Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello, and welcome to She's the Money, the podcast for
Speaker 2: millennials who want financial freedom. Welcome back to another one
Speaker 2: of our money diaries where I get the absolute pleasure
Speaker 2: of sitting down with one of our beautiful She's on
Speaker 2: the Money community members and learning all about their journey.
Speaker 2: This week, I got a message and it sounded exactly
Speaker 2: like this, because I'm going to read it to you. Hi, Victoria,
Speaker 2: I finished school by age sixteen, I had my degree
Speaker 2: by twenty and an investment property by twenty twenty two.
Speaker 4: What the heck?
Speaker 2: I want to share how negotiating rental assistance in my
Speaker 2: remote placement and working really hard allowed me to buy
Speaker 2: my first home and get ahead financially in my twenties.
Speaker 2: Money darist, what you finished school at sixteen had a
Speaker 2: whole last degree by twenty That's unheard of.
Speaker 5: I know, I finished school quite early and went straight
Speaker 5: to the university, so I feel like I'm quite early
Speaker 5: into the full time workspace. But yeah, it's definitely allowed
Speaker 5: me to get ahead before.
Speaker 2: We dive into it. I've obviously got questions, my friend,
Speaker 2: how on earth did you finish at sixteen? Were you
Speaker 2: like one of those super nerdy smart kids that just
Speaker 2: got accelerated? Like that didn't happen to me. So unrelatable content,
Speaker 2: but like, how do you finish at sixteen and still
Speaker 2: go for a degree, Like I'm going to need to know.
Speaker 5: I'm so sorry for the unrelatable content, but yeah, I
Speaker 5: did work quite hard through school. I finished year eight
Speaker 5: and then I was accelerated into year ten, so I
Speaker 5: didn't do year nine through high school, so I only
Speaker 5: did four years and then yeah, I was fifteen all
Speaker 5: three year twelve, and yeah, when I was end of
Speaker 5: year twelve, I finished school.
Speaker 2: Oh gosh.
Speaker 5: Yeah, yeah, it's definitely hard socially, but I think it
Speaker 5: was great.
Speaker 6: Yeah, don't regret it.
Speaker 2: They obviously would have thought deeply about this decision for you.
Speaker 2: So I am assuming that you were probably just not
Speaker 2: challenged enough with the curriculum that was currently being given
Speaker 2: to you.
Speaker 6: Is that right?
Speaker 2: Like, is it literally just I was quite intelligent? Like
Speaker 2: it's she's on the money. We call it for what
Speaker 2: it is.
Speaker 5: Yeah, look, I feel like, hey, I'm quite smart and
Speaker 5: I do work really hard. So I put in a
Speaker 5: lot of effort, you know, in that first year of school,
Speaker 5: and I think the school saw that, so, you know,
Speaker 5: they thought that it would be good for me to
Speaker 5: move ahead. And the start of year ten was a
Speaker 5: little bit of a struggle. Obviously I missed a lot
Speaker 5: of maths, but yeah, it worked out really fine by
Speaker 5: the end of year ten, and yeah, I started my
Speaker 5: senior years off with a bang and did really well.
Speaker 2: So how cool? Congrats? All right, let's jump into it.
Speaker 2: I want to know, this, smart cookie, what grade would
Speaker 2: you give your money habits if I asked you to
Speaker 2: give them a grade from A three to F.
Speaker 5: Oh, I think I'd have to give myself a B plus.
Speaker 2: Oh okay, let's learn more about that. I obviously dove
Speaker 2: into it a little bit early because I'm just excited
Speaker 2: about this money diary. If we're being honest, but talk
Speaker 2: to me the juiciest question of all. Can you tell
Speaker 2: us a little bit more about your money story?
Speaker 5: Of course, So I grew up in a fairly privileged household.
Speaker 5: My parents never really talked about money, but everything was
Speaker 5: always provided for me, So yeah, I was really lucky
Speaker 5: in that regard. My mum worked casually since my brother
Speaker 5: and I were born, so we were living off my
Speaker 5: dad's single income for as long as I can remember,
Speaker 5: but we always went out to nice dinners. We had
Speaker 5: the family holidays that everyone dreams of. And you know,
Speaker 5: they paid my way through schooling, so I really had
Speaker 5: no concept of what things cost when I was younger.
Speaker 5: I kind of yeah, I just had no idea how
Speaker 5: the world works. So when I finished school at sixteen,
Speaker 5: I went straight to university and I couldn't drive my
Speaker 5: first year of UNI, so my poor mum was driving
Speaker 5: me to UNI every day.
Speaker 6: Bless HER's so sweet, though.
Speaker 3: I know.
Speaker 5: And then when I was able to drive, my parents
Speaker 5: gave me like a hand me down car to use,
Speaker 5: and yeah, I was using that up until I bought
Speaker 5: my own car.
Speaker 6: So in my second.
Speaker 5: Year of UNI, I applied for a scholarship and I
Speaker 5: was I watered a scholarship that was five thousand dollars.
Speaker 2: I was going to say, you're a little smart cookie,
Speaker 2: so you obviously got it five grand. What'd you do
Speaker 2: with it?
Speaker 5: Five grand a semester?
Speaker 2: Oh my gosh, what for the whole degree?
Speaker 6: For the last three years of my degree?
Speaker 2: Yeah, Oh my gosh, that's nearly an entire unit each
Speaker 2: semester for free.
Speaker 6: Yeah.
Speaker 5: So I had a total of thirty thousand dollars tax
Speaker 5: free what put straight into my bank account by the
Speaker 5: end of my degree. So that really helped me get ahead.
Speaker 2: That's very attractive. I like that.
Speaker 6: Of course.
Speaker 5: In my final year of UNI, my dad we spoke about,
Speaker 5: you know, the potential idea of me moving out, and
Speaker 5: he kind of said to me, look, you need a
Speaker 5: bit of a reality check. You have no idea how
Speaker 5: the world works, and you need to be a bit
Speaker 5: more financially independent. So I took that and I went
Speaker 5: to the bank and I organized car loan for myself.
Speaker 5: I put ten thousand dollars of my scholarship money on
Speaker 5: the car and then put I think eight grand on
Speaker 5: a car loan. And yeah, I didn't tell my parents
Speaker 5: and I came home with the new car and the
Speaker 5: driveway the next week. And I think that that kind
Speaker 5: of showed them that I was able to take some
Speaker 5: sort of responsibility for what things cost. And you know
Speaker 5: how the world works.
Speaker 6: So yeah, I like that.
Speaker 2: You were like, I'm a toa show them with a
Speaker 2: car loan, And now you've probably listened to a lot
Speaker 2: of sheese on the money content. You're like, probably could
Speaker 2: have shown them in another way.
Speaker 6: But that's a good Yep.
Speaker 5: The car loans paid off now, so I feel like
Speaker 5: it did its purpose. And then, yeah, I moved out
Speaker 5: of home and I decided to kind of take a
Speaker 5: big move and I moved up to North Queensland.
Speaker 2: And mum and dad aren't near there. That's a big
Speaker 2: move for you.
Speaker 5: My parents live on the Gold Coast and I, yeah,
Speaker 5: moved up to rural North Queensland for my internship for
Speaker 5: my job, and as a part of that, they provided
Speaker 5: free accommodation for that year.
Speaker 2: Oh my gosh, money win.
Speaker 6: Yeah, money wins.
Speaker 5: And I was able to negotiate that as a continuation
Speaker 5: of my role. So I'm still living up here.
Speaker 2: Oh how cool.
Speaker 6: Congrats, Yeah, thank you.
Speaker 2: I want to know and I love this level of insight.
Speaker 2: I love the look. I did grow up in a
Speaker 2: relatively privileged household. Mom and dad didn't talk about money.
Speaker 2: But was pocket money a thing? If so, how did
Speaker 2: that work for you?
Speaker 1: Not?
Speaker 6: Really?
Speaker 5: No. When I say I had no concept, like, I
Speaker 5: really feel like I had no concept. My parents were
Speaker 5: really passionate about kind of bringing us kids up not
Speaker 5: having to worry financially, and you know, everything was provided
Speaker 5: for me, my food, my school, you know, they gave
Speaker 5: me a car to use until I bought my own. Like,
Speaker 5: I was definitely very privileged, and I'm very grateful to
Speaker 5: have that experience. But yeah, we didn't get pocket money,
Speaker 5: you know, anything that my brother and I needed. We
Speaker 5: just voiced that to our parents and they either yeah,
Speaker 5: said no, you don't need that, or you know, well
Speaker 5: that's a reasonable request. So yeah, no, I was. I
Speaker 5: was very grateful to have that experience. I know a
Speaker 5: lot of people don't have that same privilege.
Speaker 2: So yeah, and that's okay. I think it's just important
Speaker 2: that we're aware of it. Like, I don't think it
Speaker 2: changes from being a good or a bad thing. It's
Speaker 2: like it is what it is. We can't change it
Speaker 2: up bringings. But I think it just makes me go, well,
Speaker 2: how did you learn about money? Like what did that
Speaker 2: look like? Obviously going to UNI, you ended up and
Speaker 2: I'm assuming you didn't work, because if you're turbocharging, you know,
Speaker 2: high school and finishing at sixteen, you probably don't have
Speaker 2: time for a part time job, is that right?
Speaker 5: I had just a casual job. I think during my
Speaker 5: last two years of high school. It was really only
Speaker 5: like loose change type of money, Like I wasn't paying
Speaker 5: for anything substantial.
Speaker 6: And then through UNI, I had a couple of jobs.
Speaker 5: So I worked in hospitality, and then I had a
Speaker 5: part time pharmacy job as well for the last couple
Speaker 5: of years, so I was still living at home, so
Speaker 5: I was just using that money to pay for my
Speaker 5: fuel and you know, my food and that type of thing.
Speaker 2: Yeah, yeah, yeah, And what was it like. I suppose
Speaker 2: having come from a family where you know, money's not
Speaker 2: a problem, it doesn't hinder you, which is very cool,
Speaker 2: But what was it like then earning an income where
Speaker 2: you're like, Oh, I just get to do what I
Speaker 2: want with this. Was it, you know, a conversation about, oh,
Speaker 2: you probably should save this, or was there just no conversation, Wow,
Speaker 2: you're earning money, got our new full stop end of store.
Speaker 6: Yeah.
Speaker 5: I think my parents always spoke to me about saving
Speaker 5: my money. But like I said, I think it was
Speaker 5: a bit of a shock for me coming out of
Speaker 5: that type of upbringing and then having to pay for
Speaker 5: things and knowing what things cost. And I did get
Speaker 5: into a bit of an after pay spiral as soon
Speaker 5: as I started working and have only just gotten out
Speaker 5: of that having bought my house. That's been going on
Speaker 5: for years. So it was definitely a struggle kind of
Speaker 5: knowing what to spend my money on and when to
Speaker 5: save it, because, yeah, I was so used to not
Speaker 5: having that kind of education about money. So it was
Speaker 5: definitely good having a bit of income coming in. And
Speaker 5: I did save a little bit, but probably not as
Speaker 5: much as I could have.
Speaker 2: That's kind of what I was like, So how did
Speaker 2: that work? I get to see lots of financial stories
Speaker 2: and I get to, you know, see lots of money diaries,
Speaker 2: and it's my favorite thing in the world. But you
Speaker 2: often find that people who come from privileged backgrounds where
Speaker 2: money was never an issue sometimes struggle with money going
Speaker 2: into quote the real world, because they're like, well, I
Speaker 2: actually don't know how to manage this. Like no one's
Speaker 2: ever really sat me down and been like, hey, here's
Speaker 2: a budget, babe, Like here's what you need to do.
Speaker 2: And I guess that's why I'm so passionate about financial
Speaker 2: literacy regardless of what your financial circumstances are, because you know,
Speaker 2: financial literacy is important when you don't have enough, but
Speaker 2: when you have heaps and you know you are well
Speaker 2: looked after, you also need to know how to thrive
Speaker 2: on your own, you know, like we actually need to
Speaker 2: be taught these things irrespective of you know, how easy
Speaker 2: it is to get resources. I'm just a little bit pervy,
Speaker 2: so I'm like, well, how did that work? What did
Speaker 2: that look like? So I'm not surprised that you struggled
Speaker 2: a bit with after pay, but obviously it's worked out
Speaker 2: for the better because you're a homeowner, So slay talk
Speaker 2: to me about what you do for work. How much
Speaker 2: money do you earn?
Speaker 5: Yeah, so I'm a registered pharmacist working in the community,
Speaker 5: so just your local pharmacy. You'd walk in there and.
Speaker 2: That's me and she's just a baby.
Speaker 5: I earn about eighty five thousand dollars a year. That's
Speaker 5: looking to increase. I'm currently doing extra studies to expand
Speaker 5: my scope and I'm looking to see yeah, a six
Speaker 5: figures once that study is done.
Speaker 2: Very nice. How long does it take to become a pharmacist.
Speaker 5: It's four years at university and then it's a one
Speaker 5: year internship, so it's about a total of five years.
Speaker 5: The internship's paid though, so that's where I moved to
Speaker 5: North Queensland to do that. Years have paid internship that's
Speaker 5: just a minimum wage type job, and then once you're
Speaker 5: fully registered, that's when, yeah, your pay goes up and
Speaker 5: you're able to negotiate your salary and that type of thing.
Speaker 2: Yeah, very cool. And what's the plan for your career?
Speaker 2: Like are you going to be a pharmacist? Like I
Speaker 2: used to have a lot of clients who are pharmacists
Speaker 2: who also owned their own pharmacies. Is business something that
Speaker 2: you want to get involved with? Like what are your
Speaker 2: thoughts on your future career?
Speaker 5: The ownership of pharmacy is definitely something that I've considered,
Speaker 5: but I think I've decided that I don't really want
Speaker 5: to go down that pathway.
Speaker 6: My current plan is to.
Speaker 5: Keep working in North Queensland for a bit, just to
Speaker 5: save some more money and hopefully buy some more investments,
Speaker 5: and then I'm hoping to move down south again with
Speaker 5: my partner and possibly go back to Union do some research.
Speaker 5: So that's kind of what I'm looking into doing at
Speaker 5: the moment. Maybe some teaching and research back at the
Speaker 5: university that I was studying at.
Speaker 2: Yeah, very cool. So at those your big money goals,
Speaker 2: what are you currently working towards.
Speaker 5: Yeah, I've got a couple of money goals. I think
Speaker 5: my short term goals would be to buy another investment
Speaker 5: property by the end of the year.
Speaker 2: So you're going to be young and still have two
Speaker 2: properties by the end of this year. That's wild.
Speaker 6: Yeah.
Speaker 5: So I'm currently in the stages of contract signing for
Speaker 5: my first property now, so that's what's happening. It's actually
Speaker 5: really only happened this week. It's been quite fast paced.
Speaker 2: That's so exciting.
Speaker 6: I know my goal is.
Speaker 5: To have a second investment property by the end of
Speaker 5: the year, and I'd also like to build my emergency fund,
Speaker 5: which I'm really bad at Yeah, and I think my
Speaker 5: long term goals are definitely to become financially free through investing.
Speaker 5: And then another random goal of mine is I really
Speaker 5: want to be pilot, like as a hobby.
Speaker 2: Be a pilot. I did not see that coming. That
Speaker 2: is very cool.
Speaker 5: Yeah, I'm really passionate about flying, so I would really
Speaker 5: like to buy a pilot's license. But that's a very
Speaker 5: expensive hobby. So I think that's going to be a
Speaker 5: long term goal of mine.
Speaker 2: Yeah, that is very very expensive and very time consuming.
Speaker 2: And even just the hours needed. I used to have
Speaker 2: again clients who were polay lifts. Not that anyone cares,
Speaker 2: but this is where all my random bits of knowledge
Speaker 2: come from. And the amount of money it costs to
Speaker 2: even just like go up and get the hours that
Speaker 2: you need to become a pilot, Like is that something
Speaker 2: that you budget for each week? Like, and how much
Speaker 2: does it cost you to fly? Are you flying at
Speaker 2: the moment and.
Speaker 5: Not flying at the moment. I've done a trial flight
Speaker 5: and even that was almost five hundred dollars just for
Speaker 5: the hour. But it does cost about yeah, two hundred
Speaker 5: two fifty dollars to just go up for the hour
Speaker 5: in fuel and maintenance costs in a small aircraft, so
Speaker 5: it's very expensive hobby. It's definitely not something that's going
Speaker 5: to be a short term goal. It's going to be
Speaker 5: something that I hopefully work towards after I've bought a
Speaker 5: few properties.
Speaker 6: I think yeah.
Speaker 2: And then for everyone following along at home, you actually
Speaker 2: need hundreds of hours to become a licensed individual pilot
Speaker 2: in addition to like just paying for the license. Like
Speaker 2: it's wild but also very cool hobby. Like I want
Speaker 2: to see more women pilots, so like this is very
Speaker 2: good for me. I love this for us. Let's go
Speaker 2: to a really quick break on the flip side. I
Speaker 2: want to talk to you a little bit more about
Speaker 2: like this property that you're purchasing, how you got there,
Speaker 2: about your view on investments and what the future holds.
Speaker 2: So guys don't go anywhere, all right, money diarist, we
Speaker 2: are back, and I'm so excited about this. I still
Speaker 2: can't believe that you're twenty two. You're a fully qualified pharmacist.
Speaker 2: You're just living your best life. You're vibing. You are
Speaker 2: buying your first property, which is currently happening as we speak,
Speaker 2: which is very cool because it means that by the
Speaker 2: time this episode goes live, you're officially a homeowner, like
Speaker 2: you will have a mortgage. So talk to me about investments.
Speaker 2: So you mentioned before that this property that you're purchasing
Speaker 2: is an investment property. How did that come about and
Speaker 2: how have you been saving for the deposit and like
Speaker 2: making that decision.
Speaker 5: Yeah, so buying property is definitely not something that I
Speaker 5: always saw myself doing. But I think last year, when
Speaker 5: I started reading your books, I had a bit of
Speaker 5: a moment and thought to myself, like, what am I
Speaker 5: going to do in retirement. I know that's such a
Speaker 5: long term thought, but I know it's a bit of
Speaker 5: a stress in a lot of people's minds to think
Speaker 5: about what we're going to be doing in retirement and
Speaker 5: are we going to have enough money? And I just
Speaker 5: sat down and decided that I needed a plan, and
Speaker 5: that my plan was going to be to start investing
Speaker 5: in property. So I did a little bit of research,
Speaker 5: and I also got a buyer's agent on board, which
Speaker 5: is another expense.
Speaker 2: Oh smart cookie.
Speaker 5: Yes, I've got the buyer's agent, and I just decided
Speaker 5: that I was going to fully entrust them in making
Speaker 5: this decision, because no one teaches you how to buy
Speaker 5: a house in school, even just the process of you
Speaker 5: know that you need someone to look over the contract
Speaker 5: and you know the insurances. No one tells you anything
Speaker 5: about this in school, so it's just such a big
Speaker 5: learning journey. And I just decided to fully entrust them
Speaker 5: with the decision. They've presented me with a property this week,
Speaker 5: and I signed the contract and off we went.
Speaker 2: How did you find your buyer's agent? Because I feel
Speaker 2: like a lot of people go, that's a really good
Speaker 2: idea and then they see the price and they're like, oh,
Speaker 2: like it's expensive. Is it worth it? Am I? You know?
Speaker 2: Picking the right agent? How did you pick? What did
Speaker 2: that process look like?
Speaker 5: Yeah, there was a few different aspects that went into
Speaker 5: my decision on how to pick the buyer's agent. So
Speaker 5: the first thing is they have a podcast. She's on
Speaker 5: the Money is definitely my favorite podcast.
Speaker 2: You do not need to be a suck up. That
Speaker 2: is okay.
Speaker 5: I do listen to another podcast. They run their own podcast,
Speaker 5: so I'm definitely able to get a bit of an
Speaker 5: insight into the personalities of the team through listening to that.
Speaker 5: I read a lot of reviews and I also have
Speaker 5: a friend that went through the same buyers agent, so
Speaker 5: I was able to get a bit of an insight
Speaker 5: into them through that.
Speaker 6: Yeah.
Speaker 2: Yeah, very cool. So do you have any other investments.
Speaker 5: I've got my super and I think there's about twenty
Speaker 5: three thousand dollars in my super.
Speaker 2: Oh very nice.
Speaker 6: I have twelve thousand dollars in shares.
Speaker 2: Oh. I did not see that coming, Not because I
Speaker 2: didn't believe that you could do it. I'm just like,
Speaker 2: you know, you're buying house. This is a really big
Speaker 2: financial decision. You're so young. Sure you haven't had time
Speaker 2: to get into this. How did you get into share investing?
Speaker 5: The share investing was definitely before the idea of property.
Speaker 5: So when I was eighteen nineteen, you know, I was
Speaker 5: listening to the podcast and listening to your advice about
Speaker 5: investing and definitely wanted to get into shares. So I
Speaker 5: just opened up a Comset account and brought some random shares.
Speaker 6: There was no thought whatsoever that.
Speaker 2: Went, no rhyme or reason. You were just like that
Speaker 2: sounds good.
Speaker 5: Yeah, bought some concert shares because I liked planes like.
Speaker 5: There was no kind of tactic to it.
Speaker 2: No, that's aligned to your values. I like it.
Speaker 5: Yeah, since then, I've put some money into ETF so
Speaker 5: I think the majority of that share portfolio is just
Speaker 5: made up of Vanguard ETFs, which I.
Speaker 6: Buy through Comsec.
Speaker 5: And then I've just got like a thousand dollars in
Speaker 5: chaz eas that I put a little bit of money
Speaker 5: into every fortnight.
Speaker 2: Oh when you're in Chazea's as well.
Speaker 6: Yeah, only recently.
Speaker 5: I think I put fifty dollars a fortnite from my
Speaker 5: pay into chairs EA's and then I guess when that
Speaker 5: builds up, I can always invest that into my concept
Speaker 5: or invest that into something else when I see fit.
Speaker 2: Yeah, I'm obsessed. I still can't get over the fact
Speaker 2: that I get the privilege of talking to people like you,
Speaker 2: who you know obviously killing it, and then something comes
Speaker 2: up and you go no, no, no, Like I got
Speaker 2: into shares because I was listening to your content. I'm
Speaker 2: like really like I was part of that, Like I
Speaker 2: got to be part of that journey. I just think
Speaker 2: it is so wild that, you know, one people take
Speaker 2: my I don't know if it's advice, it's just like
Speaker 2: content that we put online, but people care and then
Speaker 2: they also just they're putting themselves in the best possible
Speaker 2: positions and then they give me credit for being in that.
Speaker 2: I'm like, what, this is the best? Like it makes
Speaker 2: my heart so full, So thank you for doing that
Speaker 2: and stroking my ego.
Speaker 5: Yeah, you definitely have credit.
Speaker 2: You mentioned before you had a carloan completely paid off now,
Speaker 2: which is all good. But do you have any other debts?
Speaker 2: If so, what are they and if not, like, how
Speaker 2: are you feeling about debt now?
Speaker 5: So have my hex debt which is thirty seven thousand
Speaker 5: dollars at the moment, hasn't really gone down at all
Speaker 5: because of the indexation on it, So I think I'm
Speaker 5: going to have to start making a plan to put
Speaker 5: some money into that if it just keeps going up.
Speaker 5: I don't have any other debt. I've only just canceled
Speaker 5: my after pay account probably three months ago when I
Speaker 5: started the journey to get my pre approval for my
Speaker 5: home loans.
Speaker 2: So get it, Queen. I love this for you.
Speaker 5: That was a big thing for me because I opened
Speaker 5: my af pay when I was eighteen, and I think
Speaker 5: I constantly had money in there up until yeah, I
Speaker 5: was twenty two and bought my house, and every pay
Speaker 5: I was paying money off that after pay, so it
Speaker 5: was a big thing to cancel.
Speaker 6: It was really hard.
Speaker 2: It's definitely a cycle. I'm proud of you. How good
Speaker 2: is that? Tell me about this mortgage. I know that
Speaker 2: it hasn't settled yet, but how much deposit did you
Speaker 2: have to save?
Speaker 1: Like?
Speaker 2: Tell me about the house too. Can we have the
Speaker 2: pervy beats like what are you paying for it? What's
Speaker 2: your mortgage going to? Look like? You're in the midst
Speaker 2: of it. So I'm hoping it's all fresh.
Speaker 6: Of course.
Speaker 5: So the house that I'm looking to buy is around
Speaker 5: three hundred thousand dollars and that was picked me from
Speaker 5: the buyers agent. I think I gave them a budget
Speaker 5: of four hundred thousand and said that I'd really like
Speaker 5: to kind of stick at the conservative end of that.
Speaker 5: So they made that happen.
Speaker 2: Oh I like that they really have huh.
Speaker 6: Yeah.
Speaker 5: So the total deposit I had to have to put
Speaker 5: down on that was sixty five thousand dollars. That's inclusive
Speaker 5: of my deposit, stamp duty, the bias agent fees, kind
Speaker 5: of everything. So I was able to put some of
Speaker 5: that scholarship money that I'd saved from UNI into that.
Speaker 5: I put quite a big chunk of my own savings,
Speaker 5: and then my parents had a little bit of inheritance
Speaker 5: that they were happy to contribute as well.
Speaker 6: So that's all gone into the deposit.
Speaker 2: Oh that's so exciting. So you've got sixty five thousand
Speaker 2: dollars and then the house is about three hundred So
Speaker 2: what's your mortgage going to look like?
Speaker 5: Yeah, the numbers are still being crunched, but I think
Speaker 5: this house will be slightly negatively geared with the interest
Speaker 5: rates at the moment, not by much, but maybe by
Speaker 5: a couple of grand a year. But yeah, I'm still
Speaker 5: in the midst of organizing what the mortgage structure is
Speaker 5: going to look like and that type of thing if
Speaker 5: I'm going interest only or principal and interest. So hopefully
Speaker 5: I can shed some more light on that when it settles.
Speaker 2: No, that totally makes sense, and I'll hit you up
Speaker 2: for that, but you're probably looking at what like a
Speaker 2: two hundred and thirty five thousand dollars mortgage ish in total.
Speaker 5: I've put twelve percent deposit on the property, so three
Speaker 5: hundred thousand less twelve percent.
Speaker 2: Very cool? How exciting. I honestly get so excited when
Speaker 2: people are like, I'm finally buying my first property. And
Speaker 2: so obviously you said this is going to be an
Speaker 2: investment property. Have you talked to your bias agent about
Speaker 2: like rental yield? Obviously you just mentioned it's going to
Speaker 2: be negatively good, which for everybody else it just means
Speaker 2: that money Diaris is going to have to tip in
Speaker 2: some more cash each year because the mortgage is not
Speaker 2: going to be covered by the rent. But what type
Speaker 2: of rental yield are you expecting on this property?
Speaker 5: Yeah, so the rental year is actually really good. I
Speaker 5: think it's just the interest rate it's kind of making
Speaker 5: it a little bit negatively good at the moment. And
Speaker 5: there also is room to increase the rent in the area.
Speaker 5: The rent is quite low for the standard rent in
Speaker 5: that area, so there's room to kind of move a
Speaker 5: little bit there. So the rental yield on the property
Speaker 5: currently is six point nine percent.
Speaker 2: Oh, very nice, Yeah, which is.
Speaker 5: Quite nice, and then there's room to kind of move
Speaker 5: that to around seven point three seven point five depending
Speaker 5: on increases in rent, which I'd like to not increase
Speaker 5: the rent significantly. We've already got tenants that are in there,
Speaker 5: so I'd like to keep them as long as possible.
Speaker 2: Oh, it's already tenanted in everything.
Speaker 5: Yeah, it's already tenanted until October at the current rent,
Speaker 5: which is three hundred and sixty dollars a week, and
Speaker 5: there's room to move that closer to four hundred if
Speaker 5: we're able to.
Speaker 6: But yeah, we'll see how we go.
Speaker 2: Oh my gosh, I love this, and I really love
Speaker 2: that when I asked you about rental yield you actually
Speaker 2: led with a percentage. Not oh yeah, I get like
Speaker 2: X amount per week in rent. You were like, no, no, na, SI,
Speaker 2: sit down, it's six point nine. Like I've done my numbers.
Speaker 2: I know what this is going to look like. It's
Speaker 2: just it's so exciting talking about this stuff because I
Speaker 2: just know what it means for your future financial security
Speaker 2: and it makes me, honestly so happy.
Speaker 6: So I've got so much to learn. But yeah, oh
Speaker 6: my gosh.
Speaker 2: And you've got so much time to learn it in
Speaker 2: like you do not need to rush, my friend. You
Speaker 2: are going to have some money habits that I think
Speaker 2: we want to know about. You don't just fly through
Speaker 2: school and become you know, property mogul by twenty two
Speaker 2: in the way that you have. What do you think
Speaker 2: of your best money habits?
Speaker 5: Think My best money habit is that I put away
Speaker 5: fake rent every week.
Speaker 2: Fake rent.
Speaker 6: Yeah, no, I love it. I love it.
Speaker 5: So I don't pay rent at the moment. So my
Speaker 5: accommodation is all provided for by my employer. So really
Speaker 5: lucky to have that. But I kind of thought, you know,
Speaker 5: I should put away fake rent and then try and
Speaker 5: save on top of that. So I put away two
Speaker 5: hundred and fifty dollars a week in fake rent and
Speaker 5: then I save on top of that as my savings.
Speaker 5: Obviously it's all going to savings, but it's just a
Speaker 5: nice way to kind of get into the budgeting for
Speaker 5: if I decide to move and have to pay rent.
Speaker 2: It's all about mindset, right Like when it comes to money,
Speaker 2: money is inherently psychological. So if you can go, all right, well,
Speaker 2: I don't pay rent, hahaha, I can do whatever I
Speaker 2: want in the future. When you do have to pay rent,
Speaker 2: or you do have to pay a mortgage, that's going
Speaker 2: to bite you in the bottom because you don't have
Speaker 2: that habit behind you. But what you've done is kind
Speaker 2: of game the system. You're like, I'm not paying rent,
Speaker 2: but what I can do is pretend to pay rent.
Speaker 2: Keep the money, but then I'm in the habit of it,
Speaker 2: if ever that changes. So that makes me genuinely so
Speaker 2: excited because I can tell that you're setting yourself up
Speaker 2: for success. Was that something that you learned? Was it
Speaker 2: something that you just went, oh right, I think this
Speaker 2: might be good for me. Like, how do you get
Speaker 2: into this situation? Because, as you said, as much as
Speaker 2: you grew up in a really privileged household, there wasn't
Speaker 2: a lot of financial literacy flying around. Like have you
Speaker 2: just self taught yourself all this stuff?
Speaker 6: Yeah?
Speaker 5: I think I have done a lot of kind of
Speaker 5: self education. I listen to a lot of podcasts, I
Speaker 5: read a lot of books. So yeah, it's all just
Speaker 5: kind of been me trying to figure out how the
Speaker 5: world works and how money works, which has been really hard.
Speaker 5: Like I said, I've been in that I have to
Speaker 5: pay spiral for so long and I've only just gotten
Speaker 5: out of it. Feels so freeing to pee out of
Speaker 5: that as well. But yeah, I think I just realized
Speaker 5: that I'm in a really good situation where I am
Speaker 5: not paying rent and that I really need to be
Speaker 5: taking advantage of that to try and save as much
Speaker 5: as I can. So yeah, I just wanted to kind
Speaker 5: of maximize that.
Speaker 2: While I'm in this situation, I have so many questions still,
Speaker 2: I'm so sorry. Like, as I told you before we
Speaker 2: start recording money Direct, I'm just pervy at heart. What
Speaker 2: prompted you to care more about your finances? Like did
Speaker 2: you just fall into this idea of going, well, actually
Speaker 2: I want to be wealthy, or I really want to
Speaker 2: buy property, or you know, what do I do with
Speaker 2: my cash? Like what was that start point for you
Speaker 2: where you were like, I actually do want to learn
Speaker 2: a bit more about financial literacy because I feel like
Speaker 2: for a lot of people in our community and outside
Speaker 2: our community, it's such a big hurdle like actually going
Speaker 2: you know, I'm going to start consuming this content, it
Speaker 2: can be overwhelming. So how did you do it?
Speaker 6: Yeah?
Speaker 5: I think just not knowing a lot about money growing up,
Speaker 5: I kind of just saw my parents as being quite
Speaker 5: well off and just assumed that, you know, that's the
Speaker 5: kind of path that I would follow, which, obviously I
Speaker 5: was very shocked when I left home and had to
Speaker 5: manage everything for myself. So I forced myself to learn
Speaker 5: because you know, I've moved out of home quite quickly
Speaker 5: and lost that dependency with my parents, so I had
Speaker 5: to learn about how to budget and how to save.
Speaker 5: And I also, I guess, have the idea of the
Speaker 5: kind of lifestyle that I want to live and that
Speaker 5: you know, my partner and I want to live. So yeah,
Speaker 5: you know, I'd like to have that you know, nice
Speaker 5: else on the waterfront and eventually have kids, and obviously
Speaker 5: I want a pilot's license, and that's a big expense.
Speaker 5: So I just decided that my nine to five job
Speaker 5: wasn't going to be enough to sustain those goals and
Speaker 5: aspirations that I have. So yeah, I decided that I
Speaker 5: needed to save and invest my money into something that's
Speaker 5: eventually going to get me there, because, like you've spoken
Speaker 5: about on the podcast, you can only save so much
Speaker 5: money with your nine to five income and then you're
Speaker 5: relying on you know, investment and that type of thing
Speaker 5: to get you through. So yeah, I think after listening
Speaker 5: and reading, I definitely realized that I needed to do
Speaker 5: something extra and then spent some time learning about it
Speaker 5: and just dived in head first.
Speaker 2: I love this, It's actually my favorite thing ever. Going back,
Speaker 2: you said before you were really shocked when you left
Speaker 2: home about budgeting and I feel like this happens to
Speaker 2: so many of us, right, Like I think I've said
Speaker 2: before on the podcast, I was shocked when I left
Speaker 2: home and I moved straight into a sharehouse, right. There
Speaker 2: were like four of us so split costs, and I
Speaker 2: just remember being like, it'll be fine, Like surely groceries
Speaker 2: aren't that expensive in my head, Like a whole trolley
Speaker 2: of groceries, which was like two thousand and nine was
Speaker 2: like one hundred dollars. One hundred and twenty was like
Speaker 2: a big shop, right, But I remember being horrified because
Speaker 2: in my head, dishwasher tablets just existed, like I don't
Speaker 2: think I'd ever looked at the price, like, you know,
Speaker 2: that was something that my mum had organized for home.
Speaker 2: And I remember being shook at how expensive dish washer
Speaker 2: tablets were, and I was like, this real life thing,
Speaker 2: it's legit.
Speaker 5: Like why are they eighty dollars for no reason?
Speaker 2: Exactly? So what shocked you the most when you moved
Speaker 2: out of home and had to start paying your own way,
Speaker 2: I think.
Speaker 5: It's genuinely just the things that pop up that I
Speaker 5: didn't realize I had to budget for, so things like
Speaker 5: my red jo and you know, my car insurance and
Speaker 5: getting my head done and tires, and my pharmacist registration fees.
Speaker 5: In my first year of working, I kind of just
Speaker 5: paid them out of my fortnightly pay when they popped up,
Speaker 5: but obviously that left a big dint in the rest
Speaker 5: of my budget, so I kind of had to learn
Speaker 5: to save for those. Now I've got like separate accounts
Speaker 5: for those things that I put money in every fortnight,
Speaker 5: so that when it gets to the car insurance, I've
Speaker 5: got an accumulating amount of money sitting there ready to go.
Speaker 5: But I think, yeah, just the fact that random things
Speaker 5: pop up that you have to pay for and needing
Speaker 5: to have money there in those situations to be able
Speaker 5: to cover you in times like that is really important.
Speaker 2: I totally agree. That's why I'm so passionate about budgeting
Speaker 2: and cash flow. So, now, do you have a really
Speaker 2: good budget that you're using and kind of implementing or
Speaker 2: is this something they're like, look, I just work it
Speaker 2: out as we go.
Speaker 6: I've gotten better.
Speaker 5: My emergency fund is dismal, and it has been for
Speaker 5: a while because I just cannot get into the flow
Speaker 5: of putting money away for an emergence. I think it's
Speaker 5: probably one of my worst money habits. But in terms
Speaker 5: of my budget, it's going okay. I do have like
Speaker 5: an Excel spreadsheet that I can type my fortnightly income
Speaker 5: in at the top, and it kind of calculates how
Speaker 5: much money I'm putting away for everything else. So that's
Speaker 5: working quite well. I'm still really unsure about how it's
Speaker 5: going to work with the mortgage coming in. I think
Speaker 5: I need to learn a little bit more about what
Speaker 5: that's going to look like in my bank accounts, especially
Speaker 5: since I'm opening up new accounts for the mortgage as well.
Speaker 5: I'm really not sure kind of what that looks like
Speaker 5: and what to do with that, and what's the best
Speaker 5: account to have the mortgage come out of and that
Speaker 5: type of thing.
Speaker 2: Are you going to have offset accounts to your mortgage.
Speaker 6: I believe so. Yes.
Speaker 5: I'm in the stages of speaking to them about like
Speaker 5: the structure of the loan at the moment, so I'm
Speaker 5: assuming I'll have an offset account. But yeah, just learning
Speaker 5: about you know, where the mortgage comes out of, and
Speaker 5: where do I put the rent when it comes in,
Speaker 5: you know, just that kind of cash. Flower really don't
Speaker 5: know how that works and what that looks like, so,
Speaker 5: I think that's one of my goals as well, to
Speaker 5: learn more about that.
Speaker 2: Oh, I can say to you when you said I
Speaker 2: have a spreadsheet, I was like, okay, so she doesn't
Speaker 2: need me. And then you're like, oh, I really need
Speaker 2: to work out how to integrate the mortgage. I'm like, aha,
Speaker 2: I win. I'm going to gift you my Money Masterclass,
Speaker 2: which is basically a really comprehensive budget and cash flow
Speaker 2: tool where you kind of plug in all of your
Speaker 2: expenses and then you plug in all of your outgoings
Speaker 2: and you know your income and where it's coming from,
Speaker 2: and then it like spits out a banking system and says,
Speaker 2: all right, well, this bank account needs X, and this
Speaker 2: bank account needs Y, and you need to save X,
Speaker 2: Y and Z here and here's how much fun money
Speaker 2: you have access to. So I'm going to give that
Speaker 2: to you because I think it will change the way
Speaker 2: that you manage money and really really help Also low key,
Speaker 2: I'm biased. I made it. I think it's really good,
Speaker 2: but it's also very esthetically pleasing.
Speaker 6: Thank you so much. Bee.
Speaker 5: That's going to change so many things. That's going to
Speaker 5: be so helpful. Thank you so much.
Speaker 2: It'll take a bit of a weight off your shoulders.
Speaker 2: I remember so when we got our mortgage and I
Speaker 2: was like, well, how does this fit in? And like,
Speaker 2: I have a whole page on debt in there, so
Speaker 2: like it all integrates. You don't have to do anything yourself,
Speaker 2: Like it will automatically tell you what goes in and
Speaker 2: what comes out if you just put in the figures
Speaker 2: that you've got. But you can change the interest rate,
Speaker 2: you can change the term on it, and you can
Speaker 2: actually play with it in a way. And this is
Speaker 2: not even me trying to sell you on this, I
Speaker 2: promise you. It's just me being impressed with my own work.
Speaker 2: So let me have this, you know. But in the
Speaker 2: mortgage section, you can like play with the years and go, oh, actually,
Speaker 2: what if I contributed an extra one hundred dollars a month,
Speaker 2: how would that impact how quickly the loan is paid off?
Speaker 2: And it will tell you. And I just think that
Speaker 2: that's where it kind of provides a heap of extra
Speaker 2: value above and beyond you know, day to day, because
Speaker 2: it's really about pushing for wealth creation, which I can
Speaker 2: tell you're on board for given your plans to buy
Speaker 2: another investment property by the end of the year.
Speaker 5: Thank you so much. That's amazing. Yes, I do have
Speaker 5: big plans. I think that that is going to really
Speaker 5: help me at least get on track for the first one.
Speaker 5: And yeah, even just learning about once you have multiple properties,
Speaker 5: what does that cash flow look like? So that's going
Speaker 5: to be really really helpful. Thank you so much.
Speaker 2: I love it. For those of you following along at home,
Speaker 2: I'll obviously put a cheeky little discount code in the
Speaker 2: show notes because I can't say all that nice stuff
Speaker 2: and they're not give you like a little bonus as well.
Speaker 2: All right, money diros, let's like, bring the mood back down.
Speaker 2: What is your worst money habit?
Speaker 5: I think my worst money habit is definitely my emergency fund.
Speaker 5: I have a goal set for my emergency fund for
Speaker 5: my three months worth of expenses. And I just seem
Speaker 5: to consider everything an emergency, So.
Speaker 2: Like, what is it a genuine emergency or is this
Speaker 2: like a oh my gosh, those shoes are so cute.
Speaker 2: This is an emergency I need them?
Speaker 5: Definitely not genuine emergency. It just seems to be that
Speaker 5: in my brain, I can take money out of the account,
Speaker 5: so why can't I take money out of the account?
Speaker 5: To buy new shoes type thing. You know, when you're
Speaker 5: savings account, they sit there and you don't touch them.
Speaker 5: You know, you've never taken out of them. But the
Speaker 5: emergency account, I don't know. I just can't seem to
Speaker 5: get on top of it.
Speaker 2: We need to change that. Is your emergency account in
Speaker 2: the same banking system as all of your other cash,
Speaker 2: Like if you log into your banking app, is it
Speaker 2: right there?
Speaker 5: Yeah? I guess so, probably not very helpful to have
Speaker 5: it with everything.
Speaker 2: Else so you can see it.
Speaker 6: Yeah, I can see it.
Speaker 2: I am a very impulsive kind of gal. And one
Speaker 2: thing that's really helped me personally is like putting it
Speaker 2: with another bank. So I had to put it over
Speaker 2: with another bank, and like they obviously still have access
Speaker 2: to it because we need access to our emergency fund.
Speaker 2: But I don't log into my main banking system and go, oh,
Speaker 2: that's just sitting there. That's nice. Like I literally have
Speaker 2: to go out of sight, out of mind if I
Speaker 2: can't see it, And then if an emergency pops up,
Speaker 2: I'm like, oh, what am I going to do? I
Speaker 2: don't have enough money, and the I'm like, oh I do. Actually,
Speaker 2: I have a whole emergency fund for this specific purpose,
Speaker 2: I can go over the fence.
Speaker 5: Yeah, I think that'd be really helpful. I think I
Speaker 5: should change that because yeah, out of sight, out of
Speaker 5: mind for sure. And I think the other thing is
Speaker 5: just I really enjoy eating out. I think my partner
Speaker 5: and I eat out probably too much. Food is definitely
Speaker 5: our love language. So I'll easily drop any amount of
Speaker 5: money on a good fee. So that's probably not the
Speaker 5: best money habit.
Speaker 2: I'm the same. But as I was saying to a
Speaker 2: couple of money diarists a few weeks ago, like life's
Speaker 2: about the journey and enjoying it as well. Like you
Speaker 2: can't just be always aggressively saving or aggressively investing or
Speaker 2: just getting buy Sometimes we need a little bit of
Speaker 2: you know, fun in our lives and enjoyment in our lives.
Speaker 2: Because I just think that so many of us need
Speaker 2: to enjoy the journey as much as the destination. Like, yes,
Speaker 2: buying a house is super sexy and it's something that
Speaker 2: you really value, but also like, let's just enjoy time
Speaker 2: with our partner and create a life that we deserve.
Speaker 6: You know.
Speaker 5: Yeah, I think eating out is definitely in my value.
Speaker 5: So maybe we'll keep that there.
Speaker 2: We can keep that there because if I tell you, oh,
Speaker 2: you need to cut back on that, which one I
Speaker 2: never would Can you imagine me fighting with you of
Speaker 2: your own values just wouldn't happen. But also I would
Speaker 2: have to then have a good hard chat with myself
Speaker 2: because that's where I spend most of my money. So anyway,
Speaker 2: moving on, this has been a beautiful money diary. I'm
Speaker 2: just so inspired by you. You are twenty two and
Speaker 2: absolutely killing it. I love the way you talk about
Speaker 2: your upbringing and you really understand that one that was
Speaker 2: a privilege, but also you've just taught yourself so much
Speaker 2: and been so tenacious about this. And I am sure
Speaker 2: that during your life you're going to have a lot
Speaker 2: of people that go, oh, yeah, her parents probably really
Speaker 2: helped her out there. But when you get to know
Speaker 2: stories like this, you're like, well, no, Like, look at
Speaker 2: what she's doing for her own budget and her own
Speaker 2: cash flow, and you know, you're seeking out buyers agents
Speaker 2: to purchase properties for yourself at twenty two and you're
Speaker 2: paying fake rent like this is just wild to me.
Speaker 2: At the start of the episode, though you did say, hey, there,
Speaker 2: I reckon, I'm A B plus. What would it take
Speaker 2: to get you to an A plus.
Speaker 5: I think definitely learning more about how the cash flow
Speaker 5: will work with the property and having multiple properties. So
Speaker 5: I think just having a little bit more education that
Speaker 5: I'd be happy to move myself to an A.
Speaker 2: I think you can do it. I know that the
Speaker 2: money master class is coming your way. And then the
Speaker 2: other thing I'd say about having investment properties, something that
Speaker 2: has helped a lot of my historical clients has always
Speaker 2: been treating your investment property like a business. So like
Speaker 2: if you started a small business, you would get a
Speaker 2: clean bank account for all of the money to come
Speaker 2: into and go out of that you didn't touch and
Speaker 2: didn't use for anything else. Because then when it comes
Speaker 2: to tax time, you have a really clean list of Okay,
Speaker 2: well the rent came in here, here and here, here
Speaker 2: are the expenses that came out because you're going to
Speaker 2: have property management fees, you're going to have you property
Speaker 2: maintenance fees, and things come out and just having one clean,
Speaker 2: clear record really helps. And I think that some of
Speaker 2: us find ourselves in a bit of a pickle. We're like, oh,
Speaker 2: I already have a bank account. Maybe I'll just nominate
Speaker 2: that one and it can come in there, but then
Speaker 2: things get a little bit messy. So for me, I
Speaker 2: guess if I was to be getting an investment property tomorrow,
Speaker 2: I would be separating out another brand new bank account.
Speaker 2: Maybe it could be a little offset to your mortgage
Speaker 2: so that at least the money's working as hard as
Speaker 2: you do for it, so that you can actually cleanly
Speaker 2: see it. And a lot of the times when I
Speaker 2: had clients who had multiple properties that were investment properties,
Speaker 2: they would have a bank account for each of those properties,
Speaker 2: because you want to be able to quickly and cleanly
Speaker 2: see what's coming in from where and when and how
Speaker 2: what's going out. And obviously, as you grow and you
Speaker 2: grow your wealth, having a clean banking system, I promise
Speaker 2: you will thank your past self because she's going to
Speaker 2: be like, oh, thank god, I did that.
Speaker 5: Yeah, that's so true. I think that's really good advice.
Speaker 6: So I'll definitely be taking that on board. Thank you.
Speaker 2: B We just want clean, crispy finances, you know, like
Speaker 2: I just want to know where my money is at
Speaker 2: and making sure it's working for me. So ten out
Speaker 2: of ten for that money, Dorist. I've loved getting to
Speaker 2: know you, but Unfortunately, that's all we have time for today.
Speaker 2: Thank you so much for sharing your journey with me
Speaker 2: and with the community. It's so generous and I'm really
Speaker 2: grateful for it, so thank you so much. I know
Speaker 2: that the community is going to love this just as
Speaker 2: much as I have.
Speaker 6: Thanks b.
Speaker 4: The advice shared on She's on the Money is general
Speaker 4: in nature and does not consider your individual circumstances. She's
Speaker 4: on the Money exists purely for educational purposes and should
Speaker 4: not be relied upon to make an investment or financial decision.
Speaker 4: If you do choose to buy a financial product, read
Speaker 4: the PDS TMD and obtain appropriate financial.
Speaker 2: Advice tailored towards your needs.
Speaker 4: Victoria Divine and She's on the Money are authorized representatives
Speaker 4: of money. Sheper Pty Ltd ABN three two one IS
Speaker 4: six four nine two seven seven zero eight AFSL four
Speaker 4: five one two eight nine