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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 4: Hello, and welcome to She's the Money, the podcast for

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Speaker 4: millennials who want financial freedom. Welcome back to another one

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Speaker 4: of our money diaries where I get the absolute pleasure

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Speaker 4: of sitting down with one of our beautiful She's on

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Speaker 4: the Money community members and learning all about their journey.

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Speaker 4: This week, I got a message and it sounded exactly like.

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Speaker 2: This, because I'm going to read it to you.

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Speaker 4: Hi, Victoria, I finished school by age sixteen, I had

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Speaker 4: my degree by twenty and an investment property by twenty

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Speaker 4: twenty two.

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Speaker 2: What the heck?

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Speaker 4: I want to share how negotiating rental assistance in my

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Speaker 4: remote placement and working really hard allowed me to buy

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Speaker 4: my first home and get ahead financially in my twenties.

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Speaker 4: Money darist, what you finished school at sixteen had a

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Speaker 4: whole last degree by twenty That's unheard of.

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Speaker 5: I know, I finished school quite early and went straight

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Speaker 5: to the university, so I feel like I'm quite early

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Speaker 5: into the full time workspace. But yeah, it's definitely allowed

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Speaker 5: me to get ahead before.

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Speaker 2: We dive into it.

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Speaker 4: I've obviously got questions, my friend, how on earth did

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Speaker 4: you finish at sixteen? Were you like one of those

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Speaker 4: super nerdy smart kids that just got accelerated?

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Speaker 2: Like that didn't happen to me.

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Speaker 4: So unrelatable content, but like, how do you finish at

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Speaker 4: sixteen and still go for a degree, Like I'm going

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Speaker 4: to need to know.

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Speaker 5: I'm so sorry for the unrelatable content, but yeah, I

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Speaker 5: did work quite hard through school. I finished year eight

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Speaker 5: and then I was accelerated into year ten, so I

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Speaker 5: didn't do year nine through high school, so I only

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Speaker 5: did four years and then yeah, I was fifteen all

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Speaker 5: three year twelve, and yeah, when I was end of

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Speaker 5: year twelve, I finished school.

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Speaker 2: Oh gosh.

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Speaker 5: Yeah, yeah, it's definitely hard socially, but I think it

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Speaker 5: was great. Yeah, don't regret it.

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Speaker 4: They obviously would have thought deeply about this decision for you.

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Speaker 4: So I am assuming that you were probably just not

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Speaker 4: challenged enough with the curriculum that was currently being given

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Speaker 4: to you.

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Speaker 2: Is that right?

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Speaker 4: Like, is it literally just I was quite intelligent? Like

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Speaker 4: it's she's on the money. We call it for what

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Speaker 4: it is.

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Speaker 5: Yeah, look, I feel like, hey, I'm quite smart and

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Speaker 5: I do work really hard. So I put in a

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Speaker 5: lot of effort, you know, in that first year of school,

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Speaker 5: and I think the school saw that, so, you know,

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Speaker 5: they thought that it would be good for me to

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Speaker 5: move ahead. And the start of year ten was a

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Speaker 5: little bit of a struggle. Obviously I missed a lot

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Speaker 5: of maths, but yeah, it worked out really fine by

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Speaker 5: the end of year ten, and yeah, I started my

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Speaker 5: senior years off with a bang and did really well.

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Speaker 2: So how cool? Congrats? All right, let's jump into it.

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Speaker 4: I want to know, this, smart cookie, what grade would

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Speaker 4: you give your money habits if I asked you to

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Speaker 4: give them a grade from A three to F.

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Speaker 5: Oh, I think I'd have to give myself a B plus.

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Speaker 2: Oh okay, let's learn more about that.

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Speaker 4: I obviously dove into it a little bit early because

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Speaker 4: I'm just excited about this money diary. If we're being honest,

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Speaker 4: but talk to me the juiciest question of all. Can

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Speaker 4: you tell us a little bit more about your money story?

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Speaker 5: Of course, So I grew up in a fairly privileged household.

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Speaker 5: My parents never really talked about money, but everything was

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Speaker 5: always provided for me, So yeah, I was really lucky

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Speaker 5: in that regard. My mum worked casually since my brother

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Speaker 5: and I were born, so we were living off my

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Speaker 5: dad's single income for as long as I can remember,

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Speaker 5: but we always went out to nice dinners. We had

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Speaker 5: the family holidays that everyone dreams of. And you know,

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Speaker 5: they paid my way through schooling, so I really had

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Speaker 5: no concept of what things cost when I was younger.

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Speaker 5: I kind of yeah, I just had no idea how

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Speaker 5: the world works. So when I finished school at sixteen,

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Speaker 5: I went straight to university and I couldn't drive my

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Speaker 5: first year of UNI, so my poor mum was driving

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Speaker 5: me to UNI every day. Bless HER's so sweet, though,

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Speaker 5: I know. And then when I was able to drive,

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Speaker 5: my parents gave me like a hand me down car

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Speaker 5: to use, and yeah, I was using that up until

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Speaker 5: I bought my own car. So in my second year

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Speaker 5: of UNI, I applied for a scholarship and I was

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Speaker 5: I watered a scholarship that was five thousand dollars.

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Speaker 4: I was going to say, you're a little smart cookie,

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Speaker 4: so you obviously got it five grand.

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Speaker 2: What'd you do with it?

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Speaker 5: Five grand a semester?

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Speaker 2: Oh my gosh, what for the whole degree?

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Speaker 5: For the last three years of my degree?

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Speaker 4: Yeah, Oh my gosh, that's nearly an entire unit each

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Speaker 4: semester for free.

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Speaker 5: Yeah. So I had a total of thirty thousand dollars

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Speaker 5: tax free what put straight into my bank account by

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Speaker 5: the end of my degree. So that really helped me

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Speaker 5: get ahead.

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Speaker 2: That's very attractive. I like that.

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Speaker 5: Of course. In my final year of UNI, my dad

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Speaker 5: we spoke about, you know, the potential idea of me

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Speaker 5: moving out, and he kind of said to me, look,

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Speaker 5: you need a bit of a reality check. You have

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Speaker 5: no idea how the world works, and you need to

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Speaker 5: be a bit more financially independent. So I took that

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Speaker 5: and I went to the bank and I organized car

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Speaker 5: loan for myself. I put ten thousand dollars of my

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Speaker 5: scholarship money on the car and then put I think

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Speaker 5: eight grand on a car loan. And yeah, I didn't

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Speaker 5: tell my parents and I came home with the new

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Speaker 5: car and the driveway the next week. And I think

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Speaker 5: that that kind of showed them that I was able

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Speaker 5: to take some sort of responsibility for what things cost.

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Speaker 5: And you know how the world works. So yeah, I

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Speaker 5: like that.

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Speaker 4: You were like, I'm a toa show them with a

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Speaker 4: car loan, And now you've probably listened to a lot

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Speaker 4: of sheese on the money content. You're like, probably could

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Speaker 4: have shown them in another way.

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Speaker 2: But that's a good Yep.

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Speaker 5: The car loans paid off now, so I feel like

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Speaker 5: it did its purpose. And then, yeah, I moved out

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Speaker 5: of home and I decided to kind of take a

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Speaker 5: big move and I moved up to North Queensland.

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Speaker 2: And mum and dad aren't near there. That's a big

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Speaker 2: move for you.

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Speaker 5: My parents live on the Gold Coast and I, yeah,

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Speaker 5: moved up to rural North Queensland for my internship for

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Speaker 5: my job, and as a part of that, they provided

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Speaker 5: free accommodation for that year.

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Speaker 2: Oh my gosh, money win.

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Speaker 5: Yeah, money wins. And I was able to negotiate that

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Speaker 5: as a continuation of my role. So I'm still living

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Speaker 5: up here.

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Speaker 2: Oh how cool.

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Speaker 5: Congrats, Yeah, thank you.

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Speaker 2: I want to know and I love this level of insight.

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Speaker 2: I love the look.

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Speaker 4: I did grow up in a relatively privileged household. Mom

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Speaker 4: and dad didn't talk about money. But was pocket money

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Speaker 4: a thing? If so, how did that work for you?

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Speaker 1: Not?

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Speaker 5: Really? No. When I say I had no concept, like,

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Speaker 5: I really feel like I had no concept. My parents

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Speaker 5: were really passionate about kind of bringing us kids up

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Speaker 5: not having to worry financially, and you know, everything was

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Speaker 5: provided for me, my food, my school, you know, they

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Speaker 5: gave me a car to use until I bought my own. Like,

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Speaker 5: I was definitely very privileged, and I'm very grateful to

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Speaker 5: have that experience. But yeah, we didn't get pocket money,

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Speaker 5: you know, anything that my brother and I needed. We

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Speaker 5: just voiced that to our parents and they either yeah,

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Speaker 5: said no, you don't need that, or you know, well

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Speaker 5: that's a reasonable request. So yeah, no, I was. I

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Speaker 5: was very grateful to have that experience. I know a

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Speaker 5: lot of people don't have that same privilege.

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Speaker 4: So yeah, and that's okay. I think it's just important

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Speaker 4: that we're aware of it. Like, I don't think it

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Speaker 4: changes from being a good or a bad thing. It's

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Speaker 4: like it is what it is. We can't change it

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Speaker 4: up bringings. But I think it just makes me go, well,

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Speaker 4: how did you learn about money?

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Speaker 2: Like what did that look like?

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Speaker 4: Obviously going to UNI, you ended up and I'm assuming

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Speaker 4: you didn't work, because if you're turbocharging, you know, high

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Speaker 4: school and finishing at sixteen, you probably don't have time

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Speaker 4: for a part time job, is that right?

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Speaker 5: I had just a casual job. I think during my

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Speaker 5: last two years of high school. It was really only

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Speaker 5: like loose change type of money, Like I wasn't paying

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Speaker 5: for anything substantial. And then through UNI, I had a

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Speaker 5: couple of jobs, so I worked in hospitality, and then

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Speaker 5: I had a part time pharmacy job as well for

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Speaker 5: the last couple of years, so I was still living

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Speaker 5: at home, so I was just using that money to

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Speaker 5: pay for my fuel and you know, my food and

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Speaker 5: that type of thing.

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Speaker 2: Yeah, yeah, yeah, And what was it like.

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Speaker 4: I suppose having come from a family where you know,

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Speaker 4: money's not a problem, it doesn't hinder you, which is

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Speaker 4: very cool, But what was it like then earning an

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Speaker 4: income where you're like, Oh, I just get to do

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Speaker 4: what I want with this.

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Speaker 2: Was it, you know, a.

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Speaker 4: Conversation about, oh, you probably should save this, or was

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Speaker 4: there just no conversation, Wow, you're earning money, got our

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Speaker 4: new full stop end of store.

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Speaker 5: Yeah. I think my parents always spoke to me about

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Speaker 5: saving my money. But like I said, I think it

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Speaker 5: was a bit of a shock for me coming out

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Speaker 5: of that type of upbringing and then having to pay

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Speaker 5: for things and knowing what things cost. And I did

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Speaker 5: get into a bit of an after pay spiral as

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Speaker 5: soon as I started working and have only just gotten

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Speaker 5: out of that having bought my house. That's been going

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Speaker 5: on for years. So it was definitely a struggle kind

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Speaker 5: of knowing what to spend my money on and when

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Speaker 5: to save it, because, yeah, I was so used to

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Speaker 5: not having that kind of education about money. So it

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Speaker 5: was definitely good having a bit of income coming in.

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Speaker 5: And I did save a little bit, but probably not

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Speaker 5: as much as I could have.

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Speaker 4: That's kind of what I was like, So how did

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Speaker 4: that work? I get to see lots of financial stories

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Speaker 4: and I get to, you know, see lots of money diaries,

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Speaker 4: and it's my favorite thing in the world. But you

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Speaker 4: often find that people who come from privileged backgrounds where

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Speaker 4: money was never an issue sometimes struggle with money going

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Speaker 4: into quote the real world, because they're like, well, I.

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Speaker 2: Actually don't know how to manage this.

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Speaker 4: Like no one's ever really sat me down and been like, hey,

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Speaker 4: here's a budget, babe, Like here's what you need to do.

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Speaker 4: And I guess that's why I'm so passionate about financial

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Speaker 4: literacy regardless of what your financial circumstances are, because you know,

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Speaker 4: financial literacy is important when you don't have enough, but

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Speaker 4: when you have heaps and you know you are well

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Speaker 4: looked after, you also need to know how to thrive

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Speaker 4: on your own, you know, like we actually need to

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Speaker 4: be taught these things irrespective of you know, how easy

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Speaker 4: it is to get resources.

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Speaker 2: I'm just a little bit pervy, so I'm like, well,

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Speaker 2: how did that work? What did that look like?

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Speaker 4: So I'm not surprised that you struggled a bit with

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Speaker 4: after pay, but obviously it's worked out for the better

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Speaker 4: because you're a homeowner, So slay talk to me about

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Speaker 4: what you do for work.

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Speaker 2: How much money do you earn?

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Speaker 5: Yeah, so I'm a registered pharmacist working in the community,

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Speaker 5: so just your local pharmacy. You'd walk in there and.

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Speaker 2: That's me and she's just a baby.

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Speaker 5: I earn about eighty five thousand dollars a year. That's

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Speaker 5: looking to increase. I'm currently doing extra studies to expand

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Speaker 5: my scope and I'm looking to see yeah, a six

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Speaker 5: figures once that study is done.

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Speaker 2: Very nice. How long does it take to become a pharmacist.

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Speaker 5: It's four years at university and then it's a one

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Speaker 5: year internship, so it's about a total of five years.

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Speaker 5: The internship's paid though, so that's where I moved to

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Speaker 5: North Queensland to do that. Years have paid internship that's

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Speaker 5: just a minimum wage type job, and then once you're

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Speaker 5: fully registered, that's when, yeah, your pay goes up and

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Speaker 5: you're able to negotiate your salary and that type of thing.

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Speaker 4: Yeah, very cool. And what's the plan for your career?

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Speaker 4: Like are you going to be a pharmacist? Like I

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Speaker 4: used to have a lot of clients who are pharmacists

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Speaker 4: who also owned their own pharmacies. Is business something that

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Speaker 4: you want to get involved with? Like what are your

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Speaker 4: thoughts on your future career?

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Speaker 5: The ownership of pharmacy is definitely something that I've considered,

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Speaker 5: but I think I've decided that I don't really want

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Speaker 5: to go down that pathway. My current plan is to

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Speaker 5: keep working in North Queensland for a bit, just to

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Speaker 5: save some more money and hopefully buy some more investments,

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Speaker 5: and then I'm hoping to move down south again with

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Speaker 5: my partner and possibly go back to Union do some research.

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Speaker 5: So that's kind of what I'm looking into doing at

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Speaker 5: the moment. Maybe some teaching and research back at the

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Speaker 5: university that I was studying at.

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Speaker 2: Yeah, very cool.

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Speaker 4: So at those your big money goals, what are you

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Speaker 4: currently working towards.

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Speaker 5: Yeah, I've got a couple of money goals. I think

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Speaker 5: my short term goals would be to buy another investment

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Speaker 5: property by the end of the year.

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Speaker 4: So you're going to be young and still have two

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Speaker 4: properties by the end of this year.

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Speaker 2: That's wild.

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Speaker 5: Yeah. So I'm currently in the stages of contract signing

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Speaker 5: for my first property now, so that's what's happening. It's

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Speaker 5: actually really only happened this week. It's been quite fast paced.

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Speaker 2: That's so exciting.

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Speaker 5: I know my goal is to have a second investment

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Speaker 5: property by the end of the year, and I'd also

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Speaker 5: like to build my emergency fund, which I'm really bad

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Speaker 5: at Yeah, and I think my long term goals are

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Speaker 5: definitely to become financially free through investing. And then another

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Speaker 5: random goal of mine is I really want to be pilot,

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Speaker 5: like as a hobby.

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Speaker 4: Be a pilot. I did not see that coming. That

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Speaker 4: is very cool.

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Speaker 5: Yeah, I'm really passionate about flying, so I would really

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Speaker 5: like to buy a pilot's license. But that's a very

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Speaker 5: expensive hobby. So I think that's going to be a

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Speaker 5: long term goal of mine.

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Speaker 2: Yeah, that is very very expensive and very time consuming.

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Speaker 2: And even just.

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Speaker 4: The hours needed. I used to have again clients who

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Speaker 4: were polay lifts. Not that anyone cares, but this is

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Speaker 4: where all my random bits of knowledge come from. And

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Speaker 4: the amount of money it costs to even just like

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Speaker 4: go up and get the hours that you need to

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Speaker 4: become a pilot, Like is that something that you budget

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Speaker 4: for each week?

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Speaker 2: Like, and how much does it cost you to fly?

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Speaker 2: Are you flying at the moment and.

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Speaker 5: Not flying at the moment. I've done a trial flight

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Speaker 5: and even that was almost five hundred dollars just for

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Speaker 5: the hour. But it does cost about yeah, two hundred

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Speaker 5: two fifty dollars to just go up for the hour

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Speaker 5: in fuel and maintenance costs in a small aircraft, so

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Speaker 5: it's very expensive hobby. It's definitely not something that's going

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Speaker 5: to be a short term goal. It's going to be

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Speaker 5: something that I hopefully work towards after I've bought a

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Speaker 5: few properties. I think yeah.

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Speaker 4: And then for everyone following along at home, you actually

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Speaker 4: need hundreds of hours to become a licensed individual pilot

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Speaker 4: in addition to like just paying for the license.

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Speaker 2: Like it's wild but also very cool hobby.

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Speaker 4: Like I want to see more women pilots, so like

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Speaker 4: this is very good for me.

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Speaker 2: I love this for us. Let's go to a really

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Speaker 2: quick break on the flip side.

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Speaker 4: I want to talk to you a little bit more

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Speaker 4: about like this property that you're purchasing, how you got there,

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Speaker 4: about your view on investments and what the future holds.

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Speaker 4: So guys don't go anywhere, all right, money diarist, we

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Speaker 4: are back, and I'm so excited about this. I still

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Speaker 4: can't believe that you're twenty two. You're a fully qualified pharmacist.

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Speaker 4: You're just living your best life. You're vibing. You are

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Speaker 4: buying your first property, which is currently happening as we speak,

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Speaker 4: which is very cool because it means that by the

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Speaker 4: time this episode goes live, you're officially a homeowner, like

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Speaker 4: you will have a mortgage. So talk to me about investments.

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Speaker 4: So you mentioned before that this property that you're purchasing

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Speaker 4: is an investment property. How did that come about and

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Speaker 4: how have you been saving for the deposit and like

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Speaker 4: making that decision.

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Speaker 5: Yeah, so buying property is definitely not something that I

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Speaker 5: always saw myself doing. But I think last year, when

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Speaker 5: I started reading your books, I had a bit of

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Speaker 5: a moment and thought to myself, like, what am I

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Speaker 5: going to do in retirement. I know that's such a

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Speaker 5: long term thought, but I know it's a bit of

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Speaker 5: a stress and in a lot of people's minds to

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Speaker 5: think about what we're going to be doing in retirement

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Speaker 5: and are we going to have enough money? And I

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Speaker 5: just sat down and decided that I needed a plan,

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Speaker 5: and that my plan was going to be to start

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Speaker 5: investing in property. So I did a little bit of research,

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Speaker 5: and I also got a buyer's agent on board, which

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Speaker 5: is another expense.

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Speaker 2: Oh smart cookie.

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Speaker 5: Yes, I've got the buyer's agent, and I just decided

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Speaker 5: that I was going to fully entrust them in making

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Speaker 5: this decision, because no one teaches you how to buy

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Speaker 5: a house in school, even just the process of you

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Speaker 5: know that you need someone to look over the contract

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Speaker 5: and you know the insurances. No one tells you anything

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Speaker 5: about this in school, so it's just such a big

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Speaker 5: learning journey. And I just decided to fully entrust them

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Speaker 5: with the decision. They've presented me with a property this week,

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Speaker 5: and I signed the contract and off we went.

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Speaker 2: How did you find your buyer's agent?

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Speaker 4: Because I feel like a lot of people go, that's

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Speaker 4: a really good idea and then they see the price

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Speaker 4: and they're like, oh, like it's expensive.

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Speaker 2: Is it worth it? Am I? You know?

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Speaker 4: Picking the right agent? How did you pick? What did

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Speaker 4: that process look like?

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Speaker 5: Yeah, there was a few different aspects that went into

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Speaker 5: my decision on how to pick the buyer's agent. So

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Speaker 5: the first thing is they have a podcast. She's on

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Speaker 5: the Money is definitely my favorite podcast.

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Speaker 2: You do not need to be a suck up. That

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Speaker 2: is okay.

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Speaker 5: I do listen to another podcast. They run their own podcast,

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Speaker 5: so I'm definitely able to get a bit of an

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Speaker 5: insight into the personalities of the team through listening to that.

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Speaker 5: I read a lot of reviews and I also have

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Speaker 5: a friend that went through the same buyers agent, so

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Speaker 5: I was able to get a bit of an insight

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Speaker 5: into them through that. Yeah.

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Speaker 2: Yeah, very cool. So do you have any other investments.

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Speaker 5: I've got my super and I think there's about twenty

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Speaker 5: three thousand dollars in my super.

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Speaker 2: Oh very nice.

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Speaker 4: I have.

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Speaker 5: Twelve thousand dollars in shares.

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Speaker 2: Oh.

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Speaker 4: I did not see that coming, Not because I didn't

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Speaker 4: believe that you could do it. I'm just like, you know,

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Speaker 4: you're buying house. This is a really big financial decision.

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Speaker 2: You're so young.

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Speaker 4: Sure you haven't had time to get into this. How

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Speaker 4: did you get into share investing?

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Speaker 5: The share investing was definitely before the idea of property.

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Speaker 5: So when I was eighteen nineteen, you know, I was

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Speaker 5: listening to the podcast and listening to your advice about

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Speaker 5: investing and definitely wanted to get into shares. So I

402
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Speaker 5: just opened up a Comset account and brought some random shares.

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Speaker 5: There was no thought whatsoever that.

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Speaker 2: Went, no rhyme or reason. You were just like that

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Speaker 2: sounds good.

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Speaker 5: Yeah, bought some concert shares because I liked planes like.

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Speaker 5: There was no kind of tactic to it.

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Speaker 2: No, that's aligned to your values. I like it.

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Speaker 5: Yeah, since then, I've put some money into ETF so

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Speaker 5: I think the majority of that share portfolio is just

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Speaker 5: made up of Vanguard ETFs, which I buy through Comsec.

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Speaker 5: And then I've just got like a thousand dollars in

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Speaker 5: chaz eas that I put a little bit of money

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Speaker 5: into every fortnight.

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Speaker 2: Oh when you're in Chazea's as well.

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Speaker 5: Yeah, only recently. I think I put fifty dollars a

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Speaker 5: fortnite from my pay into chairs EA's and then I

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Speaker 5: guess when that builds up, I can always invest that

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Speaker 5: into my concept or invest that into something else when

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Speaker 5: I see fit.

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Speaker 2: Yeah, I'm obsessed.

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Speaker 4: I still can't get over the fact that I get

423
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Speaker 4: the privilege of talking to people like you, who you

424
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Speaker 4: know obviously killing it, and then something comes up and

425
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Speaker 4: you go no, no, no.

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Speaker 2: Like I got into shares because I was listening to

427
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Speaker 2: your content.

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Speaker 4: I'm like really like I was part of that, Like

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Speaker 4: I got to be part of that journey.

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Speaker 2: I just think it is so wild that, you know.

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Speaker 4: One people take my I don't know if it's advice,

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Speaker 4: it's just like content that we put online, but people

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Speaker 4: care and then they also just they're putting themselves in

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Speaker 4: the best possible positions and then they give.

435
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Speaker 2: Me credit for being in that. I'm like, what, this

436
00:19:29,800 --> 00:19:30,359
Speaker 2: is the best?

437
00:19:30,480 --> 00:19:32,400
Speaker 4: Like it makes my heart so full, So thank you

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Speaker 4: for doing that and stroking my ego.

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00:19:34,800 --> 00:19:36,240
Speaker 5: Yeah, you definitely have credit.

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Speaker 4: You mentioned before you had a carloan completely paid off now,

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Speaker 4: which is all good.

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Speaker 2: But do you have any other debts? If so, what

443
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Speaker 2: are they and if not, like, how are you feeling

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Speaker 2: about debt now?

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Speaker 5: So have my hex debt which is thirty seven thousand

446
00:19:50,240 --> 00:19:53,880
Speaker 5: dollars at the moment, hasn't really gone down at all

447
00:19:54,000 --> 00:19:57,240
Speaker 5: because of the indexation on it, So I think I'm

448
00:19:57,280 --> 00:19:59,719
Speaker 5: going to have to start making a plan to put

449
00:19:59,800 --> 00:20:02,600
Speaker 5: some money into that if it just keeps going up.

450
00:20:03,200 --> 00:20:06,720
Speaker 5: I don't have any other debt. I've only just canceled

451
00:20:06,720 --> 00:20:10,080
Speaker 5: my after pay account probably three months ago when I

452
00:20:10,160 --> 00:20:12,879
Speaker 5: started the journey to get my pre approval for my

453
00:20:13,040 --> 00:20:13,560
Speaker 5: home loans.

454
00:20:13,720 --> 00:20:16,040
Speaker 2: So get it, Queen. I love this for you.

455
00:20:16,640 --> 00:20:19,040
Speaker 5: That was a big thing for me because I opened

456
00:20:19,040 --> 00:20:21,800
Speaker 5: my af pay when I was eighteen, and I think

457
00:20:21,840 --> 00:20:24,800
Speaker 5: I constantly had money in there up until yeah, I

458
00:20:24,840 --> 00:20:27,160
Speaker 5: was twenty two and bought my house, and every pay

459
00:20:27,640 --> 00:20:30,399
Speaker 5: I was paying money off that after pay, so it

460
00:20:30,440 --> 00:20:32,320
Speaker 5: was a big thing to cancel. It was really hard.

461
00:20:32,480 --> 00:20:35,640
Speaker 4: It's definitely a cycle. I'm proud of you. How good

462
00:20:35,720 --> 00:20:38,080
Speaker 4: is that? Tell me about this mortgage. I know that

463
00:20:38,119 --> 00:20:41,520
Speaker 4: it hasn't settled yet, but how much deposit did you

464
00:20:41,600 --> 00:20:42,160
Speaker 4: have to save?

465
00:20:42,440 --> 00:20:42,560
Speaker 1: Like?

466
00:20:42,680 --> 00:20:44,159
Speaker 4: Tell me about the house too. Can we have the

467
00:20:44,160 --> 00:20:46,000
Speaker 4: pervy beats like what are you paying for it?

468
00:20:46,040 --> 00:20:48,359
Speaker 2: What's your mortgage going to? Look like? You're in the

469
00:20:48,400 --> 00:20:51,880
Speaker 2: midst of it. So I'm hoping it's all fresh.

470
00:20:51,080 --> 00:20:54,280
Speaker 5: Of course. So the house that I'm looking to buy

471
00:20:54,440 --> 00:20:58,600
Speaker 5: is around three hundred thousand dollars and that was picked

472
00:20:58,680 --> 00:21:00,679
Speaker 5: me from the buyers agent. I think I gave them

473
00:21:00,720 --> 00:21:03,640
Speaker 5: a budget of four hundred thousand and said that I'd

474
00:21:03,680 --> 00:21:06,720
Speaker 5: really like to kind of stick at the conservative end

475
00:21:06,800 --> 00:21:08,879
Speaker 5: of that. So they made that happen.

476
00:21:09,000 --> 00:21:11,440
Speaker 2: Oh I like that they really have huh.

477
00:21:11,560 --> 00:21:14,840
Speaker 5: Yeah. So the total deposit I had to have to

478
00:21:14,920 --> 00:21:19,000
Speaker 5: put down on that was sixty five thousand dollars. That's

479
00:21:19,040 --> 00:21:23,399
Speaker 5: inclusive of my deposit, stamp duty, the bias agent fees,

480
00:21:23,520 --> 00:21:28,000
Speaker 5: kind of everything. So I was able to put some

481
00:21:28,160 --> 00:21:31,320
Speaker 5: of that scholarship money that I'd saved from UNI into that.

482
00:21:31,960 --> 00:21:34,439
Speaker 5: I put quite a big chunk of my own savings,

483
00:21:34,520 --> 00:21:36,960
Speaker 5: and then my parents had a little bit of inheritance

484
00:21:37,000 --> 00:21:39,879
Speaker 5: that they were happy to contribute as well. So that's

485
00:21:39,960 --> 00:21:41,240
Speaker 5: all gone into the deposit.

486
00:21:41,400 --> 00:21:42,959
Speaker 2: Oh that's so exciting.

487
00:21:43,400 --> 00:21:45,960
Speaker 4: So you've got sixty five thousand dollars and then the

488
00:21:46,000 --> 00:21:48,480
Speaker 4: house is about three hundred So what's your mortgage going

489
00:21:48,560 --> 00:21:49,040
Speaker 4: to look like?

490
00:21:49,680 --> 00:21:53,160
Speaker 5: Yeah, the numbers are still being crunched, but I think

491
00:21:53,200 --> 00:21:56,479
Speaker 5: this house will be slightly negatively geared with the interest

492
00:21:56,560 --> 00:21:59,080
Speaker 5: rates at the moment, not by much, but maybe by

493
00:21:59,080 --> 00:22:02,560
Speaker 5: a couple of grand a year. But yeah, I'm still

494
00:22:02,600 --> 00:22:05,520
Speaker 5: in the midst of organizing what the mortgage structure is

495
00:22:05,520 --> 00:22:07,320
Speaker 5: going to look like and that type of thing if

496
00:22:07,320 --> 00:22:10,879
Speaker 5: I'm going interest only or principal and interest. So hopefully

497
00:22:10,880 --> 00:22:13,160
Speaker 5: I can shed some more light on that when it settles.

498
00:22:13,440 --> 00:22:15,560
Speaker 4: No, that totally makes sense, and I'll hit you up

499
00:22:15,600 --> 00:22:17,840
Speaker 4: for that, but you're probably looking at what like a

500
00:22:17,880 --> 00:22:21,680
Speaker 4: two hundred and thirty five thousand dollars mortgage ish in total.

501
00:22:21,520 --> 00:22:25,640
Speaker 5: I've put twelve percent deposit on the property, so three

502
00:22:25,720 --> 00:22:28,119
Speaker 5: hundred thousand less twelve percent.

503
00:22:29,040 --> 00:22:29,520
Speaker 2: Very cool?

504
00:22:29,600 --> 00:22:32,480
Speaker 4: How exciting. I honestly get so excited when people are like,

505
00:22:32,520 --> 00:22:35,800
Speaker 4: I'm finally buying my first property. And so obviously you

506
00:22:35,800 --> 00:22:38,159
Speaker 4: said this is going to be an investment property. Have

507
00:22:38,280 --> 00:22:41,280
Speaker 4: you talked to your bias agent about like rental yield?

508
00:22:41,320 --> 00:22:43,640
Speaker 4: Obviously you just mentioned it's going to be negatively good,

509
00:22:43,720 --> 00:22:46,560
Speaker 4: which for everybody else it just means that money Diaris

510
00:22:46,680 --> 00:22:48,080
Speaker 4: is going to have to tip in some more cash

511
00:22:48,160 --> 00:22:50,280
Speaker 4: each year because the mortgage is not going to be

512
00:22:50,320 --> 00:22:53,240
Speaker 4: covered by the rent. But what type of rental yield

513
00:22:53,359 --> 00:22:55,240
Speaker 4: are you expecting on this property?

514
00:22:55,880 --> 00:22:58,520
Speaker 5: Yeah, so the rental year is actually really good. I

515
00:22:58,520 --> 00:23:01,919
Speaker 5: think it's just the interest rate it's kind of making

516
00:23:01,960 --> 00:23:04,080
Speaker 5: it a little bit negatively good at the moment. And

517
00:23:04,119 --> 00:23:07,240
Speaker 5: there also is room to increase the rent in the area.

518
00:23:07,520 --> 00:23:10,719
Speaker 5: The rent is quite low for the standard rent in

519
00:23:10,760 --> 00:23:13,119
Speaker 5: that area, so there's room to kind of move a

520
00:23:13,119 --> 00:23:16,960
Speaker 5: little bit there. So the rental yield on the property

521
00:23:17,320 --> 00:23:21,240
Speaker 5: currently is six point nine percent.

522
00:23:21,320 --> 00:23:23,639
Speaker 2: Oh, very nice, Yeah, which is.

523
00:23:23,680 --> 00:23:26,120
Speaker 5: Quite nice, and then there's room to kind of move

524
00:23:26,240 --> 00:23:29,840
Speaker 5: that to around seven point three seven point five depending

525
00:23:29,880 --> 00:23:33,640
Speaker 5: on increases in rent, which I'd like to not increase

526
00:23:33,680 --> 00:23:37,240
Speaker 5: the rent significantly. We've already got tenants that are in there,

527
00:23:37,359 --> 00:23:40,080
Speaker 5: so I'd like to keep them as long as possible.

528
00:23:40,200 --> 00:23:42,200
Speaker 2: Oh, it's already tenanted in everything.

529
00:23:42,840 --> 00:23:46,639
Speaker 5: Yeah, it's already tenanted until October at the current rent,

530
00:23:46,720 --> 00:23:49,280
Speaker 5: which is three hundred and sixty dollars a week, and

531
00:23:49,320 --> 00:23:52,159
Speaker 5: there's room to move that closer to four hundred if

532
00:23:52,200 --> 00:23:54,040
Speaker 5: we're able to. But yeah, we'll see how we go.

533
00:23:54,200 --> 00:23:56,400
Speaker 4: Oh my gosh, I love this, and I really love

534
00:23:56,440 --> 00:23:58,520
Speaker 4: that when I asked you about rental yield you actually

535
00:23:58,640 --> 00:24:00,879
Speaker 4: led with a percentage. Not oh yeah, I get like

536
00:24:01,080 --> 00:24:04,040
Speaker 4: X amount per week in rent. You were like, no, no, na, SI,

537
00:24:04,119 --> 00:24:06,720
Speaker 4: sit down, it's six point nine. Like I've done my numbers.

538
00:24:06,760 --> 00:24:08,280
Speaker 4: I know what this is going to look like. It's

539
00:24:08,280 --> 00:24:12,359
Speaker 4: just it's so exciting talking about this stuff because I

540
00:24:12,440 --> 00:24:14,960
Speaker 4: just know what it means for your future financial security

541
00:24:15,000 --> 00:24:17,159
Speaker 4: and it makes me, honestly so happy.

542
00:24:17,480 --> 00:24:20,040
Speaker 5: So I've got so much to learn. But yeah, oh

543
00:24:20,080 --> 00:24:20,680
Speaker 5: my gosh.

544
00:24:20,480 --> 00:24:22,119
Speaker 4: And you've got so much time to learn it in

545
00:24:22,240 --> 00:24:25,639
Speaker 4: like you do not need to rush, my friend. You

546
00:24:25,800 --> 00:24:27,720
Speaker 4: are going to have some money habits that I think

547
00:24:27,760 --> 00:24:30,200
Speaker 4: we want to know about. You don't just fly through

548
00:24:30,240 --> 00:24:33,400
Speaker 4: school and become you know, property mogul by twenty two

549
00:24:33,920 --> 00:24:34,959
Speaker 4: in the way that you have.

550
00:24:35,520 --> 00:24:37,480
Speaker 2: What do you think of your best money habits?

551
00:24:38,119 --> 00:24:41,160
Speaker 5: Think My best money habit is that I put away

552
00:24:41,320 --> 00:24:42,920
Speaker 5: fake rent every week.

553
00:24:43,200 --> 00:24:43,760
Speaker 2: Fake rent.

554
00:24:44,880 --> 00:24:46,800
Speaker 5: Yeah, no, I love it. I love it. So I

555
00:24:46,800 --> 00:24:50,040
Speaker 5: don't pay rent at the moment. So my accommodation is

556
00:24:50,040 --> 00:24:53,480
Speaker 5: all provided for by my employer. So really lucky to

557
00:24:53,560 --> 00:24:56,119
Speaker 5: have that. But I kind of thought, you know, I

558
00:24:56,160 --> 00:24:58,440
Speaker 5: should put away fake rent and then try and save

559
00:24:58,600 --> 00:25:01,399
Speaker 5: on top of that. So I put away two hundred

560
00:25:01,400 --> 00:25:04,120
Speaker 5: and fifty dollars a week in fake rent and then

561
00:25:04,200 --> 00:25:07,600
Speaker 5: I save on top of that as my savings. Obviously

562
00:25:07,600 --> 00:25:09,600
Speaker 5: it's all going to savings, but it's just a nice

563
00:25:09,640 --> 00:25:12,880
Speaker 5: way to kind of get into the budgeting for if

564
00:25:12,920 --> 00:25:14,880
Speaker 5: I decide to move and have to pay rent.

565
00:25:15,040 --> 00:25:18,000
Speaker 4: It's all about mindset, right Like when it comes to money,

566
00:25:18,040 --> 00:25:22,360
Speaker 4: money is inherently psychological. So if you can go, all right, well,

567
00:25:22,400 --> 00:25:24,520
Speaker 4: I don't pay rent, hahaha, I can do whatever I

568
00:25:24,560 --> 00:25:26,960
Speaker 4: want in the future. When you do have to pay rent,

569
00:25:27,040 --> 00:25:29,080
Speaker 4: or you do have to pay a mortgage, that's going

570
00:25:29,160 --> 00:25:31,000
Speaker 4: to bite you in the bottom because you don't have

571
00:25:31,080 --> 00:25:33,359
Speaker 4: that habit behind you. But what you've done is kind

572
00:25:33,400 --> 00:25:35,160
Speaker 4: of game the system. You're like, I'm not paying rent,

573
00:25:35,160 --> 00:25:37,080
Speaker 4: but what I can do is pretend to pay rent.

574
00:25:37,440 --> 00:25:39,679
Speaker 4: Keep the money, but then I'm in the habit of it,

575
00:25:39,720 --> 00:25:43,359
Speaker 4: if ever that changes. So that makes me genuinely so

576
00:25:43,480 --> 00:25:45,959
Speaker 4: excited because I can tell that you're setting yourself up

577
00:25:45,960 --> 00:25:49,159
Speaker 4: for success. Was that something that you learned? Was it

578
00:25:49,240 --> 00:25:51,080
Speaker 4: something that you just went, oh right, I think this

579
00:25:51,200 --> 00:25:53,400
Speaker 4: might be good for me. Like, how do you get

580
00:25:53,440 --> 00:25:56,560
Speaker 4: into this situation? Because, as you said, as much as

581
00:25:56,560 --> 00:25:59,280
Speaker 4: you grew up in a really privileged household, there wasn't

582
00:25:59,320 --> 00:26:01,560
Speaker 4: a lot of financial literacy flying around.

583
00:26:01,640 --> 00:26:03,719
Speaker 2: Like have you just self taught yourself all this stuff?

584
00:26:04,280 --> 00:26:07,000
Speaker 5: Yeah? I think I have done a lot of kind

585
00:26:07,040 --> 00:26:10,080
Speaker 5: of self education. I listen to a lot of podcasts,

586
00:26:10,200 --> 00:26:13,080
Speaker 5: I read a lot of books. So yeah, it's all

587
00:26:13,119 --> 00:26:15,440
Speaker 5: just kind of been me trying to figure out how

588
00:26:15,480 --> 00:26:18,080
Speaker 5: the world works and how money works, which has been

589
00:26:18,119 --> 00:26:19,800
Speaker 5: really hard. Like I said, I've been in that I

590
00:26:19,880 --> 00:26:22,880
Speaker 5: have to pay spiral for so long and I've only

591
00:26:22,920 --> 00:26:24,960
Speaker 5: just gotten out of it. Feels so freeing to pee

592
00:26:24,960 --> 00:26:27,879
Speaker 5: out of that as well. But yeah, I think I

593
00:26:28,000 --> 00:26:30,920
Speaker 5: just realized that I'm in a really good situation where

594
00:26:30,960 --> 00:26:33,280
Speaker 5: I am not paying rent and that I really need

595
00:26:33,320 --> 00:26:35,560
Speaker 5: to be taking advantage of that to try and save

596
00:26:35,640 --> 00:26:38,000
Speaker 5: as much as I can. So yeah, I just wanted

597
00:26:38,040 --> 00:26:39,440
Speaker 5: to kind of maximize that.

598
00:26:39,720 --> 00:26:42,160
Speaker 4: While I'm in this situation, I have so many questions still,

599
00:26:42,160 --> 00:26:44,280
Speaker 4: I'm so sorry. Like, as I told you before we

600
00:26:44,320 --> 00:26:47,639
Speaker 4: start recording Money direst I'm just pervy at heart. What

601
00:26:47,920 --> 00:26:51,520
Speaker 4: prompted you to care more about your finances? Like did

602
00:26:51,560 --> 00:26:54,280
Speaker 4: you just fall into this idea of going, well, actually

603
00:26:54,280 --> 00:26:56,639
Speaker 4: I want to be wealthy, or I really want to

604
00:26:56,720 --> 00:26:58,680
Speaker 4: buy property, or you know, what do I do.

605
00:26:58,680 --> 00:27:01,840
Speaker 2: With my cash? Like what was that start point for you.

606
00:27:01,800 --> 00:27:03,440
Speaker 4: Where you were like, I actually do want to learn

607
00:27:03,440 --> 00:27:06,240
Speaker 4: a bit more about financial literacy because I feel like

608
00:27:06,320 --> 00:27:08,600
Speaker 4: for a lot of people in our community and outside

609
00:27:08,640 --> 00:27:12,280
Speaker 4: our community, it's such a big hurdle like actually going

610
00:27:12,320 --> 00:27:14,720
Speaker 4: you know, I'm going to start consuming this content, it

611
00:27:14,760 --> 00:27:15,639
Speaker 4: can be overwhelming.

612
00:27:15,680 --> 00:27:16,680
Speaker 2: So how did you do it?

613
00:27:17,640 --> 00:27:21,680
Speaker 5: Yeah? I think just not knowing a lot about money

614
00:27:21,880 --> 00:27:25,160
Speaker 5: growing up, I kind of just saw my parents as

615
00:27:25,200 --> 00:27:29,320
Speaker 5: being quite well off and just assumed that, you know,

616
00:27:29,480 --> 00:27:31,680
Speaker 5: that's the kind of path that I would follow, which

617
00:27:31,720 --> 00:27:34,280
Speaker 5: obviously I was very shocked when I left home and

618
00:27:34,800 --> 00:27:38,880
Speaker 5: had to manage everything for myself. So I forced myself

619
00:27:38,880 --> 00:27:41,240
Speaker 5: to learn because you know, I've moved out of home

620
00:27:41,640 --> 00:27:46,040
Speaker 5: quite quickly and lost that dependency with my parents, so

621
00:27:46,080 --> 00:27:49,080
Speaker 5: I had to learn about how to budget and how

622
00:27:49,119 --> 00:27:52,040
Speaker 5: to save. And I also, I guess, have the idea

623
00:27:52,040 --> 00:27:54,320
Speaker 5: of the kind of lifestyle that I want to live

624
00:27:54,359 --> 00:27:56,560
Speaker 5: and that you know, my partner and I want to live.

625
00:27:56,800 --> 00:27:59,520
Speaker 5: So yeah, you know, I'd like to have that you know,

626
00:27:59,640 --> 00:28:03,000
Speaker 5: nice else on the waterfront and eventually have kids, and

627
00:28:03,119 --> 00:28:05,720
Speaker 5: obviously I want a pilot's license, and that's a big expense.

628
00:28:05,760 --> 00:28:08,840
Speaker 5: So I just decided that my nine to five job

629
00:28:09,160 --> 00:28:13,240
Speaker 5: wasn't going to be enough to sustain those goals and

630
00:28:13,280 --> 00:28:16,560
Speaker 5: aspirations that I have. So yeah, I decided that I

631
00:28:16,600 --> 00:28:20,480
Speaker 5: needed to save and invest my money into something that's

632
00:28:20,600 --> 00:28:24,240
Speaker 5: eventually going to get me there, because, like you've spoken

633
00:28:24,240 --> 00:28:26,520
Speaker 5: about on the podcast, you can only save so much

634
00:28:26,560 --> 00:28:29,720
Speaker 5: money with your nine to five income and then you're

635
00:28:29,760 --> 00:28:32,720
Speaker 5: relying on you know, investment and that type of thing

636
00:28:32,760 --> 00:28:35,919
Speaker 5: to get you through. So yeah, I think after listening

637
00:28:36,000 --> 00:28:38,680
Speaker 5: and reading, I definitely realized that I needed to do

638
00:28:38,720 --> 00:28:42,200
Speaker 5: something extra and then spent some time learning about it

639
00:28:42,240 --> 00:28:44,200
Speaker 5: and just dived in head first.

640
00:28:44,640 --> 00:28:48,680
Speaker 4: I love this, It's actually my favorite thing ever. Going back,

641
00:28:48,720 --> 00:28:51,080
Speaker 4: you said before you were really shocked when you left

642
00:28:51,120 --> 00:28:53,320
Speaker 4: home about budgeting, and I feel like this happens to

643
00:28:53,400 --> 00:28:55,520
Speaker 4: so many of us, right, Like I think I've said

644
00:28:55,560 --> 00:28:58,560
Speaker 4: before on the podcast, I was shocked when I left

645
00:28:58,560 --> 00:29:01,080
Speaker 4: home and I moved straight into a sharehouse.

646
00:29:01,160 --> 00:29:01,280
Speaker 1: Right.

647
00:29:01,280 --> 00:29:04,360
Speaker 4: There were like four of us so split costs, and

648
00:29:04,440 --> 00:29:06,560
Speaker 4: I just remember being like, it'll be fine, Like surely

649
00:29:06,600 --> 00:29:09,000
Speaker 4: groceries aren't that expensive in my head, Like a whole

650
00:29:09,040 --> 00:29:11,680
Speaker 4: trolley of groceries, which was like two thousand and nine

651
00:29:11,800 --> 00:29:14,120
Speaker 4: was like one hundred dollars. One hundred and twenty was

652
00:29:14,120 --> 00:29:17,480
Speaker 4: like a big shop, right, But I remember being horrified

653
00:29:17,880 --> 00:29:22,360
Speaker 4: because in my head, dishwasher tablets just existed, like I

654
00:29:22,400 --> 00:29:24,240
Speaker 4: don't think I'd ever looked at the price, like you know,

655
00:29:24,280 --> 00:29:26,280
Speaker 4: that was something that my mum had organized for home.

656
00:29:26,320 --> 00:29:27,480
Speaker 2: And I remember being.

657
00:29:27,600 --> 00:29:30,480
Speaker 4: Shook at how expensive dish washer tablets were, and I

658
00:29:30,520 --> 00:29:33,120
Speaker 4: was like, this real life thing, it's legit.

659
00:29:32,960 --> 00:29:35,320
Speaker 5: Like why are they eighty dollars for no reason?

660
00:29:35,760 --> 00:29:36,280
Speaker 2: Exactly?

661
00:29:36,600 --> 00:29:39,960
Speaker 4: So what shocked you the most when you moved out

662
00:29:39,960 --> 00:29:42,960
Speaker 4: of home and had to start paying your own way, I.

663
00:29:42,920 --> 00:29:46,400
Speaker 5: Think it's genuinely just the things that pop up that

664
00:29:46,760 --> 00:29:49,960
Speaker 5: I didn't realize I had to budget for, so things

665
00:29:50,040 --> 00:29:54,120
Speaker 5: like my red jo and you know, my car insurance

666
00:29:54,240 --> 00:29:58,320
Speaker 5: and getting my head done and tires, and my pharmacist

667
00:29:58,360 --> 00:30:02,240
Speaker 5: registration fees. In my first year of working, I kind

668
00:30:02,240 --> 00:30:05,880
Speaker 5: of just paid them out of my fortnightly pay when

669
00:30:05,920 --> 00:30:08,840
Speaker 5: they popped up, but obviously that left a big dint

670
00:30:08,880 --> 00:30:10,840
Speaker 5: in the rest of my budget, so I kind of

671
00:30:10,920 --> 00:30:14,720
Speaker 5: had to learn to save for those. Now I've got

672
00:30:14,760 --> 00:30:17,440
Speaker 5: like separate accounts for those things that I put money

673
00:30:17,440 --> 00:30:19,920
Speaker 5: in every fortnight, so that when it gets to the

674
00:30:19,960 --> 00:30:23,760
Speaker 5: car insurance, I've got an accumulating amount of money sitting

675
00:30:23,760 --> 00:30:26,680
Speaker 5: there ready to go. But I think, yeah, just the

676
00:30:26,720 --> 00:30:29,560
Speaker 5: fact that random things pop up that you have to

677
00:30:29,600 --> 00:30:32,960
Speaker 5: pay for and needing to have money there in those

678
00:30:33,000 --> 00:30:35,640
Speaker 5: situations to be able to cover you in times like

679
00:30:35,680 --> 00:30:36,720
Speaker 5: that is really important.

680
00:30:37,000 --> 00:30:39,520
Speaker 4: I totally agree. That's why I'm so passionate about budgeting

681
00:30:39,520 --> 00:30:42,520
Speaker 4: and cash flow. So, now, do you have a really

682
00:30:42,560 --> 00:30:45,680
Speaker 4: good budget that you're using and kind of implementing or

683
00:30:45,760 --> 00:30:47,280
Speaker 4: is this something they're like, look, I just work it

684
00:30:47,280 --> 00:30:48,000
Speaker 4: out as we go.

685
00:30:48,720 --> 00:30:54,360
Speaker 5: I've gotten better. My emergency fund is dismal, and it

686
00:30:54,440 --> 00:30:57,560
Speaker 5: has been for a while because I just cannot get

687
00:30:57,600 --> 00:30:59,960
Speaker 5: into the flow of putting money away for an emergence.

688
00:31:00,600 --> 00:31:03,320
Speaker 5: I think it's probably one of my worst money habits.

689
00:31:04,480 --> 00:31:08,200
Speaker 5: But in terms of my budget, it's going okay. I

690
00:31:08,240 --> 00:31:11,160
Speaker 5: do have like an Excel spreadsheet that I can type

691
00:31:11,240 --> 00:31:14,200
Speaker 5: my fortnightly income in at the top, and it kind

692
00:31:14,200 --> 00:31:17,640
Speaker 5: of calculates how much money I'm putting away for everything else.

693
00:31:17,680 --> 00:31:21,600
Speaker 5: So that's working quite well. I'm still really unsure about

694
00:31:21,600 --> 00:31:24,920
Speaker 5: how it's going to work with the mortgage coming in.

695
00:31:25,480 --> 00:31:27,520
Speaker 5: I think I need to learn a little bit more

696
00:31:27,520 --> 00:31:30,360
Speaker 5: about what that's going to look like in my bank accounts,

697
00:31:30,440 --> 00:31:33,320
Speaker 5: especially since I'm opening up new accounts for the mortgage

698
00:31:33,320 --> 00:31:35,880
Speaker 5: as well. I'm really not sure kind of what that

699
00:31:35,920 --> 00:31:38,400
Speaker 5: looks like and what to do with that, and what's

700
00:31:38,440 --> 00:31:40,880
Speaker 5: the best account to have the mortgage come out of

701
00:31:40,920 --> 00:31:41,760
Speaker 5: and that type of thing.

702
00:31:42,840 --> 00:31:46,040
Speaker 2: Are you going to have offset accounts to your mortgage.

703
00:31:45,960 --> 00:31:49,240
Speaker 5: I believe so. Yes. I'm in the stages of speaking

704
00:31:49,280 --> 00:31:51,440
Speaker 5: to them about like the structure of the loan at

705
00:31:51,440 --> 00:31:54,440
Speaker 5: the moment, so I'm assuming I'll have an offset account.

706
00:31:54,440 --> 00:31:57,080
Speaker 5: But yeah, just learning about you know, where the mortgage

707
00:31:57,080 --> 00:31:59,440
Speaker 5: comes out of, and where do I put the rent

708
00:31:59,480 --> 00:32:01,800
Speaker 5: when it comes in, you know, just that kind of cash.

709
00:32:01,800 --> 00:32:03,760
Speaker 5: Flower really don't know how that works and what that

710
00:32:03,800 --> 00:32:05,480
Speaker 5: looks like, So I think that's one of my goals

711
00:32:05,520 --> 00:32:06,840
Speaker 5: as well, to learn more about that.

712
00:32:07,320 --> 00:32:09,080
Speaker 4: Oh I can say to you when you said I

713
00:32:09,120 --> 00:32:11,320
Speaker 4: have a spreadsheet, I was like, okay, so she doesn't

714
00:32:11,320 --> 00:32:12,719
Speaker 4: need me. And then you're like, oh, I really need

715
00:32:12,760 --> 00:32:14,160
Speaker 4: to work out how to integrate the mortgage.

716
00:32:14,160 --> 00:32:15,160
Speaker 2: I'm like, aha, I win.

717
00:32:15,280 --> 00:32:17,320
Speaker 4: I'm going to gift you my Money Masterclass, which is

718
00:32:17,360 --> 00:32:20,720
Speaker 4: basically a really comprehensive budget and cash flow tool where

719
00:32:20,720 --> 00:32:22,800
Speaker 4: you kind of plug in all of your expenses and

720
00:32:22,840 --> 00:32:26,080
Speaker 4: then you plug in all of your outgoings and you

721
00:32:26,120 --> 00:32:28,640
Speaker 4: know your income and where it's coming from, and then

722
00:32:28,680 --> 00:32:32,040
Speaker 4: it like spits out a banking system and says, all right, well,

723
00:32:32,080 --> 00:32:34,680
Speaker 4: this bank account needs X, and this bank account needs Y,

724
00:32:34,800 --> 00:32:36,800
Speaker 4: and you need to save X, Y and Z here

725
00:32:36,840 --> 00:32:39,280
Speaker 4: and here's how much fun money you have access to.

726
00:32:39,800 --> 00:32:41,120
Speaker 4: So I'm going to give that to you because I

727
00:32:41,120 --> 00:32:43,280
Speaker 4: think it will change the way that you manage money

728
00:32:43,320 --> 00:32:46,520
Speaker 4: and really really help Also low key, I'm biased.

729
00:32:46,520 --> 00:32:46,959
Speaker 2: I made it.

730
00:32:47,080 --> 00:32:50,160
Speaker 4: I think it's really good, but it's also very esthetically pleasing.

731
00:32:50,640 --> 00:32:53,880
Speaker 5: Thank you so much, Bee. That's going to change so

732
00:32:54,080 --> 00:32:56,280
Speaker 5: many things. That's going to be so helpful. Thank you

733
00:32:56,360 --> 00:32:56,959
Speaker 5: so much.

734
00:32:57,200 --> 00:32:59,200
Speaker 2: It'll take a bit of a weight off your shoulders.

735
00:32:59,480 --> 00:33:01,680
Speaker 4: I remember so when we got our mortgage and I

736
00:33:01,720 --> 00:33:03,400
Speaker 4: was like, well, how does this fit in? And like

737
00:33:03,800 --> 00:33:06,760
Speaker 4: I have a whole page on debt in there, so

738
00:33:06,880 --> 00:33:09,640
Speaker 4: like it all integrates. You don't have to do anything yourself,

739
00:33:09,680 --> 00:33:11,960
Speaker 4: Like it will automatically tell you what goes in and

740
00:33:11,960 --> 00:33:13,920
Speaker 4: what comes out if you just put in the figures

741
00:33:13,960 --> 00:33:16,640
Speaker 4: that you've got. But you can change the interest rate,

742
00:33:16,680 --> 00:33:18,959
Speaker 4: you can change the term on it, and you can

743
00:33:19,000 --> 00:33:20,600
Speaker 4: actually play with it in a way. And this is

744
00:33:20,640 --> 00:33:22,160
Speaker 4: not even me trying to sell you on this, I

745
00:33:22,200 --> 00:33:24,840
Speaker 4: promise you. It's just me being impressed with my own work.

746
00:33:24,920 --> 00:33:26,280
Speaker 4: So let me have this, you know.

747
00:33:26,680 --> 00:33:29,920
Speaker 2: But in the mortgage section, you can like play with

748
00:33:30,000 --> 00:33:33,160
Speaker 2: the years and go, oh, actually, what if I contributed

749
00:33:33,200 --> 00:33:34,960
Speaker 2: an extra one hundred dollars a month? How would that

750
00:33:35,000 --> 00:33:36,880
Speaker 2: impact how quickly the loan is paid off? And it

751
00:33:36,920 --> 00:33:37,400
Speaker 2: will tell you.

752
00:33:37,760 --> 00:33:39,760
Speaker 4: And I just think that that's where it kind of

753
00:33:39,800 --> 00:33:42,719
Speaker 4: provides a heap of extra value above and beyond you know,

754
00:33:42,840 --> 00:33:45,840
Speaker 4: day to day, because it's really about pushing for wealth creation,

755
00:33:45,960 --> 00:33:48,640
Speaker 4: which I can tell you're on board for given your

756
00:33:48,680 --> 00:33:51,120
Speaker 4: plans to buy another investment property by the end of

757
00:33:51,120 --> 00:33:51,480
Speaker 4: the year.

758
00:33:51,680 --> 00:33:54,320
Speaker 5: Thank you so much. That's amazing. Yes, I do have

759
00:33:54,400 --> 00:33:56,640
Speaker 5: big plans. I think that that is going to really

760
00:33:56,680 --> 00:33:58,920
Speaker 5: help me at least get on track for the first one.

761
00:33:59,320 --> 00:34:02,320
Speaker 5: And yeah, even just learning about once you have multiple properties,

762
00:34:02,360 --> 00:34:04,400
Speaker 5: what does that cash flow look like? So that's going

763
00:34:04,480 --> 00:34:06,320
Speaker 5: to be really really helpful. Thank you so much.

764
00:34:06,760 --> 00:34:07,240
Speaker 2: I love it.

765
00:34:07,280 --> 00:34:09,240
Speaker 4: For those of you following along at home, I'll obviously

766
00:34:09,280 --> 00:34:11,640
Speaker 4: put a cheeky little discount code in the show notes

767
00:34:11,640 --> 00:34:13,319
Speaker 4: because I can't say all that nice stuff and they're

768
00:34:13,320 --> 00:34:15,960
Speaker 4: not give you like a little bonus as well. All right,

769
00:34:16,000 --> 00:34:18,000
Speaker 4: money diros, let's like bring the mood back down. What

770
00:34:18,120 --> 00:34:19,600
Speaker 4: is your worst money habit?

771
00:34:20,440 --> 00:34:25,160
Speaker 5: I think my worst money habit is definitely my emergency fund.

772
00:34:25,680 --> 00:34:28,560
Speaker 5: I have a goal set for my emergency fund for

773
00:34:28,640 --> 00:34:32,520
Speaker 5: my three months worth of expenses, and I just seem

774
00:34:32,560 --> 00:34:35,440
Speaker 5: to consider everything an emergency, So.

775
00:34:37,200 --> 00:34:39,520
Speaker 4: Like, what is it a genuine emergency or is this

776
00:34:39,640 --> 00:34:41,719
Speaker 4: like a oh my gosh, those shoes are so cute.

777
00:34:41,800 --> 00:34:44,160
Speaker 2: This is an emergency I need them?

778
00:34:44,200 --> 00:34:48,160
Speaker 5: Definitely not genuine emergency. It just seems to be that

779
00:34:48,360 --> 00:34:51,280
Speaker 5: in my brain, I can take money out of the account,

780
00:34:51,320 --> 00:34:53,320
Speaker 5: so why can't I take money out of the account

781
00:34:53,400 --> 00:34:55,960
Speaker 5: to buy new shoes type thing. You know, when you're

782
00:34:55,960 --> 00:34:58,399
Speaker 5: savings account, they sit there and you don't touch them.

783
00:34:58,920 --> 00:35:01,200
Speaker 5: You know, you've never taken out of them. But the

784
00:35:01,280 --> 00:35:03,480
Speaker 5: emergency account, I don't know. I just can't seem to

785
00:35:03,520 --> 00:35:04,319
Speaker 5: get on top of it.

786
00:35:04,880 --> 00:35:05,799
Speaker 2: We need to change that.

787
00:35:06,040 --> 00:35:10,200
Speaker 4: Is your emergency account in the same banking system as

788
00:35:10,560 --> 00:35:12,239
Speaker 4: all of your other cash, Like if you log into

789
00:35:12,280 --> 00:35:13,480
Speaker 4: your banking app, is it right there?

790
00:35:14,239 --> 00:35:17,040
Speaker 5: Yeah, I guess so, probably not very helpful to have

791
00:35:17,120 --> 00:35:18,280
Speaker 5: it with everything.

792
00:35:17,880 --> 00:35:19,040
Speaker 2: Else so you can see it.

793
00:35:19,239 --> 00:35:20,160
Speaker 5: Yeah, I can see it.

794
00:35:20,400 --> 00:35:22,960
Speaker 4: I am a very impulsive kind of gal. And one

795
00:35:22,960 --> 00:35:25,880
Speaker 4: thing that's really helped me personally is like putting it

796
00:35:25,880 --> 00:35:28,879
Speaker 4: with another bank. So I had to put it over

797
00:35:28,920 --> 00:35:31,360
Speaker 4: with another bank, and like they obviously still have access

798
00:35:31,400 --> 00:35:33,879
Speaker 4: to it because we need access to our emergency fund.

799
00:35:34,200 --> 00:35:37,759
Speaker 4: But I don't log into my main banking system and go, oh,

800
00:35:37,880 --> 00:35:38,759
Speaker 4: that's just sitting there.

801
00:35:38,800 --> 00:35:39,360
Speaker 2: That's nice.

802
00:35:39,440 --> 00:35:41,719
Speaker 4: Like I literally have to go out of sight, out

803
00:35:41,760 --> 00:35:43,000
Speaker 4: of mind if I can't see it.

804
00:35:43,280 --> 00:35:45,480
Speaker 2: And then if an emergency pops up, I'm like, oh,

805
00:35:45,480 --> 00:35:47,279
Speaker 2: what am I going to do? I don't have enough money?

806
00:35:47,280 --> 00:35:49,080
Speaker 2: And the I'm like, oh I do, Actually, I have

807
00:35:49,160 --> 00:35:51,920
Speaker 2: a whole emergency fund for this specific purpose, I can

808
00:35:51,960 --> 00:35:52,880
Speaker 2: go over the fence.

809
00:35:53,200 --> 00:35:55,120
Speaker 5: Yeah, I think that'd be really helpful. I think I

810
00:35:55,120 --> 00:35:57,360
Speaker 5: should change that because yeah, out of sight, out of

811
00:35:57,400 --> 00:36:00,239
Speaker 5: mind for sure. And I think the other thing is

812
00:36:00,280 --> 00:36:02,440
Speaker 5: just I really enjoy eating out. I think my partner

813
00:36:02,440 --> 00:36:05,320
Speaker 5: and I eat out probably too much. Food is definitely

814
00:36:05,360 --> 00:36:08,759
Speaker 5: our love language, So I'll easily drop any amount of

815
00:36:08,840 --> 00:36:11,680
Speaker 5: money on a good fee. So that's probably not the

816
00:36:11,719 --> 00:36:12,520
Speaker 5: best money habit.

817
00:36:12,760 --> 00:36:13,320
Speaker 2: I'm the same.

818
00:36:13,440 --> 00:36:15,239
Speaker 4: But as I was saying to a couple of money

819
00:36:15,280 --> 00:36:17,720
Speaker 4: diarists a few weeks ago, like life's about the journey

820
00:36:17,800 --> 00:36:20,279
Speaker 4: and enjoying it as well. Like you can't just be

821
00:36:20,520 --> 00:36:24,239
Speaker 4: always aggressively saving or aggressively investing or just getting buy

822
00:36:24,400 --> 00:36:26,839
Speaker 4: Sometimes we need a little bit of you know, fun

823
00:36:26,880 --> 00:36:29,160
Speaker 4: in our lives and enjoyment in our lives. Because I

824
00:36:29,239 --> 00:36:31,040
Speaker 4: just think that so many of us need to enjoy

825
00:36:31,080 --> 00:36:33,799
Speaker 4: the journey as much as the destination. Like, yes, buying

826
00:36:33,840 --> 00:36:36,120
Speaker 4: a house is super sexy and it's something that you

827
00:36:36,200 --> 00:36:40,239
Speaker 4: really value, but also like, let's just enjoy time with

828
00:36:40,280 --> 00:36:42,640
Speaker 4: our partner and create a life that we deserve, you know.

829
00:36:42,840 --> 00:36:45,680
Speaker 5: Yeah, I think eating out is definitely in my value,

830
00:36:45,800 --> 00:36:47,040
Speaker 5: So maybe we'll keep that there.

831
00:36:47,719 --> 00:36:50,080
Speaker 4: We can keep that there because if I tell you, oh,

832
00:36:50,120 --> 00:36:52,000
Speaker 4: you need to cut back on that, which one I

833
00:36:52,080 --> 00:36:54,400
Speaker 4: never would Can you imagine me fighting with you of

834
00:36:54,480 --> 00:36:57,560
Speaker 4: your own values just wouldn't happen. But also I would

835
00:36:57,600 --> 00:36:59,480
Speaker 4: have to then have a good hard chat with myself

836
00:36:59,600 --> 00:37:03,040
Speaker 4: because that's where I spend most of my money. So anyway,

837
00:37:03,600 --> 00:37:07,200
Speaker 4: moving on, this has been a beautiful money diary. I'm

838
00:37:07,239 --> 00:37:10,160
Speaker 4: just so inspired by you. You are twenty two and

839
00:37:10,280 --> 00:37:12,839
Speaker 4: absolutely killing it. I love the way you talk about

840
00:37:12,840 --> 00:37:15,920
Speaker 4: your upbringing and you really understand that one that was

841
00:37:15,920 --> 00:37:18,200
Speaker 4: a privilege, but also you've just taught yourself so much

842
00:37:18,239 --> 00:37:21,600
Speaker 4: and been so tenacious about this. And I am sure

843
00:37:21,680 --> 00:37:23,400
Speaker 4: that during your life you're going to have a lot

844
00:37:23,440 --> 00:37:25,480
Speaker 4: of people that go, oh, yeah, her parents probably really

845
00:37:25,560 --> 00:37:27,520
Speaker 4: helped her out there. But when you get to know

846
00:37:27,600 --> 00:37:30,359
Speaker 4: stories like this, you're like, well, no, Like, look at

847
00:37:30,400 --> 00:37:32,319
Speaker 4: what she's doing for her own budget and her own

848
00:37:32,360 --> 00:37:35,760
Speaker 4: cash flow, and you know, you're seeking out buyers agents

849
00:37:35,760 --> 00:37:39,080
Speaker 4: to purchase properties for yourself at twenty two and you're

850
00:37:39,120 --> 00:37:40,959
Speaker 4: paying fake rent like.

851
00:37:40,920 --> 00:37:42,120
Speaker 2: This is just wild to me.

852
00:37:42,760 --> 00:37:45,399
Speaker 4: At the start of the episode, though, you did say, hey, there,

853
00:37:45,440 --> 00:37:48,000
Speaker 4: I reckon I'm a B plus. What would it take

854
00:37:48,080 --> 00:37:49,600
Speaker 4: to get you to an A plus?

855
00:37:49,960 --> 00:37:53,680
Speaker 5: I think definitely learning more about how the cash flow

856
00:37:53,719 --> 00:37:57,600
Speaker 5: will work with the property and having multiple properties. So

857
00:37:58,080 --> 00:38:00,440
Speaker 5: I think just having a little bit more education that

858
00:38:00,640 --> 00:38:02,759
Speaker 5: I'd be happy to move myself to an A.

859
00:38:03,400 --> 00:38:05,160
Speaker 4: I think you can do it. I know that the

860
00:38:05,160 --> 00:38:07,480
Speaker 4: money master class is coming your way. And then the

861
00:38:07,520 --> 00:38:11,799
Speaker 4: other thing I'd say about having investment properties, something that

862
00:38:11,880 --> 00:38:14,840
Speaker 4: has helped a lot of my historical clients has always

863
00:38:14,880 --> 00:38:18,000
Speaker 4: been treating your investment property like a business. So like

864
00:38:18,080 --> 00:38:21,080
Speaker 4: if you started a small business, you would get a

865
00:38:21,120 --> 00:38:23,600
Speaker 4: clean bank account for all of the money to come

866
00:38:23,600 --> 00:38:27,239
Speaker 4: into and go out of that you didn't touch and

867
00:38:27,280 --> 00:38:30,760
Speaker 4: didn't use for anything else. Because then when it comes

868
00:38:30,800 --> 00:38:34,560
Speaker 4: to tax time, you have a really clean list of Okay,

869
00:38:34,600 --> 00:38:37,000
Speaker 4: well the rent came in here, here and here, here

870
00:38:37,040 --> 00:38:39,160
Speaker 4: are the expenses that came out because you're going to

871
00:38:39,200 --> 00:38:42,000
Speaker 4: have property management fees, you're going to have you property

872
00:38:42,120 --> 00:38:45,520
Speaker 4: maintenance fees, and things come out and just having one clean,

873
00:38:45,680 --> 00:38:48,840
Speaker 4: clear record really helps. And I think that some of

874
00:38:48,920 --> 00:38:51,000
Speaker 4: us find ourselves in a bit of a pickle. We're like, oh,

875
00:38:51,000 --> 00:38:53,120
Speaker 4: I already have a bank account. Maybe I'll just nominate

876
00:38:53,160 --> 00:38:55,440
Speaker 4: that one and it can come in there. But then

877
00:38:55,480 --> 00:38:58,160
Speaker 4: things get a little bit messy. So for me, I

878
00:38:58,160 --> 00:39:01,799
Speaker 4: guess if I was to be getting an investment property tomorrow,

879
00:39:01,960 --> 00:39:06,440
Speaker 4: I would be separating out another brand new bank account.

880
00:39:06,800 --> 00:39:08,920
Speaker 4: Maybe it could be a little offset to your mortgage

881
00:39:08,960 --> 00:39:10,759
Speaker 4: so that at least the money's working as hard as

882
00:39:10,800 --> 00:39:14,280
Speaker 4: you do for it, so that you can actually cleanly

883
00:39:14,320 --> 00:39:16,680
Speaker 4: see it. And a lot of the times when I

884
00:39:16,719 --> 00:39:20,560
Speaker 4: had clients who had multiple properties that were investment properties,

885
00:39:20,840 --> 00:39:24,000
Speaker 4: they would have a bank account for each of those properties,

886
00:39:24,040 --> 00:39:26,560
Speaker 4: because you want to be able to quickly and cleanly

887
00:39:26,600 --> 00:39:28,960
Speaker 4: see what's coming in from where and when and how

888
00:39:29,160 --> 00:39:32,520
Speaker 4: what's going out. And obviously, as you grow and you

889
00:39:32,560 --> 00:39:35,920
Speaker 4: grow your wealth having a clean banking system, I promise

890
00:39:36,120 --> 00:39:38,400
Speaker 4: you will thank your past self because she's going to

891
00:39:38,400 --> 00:39:39,520
Speaker 4: be like, oh, thank god, I did that.

892
00:39:40,160 --> 00:39:42,760
Speaker 5: Yeah, that's so true. I think that's really good advice.

893
00:39:42,840 --> 00:39:45,160
Speaker 5: So I'll definitely be taking that on board. Thank you.

894
00:39:45,239 --> 00:39:48,160
Speaker 4: B We just want clean, crispy finances, you know, like

895
00:39:48,200 --> 00:39:49,719
Speaker 4: I just want to know where my money is at

896
00:39:49,800 --> 00:39:51,360
Speaker 4: and making sure it's working for me.

897
00:39:51,600 --> 00:39:53,840
Speaker 2: So turn out of ten for that money, Dorist.

898
00:39:53,840 --> 00:39:56,239
Speaker 4: I've loved getting to know you, but unfortunately that's all

899
00:39:56,239 --> 00:39:59,120
Speaker 4: we have time for today. Thank you so much for

900
00:39:59,200 --> 00:40:02,080
Speaker 4: sharing your journey with me and with the community. It's

901
00:40:02,120 --> 00:40:05,600
Speaker 4: so generous and I'm really grateful for it, so thank

902
00:40:05,640 --> 00:40:06,240
Speaker 4: you so much.

903
00:40:06,400 --> 00:40:08,160
Speaker 2: I know that the community is going to love this

904
00:40:08,440 --> 00:40:09,480
Speaker 2: just as much as I have.

905
00:40:09,880 --> 00:40:10,279
Speaker 5: Thanks b.

906
00:40:17,440 --> 00:40:18,640
Speaker 2: The advice shared.

907
00:40:18,360 --> 00:40:20,759
Speaker 4: On She's on the Money is general in nature and

908
00:40:20,800 --> 00:40:24,440
Speaker 4: does not consider your individual circumstances. She's on the Money

909
00:40:24,560 --> 00:40:28,080
Speaker 4: exists purely for educational purposes and should not be relied

910
00:40:28,160 --> 00:40:31,239
Speaker 4: upon to make an investment or financial decision. If you

911
00:40:31,360 --> 00:40:34,080
Speaker 4: do choose to buy a financial product, read the PDS

912
00:40:34,160 --> 00:40:38,160
Speaker 4: TMD and obtain appropriate financial advice tailored towards your needs.

913
00:40:38,520 --> 00:40:42,440
Speaker 4: Victoria Divine and She's on the Money are authorized representatives

914
00:40:42,480 --> 00:40:46,360
Speaker 4: of Money. Sheper Pty Ltd ABN three two one IS

915
00:40:46,400 --> 00:40:50,239
Speaker 4: six four nine two seven seven zero eight AFSL four

916
00:40:50,360 --> 00:41:04,160
Speaker 4: five one two eight nine