your redrawer facility. Well, no, I know

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Speaker 1: a lot. It's really tempting to do that, and trust

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Speaker 1: me across my mind plenty of times, but our home

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Speaker 1: is non deductible debt. The more I can focus on

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Speaker 1: paying the home down by also taking a mindful flow

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Speaker 1: around money and making sure that we add value to

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Speaker 1: the home and increase the equity in our home by

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Speaker 1: a new kitchen will hopefully add value to the price

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Speaker 1: of the home.

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Speaker 2: I really want our.

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Speaker 1: Mortgage to be coming down. I want to see it

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Speaker 1: coming down at a faster rate than what it is.

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Speaker 1: So no, I don't want to take a step backwards

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Speaker 1: by using extra funds that we've paid onto the mortgage

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Speaker 1: to pay for the kitchen. I really want to pay

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Speaker 1: for it separately and know that we are still on

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Speaker 1: top of our game plan to eventually pay off our

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Speaker 1: home and own it outright in full, so that when

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Speaker 1: we enter retirement, we enter retirement being debt free, or

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Speaker 1: at least mortgage free. So that's a really strict boundary

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Speaker 1: that I've set in place, and that one is certainly

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Speaker 1: definitely not flexible. I'm saving up for this kitchen and

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Speaker 1: nothing is going to stop me. And hopefully I have

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Speaker 1: no more setbacks along my way. But here you can see,

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Speaker 1: hopefully how normal I am, just like you in working

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Speaker 1: on your goals. I have setbacks, I have things that

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Speaker 1: just happen, and I feel the same frustration that you

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Speaker 1: feel when these things do happen to you, as they

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Speaker 1: do to everyone else. No one is immune from this

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Speaker 1: goal number four and this is the big one again

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Speaker 1: to remind you of that. You know advice of going

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Speaker 1: to see a financial planner, and this is not a

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Speaker 1: strategy I recommend for everyone. It's a higher strategy and

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Speaker 1: that is my goal to invest one hundred thousand dollars

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Speaker 1: into the thousand dollar project portfolio. Now, the way I'm

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Speaker 1: going to be doing this is by debt recycling. That is,

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Speaker 1: taking out a separate investment loan secured against our family

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Speaker 1: home to go and buy more shares for the thousand

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Speaker 1: dollars project. Now, as I said, this is a high

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Speaker 1: risk investment strategy. It is powerful though for the right

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Speaker 1: people that use it at the right time and for

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Speaker 1: the right reasons. I would only ever recommend someone do

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Speaker 1: this after seeing a mortgage broker that can specialize in

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Speaker 1: this area that has a huge amount of experience in

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Speaker 1: setting this up the right way the first time and

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Speaker 1: under the guidance of a quality financial planner that actually

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Speaker 1: specializes in wealth creation strategies like this. And if you

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Speaker 1: need a recommendation to either a good mortage broker or

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Speaker 1: for a good financial planner that does this, send me

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Speaker 1: an email or sorry, send me a pre dm is

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Speaker 1: what's best on Instagram and I will happily pass some

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Speaker 1: contacts over to you for you to have a chat

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Speaker 1: with them and get some personal advice. But this is

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Speaker 1: my game plan as to how I'm doing it to

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Speaker 1: help manage it in a smart, intelligent, wise way. So

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Speaker 1: the first thing is I'm actually going to leave this

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Speaker 1: towards the end of the year. I have a lot

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Speaker 1: of goals to achieve. My number one priority is rebuilding

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Speaker 1: our float, rebuilding our emergency money, obviously, going on that

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Speaker 1: family holiday which will ideally do as frugally as possible,

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Speaker 1: and of course retivating our kitchen. So I really want

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Speaker 1: to get those things ticked off first. I will then

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Speaker 1: come back and see what the cash flow is actually

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Speaker 1: looking like after we've done the kitchen. Now, assuming I

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Speaker 1: am able to save up enough money by July to

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Speaker 1: do our kitchen. All that money that I was then

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Speaker 1: saving up and redirecting towards the kitchen or even the

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Speaker 1: emergency money, can now go towards building up some savings.

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Speaker 1: Because what I plan to do again, this is not

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Speaker 1: personal advice whatsoever or strategic advice. I want to do

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Speaker 1: this in a really sensible way. So when it comes

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Speaker 1: to applying for this investment loan, hopefully seeing the kitchen

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Speaker 1: being renovated, and we do a bank valuation, hopefully the

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Speaker 1: value of our home will be higher because they can

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Speaker 1: see there's a brand new, shiny kitchen and some few

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Speaker 1: other things we've done around the house to help.

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Speaker 2: Improve the value.

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Speaker 1: So it will mean that my LVR, which is my

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Speaker 1: loan to value ratio, will be even better. I will

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Speaker 1: only be borrowing a maximum of one hundred thousand dollars.

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Speaker 1: I will also be pre paying the interest on this

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Speaker 1: investment loan. Now, by doing this it means for them

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Speaker 1: twelve months, I don't need to stress and worry about

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Speaker 1: my cash flow. I know that I have fixed and

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Speaker 1: paid for that interest upfront and advance and six month

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Speaker 1: montes later that will obviously go as a tax deduction.

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Speaker 1: I will be using this one hundred thousand dollars to

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Speaker 1: add value to the thousand dollars share portfolio, which is

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Speaker 1: a three hundred dollars diversified investment portfolio. So by adding

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Speaker 1: another one hundred thousand dollars, I'll make sure that I'm

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Speaker 1: going to include new investments in this share portfolio, which

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Speaker 1: is going to add the diversification, which means it helps

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Speaker 1: reduce my investment risk. I'm also going to make sure

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Speaker 1: that this investment loan that I'll be used setting up

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Speaker 1: with my mortgage broker, Adam mcabe, and making sure it's

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Speaker 1: set on principle and interest. Now this is not normally advisable,

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Speaker 1: but because of me and the way that I look

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Speaker 1: at money, and my focus is very much about building

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Speaker 1: long term, growing passive income. For me, I prefer to

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Speaker 1: see that debt slowly and steadily coming down, even if

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Speaker 1: it is a little bit of a cost to reducing

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Speaker 1: our mortgage our cash flow, and I may even have

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Speaker 1: to pay a little bit more, maybe on interest, especially

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Speaker 1: as I might be potentially fixing it.

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Speaker 2: But for me, I.

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Speaker 1: Want my investments to be cash flow positive or at

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Speaker 1: least cash flow neutral, So I will then have complete

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Speaker 1: control and flexibility in making, perhaps if I want, when appropriate,

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Speaker 1: ad hoc repayments beyond prepaying the interest on that loan.

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Speaker 1: So I have complete control. That means I'm in a

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Speaker 1: really safe boundary when it comes to a high risk

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Speaker 1: investment strategy like this of debt recycling. Another thing that

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Speaker 1: I will be doing is with the dividends earned from

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Speaker 1: that one hundred thousand dollars invested, and we'll use a

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Speaker 1: very simple formula here of a five percent yield, which

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Speaker 1: is not too dissimilar from the average yield of most

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Speaker 1: Australian industrial shares. I'm actually reinvesting those dividends. That extra

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Speaker 1: dollars per year doesn't really help me that much in

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00:23:03,080 --> 00:23:06,879
Speaker 1: paying off our mortgage. I'd rather use our cash flow instead.

438
00:23:06,960 --> 00:23:09,880
Speaker 1: I would much prefer to reinvest the dividends with all

439
00:23:09,880 --> 00:23:12,400
Speaker 1: the other dividends that are being reinvested in this investment

440
00:23:12,440 --> 00:23:17,360
Speaker 1: portfolio for further compounding growth opportunities. So what I'm trying

441
00:23:17,400 --> 00:23:21,080
Speaker 1: to explain is by reinvesting those dividends again, I'm increasing

442
00:23:21,160 --> 00:23:23,520
Speaker 1: the loan to value rape. So I'm decreasing the loan

443
00:23:23,560 --> 00:23:26,760
Speaker 1: to value ratio because the share portfolio is growing, but

444
00:23:26,840 --> 00:23:30,040
Speaker 1: at the same time, the investment loan attached to that

445
00:23:30,240 --> 00:23:34,199
Speaker 1: portfolio is reducing. So again, as time goes by, with

446
00:23:34,280 --> 00:23:39,399
Speaker 1: dividends being reinvested and me chipping away at that underlying

447
00:23:39,760 --> 00:23:44,119
Speaker 1: loan principle one hundred thousand dollars, my financial strategy is

448
00:23:44,119 --> 00:23:47,440
Speaker 1: getting safer and safer and more robust, and I'm really

449
00:23:47,480 --> 00:23:52,119
Speaker 1: focusing on building that long term growing passive income. But again,

450
00:23:52,200 --> 00:23:54,920
Speaker 1: to come back to that concept of flexibility and keeping

451
00:23:54,960 --> 00:23:58,679
Speaker 1: it fluid, nothing is set in stone. If our cash

452
00:23:58,680 --> 00:24:01,960
Speaker 1: flow is looking scared or looking maybe not as consistent

453
00:24:02,000 --> 00:24:04,919
Speaker 1: and stable as I would like, I understand that it

454
00:24:05,040 --> 00:24:08,080
Speaker 1: is okay to park this idea for some time, and

455
00:24:08,119 --> 00:24:11,119
Speaker 1: whether that be one month, three months, or even a

456
00:24:11,240 --> 00:24:14,520
Speaker 1: year so bit. However, by having this in my game plan,

457
00:24:14,640 --> 00:24:18,200
Speaker 1: it means I keep a very close eye over this

458
00:24:18,240 --> 00:24:22,320
Speaker 1: particular goal and of course over this strategy, and it

459
00:24:22,359 --> 00:24:24,600
Speaker 1: may not necessarily mean that I do invest that full

460
00:24:24,640 --> 00:24:26,960
Speaker 1: one hundred thousand dollars. If it's not quite right, or

461
00:24:27,000 --> 00:24:30,040
Speaker 1: it's the loan is not necessarily approved, I can perhaps

462
00:24:30,040 --> 00:24:33,639
Speaker 1: look at doing fifty thousand dollars or twenty thousand dollars. Again,

463
00:24:33,840 --> 00:24:36,560
Speaker 1: the game plan helps keep me focused and helps give

464
00:24:36,600 --> 00:24:39,800
Speaker 1: It keeps me thinking about how I can achieve my

465
00:24:39,920 --> 00:24:42,920
Speaker 1: goals with what I've got going on in my life

466
00:24:43,040 --> 00:24:47,520
Speaker 1: at that point in time. And then finally the fifth goal,

467
00:24:47,920 --> 00:24:50,199
Speaker 1: which I don't think I mentioned in too much detail

468
00:24:50,240 --> 00:24:52,880
Speaker 1: in last week's episode, and that is our mortgage.

469
00:24:53,480 --> 00:24:54,880
Speaker 2: We have a mortgage.

470
00:24:54,880 --> 00:24:57,240
Speaker 1: We decided to upgrade our home about three years ago,

471
00:24:57,440 --> 00:25:00,159
Speaker 1: and we went from a really really small mortgage to

472
00:25:00,200 --> 00:25:02,399
Speaker 1: a much bigger mortgage, probably bigger than I would have

473
00:25:02,480 --> 00:25:06,159
Speaker 1: really liked, and we had some huge expenses along the

474
00:25:06,200 --> 00:25:08,040
Speaker 1: way that we're again with things that are out of

475
00:25:08,040 --> 00:25:11,399
Speaker 1: our hands like water damage. And if you know about

476
00:25:11,440 --> 00:25:14,360
Speaker 1: our experience with special strata.

477
00:25:14,080 --> 00:25:17,119
Speaker 2: Levees, significant six.

478
00:25:16,920 --> 00:25:20,159
Speaker 1: Figure and I say high six figure special strata levees.

479
00:25:20,520 --> 00:25:22,640
Speaker 1: So our mortgage has taken a bit of a battering,

480
00:25:22,760 --> 00:25:24,760
Speaker 1: and I really want to get back on top of that,

481
00:25:25,040 --> 00:25:26,720
Speaker 1: or we're already on top of it, but I just

482
00:25:26,760 --> 00:25:29,960
Speaker 1: want to see some faster debt reduction when it comes

483
00:25:30,000 --> 00:25:35,080
Speaker 1: to our non deductible debt. So the moment July is

484
00:25:35,119 --> 00:25:38,000
Speaker 1: done and hopefully we've paid for that kitchen outright, it's

485
00:25:38,080 --> 00:25:41,920
Speaker 1: being done. We're ripping kitchens out and putting in new,

486
00:25:42,040 --> 00:25:46,040
Speaker 1: a new shiny kitchen. That cash flow after I've saved

487
00:25:46,119 --> 00:25:48,520
Speaker 1: up the six and a half thousand dollars to help

488
00:25:48,600 --> 00:25:52,200
Speaker 1: prepay that one hundred thousand dollars investment loan, the cash

489
00:25:52,200 --> 00:25:55,760
Speaker 1: flow can now be redirected to making extra mortgage repayments

490
00:25:56,280 --> 00:25:59,280
Speaker 1: on our home. So you can see with our cash

491
00:25:59,359 --> 00:26:01,760
Speaker 1: flow in helping achieve our goals. This game plan is

492
00:26:01,760 --> 00:26:04,639
Speaker 1: also almost making me feel like and look like a

493
00:26:04,680 --> 00:26:08,679
Speaker 1: traffic control director. I'm directing the surplus cash at the

494
00:26:08,680 --> 00:26:12,120
Speaker 1: moment towards rebuilding our financial float and emergency money. I've

495
00:26:12,119 --> 00:26:14,840
Speaker 1: also got at the same time ticking around nicely in

496
00:26:14,880 --> 00:26:19,000
Speaker 1: the background or cooking in the background our holiday savings fund.

497
00:26:19,480 --> 00:26:22,280
Speaker 1: I'm also obviously aggressively trying to get money into our

498
00:26:22,400 --> 00:26:26,720
Speaker 1: kitchen renovation savings fun, but of course not before making

499
00:26:26,720 --> 00:26:29,880
Speaker 1: sure that financial float and emergency money is addressed as

500
00:26:29,920 --> 00:26:33,120
Speaker 1: a priority. And then I'm obviously stockpiling with my goal

501
00:26:33,160 --> 00:26:35,240
Speaker 1: to have six and a half thousand dollars up front

502
00:26:35,480 --> 00:26:38,919
Speaker 1: ready to prepay interest on a new one hundred thousand

503
00:26:38,960 --> 00:26:42,520
Speaker 1: dollars in debt recycling investment loan, so beyond, as soon

504
00:26:42,560 --> 00:26:44,680
Speaker 1: as I've ticked all those things off. All that extra

505
00:26:44,760 --> 00:26:47,600
Speaker 1: surplus can then actually be freed up and go purely

506
00:26:47,760 --> 00:26:52,879
Speaker 1: to pay off our home sooner and making those extra

507
00:26:53,000 --> 00:26:56,560
Speaker 1: payments on a consistent basis as well as those ad

508
00:26:56,600 --> 00:26:59,720
Speaker 1: hoc savings that we can do picking and choosing with

509
00:26:59,800 --> 00:27:01,480
Speaker 1: les pressure because we've got so many of our other

510
00:27:01,480 --> 00:27:04,920
Speaker 1: goals hopefully sorted, that we can decide okay, well, actually

511
00:27:04,920 --> 00:27:06,680
Speaker 1: there's an opportunity for me to do some extra work.

512
00:27:06,680 --> 00:27:08,800
Speaker 1: I could actually focus on getting this done over the weekend,

513
00:27:08,840 --> 00:27:10,719
Speaker 1: and there's be some an extra thousand dollars or two

514
00:27:10,760 --> 00:27:13,199
Speaker 1: thousand dollars for example, to go onto the homemone. We

515
00:27:13,240 --> 00:27:16,400
Speaker 1: have a lot more space and flexibility and that fluidity

516
00:27:16,760 --> 00:27:19,800
Speaker 1: to then work on that goal. Now, a great hack

517
00:27:19,840 --> 00:27:21,760
Speaker 1: I would love to share with you on that I

518
00:27:21,880 --> 00:27:23,760
Speaker 1: love using all the time and is actually something I've

519
00:27:23,760 --> 00:27:27,240
Speaker 1: built myself is a special calculator on the sugar mom

520
00:27:27,320 --> 00:27:32,040
Speaker 1: ol website. It is called an extra lump sum repayment calculator. Now,

521
00:27:32,080 --> 00:27:35,200
Speaker 1: this is not your normal extra lump sum calculator. It'll

522
00:27:35,200 --> 00:27:37,959
Speaker 1: actually allows you to show you the power of making

523
00:27:38,080 --> 00:27:41,680
Speaker 1: extra repayments on a consistent basis as well as those

524
00:27:41,760 --> 00:27:45,000
Speaker 1: ad hoc repayments so you can see the power of

525
00:27:45,040 --> 00:27:49,119
Speaker 1: those two debt reduction strategies and how powerful they work

526
00:27:49,200 --> 00:27:53,840
Speaker 1: in combination with each other, really saving you huge amounts

527
00:27:53,880 --> 00:27:58,560
Speaker 1: of money and a huge amounts of valuable time. In fact,

528
00:27:58,640 --> 00:28:01,280
Speaker 1: the other day, Tom was talking to me about the

529
00:28:01,359 --> 00:28:04,080
Speaker 1: idea of taking some money out of our rede or facility,

530
00:28:04,080 --> 00:28:06,280
Speaker 1: and I quickly shut that idea down because I jumped

531
00:28:06,280 --> 00:28:09,480
Speaker 1: onto my calculator, plugged in our mortgage details, the interest rate,

532
00:28:09,840 --> 00:28:12,080
Speaker 1: how far are we into our term, and what is

533
00:28:12,119 --> 00:28:14,240
Speaker 1: sitting in our red or facility, and I showed him

534
00:28:14,440 --> 00:28:17,360
Speaker 1: the impact of taking that money out, and it actually

535
00:28:17,520 --> 00:28:19,840
Speaker 1: was going to cost us a year on our mortgage

536
00:28:19,880 --> 00:28:24,120
Speaker 1: if we did that, and almost ninety thousand dollars in interest.

537
00:28:24,359 --> 00:28:26,119
Speaker 1: So when I was able to see this in the

538
00:28:26,160 --> 00:28:28,920
Speaker 1: calculator because it shows you in a visual way through

539
00:28:28,920 --> 00:28:31,679
Speaker 1: a graph, I took a screenshot of it emailed it

540
00:28:31,720 --> 00:28:33,679
Speaker 1: to Tom, and then Tom agreed, you know what, we

541
00:28:33,680 --> 00:28:37,320
Speaker 1: don't want to do that that is detrimental to our finances.

542
00:28:36,880 --> 00:28:40,320
Speaker 1: It's an undoing all the harpwer work we've done so far,

543
00:28:41,160 --> 00:28:43,320
Speaker 1: and no, we're not going to do that. So this

544
00:28:43,400 --> 00:28:46,280
Speaker 1: is a really great tool to help explain things to

545
00:28:46,360 --> 00:28:48,600
Speaker 1: your partner, your loved ones or even a friend as

546
00:28:48,600 --> 00:28:50,800
Speaker 1: to what you're doing, but also as a great tool

547
00:28:50,880 --> 00:28:53,920
Speaker 1: to help keep you motivated, to help keep you focused,

548
00:28:54,040 --> 00:28:57,200
Speaker 1: but also help you create your own individual game plan

549
00:28:57,280 --> 00:29:00,280
Speaker 1: for your financial goals and dreams. And of course in

550
00:29:00,360 --> 00:29:02,480
Speaker 1: the Sugar Mamba calculators, there are so many of the

551
00:29:02,920 --> 00:29:07,719
Speaker 1: brilliant calculators like my superannuation sweet Spot calculator, as well

552
00:29:07,760 --> 00:29:10,840
Speaker 1: as the dividend investing calculator, where you can see the

553
00:29:10,880 --> 00:29:14,479
Speaker 1: power of investing say, for example, ten thousand dollars with

554
00:29:14,560 --> 00:29:17,400
Speaker 1: an average yield of say five percent, and an average

555
00:29:17,440 --> 00:29:20,080
Speaker 1: dividend growth rate of say five percent, and you can

556
00:29:20,080 --> 00:29:21,600
Speaker 1: put in the capital growth as well, and you can

557
00:29:21,640 --> 00:29:25,240
Speaker 1: see how those dividends, when reinvested in compounding over time,

558
00:29:25,320 --> 00:29:29,200
Speaker 1: can actually really help contribute towards your financial freedom goals

559
00:29:29,240 --> 00:29:32,480
Speaker 1: such as building up passive income. So please use all

560
00:29:32,520 --> 00:29:35,680
Speaker 1: of those free resources, and again to remind you, everything

561
00:29:35,720 --> 00:29:38,520
Speaker 1: I've just spoken about is general advice only and for

562
00:29:38,680 --> 00:29:42,400
Speaker 1: educational purposes. But me sharing with you my game plan,

563
00:29:42,480 --> 00:29:44,760
Speaker 1: obviously I'm making myself a little bit accountable here.

564
00:29:44,800 --> 00:29:46,360
Speaker 2: You're my accountability buddy.

565
00:29:46,840 --> 00:29:50,240
Speaker 1: But also you can see some ideas or some inspiration

566
00:29:50,360 --> 00:29:53,719
Speaker 1: to help you think about your game plan. Revisit your goals,

567
00:29:53,920 --> 00:29:56,520
Speaker 1: make sure they're written down, make sure you're reading them

568
00:29:56,600 --> 00:30:00,280
Speaker 1: every single day. Make sure you have a detail world

569
00:30:00,560 --> 00:30:05,160
Speaker 1: cooking instructions to follow, the recipe, the ingredients, everything you

570
00:30:05,240 --> 00:30:07,120
Speaker 1: need to make sure that what you cook up in

571
00:30:07,160 --> 00:30:13,120
Speaker 1: twenty twenty five is financially delicious, financially fulfilling, and leaves

572
00:30:13,120 --> 00:30:16,040
Speaker 1: you feeling financially fabulous, so that you can take a

573
00:30:16,120 --> 00:30:20,440
Speaker 1: break in December, switch off, relax, reward yourself along the way,

574
00:30:20,840 --> 00:30:25,880
Speaker 1: and of course you have all the great hacks, habits, insights,

575
00:30:25,920 --> 00:30:28,880
Speaker 1: strategies from your previous successful game plan that you can

576
00:30:28,880 --> 00:30:32,800
Speaker 1: then apply for twenty twenty six for even greater financial

577
00:30:32,880 --> 00:30:36,360
Speaker 1: success or at Everyone. It has been an absolute honor

578
00:30:36,400 --> 00:30:38,040
Speaker 1: to be able to chat with you and connect with

579
00:30:38,080 --> 00:30:41,280
Speaker 1: you this morning. I wish you a fabulous week and

580
00:30:41,520 --> 00:30:43,600
Speaker 1: as always, I would greatly appreciate it if you could

581
00:30:43,600 --> 00:30:46,280
Speaker 1: make me a rating and review, and please feel free

582
00:30:46,320 --> 00:30:48,680
Speaker 1: to send this episode to any of your family and

583
00:30:48,760 --> 00:30:51,800
Speaker 1: friends that needs some financial assistance.

584
00:30:51,520 --> 00:30:53,200
Speaker 2: It would benefit from hearing.

585
00:30:52,960 --> 00:30:57,120
Speaker 1: This financial game plan for their own follows or at Everyone,

586
00:30:57,440 --> 00:31:00,520
Speaker 1: have a great challenger sto