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Speaker 1: She's on the Money. She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: for the millennials who want financial freedom. As we've mentioned on

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Speaker 2: the podcast quite a few times before, cracking the property

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Speaker 2: market in Australia is no easy feat and it does

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Speaker 2: seem especially hard at the moment as house prizes climb

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Speaker 2: higher and higher in certain pockets of the country. While

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Speaker 2: there are, of course plenty of benefits to buying your

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Speaker 2: own home, the many young Australians, the prospect of doing

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Speaker 2: so just isn't feasible. So what are the benefits to

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Speaker 2: renting forever? Can we still achieve a future of financial

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Speaker 2: freedom without attaining the old school Australian dream of home ownership.

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Speaker 2: My name is Georgia King, and joining me to answer

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Speaker 2: these questions and more is financial advisor Victoria Divine Foo.

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Speaker 3: Hello. Hello all.

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Speaker 2: That was a long.

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Speaker 3: Intro, my proper serious and I didn't did interrupt you,

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Speaker 3: So I'm proud of you. Thanks, I love it.

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Speaker 2: Thanks do Can you tell us straight off the top,

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Speaker 2: what is happening with the Australian housing market right now?

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Speaker 3: What is going on? It seems like it's exploding and

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Speaker 3: it's just overwhelming and hard, and to be honest, it's

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Speaker 3: one of those things where we're just going through a

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Speaker 3: property boom and that's okay. It doesn't mean that property

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Speaker 3: is always going to be unaffordable, but it's one of

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Speaker 3: those things that I think it makes us feel a

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Speaker 3: lot of pressure because you go, I'm never going to

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Speaker 3: achieve this, and this is really scary and just looking

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Speaker 3: at the start. Since the start of twenty twenty one,

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Speaker 3: in Sydney the average dwelling price has gone up by

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Speaker 3: seventeen point seven percent and in Melbourne it's up eleven

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Speaker 3: point one percent. That is a lot of money. Like,

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Speaker 3: that's some pretty good investment returns if you already own

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Speaker 3: an investment property. Though nice for you if you're already there.

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Speaker 3: We are not those people. Georgia, though. The price of

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Speaker 3: property in Australia is actually rising at the fastest rate

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Speaker 3: in over seventeen years, which is crazy, and there are

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Speaker 3: a few reasons for this. One is historically low interest

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Speaker 3: rates and increased borrowing capacity. So as you know, Georgia,

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Speaker 3: in our community, a lot of people are complaining about

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Speaker 3: their savings accounts having less interest payable and remember how

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Speaker 3: sexy it was like literally twelve months ago, maybe a

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Speaker 3: little over twelve months ago, we were talking about how

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Speaker 3: good it was that, like up Bank had two point

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Speaker 3: five percent interest rates, and I know that that was

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Speaker 3: really sexy. But those things never last because if bank

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Speaker 3: interest rates are decreasing on how much they're willing to

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Speaker 3: pay you on your savings account, it means that the

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Speaker 3: same is actually going to be truth for mortgages. So

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Speaker 3: it's a good thing and a bad thing. I mean,

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Speaker 3: our savings aren't performing as well as they could, but

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Speaker 3: our property is more accessible. In saying that, given property

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Speaker 3: prices are growing at the fastest rate that they have

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Speaker 3: in the last seventeen years, I would argue that they're

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Speaker 3: may be not as accessible as they used to be.

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Speaker 3: On top of that, government incentives like the first home

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Speaker 3: buy ideals that are around a negative gearing. Those are

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Speaker 3: all things that we are really seeing impact the really

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Speaker 3: strong sturges in property price. I think added to that,

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Speaker 3: we've got all of the lockdowns we've been going through,

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Speaker 3: people wanting to upgrade their homes to make them more

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Speaker 3: comfortable because of the uncertainty that exists around You know,

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Speaker 3: how long am I going to be stuck in a home. Okay,

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Speaker 3: now I can work remotely, maybe we should actually buy

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Speaker 3: a house, but we can afford to buy something a

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Speaker 3: little bit further out because we're no longer traveling to

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Speaker 3: work every day, because we get to work from home.

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Speaker 3: I think there are a lot of reasons playing into

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Speaker 3: it as well as and this is just my opinion, fomo.

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Speaker 3: So people knowing that during lockdowns we can't purchase, so

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Speaker 3: there seems to be a strong surge straight after lockdowns

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Speaker 3: of property being sold, which I think is really interesting.

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Speaker 3: But I think the most important thing to remember here

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Speaker 3: is completely unsustainable.

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Speaker 2: Like which means it won't last forever.

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Speaker 3: No, it won't last forever because it can't like it

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Speaker 3: can't like Georgia. At the moment, it's obviously unobtainable for

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Speaker 3: so many of us, and we are now being asked

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Speaker 3: to save ridiculous amounts for home deposits. And I think

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Speaker 3: if we look at historically what homes used to cost,

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Speaker 3: and you know, you can argue with me about inflation,

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Speaker 3: and you know the rising costs of wages, but to

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Speaker 3: put this in perspective, historically a property might have cost

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Speaker 3: you like two times your annual salary, and now properties

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Speaker 3: are costing between ten and fifteen times our annual salary,

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Speaker 3: which obviously makes it harder to obtain, but also harder

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Speaker 3: to pay off, harder to create wealth with, and harder

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Speaker 3: to access. It's not as though these things are comparable.

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Speaker 3: And I know so many people will go, oh, yeah,

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Speaker 3: that they used to have lower wages. Yes, they also

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Speaker 3: had increased interest rates, like interest rates on property where

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Speaker 3: my parents first bought were up in the twenties, and

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Speaker 3: we are now at a point where it's two percent,

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Speaker 3: which means it should be more affordable. But the comparison

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Speaker 3: between how much it costs us relative to our incomes

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Speaker 3: is so significantly higher these days that I don't think

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Speaker 3: it's sustainable going forward. Like it's already ten times our

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Speaker 3: salary Georgia to buy in Melbourne. Imagine if it was

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Speaker 3: twenty we genuinely couldn't afford it, like most people can't

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Speaker 3: at this point in time afford to get into the

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Speaker 3: property market. And I think it's fair, and that's why

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Speaker 3: we are now talking about what renting forever actually means.

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Speaker 2: So just on that v are you are you saying

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Speaker 2: that it's not sustainable because people literally can't enter the

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Speaker 2: home buyers market anymore, So the prices will just have

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Speaker 2: to come down because they won't be that demand because

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Speaker 2: we just can't do it.

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Speaker 3: Is that I think that they'll cap out. So what

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Speaker 3: I'm saying is they absolutely cannot continue to grow at

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Speaker 3: the same rate that they have for the last year

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Speaker 3: and even for the last thirty years, because it becomes unaccessible,

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Speaker 3: like we aren't actually going to have people to buy

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Speaker 3: the properties. And property is based on supply versus demand.

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Speaker 3: So if there's a supply and a demand, it is

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Speaker 3: going to increase the property prices. But how much supply

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Speaker 3: isn't going to matter if the demand isn't there because

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Speaker 3: we can't afford the property. Yeah, Like if I said

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Speaker 3: to you, Georgia, all right, well we want to buy

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Speaker 3: a property, and you've got a really normal salary, and

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Speaker 3: you want to buy a property with your partner, you

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Speaker 3: both have really normal salaries, how much is that going

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Speaker 3: to cost? And I said it's going to be three

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Speaker 3: million dollars as a start point. You go cool. I

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Speaker 3: can't afford that. I'll never be able to mount that,

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Speaker 3: especially as a first home. So I think that we

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Speaker 3: need to remember that at some point it will tap out.

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Speaker 3: But also what if we didn't want to buy property

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Speaker 3: in the first place.

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Speaker 2: Exactly, And that's kind of what we're talking about today

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Speaker 2: because we do often assume that having property is the

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Speaker 2: Great Australian dream, but technically.

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Speaker 3: Is the great Australian dream because that's historically what we've

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Speaker 3: been fed and what we've been told is really important

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Speaker 3: and what we should.

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Speaker 2: Value exactly, But it's not necessarily what we all actually want,

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Speaker 2: which leads me to my next question. V. Because you recently,

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Speaker 2: relatively recently bought a home I did. You've said on

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Speaker 2: the podcast before that property wasn't a priority for you. You

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Speaker 2: didn't see it necessarily as the bill and end all

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Speaker 2: from an investment or financial perspective. So can you talk

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Speaker 2: to us about why that is and why property isn't

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Speaker 2: necessarily the best investment out there.

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Speaker 3: Yeah, I am just going to preface this because I

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Speaker 3: know I'm incredibly privileged to be able to do that,

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Speaker 3: and the way you explained that makes it sound like

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Speaker 3: I was like, oh my gosh, like, oh, just buy

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Speaker 3: a property, because they can't know that absolutely wasn't the case.

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Speaker 3: I bought a property with my partner Steve because it

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Speaker 3: was a really big value set of his. I had

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Speaker 3: always thought of property as something that was a really

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Speaker 3: large commitment that I wasn't necessarily sure I wanted to

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Speaker 3: commit to. As you know, I am a financial advisor,

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Speaker 3: so I have done all of the stats and maths

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Speaker 3: behind it. So I'd worked out that, you know, if

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Speaker 3: I invested my money in the shares that I was

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Speaker 3: investing in instead of purchasing property for me financially, that

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Speaker 3: was going to work out better long term. And it

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Speaker 3: also to me felt like less of a commitment. And

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Speaker 3: I could, you know, at that point in time live

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Speaker 3: the life that I wanted. I had a boyfriend, Steve,

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Speaker 3: and we were renting together. We lived in a really

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Speaker 3: nice townhouse. To me, there was actually just no reason

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Speaker 3: to purchase. But one of his core values and one

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Speaker 3: of his biggest money goals was to purchase a home.

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Speaker 3: And when you get into a relationship, you need to

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Speaker 3: make sure that you're on the same page and share

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Speaker 3: your money goals and share your aspirations. And because I

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Speaker 3: knew that it was such a big factor for him,

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Speaker 3: I also took on that and was like, yep, okay,

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Speaker 3: no problems, Like, let's make that a money goal because

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Speaker 3: in all honesty. His happiness is also my happiness, and

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Speaker 3: I know that's really sappy. But we started saving really

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Speaker 3: aggressively to achieve that goal, So you're right, I see

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Speaker 3: on both sides of the fence. As a homeowner, yep, great,

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Speaker 3: But did you know I also got my rates bill

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Speaker 3: recently and it's close to three and a half thousand

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Speaker 3: dollars and that is a lot of money to have

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Speaker 3: to pay for rates. Like, I don't want to be

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Speaker 3: somebody else's landlord, so to me, property wasn't the sexiest

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Speaker 3: of options because I also didn't like the idea of debt.

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Speaker 3: But it was his and we've done that, and I'm

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Speaker 3: really happy and I'm really grateful, and you know, as

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Speaker 3: I said before, we both really privileged to have been

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Speaker 3: able to save and actually purchase a property. I mean,

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Speaker 3: it's definitely within our means. As you've seen Georgia. We

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Speaker 3: have a delightful broken red kitchen and some very unattractive bathrooms.

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Speaker 3: But we'll work on that as we start saving and

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Speaker 3: actually put it that into the budget. So that's not

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Speaker 3: the priority for right now. But you're right. I've always

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Speaker 3: said I would prefer to rent, and the reason I

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Speaker 3: would prefer to rent is because I see better returns

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Speaker 3: in another place. For myself personally, I think that there

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Speaker 3: might be a little bit of difference around this episode

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Speaker 3: and what people are expecting from it because we're talking

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Speaker 3: about renting forever as a choice, not renting forever because

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Speaker 3: you have to. Because I think that the important thing

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Speaker 3: here is in Georgia, I know you're going to get

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Speaker 3: into the stats before, is that if you look at

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Speaker 3: the research, people who own homes are financially better off.

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Speaker 3: But the reason for that is because we've never historically

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Speaker 3: been in a position where renting forever has been an

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Speaker 3: option while also investing. We've always just seen renting forever

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Speaker 3: as not being able to afford to invest or buy

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Speaker 3: a home or whatever that means to you. But now you're.

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Speaker 2: Starting to see people who are turning away from the

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Speaker 2: idea of buying proper and renting forever and choosing the

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Speaker 2: share investment.

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Speaker 3: Yeah, and you're seeing the property markets start to catch

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Speaker 3: up with that too. So historically it's always been twelve

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Speaker 3: month leases, and people are now one being more flexible

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Speaker 3: in the terms and conditions in those leases, allowing things

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Speaker 3: like minor modifications of the house and painting, but also pets.

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Speaker 3: And also a lot of landlords are now offering longer

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Speaker 3: leases because they want tenants in their property for long

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Speaker 3: periods of time. But on the flip side, as a renter,

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Speaker 3: you probably want the stability as well to say, Okay,

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Speaker 3: well I don't have to review this every twelve months

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Speaker 3: because I actually signed a five year lease. And it's

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Speaker 3: one of those things that I think the real estate

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Speaker 3: market is starting to catch up with what the priorities

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Speaker 3: of millennials are.

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Speaker 2: Yeah, right, that's interesting. So if we are choosing this option,

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Speaker 2: then is it true that someone who rents could end

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Speaker 2: up as financially well off as someone who has a

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Speaker 2: home at the time of retirement.

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Speaker 3: Yeah. Absolutely. And again this is not comparing people who

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Speaker 3: are quote forced to rent forever because they can't afford

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Speaker 3: to invest and they can't afford to buy property. We

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Speaker 3: are talking about actively choosing to just rent forever while

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Speaker 3: investing in other assets to create wealth. So yes, they

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Speaker 3: absolutely could. And if we look at the performance of

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Speaker 3: property versus shares over the long term, and we never

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Speaker 3: want to just look at what performs better, because there's

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Speaker 3: actually a lot that plays into it, like our actual

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Speaker 3: values and making sure that we are choosing things that

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Speaker 3: make sense for us. But when you look at it,

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Speaker 3: shares outperform property by a very significant percentage. That is

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Speaker 3: no opinion, it is just fact. If you invested in

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Speaker 3: property and you invested in shares, your shares are very

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Speaker 3: likely to perform higher than property. And that's not even

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Speaker 3: taking into consideration the fact that you'll have rates and

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Speaker 3: maintenance on that property of the long term and the

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Speaker 3: commitment to a mortgage, which you know, I love the

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Speaker 3: idea of investing in shares because I'd like flexibility. If

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Speaker 3: I don't want to invest one month, I don't have to,

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Speaker 3: whereas if you have a mortgage, you have to pay

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Speaker 3: that regardless. So that's not opinion, that is just fact.

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Speaker 3: So yes, absolutely, someone who rents forever can actually retire

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Speaker 3: with the same, if not more than somebody who is

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Speaker 3: a homeowner. But that is assuming that you don't just go, okay,

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Speaker 3: I can't afford property. I'm not going to prioritize wealth creation.

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Speaker 3: Like the expectation to prioritize your wealth creation still exists.

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Speaker 3: You are just actively choosing another asset class, okay.

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Speaker 2: And I feel like you've said before the something about

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Speaker 2: like your primary residence isn't necessarily an investment because you're

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Speaker 2: living in it and you can't just like click your

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Speaker 2: fingers and then have the cash that it might be worth. Like,

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Speaker 2: can you talk us through that a little bit more?

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Speaker 3: Yeah, absolutely, So let's use you as an example again,

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Speaker 3: because I love just throwing you under a bush. I

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Speaker 3: don't mean that literally. It just makes sense to the example.

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Speaker 3: Imagine if it was literally, I just loved so for buses,

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Speaker 3: but I don't. I love you ging. But when we

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Speaker 3: talk about your primary residence or your family home not

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Speaker 3: being an asset that I think is a wealth asset,

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Speaker 3: it's because to actually get that wealth working for you,

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Speaker 3: you have to extinguish that asset and sell it. You

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Speaker 3: need to liquidate it. You need to actually turn that

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Speaker 3: into cash or an investment that makes you money. And

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Speaker 3: the home that you live in does not make you

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Speaker 3: money because you're not renting it out. I mean, there

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Speaker 3: are lots of ways to do that. You might have

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Speaker 3: a housemate and that might give you an income source,

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Speaker 3: but we're just talking about a base. George King goes

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Speaker 3: and buys a house and lives in it. Let's say

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Speaker 3: that you go and buy a house Georgia for five

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Speaker 3: hundred thousand dollars, and by the time you retire, that

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Speaker 3: property is worth one point five million dollars, which is

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Speaker 3: actually the reality of a lot of people who are

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Speaker 3: retiring at this point in time, and they say things like,

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Speaker 3: oh my gosh, I'm fine. Our house is worth so

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Speaker 3: much more than what I originally paid for it. You go, okay, cool,

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Speaker 3: But that's only helpful to us in our wealth creation

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Speaker 3: journey and the journey to actually creating an income in

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Speaker 3: retirement if you go and sell that house and go

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Speaker 3: back and invest that one million dollar difference and go

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Speaker 3: on buy another five hundred thousand dollar house and live

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Speaker 3: in that. And they go, oh, no, I don't want

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Speaker 3: to do that. I don't want to move. This is

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Speaker 3: the home that I've lived in. You go, okay, cool.

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Speaker 3: So regardless of whether it's worth five hundred thousand dollars

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Speaker 3: or one point five million dollars, it doesn't actually matter

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Speaker 3: because that is not going to be playing into your

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Speaker 3: wealth creation. That is not going to play into you

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Speaker 3: having a safe and comfortable retirement, because no matter how

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Speaker 3: nice your house is, you need income to be able

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Speaker 3: to pay for that house and have the electricity be

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Speaker 3: turned on and put food on the table and potentially

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Speaker 3: send your kids to school. So the important thing there

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Speaker 3: is not seeing your primary residence or your home as

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Speaker 3: an investment, because it is not one. And I say

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Speaker 3: that kindly, and I know that a lot of first

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Speaker 3: home owners are gonna be like, yeah, but like, I'm

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Speaker 3: so proud of this, and I am too, I really am.

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Speaker 3: But when it comes to saving for retirement, that's not

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Speaker 3: what we're talking about. Like, having a fancy family home

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Speaker 3: just means you have a fancy family home. It doesn't

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Speaker 3: mean that you have more income coming in in retirement,

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Speaker 3: which is ideally what we are working towards. And I

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Speaker 3: think that this is one of the fallacies that exists

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Speaker 3: in Australia, and that is people going, yeah, but like

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Speaker 3: I bought a really fancy family home and paid it

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Speaker 3: off and now I'm retiring, But they haven't prioritized another

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Speaker 3: form of investment or their superanuation, and they end up

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Speaker 3: with these really expensive homes that they are forced to

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Speaker 3: sell so that they can then afford to retire. And

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Speaker 3: if I'm getting you g you are in your twenties.

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Speaker 3: If I'm getting you now, and I can educate you

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Speaker 3: on this right now. You're not going to be in

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Speaker 3: that position in the future where you just relied on

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Speaker 3: paying off your mortgage as a form of wealth creation.

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Speaker 3: And I'm not saying that paying off your mortgage is like,

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Speaker 3: definitely do that, but we can't only rely on that

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Speaker 3: unless that was your wealth creation strategy. So to flip

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Speaker 3: everything that I have just told you, some people's wealth

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Speaker 3: creation strategies actually have a big family home, have the kids,

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Speaker 3: have the dog. But when they retire, they downsize and

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Speaker 3: they sell that home because they don't need all of

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Speaker 3: the bedrooms for the kids, and they buy something smaller

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Speaker 3: and then invest the amount of money that they had

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Speaker 3: that was the difference between what the house is worth

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Speaker 3: versus what the house was actually originally bought for, and

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Speaker 3: they create wealth that way. But when I talk about it,

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Speaker 3: I just don't want people to be forced to sell

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Speaker 3: their family homes without having the education that they deserve

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Speaker 3: access to. If that's your plan, I love it. I'm

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Speaker 3: glad you have a plan, but that's just it. We

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Speaker 3: need a plan.

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Speaker 2: Do you find that a lot of home buyers tend

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Speaker 2: to limit themselves to just that investment because they think

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Speaker 2: like that's all they need to worry about that's done

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Speaker 2: and dusted, financially set up and ready to go where

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Speaker 2: they could be maybe making the most of the share

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Speaker 2: market as well.

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Speaker 3: Yeah. Absolutely, And that's where as millennials and I know

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Speaker 3: that not everybody listening to our podcast is a millennial,

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Speaker 3: but gee, you and I are so speaking from experience.

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Speaker 3: A lot of us will go down to the bank

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Speaker 3: and say, okay, bank, I have been saving my butt

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Speaker 3: off and they have a home deposit, how much money

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Speaker 3: can I borrow? And they say, gee, you can borrow

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Speaker 3: a million dollars, and you go, great, well, I guess

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Speaker 3: I'll spend a million dollars then, but you don't comprehend

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Speaker 3: what that million dollars actually means when in reality, if

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Speaker 3: you've done your budget and your cash flow and actually

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Speaker 3: paid attention to what you wanted to create when it

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Speaker 3: comes to wealth, maybe you would have worked out that

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Speaker 3: you didn't actually want to spend more than six hundred

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Speaker 3: thousand dollars. Just because you can borrow it doesn't mean

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Speaker 3: you should spend it. You need to make sure that

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Speaker 3: it makes sense for your financial situation. And you're still

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Speaker 3: putting future you first, Whereas if you put yourself in

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Speaker 3: a position for the next thirty years, because that's how

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Speaker 3: long a mortgage is, where every single spare dollar that

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Speaker 3: you have has to go towards paying off that mortgage. One, gee,

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Speaker 3: sorry to tell you you're not going overseas again because

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Speaker 3: you can't afford it. But two, for thirty years you

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Speaker 3: haven't been prioritizing wealth creation. This isn't something that you

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Speaker 3: can just put to the side and be like, oh yeah,

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Speaker 3: once the mortgage just gone, A'll care about it because

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Speaker 3: you've missed out on thirty years of compounding interest. That

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Speaker 3: is why we need to care about it. And getting

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Speaker 3: back to the point of this episode, that is also

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Speaker 3: why some people. I really just don't want to own property.

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Speaker 3: I don't want the commitment, I don't want the long

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Speaker 3: term debt. I don't actually want this as a responsibility.

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Speaker 3: So I'm going to create wealth in another way and

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Speaker 3: maybe invest it in a different asset class and choose

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Speaker 3: to rent. And I think that that is a very

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Speaker 3: viable option if it makes sense for you.

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Speaker 2: Definitely. The other thing that we've spoken about on the

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Speaker 2: pod before is rent vesting. So that's the idea that

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Speaker 2: you rent in maybe a suburb that you can't afford

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Speaker 2: to buy in and then have tenants in a property

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Speaker 2: that's located somewhere that is affordable to buy in. What

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Speaker 2: are the main perks of doing that?

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Speaker 3: So there are a few. Obviously, you get to maintain

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Speaker 3: living in this suburb that you want to live in.

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Speaker 3: Maybe you want to live in in a city Richmond,

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Speaker 3: and you definitely couldn't have afforded to purchase the townhouse

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Speaker 3: that you live in, so maybe you purchase a little

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Speaker 3: bit further out and rent that out. That is you

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Speaker 3: creating wealth for the long term by choosing property as

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Speaker 3: your asset class. Essentially, it's similar to saying, Okay, well

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Speaker 3: I'm still going to invest in something, it's just I'm

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Speaker 3: going to rent, whereas renting forever would assume that you're

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Speaker 3: investing in another asset, so you're investing in shares instead

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Speaker 3: of in another property. And again that comes with a

399
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Speaker 3: number of hurdles. Like we did a whole episode on

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Speaker 3: rent vesting, But rent vesting means you still have to

401
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Speaker 3: come up with a deposit. You're still stuck with a

402
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Speaker 3: thirty year mortgage, and if you don't pay it one month,

403
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Speaker 3: that's actually not an option, and you've got the added

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Speaker 3: bonus of having to manage tenants and what happens on

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Speaker 3: the months when maybe the house isn't least out, Like,

406
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Speaker 3: can you afford that difference? It's all just about working

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Speaker 3: out what strategy works for you. And I've got clients

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Speaker 3: on both sides of offense. I've got clients who are

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Speaker 3: rent vestors. I've got clients who are homeowners and live

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Speaker 3: in the home. And I've also got clients who have

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Speaker 3: really great salaries, they have really high combined incomes, and

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Speaker 3: they're choosing to rent because they're just like, I don't

413
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Speaker 3: want property. I just want to invest in shares and

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Speaker 3: have financial freedom sooner rather than later. And I respect

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Speaker 3: all of those options. The point of this episode is

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Speaker 3: talking about what that option means, because I think that

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Speaker 3: there's this massive misconception that renting forever means that you

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Speaker 3: can't afford to retire, that you can't afford to invest,

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Speaker 3: that you can't afford to do things, when in reality,

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Speaker 3: renting forever could actually give you freedom to retire early.

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Speaker 2: Definitely, all right, we are going to leave it here

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Speaker 2: for now, but we'll be back after the break to

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Speaker 2: debunk exactly why rent money is not dead money as

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Speaker 2: well as all of the perks that come with renting forever.

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Speaker 2: So stick around friends, Okay.

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Speaker 3: They back into it.

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Speaker 2: People often say that rent money is dead money. You

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Speaker 2: and I do not agree with that, But can you

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Speaker 2: give us like a really juicy, like one or two

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Speaker 2: line answer for when the next for the next time

431
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Speaker 2: when someone says that to us? Did that make sense grammatically?

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Speaker 2: I don't know, but you know what I'm trying to say,

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Speaker 2: it's too dumb. That's just saying dumb.

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Speaker 3: You just tell that person that is dumb, and then

435
00:22:38,880 --> 00:22:41,960
Speaker 3: you don't talk to them again. No why though? Yeah,

436
00:22:42,080 --> 00:22:45,480
Speaker 3: actual answer that money is not dead money, because I'm sorry,

437
00:22:45,880 --> 00:22:48,080
Speaker 3: what are you doing if you're not paying rent or

438
00:22:48,119 --> 00:22:49,560
Speaker 3: putting a roof over your head?

439
00:22:49,840 --> 00:22:49,959
Speaker 2: Like?

440
00:22:50,119 --> 00:22:53,520
Speaker 3: Rent is an essential cost, Yes, a level of luxury

441
00:22:53,520 --> 00:22:55,960
Speaker 3: comes into it. You might choose to live in a

442
00:22:56,000 --> 00:23:00,000
Speaker 3: city in a fancy apartment and that's completely up to you.

443
00:23:00,160 --> 00:23:03,679
Speaker 3: That's where lifestyle comes into it. But I genuinely believe

444
00:23:03,880 --> 00:23:07,439
Speaker 3: that rent is a lifestyle cost. So yes, to a

445
00:23:07,440 --> 00:23:10,000
Speaker 3: certain extent, it's a hygiene factor. We need to put

446
00:23:10,000 --> 00:23:11,960
Speaker 3: a roof over our heads, we need to actually have

447
00:23:12,000 --> 00:23:14,840
Speaker 3: a home, we need to live somewhere. But when it

448
00:23:14,840 --> 00:23:17,119
Speaker 3: comes to spending more money on rent, that is a

449
00:23:17,160 --> 00:23:20,800
Speaker 3: lifestyle decision, and you're investing in that lifestyle that that

450
00:23:20,920 --> 00:23:24,280
Speaker 3: rent and living in that location can afford you. So

451
00:23:24,480 --> 00:23:26,919
Speaker 3: for me, I think it is an essential cost and

452
00:23:26,960 --> 00:23:29,359
Speaker 3: people need to stop saying like, oh, rent money is

453
00:23:29,400 --> 00:23:31,879
Speaker 3: dead money. I'd much prefer to put it towards a

454
00:23:31,880 --> 00:23:35,840
Speaker 3: mortgage instead of paying somebody else's mortgage. And you go, okay,

455
00:23:36,280 --> 00:23:38,960
Speaker 3: But even if you were putting it into your own mortgage,

456
00:23:39,000 --> 00:23:42,080
Speaker 3: you're actually creating wealth or you're financially crippling yourself for

457
00:23:42,119 --> 00:23:46,000
Speaker 3: the long term, because too many times do people prioritize

458
00:23:46,000 --> 00:23:48,960
Speaker 3: having a mortgage that financially cripples them, gives them a

459
00:23:49,359 --> 00:23:52,399
Speaker 3: life that they don't love because they are not financially

460
00:23:52,440 --> 00:23:56,080
Speaker 3: able to afford anything more outside of that, Like maybe

461
00:23:56,119 --> 00:23:58,159
Speaker 3: renting in a city Richmond, and I keep using this

462
00:23:58,200 --> 00:23:59,960
Speaker 3: as an example, it's just because it's close to it.

463
00:24:00,160 --> 00:24:03,280
Speaker 3: We both leave g But maybe you're renting there and

464
00:24:03,480 --> 00:24:07,200
Speaker 3: enjoying the lifestyle. If you'd purchased, you actually wouldn't be

465
00:24:07,240 --> 00:24:09,359
Speaker 3: able to enjoy the lifestyle, even if you were in

466
00:24:09,400 --> 00:24:12,080
Speaker 3: a great location, because you don't have the free cash flow.

467
00:24:12,400 --> 00:24:14,199
Speaker 3: So I think it's far from dead money, and I

468
00:24:14,200 --> 00:24:16,440
Speaker 3: think it's some of the most important money you'll ever

469
00:24:16,480 --> 00:24:19,280
Speaker 3: spend in your life. But not every dollar that you

470
00:24:19,400 --> 00:24:22,920
Speaker 3: earn is actually savable, and I think that that's really

471
00:24:22,960 --> 00:24:25,840
Speaker 3: important to remember as well. Regardless of what you are doing,

472
00:24:25,880 --> 00:24:27,840
Speaker 3: you have to pay money to put a roof over

473
00:24:27,880 --> 00:24:30,360
Speaker 3: your head. And I'm just not going to be swallowing

474
00:24:30,400 --> 00:24:32,720
Speaker 3: the argument of yeah, but you could be putting it

475
00:24:32,760 --> 00:24:36,080
Speaker 3: towards a mortgage, Okay, cool, but like you could also

476
00:24:36,119 --> 00:24:39,680
Speaker 3: be renting somewhere relatively cheap and investing and creating more

477
00:24:39,680 --> 00:24:43,000
Speaker 3: wealth than a mortgage would ever create for you, So

478
00:24:43,080 --> 00:24:44,440
Speaker 3: please stop arguing with me.

479
00:24:44,920 --> 00:24:46,879
Speaker 2: Do you think it is almost a bit like it

480
00:24:46,920 --> 00:24:48,760
Speaker 2: has a bit of boomer energy about it, you know

481
00:24:48,760 --> 00:24:49,160
Speaker 2: what I mean?

482
00:24:49,320 --> 00:24:53,399
Speaker 3: Like, yeah, very you want to just feel no problem.

483
00:24:54,160 --> 00:24:57,240
Speaker 3: I get that. And maybe it was back then, maybe

484
00:24:57,280 --> 00:25:00,280
Speaker 3: back in their day g when they had really high

485
00:25:00,359 --> 00:25:03,840
Speaker 3: interest rates but property was quite accessible because it was

486
00:25:03,880 --> 00:25:07,440
Speaker 3: only one or two times their annual salary, then maybe

487
00:25:07,480 --> 00:25:09,440
Speaker 3: it was like, yeah, you're right, it just makes more

488
00:25:09,440 --> 00:25:13,000
Speaker 3: sense to purchase. But given property now is between ten

489
00:25:13,119 --> 00:25:19,160
Speaker 3: and fifteen times our annual salaries, that's actually not that feasible,

490
00:25:19,200 --> 00:25:21,600
Speaker 3: Like that argument doesn't stand up in the same way

491
00:25:21,640 --> 00:25:24,159
Speaker 3: that it used to. So I think that for us,

492
00:25:24,320 --> 00:25:26,720
Speaker 3: we need to remember that it is not just a

493
00:25:26,760 --> 00:25:29,879
Speaker 3: lifestyle cost, it's actually a necessity. And rent money is

494
00:25:29,920 --> 00:25:32,479
Speaker 3: absolutely not dead money. And I would like to cancel

495
00:25:32,560 --> 00:25:33,000
Speaker 3: that phrase.

496
00:25:33,440 --> 00:25:36,439
Speaker 2: Yes, okay, cancel it. That was the answer I wanted,

497
00:25:36,480 --> 00:25:39,439
Speaker 2: Thank you very much. Okay, So let's talk through the

498
00:25:39,520 --> 00:25:41,800
Speaker 2: benefits of renting forever.

499
00:25:42,000 --> 00:25:45,000
Speaker 3: You can do what you want. G. Literally, you could

500
00:25:45,040 --> 00:25:47,080
Speaker 3: have a tree change one year, and then you could

501
00:25:47,119 --> 00:25:49,800
Speaker 3: have a beach change the next. I'm not, by no

502
00:25:49,920 --> 00:25:51,960
Speaker 3: means saying that that is exactly what you want to do,

503
00:25:52,240 --> 00:25:55,600
Speaker 3: but there's obviously more freedom and more flexibility to live

504
00:25:55,680 --> 00:25:58,440
Speaker 3: the life that you want. And obviously this means you've

505
00:25:58,440 --> 00:26:01,040
Speaker 3: got the freedom to rent in certain school zones, which

506
00:26:01,080 --> 00:26:04,160
Speaker 3: could be really helpful for you, and also renting locations

507
00:26:04,320 --> 00:26:07,280
Speaker 3: that you otherwise wouldn't have been able to afford anyway,

508
00:26:07,760 --> 00:26:10,040
Speaker 3: Like how good would it be to go live in

509
00:26:10,119 --> 00:26:13,600
Speaker 3: Turak G I mean, fancy doll. I'm not gonna go

510
00:26:13,640 --> 00:26:15,920
Speaker 3: live in Tuak. I obviously don't want to live there,

511
00:26:15,960 --> 00:26:19,520
Speaker 3: but like I definitely couldn't afford to purchase there, but

512
00:26:19,640 --> 00:26:21,960
Speaker 3: you know what, I can afford a lease there. So

513
00:26:22,240 --> 00:26:24,880
Speaker 3: if that's the lifestyle you want to live, you can

514
00:26:24,920 --> 00:26:28,280
Speaker 3: still live it, and I think that that is really cool. Also,

515
00:26:28,440 --> 00:26:31,040
Speaker 3: save a huge fee for a deposit and the stamp

516
00:26:31,119 --> 00:26:34,280
Speaker 3: duty on purchasing a property. You don't have that financial

517
00:26:34,280 --> 00:26:37,639
Speaker 3: burden of having to save up for ten plus years

518
00:26:37,680 --> 00:26:40,800
Speaker 3: in some circumstances to purchase. And you don't have to

519
00:26:40,800 --> 00:26:43,640
Speaker 3: pay off a mortgage, which is a non negotiable, very

520
00:26:43,720 --> 00:26:47,479
Speaker 3: high cost, which can be extremely stressful for so many people.

521
00:26:48,280 --> 00:26:51,119
Speaker 3: While it is not your home. Also, g it's not

522
00:26:51,240 --> 00:26:54,040
Speaker 3: your house, so if the hot water system breaks, somebody

523
00:26:54,040 --> 00:26:56,119
Speaker 3: else has to pay for it. If that's not a

524
00:26:56,160 --> 00:26:59,560
Speaker 3: money win, I don't know what is. And then obviously

525
00:26:59,800 --> 00:27:02,920
Speaker 3: get to get more flexibility with your savings. You can

526
00:27:02,960 --> 00:27:05,520
Speaker 3: invest more in the share market if that's what you

527
00:27:05,560 --> 00:27:07,800
Speaker 3: want to do, and you don't have to worry about

528
00:27:07,840 --> 00:27:11,199
Speaker 3: putting all your savings towards the deposit because you're creating

529
00:27:11,240 --> 00:27:14,080
Speaker 3: wealth somewhere else, and you're creating wealth then and there

530
00:27:14,119 --> 00:27:16,240
Speaker 3: So lots of people who save for a home and

531
00:27:16,320 --> 00:27:19,360
Speaker 3: have home buying as their goal just don't consider investing

532
00:27:19,440 --> 00:27:22,280
Speaker 3: because they have to aggressively save. And I just want

533
00:27:22,280 --> 00:27:25,160
Speaker 3: to remind everybody that this is an opinion. This is

534
00:27:25,359 --> 00:27:28,159
Speaker 3: literally me saying, hey, here are some benefits of doing this.

535
00:27:28,200 --> 00:27:30,000
Speaker 3: If you want to save for a home, like, go

536
00:27:30,000 --> 00:27:31,679
Speaker 3: get it. I want to hear about it, friend, I

537
00:27:31,720 --> 00:27:34,240
Speaker 3: want to know what you are doing. We are just

538
00:27:34,359 --> 00:27:38,560
Speaker 3: talking about normalizing all the different options that are available

539
00:27:38,600 --> 00:27:40,520
Speaker 3: to all of us to make sure we are picking

540
00:27:40,520 --> 00:27:42,840
Speaker 3: the right one for our situation. And if you're listening

541
00:27:42,880 --> 00:27:44,720
Speaker 3: to this podcast and you're like, why is Victoria trying

542
00:27:44,720 --> 00:27:48,000
Speaker 3: to convince us to rent? I'm not. But a lot

543
00:27:48,000 --> 00:27:49,960
Speaker 3: of people are going to listen to this episode and

544
00:27:50,000 --> 00:27:51,720
Speaker 3: resonate and be like, oh my gosh, I'm so glad

545
00:27:51,760 --> 00:27:54,560
Speaker 3: someone said that was okay because that was my plan, Like,

546
00:27:54,680 --> 00:27:56,560
Speaker 3: that's what I wanted to do. I don't want to

547
00:27:56,560 --> 00:27:58,919
Speaker 3: own property. It wasn't my value. And I'm telling you

548
00:27:59,000 --> 00:28:02,160
Speaker 3: right now, if I hadn't met Steve and property wasn't

549
00:28:02,200 --> 00:28:05,359
Speaker 3: one of his values, I wouldn't own a property. I

550
00:28:05,440 --> 00:28:08,520
Speaker 3: just don't want that responsibility. And I love the idea

551
00:28:08,600 --> 00:28:12,320
Speaker 3: of having the flexibility of a lease and creating wealth

552
00:28:12,320 --> 00:28:14,080
Speaker 3: outside of that and have said that before, but I

553
00:28:14,119 --> 00:28:16,680
Speaker 3: think it's just really important to remind you all right

554
00:28:16,680 --> 00:28:17,200
Speaker 3: then and there.

555
00:28:17,960 --> 00:28:21,320
Speaker 2: Yeah, And I think it's it's a comforting idea that

556
00:28:21,440 --> 00:28:24,960
Speaker 2: for people like myself who have felt for years now

557
00:28:25,040 --> 00:28:29,560
Speaker 2: quite overwhelmed by the housing market and you know, still

558
00:28:29,560 --> 00:28:31,800
Speaker 2: holding onto this dream but not really sure why I

559
00:28:31,840 --> 00:28:35,200
Speaker 2: have it. But I'm renting for now, but how will

560
00:28:35,240 --> 00:28:38,479
Speaker 2: I end up being? Okay? Like, it's comforting to know

561
00:28:38,560 --> 00:28:42,280
Speaker 2: that we can rent and just create an investment strategy

562
00:28:42,360 --> 00:28:44,240
Speaker 2: and still end up in a really good place.

563
00:28:45,760 --> 00:28:48,360
Speaker 3: You are going to be fine, you do not. And

564
00:28:48,400 --> 00:28:50,080
Speaker 3: I think that this is what I want you to

565
00:28:50,160 --> 00:28:53,080
Speaker 3: leave this episode with is the knowledge that you do

566
00:28:53,160 --> 00:28:56,680
Speaker 3: not need to buy a home to be financially stable.

567
00:28:57,000 --> 00:28:59,920
Speaker 3: You do not need to have a mortgage to be relevant,

568
00:29:00,080 --> 00:29:02,280
Speaker 3: You do not need to have a mortgage to actually

569
00:29:02,320 --> 00:29:05,320
Speaker 3: create wealth. You can start creating wealth. You know our

570
00:29:05,360 --> 00:29:08,440
Speaker 3: friends at shares is you can invest five dollars in

571
00:29:08,520 --> 00:29:12,520
Speaker 3: start creating wealth. Whereas with a home in Melbourne, you're

572
00:29:12,560 --> 00:29:15,160
Speaker 3: going to need a minimum of one hundred thousand dollars

573
00:29:15,240 --> 00:29:18,320
Speaker 3: saved before you're even able to walk into a house.

574
00:29:18,800 --> 00:29:22,880
Speaker 3: Like it is insane, and those hurdles are only getting higher.

575
00:29:22,920 --> 00:29:24,840
Speaker 3: And I know at the start of this episode is said,

576
00:29:24,840 --> 00:29:26,520
Speaker 3: they're not going to keep going as high as they

577
00:29:26,560 --> 00:29:29,560
Speaker 3: currently are, and the reality is, even if they stop

578
00:29:29,640 --> 00:29:32,880
Speaker 3: growing at this point, there's still going to be hurdles

579
00:29:32,920 --> 00:29:35,000
Speaker 3: that are not able to be jumped over by all

580
00:29:35,040 --> 00:29:37,000
Speaker 3: of us, and they are still things that are getting

581
00:29:37,040 --> 00:29:40,240
Speaker 3: in our way. And I think that explaining why renting

582
00:29:40,280 --> 00:29:43,360
Speaker 3: forever is a good idea for some people actually just

583
00:29:43,400 --> 00:29:46,760
Speaker 3: makes sense. And talking about the fact that I literally

584
00:29:46,800 --> 00:29:49,280
Speaker 3: have so many people that I would consider wealthy as

585
00:29:49,360 --> 00:29:52,280
Speaker 3: clients of mine that do not own property. And to

586
00:29:52,320 --> 00:29:54,880
Speaker 3: be honest, I think there's something really sexy and really

587
00:29:54,960 --> 00:29:58,160
Speaker 3: kind of like romantic about the idea that they're just

588
00:29:58,360 --> 00:30:00,800
Speaker 3: financially free human being, Like they.

589
00:30:00,720 --> 00:30:02,160
Speaker 2: Just totally have flexible.

590
00:30:02,320 --> 00:30:05,080
Speaker 3: Yeah, they just have this level of flexibility. And once

591
00:30:05,120 --> 00:30:07,280
Speaker 3: you can come to a conclusion that works for you,

592
00:30:07,760 --> 00:30:10,920
Speaker 3: it just makes sense because I know it's a massive

593
00:30:10,960 --> 00:30:13,760
Speaker 3: pressure and I know that, you know, even looking at

594
00:30:13,800 --> 00:30:17,200
Speaker 3: my own friends circle sorry friends love you by but

595
00:30:17,280 --> 00:30:20,440
Speaker 3: even looking at them, they all want that too. So

596
00:30:20,480 --> 00:30:23,560
Speaker 3: it would be really hard to be surrounded by people

597
00:30:23,600 --> 00:30:26,840
Speaker 3: who all own homes or have that value of owning homes.

598
00:30:26,880 --> 00:30:29,160
Speaker 3: And I know, Georgia, you've got some friends that have

599
00:30:29,240 --> 00:30:32,520
Speaker 3: recently purchased, and that's really exciting. But it would be

600
00:30:32,560 --> 00:30:35,000
Speaker 3: silly of us to say, oh, I don't feel any

601
00:30:35,040 --> 00:30:38,200
Speaker 3: pressure because they've done it. We all do. We think

602
00:30:38,200 --> 00:30:39,880
Speaker 3: about it and go wow, like that was a pretty

603
00:30:39,880 --> 00:30:42,760
Speaker 3: big financial goal they achieved. I feel not as good

604
00:30:42,800 --> 00:30:45,440
Speaker 3: because they achieved that. But it's one of those things

605
00:30:45,480 --> 00:30:48,480
Speaker 3: where we need to normalize that different outcomes are good

606
00:30:48,520 --> 00:30:50,680
Speaker 3: for different types of people, and just because you haven't

607
00:30:50,680 --> 00:30:54,320
Speaker 3: purchased a home does not make your investment strategy, or

608
00:30:54,360 --> 00:30:59,760
Speaker 3: your wealth creation strategy, or your money journey any less valid, brilliant.

609
00:31:00,320 --> 00:31:03,959
Speaker 2: Oh I feel empowered, I feel seen, I feel heard.

610
00:31:03,960 --> 00:31:08,120
Speaker 3: Are you ready to sign a lease? No? Okay, all right?

611
00:31:08,880 --> 00:31:11,920
Speaker 3: So JK not good at commitment of any.

612
00:31:11,760 --> 00:31:16,400
Speaker 2: Form, absolutely not. Before we head off fee, we should

613
00:31:16,440 --> 00:31:19,560
Speaker 2: probably chat about the potential cons just to.

614
00:31:19,520 --> 00:31:22,280
Speaker 3: Make it a more yeah likely, so balance it out.

615
00:31:22,400 --> 00:31:25,240
Speaker 3: That sounds quite fair. I think that there are a

616
00:31:25,280 --> 00:31:28,160
Speaker 3: few cons. We need to be honest about this. So

617
00:31:28,360 --> 00:31:32,120
Speaker 3: in contrast, having a house and needing to meet payments

618
00:31:32,400 --> 00:31:35,560
Speaker 3: for some people can actually act as forced saving plan.

619
00:31:35,680 --> 00:31:38,240
Speaker 3: With renting, it can sometimes be a lot harder to

620
00:31:38,280 --> 00:31:40,600
Speaker 3: save an invest because you just feel like it's free

621
00:31:40,640 --> 00:31:43,240
Speaker 3: cash flow. Some people actually need the structure of a

622
00:31:43,280 --> 00:31:46,440
Speaker 3: mortgage to actually be able to save. And I'm not

623
00:31:46,480 --> 00:31:49,400
Speaker 3: saying that as a suggestion. I literally know that is

624
00:31:49,520 --> 00:31:53,360
Speaker 3: true because I have seen it. Sometimes having that mortgage

625
00:31:53,360 --> 00:31:57,320
Speaker 3: there forces people to prioritize saving when they hadn't done

626
00:31:57,360 --> 00:32:00,720
Speaker 3: that prior. As previously mentioned, it can actually make things

627
00:32:00,760 --> 00:32:03,520
Speaker 3: a little bit trickier in retirement. But to combat this,

628
00:32:03,680 --> 00:32:06,800
Speaker 3: we can make additional contributions to superannuation, we can start

629
00:32:06,800 --> 00:32:09,440
Speaker 3: to invest in the share market, and we can start

630
00:32:09,480 --> 00:32:11,680
Speaker 3: when we're young, so it's not all doom and gloom like.

631
00:32:11,720 --> 00:32:14,440
Speaker 3: It's not a bad thing. And at the end of

632
00:32:14,440 --> 00:32:17,240
Speaker 3: the day, when it does come to leasing, we need

633
00:32:17,280 --> 00:32:19,040
Speaker 3: to be honest about the fact that you are at

634
00:32:19,080 --> 00:32:22,440
Speaker 3: the mercy of your landlord. So regardless of the fact

635
00:32:22,480 --> 00:32:24,400
Speaker 3: that you know you've signed a one year lease or

636
00:32:24,440 --> 00:32:26,840
Speaker 3: even a five year lease, you really can't know how

637
00:32:26,880 --> 00:32:29,000
Speaker 3: long you'll be able to live in that home. And

638
00:32:29,040 --> 00:32:31,080
Speaker 3: if you're a bit of a homebody and you just

639
00:32:31,120 --> 00:32:34,120
Speaker 3: don't like moving or you don't like change, like, maybe

640
00:32:34,200 --> 00:32:36,560
Speaker 3: that's not a strategy that is going to work for you.

641
00:32:36,720 --> 00:32:38,959
Speaker 3: And that's why it's so important to them about our

642
00:32:39,000 --> 00:32:42,760
Speaker 3: own values around what we want from life, and what

643
00:32:43,120 --> 00:32:45,760
Speaker 3: I want Georgia might be very different to what you

644
00:32:45,840 --> 00:32:48,240
Speaker 3: want because I don't mind moving, whereas you might go,

645
00:32:48,360 --> 00:32:51,200
Speaker 3: oh no, like I hate being uprooted. That is the

646
00:32:51,200 --> 00:32:53,800
Speaker 3: worst thing ever. Like maybe a part of your money

647
00:32:53,880 --> 00:32:56,400
Speaker 3: story is that you just want the stability of having

648
00:32:56,440 --> 00:32:59,120
Speaker 3: your own home. I get it. I'm not saying that

649
00:32:59,200 --> 00:33:02,080
Speaker 3: this is forever. Like I talk to people all the

650
00:33:02,160 --> 00:33:05,920
Speaker 3: time who value purchasing a home because that was something

651
00:33:05,960 --> 00:33:08,640
Speaker 3: that they never had, and I think it is really

652
00:33:08,640 --> 00:33:11,200
Speaker 3: important to acknowledge that as well. We are not saying

653
00:33:11,240 --> 00:33:13,760
Speaker 3: that this is an option that is for everybody. We

654
00:33:13,800 --> 00:33:15,720
Speaker 3: are just saying this is an option that you need

655
00:33:15,760 --> 00:33:17,680
Speaker 3: to be educated on and you are going to make

656
00:33:17,720 --> 00:33:19,960
Speaker 3: the right decision based on the values that you hold.

657
00:33:21,440 --> 00:33:24,160
Speaker 2: Okay, Well, I mean that there weren't as many cons

658
00:33:24,200 --> 00:33:25,400
Speaker 2: as I expected there a bit.

659
00:33:25,440 --> 00:33:28,200
Speaker 3: Look, there aren't that many. I mean I tried really

660
00:33:28,280 --> 00:33:30,600
Speaker 3: hard to scrape those ones together, but I had to

661
00:33:30,640 --> 00:33:33,680
Speaker 3: be best because clearly I'm a little bit biased and

662
00:33:33,720 --> 00:33:37,040
Speaker 3: think that it is a really good strategy, especially for millennials.

663
00:33:37,080 --> 00:33:39,840
Speaker 3: Like looking at the property market, looking at the share market,

664
00:33:39,960 --> 00:33:43,240
Speaker 3: looking at the numbers behind everything. I do think that

665
00:33:43,320 --> 00:33:45,520
Speaker 3: renting forever is going to be something that we see

666
00:33:45,560 --> 00:33:49,160
Speaker 3: a lot more people choosing actively over the next few years.

667
00:33:49,360 --> 00:33:51,560
Speaker 2: All right, very well, I think that is all we

668
00:33:51,640 --> 00:33:53,920
Speaker 2: have time for. And yeah, once again, I just feel

669
00:33:54,320 --> 00:33:58,600
Speaker 2: quite relieved. I guess is the feeling because I know

670
00:33:58,880 --> 00:34:01,640
Speaker 2: myself and so many of my friends have been feeling

671
00:34:01,800 --> 00:34:03,920
Speaker 2: that real sense of overwhelm when it comes to the

672
00:34:03,920 --> 00:34:07,120
Speaker 2: property market and just not really believing that we'll ever

673
00:34:07,120 --> 00:34:08,839
Speaker 2: be able to get there, and knowing that there is

674
00:34:08,920 --> 00:34:12,760
Speaker 2: now this other option that no one really speaks about.

675
00:34:12,840 --> 00:34:15,280
Speaker 2: I don't think we don't really speak about the benefits

676
00:34:15,280 --> 00:34:18,440
Speaker 2: of using this as a strategy. It's really exciting, no, because.

677
00:34:18,160 --> 00:34:21,160
Speaker 3: I think people automatically think like you either purchase a

678
00:34:21,200 --> 00:34:23,600
Speaker 3: home or you rent, and they see renting as a

679
00:34:23,640 --> 00:34:26,279
Speaker 3: subpar option, like it's the thing you have to do.

680
00:34:26,960 --> 00:34:29,560
Speaker 3: But you can also actively choose to do that as

681
00:34:29,560 --> 00:34:32,160
Speaker 3: a part of your wealth creation strategy. And I think

682
00:34:32,200 --> 00:34:35,600
Speaker 3: it's pretty sexy, if I'm honest, love love that part.

683
00:34:35,600 --> 00:34:37,600
Speaker 3: All right, let's leave it there. We have we've done

684
00:34:37,680 --> 00:34:40,799
Speaker 3: my friends. I am sorry, but as always, just before

685
00:34:40,840 --> 00:34:43,160
Speaker 3: we head off, we'd like to acknowledge and pay respect

686
00:34:43,239 --> 00:34:46,680
Speaker 3: to Australia's Aboriginal and torrest Right islander people's. They're the

687
00:34:46,719 --> 00:34:49,920
Speaker 3: traditional custodians of the lands, the waterways and the skies

688
00:34:50,000 --> 00:34:52,960
Speaker 3: all across Australia. We thank you for sharing and for

689
00:34:53,040 --> 00:34:55,479
Speaker 3: caring for the land on which we are able to learn.

690
00:34:55,840 --> 00:34:58,480
Speaker 3: We pay respects to olders past and present, and we

691
00:34:58,520 --> 00:35:00,160
Speaker 3: share our friendship and our kind.

692
00:35:01,440 --> 00:35:04,080
Speaker 2: And remember, guys, the advice shared on She's on the

693
00:35:04,120 --> 00:35:06,640
Speaker 2: Money is general in nature and does not consider your

694
00:35:06,680 --> 00:35:11,480
Speaker 2: individual circumstances. Sorry, She's on the money if only she

695
00:35:11,600 --> 00:35:14,440
Speaker 2: is on the money exists purely for educational purposes and

696
00:35:14,440 --> 00:35:16,840
Speaker 2: should not be relied upon to make an investment or

697
00:35:16,880 --> 00:35:20,680
Speaker 2: a financial decision. And we promise. Victoria Divine is an

698
00:35:20,719 --> 00:35:25,719
Speaker 2: authorized representative of Australia Pacific Funds Management Proprietary Limited ABN

699
00:35:25,920 --> 00:35:28,520
Speaker 2: three four one three two four six three two five

700
00:35:28,600 --> 00:35:32,200
Speaker 2: seven AFSL three three nine one five one See you

701
00:35:32,280 --> 00:35:36,280
Speaker 2: next week, yes well, love you all until next week.

702
00:35:36,440 --> 00:35:43,200
Speaker 2: Bye bye, guys,