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Speaker 1: Start Here, the comparison, thief and copying other people's financial strategies. Hi, everyone,

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Speaker 1: and welcome back to start Here, the very special mini

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Speaker 1: series within Sugarmumber's Fireplay, where I answer your real life

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Speaker 1: money questions with calm, practical guidance to help you get

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Speaker 1: started and feel so much more confident about your financial decisions. Now.

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Speaker 1: These episodes are never about keeping up with anybody else,

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Speaker 1: nor are they about chasing hype or copying strategies that

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Speaker 1: you might see online. They're about slowing things down, understanding

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Speaker 1: all the options that are available to you, and making

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Speaker 1: mindful decisions that genuinely fit your life, your goals, and

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Speaker 1: of course your values and risk tolerance. And today's question

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Speaker 1: is a really important one because it's sits right at

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Speaker 1: the intersection of comparison, fear of a missing out, property, hype,

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Speaker 1: and long term wealth building. So today's question comes from Kate,

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Speaker 1: and I want to read it out because I have

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Speaker 1: feeling a lot of you will relate to Kate's words

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Speaker 1: and worries. So here is what Kate wrote to me. Hi, Canna,

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Speaker 1: I have a family member who's planning to use a

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Speaker 1: buyer's agent to purchase a house in a capital city,

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Speaker 1: aiming for a rental yield of five to seven percent.

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Speaker 1: Their strategy is to hold the property and then sell

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Speaker 1: it later. They hope to repeat this process five to

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Speaker 1: seven times to eventually fund the purchase of a commercial property.

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Speaker 1: To do this, they are withdrawing most of their superannuation

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Speaker 1: to fund the deposit. Should we be looking at doing

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Speaker 1: this as well getting a buyer's agent or is this

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Speaker 1: another quick fixed money scheme? Every second post on Facebook

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Speaker 1: seems to be about buyers agents, buying and selling property.

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Speaker 1: I feel like we're doing what we need to, cutting back, spending, boosting,

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Speaker 1: saving Sara, sacrificing, even starting to be in shares, but

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Speaker 1: it feels like we've actually stalled financially whilst others are

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Speaker 1: flying past us. All Right, Kate, thank you so much

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Speaker 1: for your vulnerability and your honesty, because what you're really

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Speaker 1: asking isn't actually just about whether or not you should

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Speaker 1: be using a bias agent or whether you should be

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Speaker 1: looking at various property strategies. I think the heart of

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Speaker 1: this is what you're asking is is are we doing enough?

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Speaker 1: Are we missing out? Are we going to be left behind?

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Speaker 1: So let's take a moment, all of us together to

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Speaker 1: just slow everything right down and press pause, because this

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Speaker 1: episode isn't actually about telling you what's right or what's wrong.

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Speaker 1: It's really about helping you think clearly, separating reality from

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Speaker 1: like sexy marketing and or sexy and glamorous marketing, and

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Speaker 1: bring back the focus to your own authentic, true path.

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Speaker 1: So to let us begin, let's talk about the comparison trap,

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Speaker 1: or I like to call the comparison thief, because my

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Speaker 1: gut instinct is telling me here, yeah, that comparison is

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Speaker 1: actually doing more financial damage to you right now than inflation.

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Speaker 1: You know, social media in your case, particularly Facebook, it's

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Speaker 1: a highlight reel of strategies. You know, buyers agent rent besting,

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Speaker 1: flipping properties, commercial conversations. You know, I did this five

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Speaker 1: times now and I'm set for life. I never need

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Speaker 1: to work. But the thing with these sort of marketing

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Speaker 1: campaigns and everything you're seeing on social media, you don't

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Speaker 1: actually see the huge amounts of stamp duty that's been

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Speaker 1: paid five to seven times. You don't see the buyers

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Speaker 1: agent fees. You don't see the holding costs. You don't

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Speaker 1: see the tax bills or the legal bills. You definitely

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Speaker 1: don't see the stress or anxiety. You have no idea

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Speaker 1: what the timing risks that they've had to go through,

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Speaker 1: and you don't see the superinuation balances that have possibly

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Speaker 1: been quietly sacrificed. And here's the really important part. Just

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Speaker 1: because somebody else's strategy sounds impressive doesn't necessarily mean it's

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Speaker 1: actually appropriate, repeatable, or even safe for you to use.

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Speaker 1: You know, you and your partner are already working really hard.

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Speaker 1: You've mentioned that you're cutting back on spending, you are

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Speaker 1: saving intentionally, you know, doing some really great things like

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Speaker 1: salary sacrificing and starting to invest. That's awesome. That isn't stalling.

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Speaker 1: That's actually building a really rock solid foundation. If you

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Speaker 1: ask me. And foundations, I will admit they don't look exciting,

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Speaker 1: you know, they can even sometimes seem dull and boring.

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Speaker 1: But the thing is, though, financial foundations in particular, right now,

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Speaker 1: your financial foundation is what everything else in your life

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Speaker 1: sits on. So be proud of what you're doing right now,

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Speaker 1: and of course stop comparing yourself to others. Focus on

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Speaker 1: what you're doing and how good you feel about it.

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Speaker 1: Turn down the noise on everybody else. It doesn't matter

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Speaker 1: to you right now. All right now that we've cleared that,

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Speaker 1: let's move on to unpacking this property strategy. So Kate

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Speaker 1: has mentioned the idea of buying a property in a

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Speaker 1: capital city with a target rental return of five to

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Speaker 1: seven percent, having like a whole with the plan on

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Speaker 1: selling it and repeating this five to seven times to

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Speaker 1: eventually cash in and then go and buy a commercial property,

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Speaker 1: you know, with the funds being supported by superannuation withdrawals. Now,

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Speaker 1: there are a lot of red flags, to be honest,

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Speaker 1: and there are a lot of moving parts here, but

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Speaker 1: I'm going to focus on the moving parts first is

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Speaker 1: rental yield. At the moment, the average rental yield in

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Speaker 1: Australian capital cities is not five to seven percent per anum.

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Speaker 1: It's actually, more realistically three to four percent per annum.

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Speaker 1: And that is a gross figure, so you've got to

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Speaker 1: deduct costs out of that. When you tend to see

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Speaker 1: someone that's advertising a yield that high, it's because like

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Speaker 1: there's you've got to peel back the layers and look

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Speaker 1: at this objectively. And what tends to be the common

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Speaker 1: denominator behind these higher yields is the properties tend to

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Speaker 1: be located in less desirable locations and that tends to

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Speaker 1: be a lot higher risk involved, and the properties are

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Speaker 1: actually have lower long term capital growth opportunities. You know,

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Speaker 1: there's often like a trade off between yield and capital growth,

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Speaker 1: so you need to be really careful and really objective

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Speaker 1: about this. And you know, a high yield can mean

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Speaker 1: lower growth. As I said, it can also mean more

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Speaker 1: tenant turnover. And if anyone's ever had a property where

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Speaker 1: in between tenants particularly long period of time, that can

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Speaker 1: be incredibly stressful and really eat into your returns. And

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Speaker 1: of course there are a maintenance costs, ongoing maintenance, and

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Speaker 1: you know there's less demand. So if you've bought a

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Speaker 1: property that's got a really strong yield, it actually might

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Speaker 1: take a longer time to sell, or not actually end

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Speaker 1: up selling at the price that you really want. So

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Speaker 1: what I want want to say here is chasing the

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Speaker 1: yield alone can actually work against you in the long

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Speaker 1: term goal or the long term dream here, So be

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Speaker 1: very very careful and look at this eyes wide open

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Speaker 1: for all the pros and the cons. Next, I want

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Speaker 1: to talk about this idea of like flipping properties multiple times,

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Speaker 1: because again there's some alarm bell going off in my

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Speaker 1: head as I read this. Every time you buy and

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Speaker 1: sell property, you potentially pay I'm going to be conserved

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Speaker 1: by saying potentially, but we all know that you pay

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Speaker 1: stamp duty, and we all know that you've got to

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Speaker 1: pay legal fees. And unless you've got a friend who's

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Speaker 1: a realistic agent who's giving you mates rates, do you

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Speaker 1: want to how to pay agent commissions and marketing costs?

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Speaker 1: And then, of course, assuming you actually make a gain,

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Speaker 1: you've got to pay capital gains tax. Now doing that

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Speaker 1: five to seven times can quietly erode a huge amount

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Speaker 1: of capital here. And then you've got to obviously add

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Speaker 1: in the buyers agent fees, particularly if you're having to

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Speaker 1: get a buyers agent for each of those five to

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Speaker 1: seven properties. And buyers agents they can be really valuable,

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Speaker 1: but they also can be very expensive. Don't get me wrong.

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Speaker 1: I have I know people have used buyers agents and

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Speaker 1: they've been able to access like off market deals. It's

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Speaker 1: saved them a huge amount of time, and it's also

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Speaker 1: been able to you know, great piece of mind because

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Speaker 1: you delegate that negotiating skills that a lot of us

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Speaker 1: don't have or feel very intimidated as what you're going

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Speaker 1: through trying to buy a property. So yes, there are

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Speaker 1: some huge benefits of using a buyer's agent, and I

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Speaker 1: will admit that people I know who've used one, I've

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Speaker 1: only ever used them for properties that they want to

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Speaker 1: live in, principal places of residences, when they're trying to find, like,

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Speaker 1: for example, a family home in that time. However, a

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Speaker 1: buyers agent, they're not cheap. Their fees can be tens

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Speaker 1: of thousands of dollars. In fact, I remember Tom and

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Speaker 1: I came really close to getting a buyer's agent because

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Speaker 1: we were struggling to find a family home and we

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Speaker 1: just were completely overwhelmed, and we went and spoke to

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Speaker 1: a buyers agent. She wanted to charge us seventy thousand

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Speaker 1: dollars for her to be our buyers agent. Like that

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Speaker 1: is a huge amount of money. Also, a lot of

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Speaker 1: these fees are fixed regardless of the performance, so whether

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Speaker 1: they get you a great buy or whether they get

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Speaker 1: you know, tick all the boxes for what you're looking

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Speaker 1: for in a home or an investment. And this is

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Speaker 1: just another massive expense layer on top of already a

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Speaker 1: very complicated, expensive transaction in itself, And a buyas agent

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Speaker 1: doesn't ever guarantee a return or a great deal. And

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Speaker 1: obviously their job is to just execute the strategy. They

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Speaker 1: don't necessarily replace any clarity. So be careful again with

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Speaker 1: a buyers agent, not saying they're bad, not saying they're good,

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Speaker 1: but know what you're up for on top of all

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Speaker 1: the other transaction expenses. So now I'm going to move

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Speaker 1: on to the biggest red flag of all, and that

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Speaker 1: is superinnuation, and I'm hoping everyone else is thinking this

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Speaker 1: is a red flag too. So withdrawing SUPER to fund

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Speaker 1: a property is not a neutral decision, let's call it. Firstly,

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Speaker 1: you cannot access superannuation unless you meet a condition of release.

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Speaker 1: If someone can access it, they need to understand what

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Speaker 1: they're giving up. So they're giving up decades of compounding.

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Speaker 1: They're giving up concessional tax rates because tax within SUPER

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Speaker 1: is fifteen percent in accumulation phase, and then of course

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Speaker 1: they're potentially giving up zero tax rate in retirement phase.

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Speaker 1: And you've got you're losing the creditor protection and you're

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Speaker 1: using that a sense of financial stability. You know, SUPER

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Speaker 1: is not dead money. It's one of the most powerful

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Speaker 1: wealth building environments we have, and something I'm obviously very

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Speaker 1: passionate about, especially when you use superannuation to build wealth

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Speaker 1: over the long run. Using your precious superannuation money to

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Speaker 1: fund a speculative or possibly speculative high turn of a

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Speaker 1: property strategy introduces lots of new risks, timing risks, tax

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Speaker 1: inefficiency risks, concentration risks, diversification risks, and it removes a

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Speaker 1: long term safety net for you. So this is something

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Speaker 1: that absolutely requires personal financial advice, not Facebook inspiration, and

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Speaker 1: you would also need advice from an accountant, particularly if

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Speaker 1: this incorporates using and setting up, for example, a self

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Speaker 1: managed super fund so that it still technically stays in

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Speaker 1: the superanneration environment. But there are a lot of worrying

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Speaker 1: things that I'm reading about this particular property flipping strategy.

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Speaker 1: All right now that I've picked apart and dissected and

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Speaker 1: possibly scrutinized this, what I think is a dangerous and

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Speaker 1: very worrying property strategy, I want to just bring back

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Speaker 1: the focus to Kate and everybody else who's listening right

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Speaker 1: now that has ever found themselves comparing their financial journey

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Speaker 1: or their financial accomplishments against others. So in Kate's message,

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Speaker 1: something she said to me really stood out beyond all

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Speaker 1: the red flags, and this was where she said that

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Speaker 1: she felt like she had stalled and that other people

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Speaker 1: were flying past. To this listener, Kate, you haven't stalled

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Speaker 1: at all, And to everybody else who is listening, you

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Speaker 1: haven't stalled either. We are all trying our best. We

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Speaker 1: are all trying to be as disciplined as possible, We're

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Speaker 1: all trying to be consistent, and we are all passionately

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Speaker 1: working on long term financial goals, ones that are going

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Speaker 1: to improve our financial wellbeing. And of course, with all

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Speaker 1: the natural setbacks, challenges, distractions and temptations which are naturally

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Speaker 1: part of life. We are all human, but we are

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Speaker 1: all trying our best. So before you even think about

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Speaker 1: copying anyone else's strategy or comparing yourself against anyone, bring

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Speaker 1: the energy, bring the focus back to you. What is

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Speaker 1: your goal? What is your dream for you? What does

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Speaker 1: success look like, what does it feel like? What are

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Speaker 1: the risks that you actually feel comfortable with that aren't

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Speaker 1: going to keep you up all night stressed with anxiety

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Speaker 1: and worry, And what do you really value more speed

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Speaker 1: or certainty. Progress does not look loud and flashy. It

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Speaker 1: often looks like quiet and boring, but it's actually incredibly

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Speaker 1: powerful over time and gives us so much more financial harmony,

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Speaker 1: both today and well into the long run, financially and

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Speaker 1: emotionally as well. So whenever you catch yourself in that

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Speaker 1: moment comparing, wondering, leaving yourself, feeling crap about yourself, bring

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Speaker 1: the energy, bring the focus back to you, and focus

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Speaker 1: on what you're doing and how far you have actually come.

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Speaker 1: So if you're ever feel that pull to chase what

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Speaker 1: everyone else seems to be doing and achieving, here's your

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Speaker 1: star hre moment from me. Take a moment to press

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Speaker 1: pause and take a deep breath, completely, zoom out from

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Speaker 1: all the noise and find some clarity within yourself. And

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Speaker 1: if you need to, of course, get detailed professional personal

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Speaker 1: advice that is specific to you and your goals and

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Speaker 1: your dreams. Use other people's stories, yes, as a source

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Speaker 1: of inspiration, but never as instruction, because that is always

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Speaker 1: fraught with danger. Because the goal, at the end of

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Speaker 1: the day isn't about to look wealthy. The goal is

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Speaker 1: actually to be financially secure, financially stable, financially calm, financially confident,

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Speaker 1: and to live a life on your own terms. So

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Speaker 1: thank you so much for this listener Kate for such

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Speaker 1: a thoughtful question and daring to open herself up to

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Speaker 1: ask this. And if you are listening and thinking, you

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Speaker 1: know what, I feel the same pressure myself. Please remember, slow,

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Speaker 1: intentional progress will always beat this like mad neurotic, rushed,

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Speaker 1: borrowed strategies, which I think are quite often fraught with

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Speaker 1: danger and come with a lot of pain, a lot

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Speaker 1: of remorse, and a lot of regret. Which is why

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Speaker 1: it is always so important not to go and follow Facebook,

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Speaker 1: Instagram or TikTok when it comes to your financial strategy,

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Speaker 1: but actually seeing a licensed financial planner for personal advice

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Speaker 1: where they can map out, consider, and dissect a whole

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Speaker 1: range of different financial strategies, run projections, and go through

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Speaker 1: not only the risks but also all the costs involved

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Speaker 1: so that you're making informed, educated, wise decisions that are

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Speaker 1: in alignment to what is important to you. All Right, everyone,

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Speaker 1: thank you so much for listening. I'll see you next

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Speaker 1: time on start here. As part of Sugar Bamber's fireplay

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Speaker 1: Chao for Now,