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

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

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

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

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

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

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

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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

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

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Speaker 2: who want financial freedom. My friends, welcome back to another

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Speaker 2: one of our money diaries where I get the absolute

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Speaker 2: pleasure of sitting down and talking to one of our

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Speaker 2: incredible She's on the Money community members all about their

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Speaker 2: money story. Let's jump straight into it, because this week

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Speaker 2: I got an email and it sounded exactly like this

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Speaker 2: high She's on the Money team. I've always been driven,

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Speaker 2: and buying my first property at twenty two felt like

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Speaker 2: my biggest achievement. But that excitement quickly turned into regret

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Speaker 2: when I realized my rental property manager and strata, both

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Speaker 2: from the same company, were mismanaging everything. The stress was

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Speaker 2: overwhelming and I nearly sold the property at a loss.

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Speaker 2: It took a lot of persistence, but I fought to

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Speaker 2: get a new strata management company to take over, and

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Speaker 2: it finally paid off. Now I'm gearing up to renovate

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Speaker 2: the property so it can become the rental I've always envisioned.

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Speaker 2: I've also leveraged the equity from this property to put

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Speaker 2: a deposit on a new home on the Central Coast

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Speaker 2: since knee prices are completely out of reach. With the

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Speaker 2: settlement just around the corner, I'm so excited to start

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Speaker 2: this new journey with my fiance Money Diarist. That's so exciting,

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Speaker 2: but also like so stressful. I feel like I've been

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Speaker 2: talking to so many people over the last few weeks

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Speaker 2: about strata and how painful it can be. Are you

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Speaker 2: for or against strata at this point?

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Speaker 4: Oh, I'm full against it. Anybody in real estate, Like, like,

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Speaker 4: when I meet them, the first thing is they put

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Speaker 4: a wall up because of all the issues in the past,

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Speaker 4: So I feel bad, but like, yeah, I would say again.

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Speaker 2: I'm not in real estate weekend hangout. I'm like, I

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Speaker 2: am kind of in property. I suppose I'm in mortgage broking.

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Speaker 4: So like, oh no, that's okay. I love my mortgage broker.

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Speaker 4: He's awesome.

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Speaker 2: A right, yeah, okay, all right, yeah, we love mortgage brokers.

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Speaker 2: All right, on the same page. Let's start the way

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Speaker 2: that I always start money, Diris, before I get into

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Speaker 2: the nitty gritty, can you let me know what grade

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Speaker 2: you would give your money habits if I asked you

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Speaker 2: to give them a grade from eight through to F.

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Speaker 4: At the moment, I think I would give myself a solid.

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Speaker 2: Bee solid be all right, Well, let's learn more about

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Speaker 2: that money dice. Can you tell me a little bit

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Speaker 2: more about your money story.

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Speaker 4: So my money story obviously started around my parents. They

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Speaker 4: were very hard workers. When I was young. I learned

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Speaker 4: from them that if you want to be wealthy or

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Speaker 4: have money, then you have to put hard work in

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Speaker 4: to get there. Like, for example, my dad was a

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Speaker 4: sole trader and he would leave the house before I

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Speaker 4: even woke up, and then in the afternoon when I

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Speaker 4: finished dancing late at night, I would have to walk

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Speaker 4: over to his work and wait till about eleven o'clock

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Speaker 4: before I could go home.

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Speaker 2: So, oh my gosh, eleven. As a kid, you would

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Speaker 2: have been exhausted at school the next day.

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Speaker 4: Oh, I would sleep in the truck and then just yeah,

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Speaker 4: go home. And he would repeat it every day too,

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Speaker 4: So like seeing how much hours he put in, then

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Speaker 4: that sort of trigging in my mind like hard work

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Speaker 4: means wealth. So and then mum was the same. Mum

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Speaker 4: would do all the business admin for him and was

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Speaker 4: the bookkeeper. But then she's working full time and managing

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Speaker 4: a household with my brother and I. So yeah, so

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Speaker 4: seeing all the hours that she put in, Oh.

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Speaker 2: What a queen. We love that.

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Speaker 4: Yeah. So there was always those conversations around the house

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Speaker 4: like oh, you can't, please, don't take any more work

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Speaker 4: from this person. The invoice haven't been paid, or if

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Speaker 4: we want that machinery, we've got to wait for xyz.

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Speaker 4: Like there wasn't any conversations that were ever struggling, but

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Speaker 4: it's just they were around the kitchen, never at the

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Speaker 4: table or anything. But yeah, I just off heard dose.

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Speaker 4: I was never really involved, but yeah, hearing that kind

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Speaker 4: of set in a little bit of like financial literacy there.

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Speaker 4: Even though I didn't really pay attention.

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Speaker 2: Yeah, but I feel like these conscious or unconscious conversations

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Speaker 2: kind of become part of the narrative. You kind of go, okay,

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Speaker 2: well I know what they're talking about, Like, you know,

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Speaker 2: it's like your parents' family friends, Like I'm not friends

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Speaker 2: with them, but I know lots about them because Mum

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Speaker 2: will be like, oh, such and such jit X y

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Speaker 2: Z over the week, and like you remember from all

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Speaker 2: the other conversations you've had, who that person is, who

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Speaker 2: their kids are, what that looks like, like you're starting

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Speaker 2: to put puzzle pieces together. What was it like hearing

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Speaker 2: conversations about business as a kid, So, you know, coming

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Speaker 2: home and maybe mum and dad are like, don't accept

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Speaker 2: any more work from you know, Sharon because she didn't

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Speaker 2: pay her invoice. Like were you stressed by that because

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Speaker 2: you were like, oh my gosh, invoices aren't getting paid?

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Speaker 2: Or were you like get it, mum, you show them

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Speaker 2: the boundary, Like what did that look like?

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Speaker 4: It probably was more like get it, mum, because my

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Speaker 4: dad's more of a joke star. If he's not happy

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Speaker 4: with something and then he makes a joke, it's like,

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Speaker 4: oh he accepts me now, or whatnot. So like every

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Speaker 4: time Mum would say something and put a foot down,

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Speaker 4: he would crack a joke and it would be more

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Speaker 4: of like a laughing situation than or you need to

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Speaker 4: be serious and get this sorted. So yeah, it was

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Speaker 4: more funny, but I think it kind of set in sewn,

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Speaker 4: like finances behind me and saving and like Mum would

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Speaker 4: be like, oh, no, you can't talk to me today

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Speaker 4: because it's business day and I have to get stuff sorted,

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Speaker 4: so like you learn the hard line, and also just

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Speaker 4: made me really driven because I see how hard that

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Speaker 4: day work. And then when I've got my first job,

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Speaker 4: I was like, oh, well, Mum and Dad are working

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Speaker 4: like this, so that's set a standard, so then I

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Speaker 4: should be working like that too, or I should be

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Speaker 4: having those conversations.

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Speaker 2: And how young were you?

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Speaker 4: Oh Dad had his business before I can even remember.

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Speaker 4: I don't remember him in any other job except for business,

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Speaker 4: so I would have been really young. I remember my

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Speaker 4: first couple of times when I was in school, so

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Speaker 4: like maybe kindergarten, primary school, I was hearing these conversations.

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Speaker 2: Yeah, which is kind of cool, and it's also I mean,

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Speaker 2: very relevant for me at the moment because I'm in

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Speaker 2: the middle of I have a six month old. I'm

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Speaker 2: seeing all these conversations about you know, daycare and about

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Speaker 2: you know, working parents versus being able to be a

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Speaker 2: stay at home parent. And obviously we're all out here

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Speaker 2: just doing the best that we can. But I'm quite

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Speaker 2: clearly a working parent. But then you get a little

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Speaker 2: bit of anxiety. You're like, am I doing the right thing?

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Speaker 2: Like when I drop Harvey off at daycare? Like this

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Speaker 2: morning I dropped him off at daycare. He looked like

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Speaker 2: he was having the best time ever. He saw his

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Speaker 2: like room leader, and he's little face lit up and

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Speaker 2: was like, oh, heck, yeah, what a good day.

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Speaker 4: This is probably more fun than home.

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Speaker 2: Oh my gosh. Yeah, Like genuinely, they are going to

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Speaker 2: be teaching him more and giving him more activities than

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Speaker 2: I could ever do. But you kind of go, am

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Speaker 2: I doing the right thing? So, as a child of

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Speaker 2: you know, very hard working parents, do you think that

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Speaker 2: that was a positive or a negative thing? That mom

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Speaker 2: and dad were going to work and drawing boundaries and

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Speaker 2: saying no money, dorist, don't talk to us today. We've

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Speaker 2: you know, got to crack the whip on the business today.

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Speaker 2: I've got to get you know, all this admin out

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Speaker 2: or was that something that you're like, oh, I'm a

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Speaker 2: little bit resentful because I want to ask these questions

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Speaker 2: when it's anonymous.

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Speaker 4: Yeah, I mean it depends on the time. Because when

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Speaker 4: I was young, like, there were times when Mum treated

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Speaker 4: me like a like a business, like, for example, you

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Speaker 4: would love this. Actually, when I started my first job,

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Speaker 4: she put like a hard line in and I joke

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Speaker 4: about it and I say, oh, she cut me off,

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Speaker 4: but really she didn't. It was just if you want anything,

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Speaker 4: you pay for it. If you need anything, you'll support

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Speaker 4: you through it.

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Speaker 2: And so see, I think that's good parenting. But I

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Speaker 2: can also see that when you were probably what like

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Speaker 2: fourteen or fifteen, you were like, that's a joke. I

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Speaker 2: hate it here exactly.

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Speaker 4: And that's why I'm like, I was so resentful for

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Speaker 4: it because I went to a private Catholic school and

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Speaker 4: all my friends.

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Speaker 2: Again you're given everything, yeah, and.

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Speaker 4: I'm there having to like work hard for Like I

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Speaker 4: know at the time, I was so resentful for it,

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Speaker 4: and I'm so grateful now, but yeah, like there were

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Speaker 4: times where she treated me like she was a tax agent,

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Speaker 4: like if I didn't pay my board. She would send

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Speaker 4: me a text message like a tax person, and I'm like, mom,

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Speaker 4: like my mother, like my friends laugh at the messages.

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Speaker 4: So at the time I was very resentful. Now I'm like, no,

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Speaker 4: she was just teaching me a really hard lesson and

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Speaker 4: it really has paid off.

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Speaker 2: And do you have siblings, Is this the same kind

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Speaker 2: of situation for them? Yes?

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Speaker 4: I have an older brother. He's very savvy, like I've

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Speaker 4: never seen him do an assignment in his life, and

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Speaker 4: he got first in all of his subjects at school,

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Speaker 4: so like he's just very special.

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Speaker 2: On Why is it always like that so rude?

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Speaker 4: Yeah, and that had caused a little tension between us,

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Speaker 4: Like he always thought that I got things that he

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Speaker 4: didn't get. So yeah, I believe Mum did the same

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Speaker 4: for him. He actually, I think he got it at

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Speaker 4: some points a little bit harder, like once he got

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Speaker 4: a full time job, the board came before I did.

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Speaker 4: I got to negotiate a little bit.

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Speaker 2: I see. I feel like that second child privilege, like

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Speaker 2: my sister and I reminis on things that like my

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Speaker 2: parents were like absolutely not Victoria Devine and then Alex

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Speaker 2: would be like can I do this? And mom and

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Speaker 2: dad be like sure, I'd be like what.

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Speaker 1: Yeah.

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Speaker 4: I was like, no, I don't have a full paying,

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Speaker 4: full time job yet you can't pay me board, Like, oh,

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Speaker 4: I can't pay for you.

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Speaker 2: Were just negotiating this. Yeah, I like it. I mean

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Speaker 2: that's a good skill to develop very early. So I

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Speaker 2: guess now you're an adult, you're twenty nine years old.

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Speaker 2: What do you do for work? And how much money

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Speaker 2: do you earn?

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Speaker 4: Now? I work at a local council in town planning,

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Speaker 4: and I'm on around ninety five k, well very much

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Speaker 4: a year. And then if you count the rental income

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Speaker 4: from my investment, that's around twenty three k a year.

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Speaker 2: Excuse me, that's very cool, isn't it? Twenty three grand

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Speaker 2: a year? In I would assume passive income. I'm going

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Speaker 2: to ask about debt later. But you then paying your

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Speaker 2: mortgage and stuff or is that like a twenty three clean.

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Speaker 4: Twenty three before management fees come out in the mortgage

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Speaker 4: as well? So yeah, I haven't factored that in.

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Speaker 2: And is it positive or negatively yeared?

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Speaker 4: I believe I'm still negative. I've only been positive once

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Speaker 4: and that was during COVID when the interest rates were

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Speaker 4: so low.

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Speaker 2: Yeah, that was a good time to have a mortgage, honestly,

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Speaker 2: like I remember we got ours during that period of time,

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Speaker 2: and I don't know, but I would like to think

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Speaker 2: that I'm relatively financially literate, so I should have seen

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Speaker 2: this coming. But I got my first mortgage and I

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Speaker 2: was like, this is easier than I thought it would be.

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Speaker 2: And then obviously the economy recovered and my mortgage did not,

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Speaker 2: and I was like, wow, what a surprise. Why didn't

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Speaker 2: I see that coming?

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Speaker 4: Yeah, And I was like mine, I got it another

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Speaker 4: high and then it went to a low. And then

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Speaker 4: when it go into a high, and I was like,

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Speaker 4: oh my god, how did I do this? Before?

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Speaker 2: I know? All right, So I want to know more.

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Speaker 2: You obviously already have a property. You mentioned in your

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Speaker 2: diary in that you have a fiance. Tell me a

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Speaker 2: little bit about your big money goals. What are you

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Speaker 2: currently working towards.

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Speaker 4: I actually had to write this down because the last year,

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Speaker 4: with all the stress from the rental property, like, our

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Speaker 4: money goals have changed so much, like because I got

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Speaker 4: to a point where I was like, my goal was

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Speaker 4: to sell the property.

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Speaker 2: Yeah, because you were like just done.

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Speaker 4: Yeah, I was just done. And I went to a

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Speaker 4: financial advisor to crunch the numbers for me because I

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Speaker 4: thought I was be at a loss. But then I

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Speaker 4: wasn't happy with the financial advice because I wanted to

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Speaker 4: see data. I wanted to see those datas so I

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Speaker 4: could make that decision. So yeah, but moment our goal

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Speaker 4: is to get the investment property into a condition where

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Speaker 4: it just functions in the background and I can actually

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Speaker 4: put the rent up to market value because I've kept

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Speaker 4: it quite low because of the condition. I felt so bad.

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Speaker 4: I'm like, I couldn't put the rent up and they're

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Speaker 4: living in that state. I was like, not fair.

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Speaker 2: But that's really nice of you to not absolutely take

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Speaker 2: the mickey, because I feel like a lot of landlords

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Speaker 2: at this point in time are just going, well, market's

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Speaker 2: paying this, either pay it or ship out. Someone else

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Speaker 2: will pay the rent. And I feel like that's a

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Speaker 2: really awful way to do things. But why did you

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Speaker 2: do that? Is that just your morals and your ethics

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Speaker 2: or where does this come from.

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Speaker 4: I started renting myself around the same time these issues

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Speaker 4: came up, and I even just asked for like a

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Speaker 4: fly screen door, like just can I please have a

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Speaker 4: fly screen on the front door, And they said no,

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Speaker 4: and I like that would have cost them like thirty dollars.

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Speaker 4: So and they kept bumping the rent up on us.

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Speaker 4: Hence why we now live with the in laws, because

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Speaker 4: every they kept bumping it up and I kept going

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Speaker 4: back saying no, I will accept CPI increase and they

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Speaker 4: match that. But it's just I thought it was unfair.

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Speaker 4: So how can I put higher rent on them if

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Speaker 4: they're in poor living conditions?

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Speaker 2: So you just have your head screwed on. I like that.

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Speaker 2: Tell me a bit more. You mentioned that one of

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Speaker 2: the things that was getting in the way of your

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Speaker 2: money goals was your rental property issues. Tell me a

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Speaker 2: bit more about that. When did they start to come

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Speaker 2: to fruition, Like did you purchase Obviously, when you purchase,

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Speaker 2: hopefully you had a good solicitor that took you through

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Speaker 2: like here's the strata, this is what it's going to cost,

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Speaker 2: this is what it means. Here are any potential issues.

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Speaker 2: But when did it become a massive issue for you?

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Speaker 2: And yeah, tell me a bit more about that, because

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Speaker 2: that's one of the like I don't want to say

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Speaker 2: horror stories, but it's one of the things that if

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Speaker 2: you're purchasing property, you just don't want to run into

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Speaker 2: that issue.

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Speaker 4: Yeah, and when I did purchase the property with my fiance,

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Speaker 4: I grilled everything, so it's definitely taught me learning curve.

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Speaker 4: But yeah, I recognized it when like I didn't have

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Speaker 4: any communication or any issues for two years, so I

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Speaker 4: just fought things for good. And then I noticed on

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Speaker 4: one of the inspections at the bathroom looked like there

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Speaker 4: was a bit of mold, and I just emailed and

305
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Speaker 4: was like, hey, like, can you send me some more

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Speaker 4: photos If that's mold, I would like to get a

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Speaker 4: builder in and get things sorted, like can you arrange

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Speaker 4: an inspection? And a response back it was just oh,

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Speaker 4: you could just tell it was going to go downhill.

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Speaker 4: It was like there's been a leak, our builders onto it.

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Speaker 4: Don't worry about it.

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Speaker 2: I'm sorry, that's not what I asked.

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Speaker 4: Yeah. I got the property manager and was like, look

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Speaker 4: like that's great, thank you for being on top of it,

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Speaker 4: but like, I still want to do an inspection. When

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Speaker 4: did the league happen? It was six months ago. They

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Speaker 4: didn't tell me. Yeah, and as soon as that happened,

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Speaker 4: I was like, shit, here we go. So I kept

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Speaker 4: pushing for an inspection. And it took about a couple

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Speaker 4: of months and I finally got to like go in

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Speaker 4: and have a look, and oh, it was like the

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Speaker 4: most a fighting day because like if I sold the

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Speaker 4: house on the spot that inspect I potentially would have

324
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Speaker 4: had to drop the pice by like twenty thirty k

325
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Speaker 4: because of the amount of work that was needed. And

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Speaker 4: it was so defining considering I work so hard, Like

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Speaker 4: at one point I had five jobs, Like there was

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Speaker 4: even points where.

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Speaker 2: I had two jobs.

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Speaker 4: Yeah, because I was like, I was so determined to

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Speaker 4: get this house.

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Speaker 2: No, I love that so much.

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Speaker 4: Yeah, so I was like, this is so defining.

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Speaker 2: And to not be told You're like, I'm literally paying

335
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Speaker 2: you to be in communication with me and you're not.

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Speaker 2: So what happened then? Obviously there was mold and it

337
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Speaker 2: was identified.

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Speaker 4: Yeah, there was so many things, Like I knew I

339
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Speaker 4: purchased a house with an issue in the bedroom and

340
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Speaker 4: the issue had grown. No one told me the balcony

341
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Speaker 4: flooded the living room. There's so many issues. So from there,

342
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Speaker 4: like I tried to build a relationship with the tenants.

343
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Speaker 4: Once the real estate left. He kept trying to avoid

344
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Speaker 4: me talking to.

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Speaker 2: Them, so of course they do I was.

346
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Speaker 4: Like, you're kidding. So I gave him my email address

347
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Speaker 4: and I'm like blind see see me and everything, like,

348
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Speaker 4: I'm going to try and track things from here. They

349
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Speaker 4: don't get along with the real estate. They don't report

350
00:16:10,600 --> 00:16:12,440
Speaker 4: things to the real estate because they had a lot

351
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Speaker 4: of issues, so things weren't getting reported.

352
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Speaker 2: A lack of communication ends up ruining everything.

353
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Speaker 4: Yeah, so I was like, just tell me. So I

354
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Speaker 4: did a whole page of works and I sat down

355
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Speaker 4: with the property manager and said, look, draw a line

356
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Speaker 4: in the sand. Whatever's history, I don't care, like it

357
00:16:29,560 --> 00:16:32,160
Speaker 4: needs to be brought up to a good condition. This

358
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Speaker 4: is my list of things to do. So many times

359
00:16:35,200 --> 00:16:37,840
Speaker 4: I followed up for months. For every two weeks I

360
00:16:37,920 --> 00:16:40,240
Speaker 4: called them, I kept trying to follow through, and I

361
00:16:40,320 --> 00:16:43,440
Speaker 4: never got a response. I rocked up there. I've had

362
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Speaker 4: meetings with the strata manager and she said, yeah, we'll

363
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Speaker 4: get things sorted.

364
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Speaker 2: And they're not doing it. Still.

365
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Speaker 1: No.

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Speaker 4: Well, they did go in and fix the bedroom, but

367
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Speaker 4: they were meant to fix the balcony at the same time.

368
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Speaker 4: And for a year straight, they kept telling me that

369
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Speaker 4: it's being fixed. They're like, it's been fixed, it's been fixed.

370
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Speaker 4: I'm like, showed me the invoice. I want to see

371
00:17:00,560 --> 00:17:03,240
Speaker 4: the invoice. They never sent me the invoice. I put

372
00:17:03,280 --> 00:17:07,359
Speaker 4: motions down, I phone called, emailed everything for a year,

373
00:17:07,480 --> 00:17:10,159
Speaker 4: and then I got I had enough. The balcony flooded.

374
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Speaker 4: I put five grand worth of electrical through that property,

375
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Speaker 4: and all the water I went through my new electrical

376
00:17:16,440 --> 00:17:19,040
Speaker 4: and I lost it. I was so angry. I called

377
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Speaker 4: them and I was like, you promised me.

378
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Speaker 2: Did they ever have to pay for that? Because to me,

379
00:17:23,440 --> 00:17:26,760
Speaker 2: that just seems like negligence and that's not your responsibility,

380
00:17:26,800 --> 00:17:30,200
Speaker 2: and I mean that becomes quite complicated, But what did.

381
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Speaker 4: You do well? When I called her, she was kind

382
00:17:33,359 --> 00:17:36,240
Speaker 4: of like gaslighting me a little bit because she said

383
00:17:36,280 --> 00:17:38,199
Speaker 4: it had been done and like send me the invoice

384
00:17:38,240 --> 00:17:41,440
Speaker 4: on the phone and it didn't have anything for the balcony.

385
00:17:41,480 --> 00:17:43,359
Speaker 4: And she's like, oh, call my contractor. I was like,

386
00:17:43,400 --> 00:17:45,439
Speaker 4: you can call me back in an hour with an answer. Please.

387
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Speaker 4: If not, I'm going to fair trading.

388
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Speaker 2: You're a savage, you're on the job. You can work

389
00:17:48,800 --> 00:17:51,479
Speaker 2: for me. Like, I don't know what you'll do, and

390
00:17:51,560 --> 00:17:53,840
Speaker 2: I don't have these issues, but like I just know

391
00:17:53,920 --> 00:17:55,640
Speaker 2: that I want you on my team. If I've got

392
00:17:55,640 --> 00:17:57,960
Speaker 2: an issue. I'm calling you, You're going to fix it.

393
00:17:58,480 --> 00:18:00,800
Speaker 4: I got to that point because I was so stressed,

394
00:18:00,840 --> 00:18:02,840
Speaker 4: and I was like, I've given you two years to

395
00:18:02,960 --> 00:18:04,720
Speaker 4: actually come to the party, and I tried to be

396
00:18:04,840 --> 00:18:08,280
Speaker 4: nice and support you and like just work together, and

397
00:18:08,560 --> 00:18:10,560
Speaker 4: you just threw it in my face. So yeah, I

398
00:18:10,600 --> 00:18:12,000
Speaker 4: started to become a bit savvy.

399
00:18:12,520 --> 00:18:16,440
Speaker 2: Yeah. Good, you have to be, especially when they're literally

400
00:18:16,520 --> 00:18:20,000
Speaker 2: walking all over you. So what happened? I know that

401
00:18:20,040 --> 00:18:21,560
Speaker 2: they ended up getting the boot.

402
00:18:22,040 --> 00:18:24,880
Speaker 4: Yeah, so they called me back and said I was right,

403
00:18:25,119 --> 00:18:25,920
Speaker 4: and I was.

404
00:18:25,880 --> 00:18:27,600
Speaker 2: Like, okay, wow, what a coincidence.

405
00:18:27,720 --> 00:18:30,040
Speaker 4: Yeah. I was like, thank you for finally listening. So

406
00:18:30,240 --> 00:18:32,280
Speaker 4: after that phone call, Yeah, that was a line in

407
00:18:32,320 --> 00:18:33,879
Speaker 4: the sand for me, I was like I'm done. I

408
00:18:33,960 --> 00:18:37,240
Speaker 4: went and got a new property manager. But obviously changing

409
00:18:37,280 --> 00:18:39,479
Speaker 4: the strata is quite hard because you have to go

410
00:18:39,520 --> 00:18:42,359
Speaker 4: through the right process and get everyone to agree.

411
00:18:42,160 --> 00:18:45,400
Speaker 2: With your house. How many different owners are there in

412
00:18:45,440 --> 00:18:46,320
Speaker 2: your strata?

413
00:18:46,400 --> 00:18:49,359
Speaker 4: Thankfully there's only six. I'm not in a massive unit.

414
00:18:49,920 --> 00:18:52,159
Speaker 4: And it also is you think it's fifty percent of

415
00:18:52,200 --> 00:18:55,280
Speaker 4: people at the meeting, you need fifty percent of that boat.

416
00:18:55,600 --> 00:18:58,320
Speaker 4: So everyone at the meeting because half the people didn't

417
00:18:58,320 --> 00:19:03,080
Speaker 4: show up. They agreed, so thankfully I had a relationship

418
00:19:03,080 --> 00:19:05,720
Speaker 4: with them, and they also have similar issues that we

419
00:19:05,760 --> 00:19:07,600
Speaker 4: could move forward to a new strata.

420
00:19:07,640 --> 00:19:11,359
Speaker 2: I'm always so confused, like as somebody who has worked

421
00:19:11,400 --> 00:19:13,399
Speaker 2: my butt off to get into my first property and

422
00:19:13,440 --> 00:19:16,159
Speaker 2: you'd be the same. It blows my mind that you

423
00:19:16,200 --> 00:19:20,119
Speaker 2: could organize a strata meeting and then people literally don't

424
00:19:20,160 --> 00:19:23,159
Speaker 2: turn up. I'm like, this is like a property that

425
00:19:23,240 --> 00:19:26,520
Speaker 2: you own, this is your wealth, Like why don't you care?

426
00:19:26,920 --> 00:19:30,760
Speaker 2: Especially because I'm assuming that you well articulated to them

427
00:19:30,800 --> 00:19:33,240
Speaker 2: why you needed the meeting and shared all the issues,

428
00:19:33,240 --> 00:19:36,320
Speaker 2: like if they're issues in my house, but they're probably

429
00:19:36,320 --> 00:19:38,879
Speaker 2: in yours as well, Like do you want this? Like

430
00:19:38,920 --> 00:19:41,480
Speaker 2: we're spending money on this and you don't care, Like

431
00:19:41,560 --> 00:19:43,400
Speaker 2: what in the wealth? Like how?

432
00:19:43,720 --> 00:19:46,359
Speaker 4: Yeah, And that's a common thing. And that's my tip.

433
00:19:46,400 --> 00:19:48,600
Speaker 4: If you're having any issues in astrata, get your ass

434
00:19:48,600 --> 00:19:51,560
Speaker 4: for the meeting, jump on the strata committee, like don't

435
00:19:51,600 --> 00:19:52,080
Speaker 4: ignore it.

436
00:19:52,160 --> 00:19:54,720
Speaker 2: Yeah one hundred percent. And I feel like saying I'm

437
00:19:54,720 --> 00:19:58,800
Speaker 2: on the strata committee sounds really complicated, but it's not not. Yeah,

438
00:19:58,840 --> 00:20:01,720
Speaker 2: it's absolutely not all right, So tell me a bit more.

439
00:20:01,800 --> 00:20:04,640
Speaker 2: You got somebody new you got all the issues sorted?

440
00:20:04,760 --> 00:20:06,040
Speaker 2: How much did it cost you?

441
00:20:06,280 --> 00:20:09,000
Speaker 4: Thankfully a lot of the issues fell back to strata,

442
00:20:09,160 --> 00:20:11,800
Speaker 4: So at the moment, I haven't actually had to do

443
00:20:12,160 --> 00:20:16,040
Speaker 4: that much of money out of my own pocket, but

444
00:20:16,320 --> 00:20:20,280
Speaker 4: I do have around fifteen K estimated of renovations that

445
00:20:20,320 --> 00:20:21,120
Speaker 4: I need to do now.

446
00:20:21,320 --> 00:20:22,879
Speaker 2: Yeah, And is that off the back of all the

447
00:20:23,000 --> 00:20:26,240
Speaker 2: damage or is that you adding value to the property?

448
00:20:26,359 --> 00:20:28,200
Speaker 4: All the painting in the carpet would be off the

449
00:20:28,240 --> 00:20:30,960
Speaker 4: back of the damage, but everything else would be us

450
00:20:31,000 --> 00:20:32,160
Speaker 4: adding value. Yeah.

451
00:20:32,200 --> 00:20:35,440
Speaker 2: Okay, so not too bad. And I mean fresh carpets

452
00:20:35,440 --> 00:20:38,280
Speaker 2: and stuff like that expensive, but it makes the apartment

453
00:20:38,400 --> 00:20:40,919
Speaker 2: just feel so much more welcoming as well. So I

454
00:20:41,000 --> 00:20:43,359
Speaker 2: mean there's probably a lot of value in doing that.

455
00:20:43,720 --> 00:20:46,520
Speaker 2: So now all of that is there, there's fifteen grand

456
00:20:46,600 --> 00:20:48,560
Speaker 2: worth of things that you probably need to spend on.

457
00:20:48,720 --> 00:20:50,520
Speaker 2: Is that kind of your big money goal? Is that

458
00:20:50,560 --> 00:20:53,720
Speaker 2: what you're saving for or where's that going to come from?

459
00:20:53,760 --> 00:20:54,720
Speaker 2: How's that going to work?

460
00:20:54,840 --> 00:20:57,359
Speaker 4: Well, I've already got that money in savings.

461
00:20:57,640 --> 00:21:00,560
Speaker 2: Oh look at you go, otto worryve, I've already got

462
00:21:00,600 --> 00:21:01,960
Speaker 2: it in savings. Okay.

463
00:21:03,160 --> 00:21:06,320
Speaker 4: It's just also like if I'm worried because that is

464
00:21:06,320 --> 00:21:09,000
Speaker 4: a big chunk of my savings. After the house, I'm

465
00:21:09,040 --> 00:21:10,760
Speaker 4: just like, oh, what are we going to have left?

466
00:21:11,760 --> 00:21:14,639
Speaker 2: But it's a bit like that right. Property can feel

467
00:21:14,720 --> 00:21:18,760
Speaker 2: like an absolute money pit, and it's a massive goal

468
00:21:18,880 --> 00:21:21,840
Speaker 2: for so many people in our community, and I totally

469
00:21:21,840 --> 00:21:23,760
Speaker 2: get it. It was a massive goal for me as well.

470
00:21:23,760 --> 00:21:26,560
Speaker 2: But you really need to weigh up what that could

471
00:21:27,200 --> 00:21:31,240
Speaker 2: add to your financial burden. Like for us, we're exactly

472
00:21:31,280 --> 00:21:33,359
Speaker 2: the same. Like we found out all the plumbing in

473
00:21:33,400 --> 00:21:37,240
Speaker 2: the back of the house had literally been done DIY,

474
00:21:37,720 --> 00:21:40,600
Speaker 2: like it all had to be replaced, and because it

475
00:21:40,680 --> 00:21:44,359
Speaker 2: wasn't identified in the building and pest inspection, like, it

476
00:21:44,440 --> 00:21:47,400
Speaker 2: wasn't something that I could weigh up like money diarist.

477
00:21:47,760 --> 00:21:50,600
Speaker 2: When we removed the deck on the back of the house,

478
00:21:50,760 --> 00:21:55,280
Speaker 2: their idea of plumbing was they had literally hit a

479
00:21:55,440 --> 00:21:58,879
Speaker 2: hole into a storm water drain. Like I am pretty

480
00:21:58,920 --> 00:22:01,440
Speaker 2: convinced they just did it with a hammer. They smashed

481
00:22:01,440 --> 00:22:03,960
Speaker 2: a hole into the store water drain. It wasn't even cut,

482
00:22:03,960 --> 00:22:06,800
Speaker 2: it was smashed, and that was how they were dealing

483
00:22:06,800 --> 00:22:08,120
Speaker 2: with the drainage under the deck.

484
00:22:08,880 --> 00:22:12,320
Speaker 4: I see all that at work too with compliance because

485
00:22:12,400 --> 00:22:15,000
Speaker 4: of town planning. Yeah, and some of the stuff that

486
00:22:15,000 --> 00:22:17,520
Speaker 4: they do is insane. So the whine when I bought

487
00:22:17,560 --> 00:22:19,760
Speaker 4: this property, I checked everything.

488
00:22:19,800 --> 00:22:22,879
Speaker 2: I was calling counsel, So you did everything and still

489
00:22:22,880 --> 00:22:23,560
Speaker 2: got stooged.

490
00:22:23,960 --> 00:22:26,320
Speaker 4: Oh no, this was my second property. I checked everything.

491
00:22:26,359 --> 00:22:29,040
Speaker 4: The first property, the rental, I had no idea of stout.

492
00:22:29,119 --> 00:22:32,160
Speaker 2: Okay, well, that makes me feel a little bit better

493
00:22:32,200 --> 00:22:35,000
Speaker 2: that you didn't get absolutely screwed from the start. But

494
00:22:35,040 --> 00:22:37,520
Speaker 2: it is really stressful, right like, and if you don't

495
00:22:37,560 --> 00:22:39,600
Speaker 2: know what you're looking for, like you just don't know.

496
00:22:39,720 --> 00:22:43,720
Speaker 2: And that's why paying the professionals can really help sometimes.

497
00:22:43,840 --> 00:22:47,000
Speaker 2: Like I remember when we were first purchasing my house,

498
00:22:47,359 --> 00:22:50,720
Speaker 2: we found this like three bedroom apartment and at the time,

499
00:22:50,840 --> 00:22:53,240
Speaker 2: our budget only allowed for we thought maybe like a

500
00:22:53,280 --> 00:22:56,080
Speaker 2: two bedroom, like I don't know, unit or something. So

501
00:22:56,160 --> 00:22:59,240
Speaker 2: this three bedroom apartment seemed really lux and I was

502
00:22:59,359 --> 00:23:03,200
Speaker 2: very excited about it until my solicitor was like, Victoria,

503
00:23:03,400 --> 00:23:06,000
Speaker 2: have you read the minutes of the strata meetings? And

504
00:23:06,040 --> 00:23:07,919
Speaker 2: I'm like, no, I didn't even know you could do that.

505
00:23:08,560 --> 00:23:11,760
Speaker 2: And all of the cladding on the outside of that

506
00:23:11,920 --> 00:23:14,879
Speaker 2: property was needing to be replaced because it was a

507
00:23:14,880 --> 00:23:17,440
Speaker 2: fire hazard and it was going to cost like four

508
00:23:17,560 --> 00:23:21,360
Speaker 2: hundred grand across all of the people that own the apartments,

509
00:23:21,680 --> 00:23:25,879
Speaker 2: So in addition to us purchasing, it was very clear

510
00:23:25,880 --> 00:23:28,520
Speaker 2: that there was probably fifty thousand dollars in addition that

511
00:23:28,560 --> 00:23:30,720
Speaker 2: we would have needed to tip in at some point

512
00:23:30,800 --> 00:23:33,240
Speaker 2: to replace the cladding. And I was like, I didn't

513
00:23:33,240 --> 00:23:35,800
Speaker 2: even know that was a thing, Like, it's crazy to

514
00:23:35,880 --> 00:23:38,080
Speaker 2: think that if we hadn't looked, we might have ended

515
00:23:38,160 --> 00:23:40,960
Speaker 2: up in a situation which would have been financially crippling

516
00:23:40,960 --> 00:23:43,359
Speaker 2: at the time, like it would have absolutely ruined us.

517
00:23:43,400 --> 00:23:45,159
Speaker 2: I probably would have had to sell, Like that's not

518
00:23:45,280 --> 00:23:46,360
Speaker 2: something that I would have had.

519
00:23:46,440 --> 00:23:48,360
Speaker 4: And that's a very good point that you bring that up,

520
00:23:48,440 --> 00:23:51,000
Speaker 4: because now in Sydney, a lot of my friends can

521
00:23:51,040 --> 00:23:53,680
Speaker 4: only buy sort of apartments because that's in their price range.

522
00:23:53,760 --> 00:23:55,399
Speaker 4: And if you don't look at the minutes and you

523
00:23:55,440 --> 00:23:58,240
Speaker 4: don't chat with your solucidar and go into that detail,

524
00:23:58,480 --> 00:24:00,600
Speaker 4: you could be in a situation like that. Because I

525
00:24:00,640 --> 00:24:03,080
Speaker 4: have a friend who's currently in that situation. That's a

526
00:24:03,119 --> 00:24:03,919
Speaker 4: really good point.

527
00:24:04,160 --> 00:24:06,240
Speaker 2: And there are probably people listening to this going what

528
00:24:06,280 --> 00:24:09,520
Speaker 2: are you talking about? But if your apartment building or

529
00:24:09,560 --> 00:24:12,160
Speaker 2: the apartment building that you're looking at has a strata

530
00:24:12,280 --> 00:24:15,080
Speaker 2: or a body corporate. They're going to have meetings and

531
00:24:15,119 --> 00:24:18,239
Speaker 2: they might have them quarterly or every year, but you

532
00:24:18,359 --> 00:24:21,520
Speaker 2: will have access to the meeting minutes, so the notes

533
00:24:21,560 --> 00:24:23,920
Speaker 2: from the meetings to see what they were talking about,

534
00:24:24,000 --> 00:24:25,720
Speaker 2: and then you can see if there are any issues

535
00:24:25,760 --> 00:24:28,040
Speaker 2: from that, because if I was in a strata, you

536
00:24:28,040 --> 00:24:30,120
Speaker 2: know what I'm bringing up in the meeting, the issues

537
00:24:30,160 --> 00:24:30,680
Speaker 2: I have.

538
00:24:31,160 --> 00:24:33,320
Speaker 4: And if you get to a point where you say

539
00:24:33,320 --> 00:24:35,520
Speaker 4: you've already purchased it and you don't know where to

540
00:24:35,560 --> 00:24:37,960
Speaker 4: go from there, like fair Trading has been very helpful

541
00:24:37,960 --> 00:24:39,719
Speaker 4: and they have a lot of information and you can

542
00:24:39,760 --> 00:24:43,160
Speaker 4: have a chat with them about your issues. So yeah,

543
00:24:43,240 --> 00:24:44,760
Speaker 4: if you do get to a point where you have

544
00:24:44,920 --> 00:24:48,200
Speaker 4: purchased in I did lean on Fair Training.

545
00:24:48,240 --> 00:24:50,320
Speaker 2: Good because that's what they're there for.

546
00:24:51,160 --> 00:24:53,600
Speaker 4: The only thing is but if you put a complaint in.

547
00:24:53,760 --> 00:24:55,919
Speaker 4: They're there to protect the strata. They're not there to

548
00:24:56,320 --> 00:25:00,359
Speaker 4: advertise the issues. So it's very hard to determine which strata.

549
00:25:01,240 --> 00:25:04,439
Speaker 2: That's so stressful. All right, money dires, let's go to

550
00:25:04,480 --> 00:25:06,440
Speaker 2: a really quick break on the flip side. I want

551
00:25:06,440 --> 00:25:08,879
Speaker 2: to ask you a few more questions because you said, no,

552
00:25:09,040 --> 00:25:12,840
Speaker 2: that was my first property and I was like, excuse me, okay, baller,

553
00:25:13,160 --> 00:25:15,439
Speaker 2: I want to talk about investments and debt and your

554
00:25:15,440 --> 00:25:22,560
Speaker 2: best and worst money habits, So guys, don't go anywhere money,

555
00:25:22,600 --> 00:25:25,119
Speaker 2: diarist do. We are back and we have been talking

556
00:25:25,160 --> 00:25:28,320
Speaker 2: about strata, which has been honestly really interesting for me

557
00:25:28,480 --> 00:25:30,560
Speaker 2: but probably eye opening for a lot of people who

558
00:25:30,640 --> 00:25:33,760
Speaker 2: probably didn't realize how much control you can still have

559
00:25:34,400 --> 00:25:38,480
Speaker 2: while being in a strata. You mentioned before nov that

560
00:25:38,640 --> 00:25:41,480
Speaker 2: was with my first property. The next question I've got

561
00:25:41,520 --> 00:25:43,840
Speaker 2: is do you have any investments? My friend? How many

562
00:25:43,840 --> 00:25:45,000
Speaker 2: houses do you have?

563
00:25:45,359 --> 00:25:51,639
Speaker 4: So with houses, we just successfully got our second house. Congrats,

564
00:25:51,960 --> 00:25:55,000
Speaker 4: So I avoided strata at like, I did not go

565
00:25:55,080 --> 00:25:57,760
Speaker 4: get anything with strata. So yeah, we are in settlement

566
00:25:57,800 --> 00:25:58,359
Speaker 4: at the moment.

567
00:25:58,480 --> 00:26:02,040
Speaker 2: Oh, how exciting. Tell me So this first property, did

568
00:26:02,080 --> 00:26:03,160
Speaker 2: you buy that on your own?

569
00:26:03,320 --> 00:26:05,840
Speaker 4: Yeah? So my first property was on my own. I

570
00:26:05,920 --> 00:26:08,320
Speaker 4: actually do give credit to my mother because she did

571
00:26:08,359 --> 00:26:10,240
Speaker 4: help me a lot with that. A lot of people

572
00:26:10,280 --> 00:26:13,080
Speaker 4: didn't take me seriously twenty two year old like trying

573
00:26:13,080 --> 00:26:14,720
Speaker 4: to get a house. So I do give her a

574
00:26:14,720 --> 00:26:17,560
Speaker 4: lot of credit. So she did help with guaranteal as well.

575
00:26:18,160 --> 00:26:20,840
Speaker 4: And then after a year or two and I had

576
00:26:20,880 --> 00:26:23,840
Speaker 4: better finances. I refinanced to get her offt alone.

577
00:26:23,960 --> 00:26:26,240
Speaker 2: How good is that though, that after two years you

578
00:26:26,359 --> 00:26:28,359
Speaker 2: got to get rid of her as a guaranteur, Like

579
00:26:28,440 --> 00:26:31,560
Speaker 2: I feel like so many times when you're speaking about guarantees,

580
00:26:31,600 --> 00:26:32,919
Speaker 2: you think it's going to be for the life of

581
00:26:32,960 --> 00:26:35,679
Speaker 2: the loan. But why did it free up? Did you

582
00:26:35,720 --> 00:26:38,280
Speaker 2: pay off enough or did the property price change? Like

583
00:26:38,320 --> 00:26:39,960
Speaker 2: did you end up with some more equity?

584
00:26:40,000 --> 00:26:43,200
Speaker 4: How I did try and do as much as possible

585
00:26:43,240 --> 00:26:46,440
Speaker 4: in that first two years towards the principle. I did

586
00:26:46,600 --> 00:26:48,760
Speaker 4: get a bit of a pay increase as well, and

587
00:26:48,840 --> 00:26:52,360
Speaker 4: with the second job it helped me with a lot

588
00:26:52,400 --> 00:26:55,359
Speaker 4: of the bills that I would have originally taken from savings,

589
00:26:55,400 --> 00:26:57,479
Speaker 4: so I could get a bit of a chunk of

590
00:26:57,560 --> 00:27:00,520
Speaker 4: savings as well. So all my fine answers were a

591
00:27:00,560 --> 00:27:03,920
Speaker 4: little bit better than the first assessment of my life

592
00:27:03,960 --> 00:27:06,959
Speaker 4: with it for the loan, so that helped, and I

593
00:27:07,000 --> 00:27:08,840
Speaker 4: was able to get them off. And it was also

594
00:27:08,960 --> 00:27:10,840
Speaker 4: very low interest rates at the time. I think I

595
00:27:10,920 --> 00:27:12,399
Speaker 4: refinanced and it was about two percent.

596
00:27:12,600 --> 00:27:15,480
Speaker 2: Okay, nice for some that sunheard of in this day

597
00:27:15,480 --> 00:27:18,239
Speaker 2: and age. Yes, yeah, So tell me a little bit

598
00:27:18,240 --> 00:27:20,880
Speaker 2: more about that first property. I'm really pervy. How much

599
00:27:20,920 --> 00:27:22,959
Speaker 2: did it cost? I know you had a guarantee, but like,

600
00:27:23,080 --> 00:27:24,960
Speaker 2: how much did you have to save? How much did

601
00:27:25,000 --> 00:27:27,600
Speaker 2: it cost? What was it worth? What's it worth now?

602
00:27:27,720 --> 00:27:29,680
Speaker 2: Like I need all the juicy dats, like the babe,

603
00:27:29,680 --> 00:27:32,879
Speaker 2: this is anonymous, Like I want to know all the

604
00:27:32,920 --> 00:27:35,520
Speaker 2: details that would be inappropriate to ask you if we're

605
00:27:35,520 --> 00:27:36,280
Speaker 2: at dinner together.

606
00:27:36,480 --> 00:27:39,200
Speaker 4: No, that's fine. So the first property, the rental, it

607
00:27:39,280 --> 00:27:42,680
Speaker 4: was four and a half and I had forty five

608
00:27:42,840 --> 00:27:47,560
Speaker 4: K savings already for the deposit. My parents were guarantel

609
00:27:47,680 --> 00:27:50,959
Speaker 4: for around about ninety K to help me with that,

610
00:27:51,800 --> 00:27:55,600
Speaker 4: so I ended up getting the full loan. It's currently been.

611
00:27:56,480 --> 00:27:58,640
Speaker 4: I had to do a reevaluation for the next property.

612
00:27:58,640 --> 00:28:01,320
Speaker 4: It's currently sitting at five seventy five or something.

613
00:28:01,400 --> 00:28:02,600
Speaker 2: Oh how good is that?

614
00:28:03,160 --> 00:28:05,280
Speaker 4: Yeah? So, and I think I've only had it for

615
00:28:05,320 --> 00:28:08,560
Speaker 4: about six years and it's gone up. So it's not

616
00:28:08,680 --> 00:28:10,720
Speaker 4: like obviously as much as the house. And it's a

617
00:28:10,760 --> 00:28:13,520
Speaker 4: little bit different to a unit because it's actually the townhouse.

618
00:28:13,520 --> 00:28:16,439
Speaker 4: It's like a duplex, so that has affected the value

619
00:28:16,440 --> 00:28:19,119
Speaker 4: a little bit. But anything up is better than nothing.

620
00:28:19,720 --> 00:28:22,840
Speaker 2: I'm sorry, that's a lot up. Like, yeah, I always say,

621
00:28:22,840 --> 00:28:26,240
Speaker 2: like in this economy, but literally in this economy, for

622
00:28:26,280 --> 00:28:28,880
Speaker 2: it to have gone from four point fifty to five

623
00:28:29,040 --> 00:28:32,919
Speaker 2: seventy five, like that is very nice because, as you

624
00:28:32,920 --> 00:28:35,680
Speaker 2: guys know, I run a mortgage broking business, sealer money,

625
00:28:35,680 --> 00:28:38,600
Speaker 2: and we talk every day with people about buying property,

626
00:28:38,640 --> 00:28:41,800
Speaker 2: and we really have to dispel this idea that property

627
00:28:41,880 --> 00:28:43,840
Speaker 2: is going to work the same way that it did

628
00:28:44,000 --> 00:28:47,080
Speaker 2: for your parents. So like when my parents had the

629
00:28:47,120 --> 00:28:50,840
Speaker 2: ability to purchase, it wasn't unheard of to have a

630
00:28:50,880 --> 00:28:53,400
Speaker 2: property that you purchase and then twenty years later it

631
00:28:53,440 --> 00:28:56,480
Speaker 2: goes from being worth like fifty grand to like four meal.

632
00:28:56,680 --> 00:29:01,440
Speaker 2: That's obviously a little bit sensationalized. Like that was quite

633
00:29:01,680 --> 00:29:04,840
Speaker 2: you know, you would believe it that stuff did happen.

634
00:29:05,120 --> 00:29:08,560
Speaker 2: It doesn't happen anymore because our economy can't sustain it.

635
00:29:08,720 --> 00:29:10,240
Speaker 2: But to see a property go up a couple of

636
00:29:10,280 --> 00:29:13,600
Speaker 2: hundred grand, yes, please, Like I'm quite happy with that

637
00:29:13,640 --> 00:29:14,000
Speaker 2: for you.

638
00:29:14,320 --> 00:29:16,959
Speaker 4: When I got the reevaluation, I was like, oh my gosh,

639
00:29:17,000 --> 00:29:20,840
Speaker 4: because I was working off the previous one and that's

640
00:29:20,840 --> 00:29:22,520
Speaker 4: where I was like, I met a financial loss.

641
00:29:22,520 --> 00:29:25,800
Speaker 2: But when I saw your oh my god, yeah exactly,

642
00:29:25,880 --> 00:29:28,920
Speaker 2: and that's you creating wealth for yourself. Okay, so you

643
00:29:28,920 --> 00:29:31,400
Speaker 2: did that on your own obviously had your mum. That's

644
00:29:31,480 --> 00:29:34,320
Speaker 2: really good. But you have a fiance, is that who

645
00:29:34,360 --> 00:29:37,400
Speaker 2: you've just purchased your second property with. Tell me about

646
00:29:37,400 --> 00:29:38,120
Speaker 2: this purchase.

647
00:29:38,400 --> 00:29:41,280
Speaker 4: This purchase is out of Sydney because obviously the market

648
00:29:41,280 --> 00:29:43,720
Speaker 4: is bit better. I went looking with him for a

649
00:29:43,720 --> 00:29:46,680
Speaker 4: couple months at the time, did go looking for a house,

650
00:29:46,720 --> 00:29:48,760
Speaker 4: came back with a ring, and then three weeks later

651
00:29:48,760 --> 00:29:51,120
Speaker 4: I went up again and then found the house so

652
00:29:51,600 --> 00:29:55,959
Speaker 4: very nice. Yes, we purchased together. In regards to the

653
00:29:56,000 --> 00:29:59,520
Speaker 4: financials that we use for that, obviously my equity or

654
00:29:59,560 --> 00:30:02,200
Speaker 4: my financials were tied up in an asset compared to

655
00:30:02,200 --> 00:30:04,800
Speaker 4: my partner who was tied up in cash and savings.

656
00:30:04,960 --> 00:30:09,440
Speaker 4: So we had both different financial situations. So when we

657
00:30:09,440 --> 00:30:12,680
Speaker 4: were going for the loan, it was his money for

658
00:30:12,720 --> 00:30:15,680
Speaker 4: the deposit and then I did everything else and I

659
00:30:15,720 --> 00:30:18,040
Speaker 4: had the equity to sort of counteract that.

660
00:30:18,280 --> 00:30:20,080
Speaker 2: Yeah, and a good broker would have been able to

661
00:30:20,080 --> 00:30:21,840
Speaker 2: sit you down and go, well, this is what it's

662
00:30:21,840 --> 00:30:23,680
Speaker 2: going to look like money direst and here are a

663
00:30:23,680 --> 00:30:26,800
Speaker 2: few different options, and like talk through that. I think

664
00:30:26,840 --> 00:30:29,360
Speaker 2: that so many people are like Oh, it's a bit complicated.

665
00:30:29,400 --> 00:30:31,480
Speaker 2: Maybe we can't buy because we don't have a deposit.

666
00:30:31,640 --> 00:30:34,000
Speaker 2: It's like we'll actually go and talk to someone about

667
00:30:34,280 --> 00:30:37,600
Speaker 2: how that might work, because it can be a bit complicated,

668
00:30:37,640 --> 00:30:40,040
Speaker 2: but a broker can sort it all out. So what

669
00:30:40,120 --> 00:30:41,120
Speaker 2: did you purchase for?

670
00:30:41,320 --> 00:30:43,720
Speaker 4: So we purchased for seven thirty.

671
00:30:43,600 --> 00:30:45,960
Speaker 2: K oh, very nice? And what did you purchase for

672
00:30:46,000 --> 00:30:48,200
Speaker 2: seven thirty? Is it a townhouse? Is it a house?

673
00:30:48,280 --> 00:30:50,360
Speaker 2: Is it an apartment? I know it's not an apartment

674
00:30:50,360 --> 00:30:51,480
Speaker 2: because you said no strata.

675
00:30:51,960 --> 00:30:54,720
Speaker 4: Yeah, no strata. It's a standalone house. It's probably like

676
00:30:54,840 --> 00:30:59,640
Speaker 4: three bedroom, two car Okay, it's on a quite generous

677
00:30:59,680 --> 00:31:02,840
Speaker 4: block as well. Cold sacks, so we happyly.

678
00:31:02,320 --> 00:31:03,080
Speaker 2: The cold a sack.

679
00:31:03,160 --> 00:31:07,160
Speaker 4: How beautiful And it's probably like five minutes walk from

680
00:31:07,200 --> 00:31:07,640
Speaker 4: the beach.

681
00:31:08,160 --> 00:31:09,480
Speaker 2: How good is that?

682
00:31:09,880 --> 00:31:12,440
Speaker 4: Yeah? But it's a complete Rehno, like it hadn't been

683
00:31:12,480 --> 00:31:14,760
Speaker 4: touched in thirty years. The tenants that are in there

684
00:31:14,800 --> 00:31:17,760
Speaker 4: now have been there for that long. So okay, considering

685
00:31:17,800 --> 00:31:20,040
Speaker 4: nothing's been done to it, I'm like, this is a

686
00:31:20,080 --> 00:31:22,760
Speaker 4: perfect reno at the same time as we moving right

687
00:31:22,800 --> 00:31:24,120
Speaker 4: now and it'll be perfectly fine.

688
00:31:24,160 --> 00:31:26,200
Speaker 2: And is that the intention? Are you and your partner

689
00:31:26,240 --> 00:31:28,200
Speaker 2: going to be moving into that property.

690
00:31:27,840 --> 00:31:30,560
Speaker 4: We hope too. But first it'll be six months of

691
00:31:30,600 --> 00:31:33,920
Speaker 4: reno's at the rental property, and then it'll be rennoing

692
00:31:34,080 --> 00:31:37,480
Speaker 4: that new purchase and then hopefully it'll be moving up there.

693
00:31:37,640 --> 00:31:40,520
Speaker 2: Yeah, and so the plan is to is it still

694
00:31:40,600 --> 00:31:43,320
Speaker 2: leased out for the interim to the same people.

695
00:31:43,520 --> 00:31:47,040
Speaker 4: Yeah, thankfully, because we didn't expect to get the house

696
00:31:47,080 --> 00:31:48,840
Speaker 4: as quick as we did. We thought it would come

697
00:31:48,880 --> 00:31:50,920
Speaker 4: towards the end of the year. So yeah, we're keeping

698
00:31:50,920 --> 00:31:53,600
Speaker 4: them on for another six months and then when we're

699
00:31:53,640 --> 00:31:56,360
Speaker 4: ready to switch to that house, we can do that

700
00:31:56,400 --> 00:31:57,280
Speaker 4: in March. Yeah.

701
00:31:57,320 --> 00:31:59,680
Speaker 2: How good? And have they been good about it? Obviously

702
00:31:59,720 --> 00:32:02,880
Speaker 2: having lived there for so long, like they probably a

703
00:32:02,960 --> 00:32:05,320
Speaker 2: bit attached. What did that look like? Yeah?

704
00:32:05,480 --> 00:32:07,200
Speaker 4: I remember because I was the first one at the

705
00:32:07,280 --> 00:32:11,480
Speaker 4: inspection and the lady wouldn't let the real estate in

706
00:32:11,720 --> 00:32:14,800
Speaker 4: because she was so attached to the property. She didn't

707
00:32:14,840 --> 00:32:17,479
Speaker 4: know there was an inspection too. I don't think that

708
00:32:17,560 --> 00:32:20,040
Speaker 4: was communicated to her. And when I had a chat

709
00:32:20,040 --> 00:32:21,640
Speaker 4: with the real estate I was like, oh, I didn't

710
00:32:21,640 --> 00:32:24,200
Speaker 4: know if you wanted me to like interrupt or anything,

711
00:32:24,280 --> 00:32:25,840
Speaker 4: and he was like, no, no, no, it's just they've

712
00:32:25,840 --> 00:32:28,000
Speaker 4: been here for so long. They're very attached, which is

713
00:32:28,080 --> 00:32:31,520
Speaker 4: which is fine. Like their grandkids go through there like that,

714
00:32:32,040 --> 00:32:34,320
Speaker 4: you can tell they're very attached to the home.

715
00:32:34,440 --> 00:32:36,960
Speaker 2: Oh, that's really sad at the same time as like

716
00:32:37,160 --> 00:32:40,680
Speaker 2: being so sweet that they've looked after it. Like, oh,

717
00:32:41,480 --> 00:32:45,320
Speaker 2: money diarist, tell me about debt. So obviously you purchased

718
00:32:45,320 --> 00:32:48,600
Speaker 2: for four fifty. What do your mortgages look like now?

719
00:32:48,680 --> 00:32:49,960
Speaker 2: And do you have any other debt?

720
00:32:50,120 --> 00:32:54,120
Speaker 4: Yeah? So my other debt is a hextet of seven grand,

721
00:32:54,280 --> 00:32:57,400
Speaker 4: but I estimated that would be gone by next financial

722
00:32:57,440 --> 00:33:00,840
Speaker 4: year with the salary sacrifice. And then you've got my

723
00:33:01,160 --> 00:33:04,800
Speaker 4: rental property, which is sitting around three ninety I think

724
00:33:04,840 --> 00:33:05,280
Speaker 4: it is.

725
00:33:06,120 --> 00:33:09,160
Speaker 2: Hey, that's pretty good on a five seventy five property.

726
00:33:09,520 --> 00:33:12,640
Speaker 4: Okay, so I'm kind of glad that that's underneath the

727
00:33:12,640 --> 00:33:14,760
Speaker 4: four hundred number. That was really good to see.

728
00:33:14,840 --> 00:33:17,720
Speaker 2: Isn't it crazy that in our heads somehow that makes

729
00:33:17,800 --> 00:33:19,640
Speaker 2: a lot of sense. We're like, oh, but it's under

730
00:33:19,640 --> 00:33:21,200
Speaker 2: four hundred grand. It's like, well, where did you get

731
00:33:21,200 --> 00:33:22,600
Speaker 2: that number from? And you're like, I don't know.

732
00:33:22,760 --> 00:33:25,280
Speaker 4: It just feels good, Yeah, it just feels good, like

733
00:33:25,320 --> 00:33:27,400
Speaker 4: you've dropped down it doesn't feel as big as it

734
00:33:27,400 --> 00:33:28,960
Speaker 4: would if it's three nine nine, Like it.

735
00:33:29,040 --> 00:33:33,160
Speaker 2: Just exactly three ninet nine. That's astronomical. Three ninety Oh,

736
00:33:33,280 --> 00:33:37,360
Speaker 2: that's that's doable. Yeah, And what about the second property, the.

737
00:33:37,320 --> 00:33:40,240
Speaker 4: Second property, the I believe the loan would actually be

738
00:33:40,520 --> 00:33:43,800
Speaker 4: a six ninety because of the deposit we put into it.

739
00:33:43,880 --> 00:33:45,880
Speaker 4: So the loan isn't as the full price.

740
00:33:45,960 --> 00:33:49,200
Speaker 2: Yeah, because your partner had cash, didn't they. Yeah, yeah, okay,

741
00:33:49,280 --> 00:33:51,000
Speaker 2: so that makes a lot of sense. So it's just

742
00:33:51,120 --> 00:33:52,640
Speaker 2: hex and property at the moment.

743
00:33:52,920 --> 00:33:55,680
Speaker 4: Yes, we did pay off a car loan two, which

744
00:33:55,760 --> 00:33:58,640
Speaker 4: is great before the house. So we've ticked that one

745
00:33:58,640 --> 00:33:59,400
Speaker 4: off to already.

746
00:33:59,440 --> 00:34:03,120
Speaker 2: And is this partner's first property. Yes, I lokey love

747
00:34:03,200 --> 00:34:05,040
Speaker 2: that you were the one that got in first. You're like, oh,

748
00:34:05,040 --> 00:34:07,200
Speaker 2: I look at how much I bring to this relationship.

749
00:34:07,400 --> 00:34:10,840
Speaker 4: Yeah. Well, when I first started dating him, because I

750
00:34:10,920 --> 00:34:13,760
Speaker 4: knew he had that savings there, and I was like, oh,

751
00:34:13,920 --> 00:34:16,120
Speaker 4: like it was a little bit deflating, to be honest,

752
00:34:16,160 --> 00:34:18,560
Speaker 4: because I knew mine my savings were wrapped up in

753
00:34:18,600 --> 00:34:19,120
Speaker 4: an asset.

754
00:34:19,280 --> 00:34:22,600
Speaker 2: What do you mean you've got assets that are creating wealth.

755
00:34:22,920 --> 00:34:24,719
Speaker 2: I want to like go back and shake you and

756
00:34:24,760 --> 00:34:27,640
Speaker 2: be like, I'm sorry, this dude just has cash, like, h.

757
00:34:28,239 --> 00:34:31,399
Speaker 4: Yeah, because it was sometimes where like because you had

758
00:34:31,400 --> 00:34:33,920
Speaker 4: that financial behind you, especially during COVID, where you had

759
00:34:34,000 --> 00:34:36,480
Speaker 4: like your job wasn't secure, like sometimes you did have

760
00:34:36,520 --> 00:34:39,080
Speaker 4: that regret come through. Yeah, so it's hard to like

761
00:34:39,120 --> 00:34:41,799
Speaker 4: shake that off with the imposter syndrome as well.

762
00:34:41,560 --> 00:34:44,520
Speaker 2: Like I genuinely feel like women are the worst at this.

763
00:34:44,600 --> 00:34:47,440
Speaker 2: They're like, oh, but it's not good enough. What like

764
00:34:48,040 --> 00:34:52,600
Speaker 2: absolutely not? You were in absolute catch. Obviously you're engaged

765
00:34:52,640 --> 00:34:55,920
Speaker 2: because you said in your letter in fiance, do you

766
00:34:55,960 --> 00:34:58,719
Speaker 2: have wedding plans? If so, tell me about the finances, like,

767
00:34:58,800 --> 00:35:01,480
Speaker 2: how are we funding a wedding in this economy? My friend?

768
00:35:01,640 --> 00:35:05,439
Speaker 4: Yeah, well it only happened like potentially a month ago,

769
00:35:05,600 --> 00:35:06,200
Speaker 4: so oh.

770
00:35:06,040 --> 00:35:08,280
Speaker 2: My gosh, did that Actually that's so exciting.

771
00:35:08,560 --> 00:35:10,640
Speaker 4: And then we got the house a couple of weeks later.

772
00:35:10,840 --> 00:35:13,480
Speaker 2: So show me your ring, show me your ring. This

773
00:35:13,640 --> 00:35:17,720
Speaker 2: is very important. Oh it's like a gorgeous gold band

774
00:35:17,760 --> 00:35:20,480
Speaker 2: with an oval. You are living the dream, my friend.

775
00:35:20,480 --> 00:35:22,080
Speaker 2: Did you have any say in what that was going

776
00:35:22,160 --> 00:35:22,640
Speaker 2: to look like?

777
00:35:23,080 --> 00:35:25,319
Speaker 4: No? I had no idea it was coming. I know,

778
00:35:25,600 --> 00:35:28,759
Speaker 4: like I told my friends, I wanted an oval, but like, yeah,

779
00:35:28,800 --> 00:35:30,920
Speaker 4: he did everything. He went out and picked it like

780
00:35:31,280 --> 00:35:35,600
Speaker 4: I didn't have any So he did very well for

781
00:35:35,680 --> 00:35:38,360
Speaker 4: himself because he doesn't usually plan a lot of things.

782
00:35:38,560 --> 00:35:41,080
Speaker 4: So the fact that he planned this and then like

783
00:35:41,160 --> 00:35:42,560
Speaker 4: the proposal and everything, I'm.

784
00:35:42,520 --> 00:35:45,239
Speaker 2: I'm surprised you. How did he propose? We need to know.

785
00:35:45,719 --> 00:35:49,320
Speaker 4: Well, we went looking for houses and afterwards, after we

786
00:35:49,440 --> 00:35:51,960
Speaker 4: finished the whole day of looking at like ten different houses,

787
00:35:52,040 --> 00:35:54,880
Speaker 4: we went to like a lookout and he asked me

788
00:35:54,920 --> 00:35:55,919
Speaker 4: at the lookout.

789
00:35:55,640 --> 00:35:59,280
Speaker 2: Oh my god, why is that so wholesome? There's something

790
00:35:59,320 --> 00:36:02,080
Speaker 2: about like simple but well thought through proposal.

791
00:36:02,320 --> 00:36:04,080
Speaker 4: Yeah, and we'll think it was like he's like, well,

792
00:36:04,080 --> 00:36:06,000
Speaker 4: if we're buying something for the rest of our lives,

793
00:36:06,040 --> 00:36:09,320
Speaker 4: might as well have like a ring. So oh good.

794
00:36:09,440 --> 00:36:10,120
Speaker 4: I love that.

795
00:36:10,360 --> 00:36:12,080
Speaker 2: So have you spoken about weddings.

796
00:36:12,320 --> 00:36:16,040
Speaker 4: We've spoken about like a location, but considering the house

797
00:36:16,080 --> 00:36:18,840
Speaker 4: and the stress, like I didn't realize how insane settlement

798
00:36:18,920 --> 00:36:21,440
Speaker 4: and stuff were. I haven't really had time to like

799
00:36:21,840 --> 00:36:23,560
Speaker 4: really pick a date or look at anything.

800
00:36:23,680 --> 00:36:27,000
Speaker 2: Ah. That is so fair, especially because you've only engaged

801
00:36:27,040 --> 00:36:30,800
Speaker 2: for a month, Like you have so much time. Money arsed,

802
00:36:30,920 --> 00:36:33,000
Speaker 2: What do you think your best money habit is.

803
00:36:33,320 --> 00:36:36,560
Speaker 4: I kind of have too, considering I was brought up

804
00:36:36,600 --> 00:36:40,040
Speaker 4: with only thinking about like needs and wants and being

805
00:36:40,040 --> 00:36:42,960
Speaker 4: able to split that into two separate categories. I usually

806
00:36:43,000 --> 00:36:46,120
Speaker 4: only buy things that I need and like maybe like

807
00:36:46,200 --> 00:36:48,759
Speaker 4: once a season or something like winter or summer, I'll

808
00:36:48,760 --> 00:36:51,840
Speaker 4: go out and buy things that I want, like with clothing.

809
00:36:51,880 --> 00:36:54,760
Speaker 4: I don't care about brands and all that sort of stuff. Yeah,

810
00:36:54,800 --> 00:36:57,200
Speaker 4: I'm pretty good at sticking to what I need and

811
00:36:57,239 --> 00:36:59,400
Speaker 4: making a list of what I want and then figuring

812
00:36:59,440 --> 00:37:02,480
Speaker 4: out which one I'm going to do first. But the

813
00:37:02,480 --> 00:37:05,600
Speaker 4: main money habit that I have been doing since I

814
00:37:05,719 --> 00:37:09,960
Speaker 4: was young was my employer splits my pay up for

815
00:37:10,120 --> 00:37:12,719
Speaker 4: me and it goes into four separate accounts like what

816
00:37:13,520 --> 00:37:17,520
Speaker 4: saving spending, and a house account. So when I get

817
00:37:17,560 --> 00:37:21,120
Speaker 4: my pay I only see two hundred and fifty dollars,

818
00:37:21,160 --> 00:37:24,520
Speaker 4: which is my spending, and in my mind, I'm only

819
00:37:24,520 --> 00:37:26,759
Speaker 4: getting paid two hundred and fifty dollars, even though in

820
00:37:26,800 --> 00:37:29,040
Speaker 4: the background the money is going elsewhere already.

821
00:37:29,160 --> 00:37:32,160
Speaker 2: So your employee lets you set it up that they

822
00:37:32,200 --> 00:37:34,840
Speaker 2: pay into like four separate accounts for you.

823
00:37:35,120 --> 00:37:38,560
Speaker 4: Yeah, because they have a fancy system, it allows you

824
00:37:38,640 --> 00:37:42,200
Speaker 4: to do that. But my partner just does the automatic transfers,

825
00:37:42,360 --> 00:37:44,160
Speaker 4: so you can do that as well with your own bank.

826
00:37:44,440 --> 00:37:46,680
Speaker 2: How good, So you don't even see it, and then

827
00:37:46,719 --> 00:37:48,680
Speaker 2: you've worked out in your like little budget and cash

828
00:37:48,719 --> 00:37:51,600
Speaker 2: flow system that two hundred and fifty dollars is it

829
00:37:51,760 --> 00:37:54,439
Speaker 2: a month a week? Like? How often is that on week?

830
00:37:54,520 --> 00:37:57,320
Speaker 4: And it's just that's the leftover after all my things

831
00:37:57,320 --> 00:37:57,960
Speaker 4: are dimmed up.

832
00:37:58,040 --> 00:38:00,440
Speaker 2: And what do you spend that two fifty on? Is

833
00:38:00,440 --> 00:38:02,799
Speaker 2: that like your fun money or is that like groceries

834
00:38:02,880 --> 00:38:03,840
Speaker 2: or what does that look like?

835
00:38:04,080 --> 00:38:05,839
Speaker 4: I think that's just a bit more fun money. It's

836
00:38:05,880 --> 00:38:07,759
Speaker 4: just like if I ever want like a coffee during

837
00:38:07,800 --> 00:38:09,600
Speaker 4: the week or something like that, or if I go

838
00:38:09,640 --> 00:38:11,560
Speaker 4: out on the weekend, I use that money and if

839
00:38:11,600 --> 00:38:13,640
Speaker 4: there's anything left over, I just turned for it to

840
00:38:13,680 --> 00:38:15,840
Speaker 4: my savings and start from two point fifty again.

841
00:38:16,760 --> 00:38:19,399
Speaker 2: So that's yeah, I feel like that's such a It's

842
00:38:19,600 --> 00:38:23,919
Speaker 2: very similar to my money masterclass, which you've probably seen online,

843
00:38:24,160 --> 00:38:27,280
Speaker 2: but I talk about that fund being your food, fuel

844
00:38:27,280 --> 00:38:30,200
Speaker 2: and fun so like anything that you tap your card for,

845
00:38:30,320 --> 00:38:32,080
Speaker 2: like you know, if you're getting petrol, you're getting a

846
00:38:32,120 --> 00:38:35,000
Speaker 2: coffee or you know, for me, I used to play netball,

847
00:38:35,080 --> 00:38:36,879
Speaker 2: so like that amount of money would go into there,

848
00:38:36,960 --> 00:38:41,200
Speaker 2: and every single Thursday, I would direct debitit to that account,

849
00:38:41,239 --> 00:38:44,600
Speaker 2: and then on that same Thursday, before it transferred, I

850
00:38:44,760 --> 00:38:47,439
Speaker 2: go in and get rid of the excess and be like, okay, cool,

851
00:38:47,520 --> 00:38:49,920
Speaker 2: starting clean. And I feel like it's such a good

852
00:38:50,040 --> 00:38:52,520
Speaker 2: budgeting hack because in the back of my head I

853
00:38:52,560 --> 00:38:55,120
Speaker 2: always knew, all right, Thursday Friday, and I had it

854
00:38:55,160 --> 00:38:57,960
Speaker 2: on a Thursday because I knew that the weekend was

855
00:38:58,000 --> 00:39:01,040
Speaker 2: my busiest time. I'm like, all right, so Thursday, I'm

856
00:39:01,080 --> 00:39:03,600
Speaker 2: gonna have new cash. Like in my head, I'm like,

857
00:39:03,600 --> 00:39:06,160
Speaker 2: it's new cash, and so if I wanted to go

858
00:39:06,239 --> 00:39:08,480
Speaker 2: for brunch, I'd be like, oh, okay, that's probably you know,

859
00:39:08,560 --> 00:39:10,560
Speaker 2: like fifty dollars or whatever it is. So like in

860
00:39:10,600 --> 00:39:12,200
Speaker 2: my head, I'm like I can only do that once.

861
00:39:12,280 --> 00:39:16,040
Speaker 2: And like budgeting with a smaller amount of money, do

862
00:39:16,080 --> 00:39:18,480
Speaker 2: you feel that it takes the stress off? Because it

863
00:39:18,520 --> 00:39:20,640
Speaker 2: did for me, Like I feel like I'm less stressed

864
00:39:20,640 --> 00:39:22,960
Speaker 2: because all the other stuff is automated in the background.

865
00:39:23,239 --> 00:39:25,560
Speaker 4: Yeah, it did a little bit. But then when it

866
00:39:25,600 --> 00:39:28,520
Speaker 4: got to the point where like because I did have

867
00:39:28,600 --> 00:39:32,399
Speaker 4: a bad relationship once with money, where like I bought

868
00:39:32,400 --> 00:39:34,839
Speaker 4: a Kentiki trip, and I cried because it was a

869
00:39:34,920 --> 00:39:37,080
Speaker 4: want and not a need, and it was the biggest

870
00:39:37,200 --> 00:39:40,120
Speaker 4: payment I've ever done. And I remember I was so

871
00:39:40,239 --> 00:39:42,000
Speaker 4: young at the time and I was so upset. So

872
00:39:42,960 --> 00:39:45,080
Speaker 4: at one point it did get to a point where

873
00:39:45,120 --> 00:39:46,920
Speaker 4: it's like, oh, I don't have any money, and I

874
00:39:46,960 --> 00:39:49,640
Speaker 4: didn't want to tap into that savings, even though I

875
00:39:49,760 --> 00:39:51,560
Speaker 4: knew I had a big chunk of savings. And I

876
00:39:51,560 --> 00:39:53,400
Speaker 4: think it's because I had it on the house and

877
00:39:53,440 --> 00:39:55,800
Speaker 4: I was taking it away from that dream and putting

878
00:39:55,840 --> 00:39:58,920
Speaker 4: it to something else. So at a point it did.

879
00:39:59,120 --> 00:40:01,719
Speaker 4: It was a little bit negative because I kept being like,

880
00:40:01,760 --> 00:40:04,120
Speaker 4: I don't have any money, when really I do. But

881
00:40:04,480 --> 00:40:08,200
Speaker 4: once those bills at the bill's account started telling up,

882
00:40:08,440 --> 00:40:10,399
Speaker 4: like oh my god, it was so much easier when

883
00:40:10,440 --> 00:40:12,800
Speaker 4: a bill came in, I can just pay it because

884
00:40:12,800 --> 00:40:14,600
Speaker 4: I knew that I had at least a year of

885
00:40:14,680 --> 00:40:16,960
Speaker 4: bill saved up. So it did take a weight off

886
00:40:17,000 --> 00:40:17,680
Speaker 4: my shoulders.

887
00:40:17,760 --> 00:40:20,680
Speaker 2: I feel like that's where people just assume that you

888
00:40:20,760 --> 00:40:23,080
Speaker 2: must be really good at money, therefore it doesn't stress you.

889
00:40:23,120 --> 00:40:24,360
Speaker 2: And that's where we need to do a lot of

890
00:40:24,400 --> 00:40:27,600
Speaker 2: work around our money mindset and what that money is

891
00:40:27,640 --> 00:40:31,239
Speaker 2: actually for and if it's for fun, it's for holidays,

892
00:40:31,280 --> 00:40:33,800
Speaker 2: Like you've got to find a way to enable yourself

893
00:40:33,800 --> 00:40:36,160
Speaker 2: to spend it. Otherwise we're going to just be stressed

894
00:40:36,160 --> 00:40:39,319
Speaker 2: about money forever. Have you changed your mindset around that now?

895
00:40:39,520 --> 00:40:43,719
Speaker 4: Yeah, So after my little travels, I did sort of

896
00:40:43,760 --> 00:40:47,160
Speaker 4: get a different attitude where like, experiences and things that

897
00:40:47,200 --> 00:40:50,680
Speaker 4: I want sometimes are worth it, and that even though

898
00:40:50,719 --> 00:40:52,960
Speaker 4: it is a want and you don't need it, like,

899
00:40:53,000 --> 00:40:55,920
Speaker 4: it's fine to spend that money if you're going to

900
00:40:55,960 --> 00:40:58,839
Speaker 4: be happy. So like, for example, I moved out with

901
00:40:58,840 --> 00:41:01,280
Speaker 4: my partner after COVID and we started renting, and everyone

902
00:41:01,320 --> 00:41:04,600
Speaker 4: told me renting is dead money, but we are able

903
00:41:04,640 --> 00:41:06,960
Speaker 4: to be together every day and that experience.

904
00:41:07,040 --> 00:41:09,799
Speaker 2: See, I think it's a lifestyle choice. Rent money is

905
00:41:09,840 --> 00:41:11,279
Speaker 2: not dead money. At the end of the day, You're

906
00:41:11,320 --> 00:41:13,799
Speaker 2: going to have to pay in some way, shape or

907
00:41:13,800 --> 00:41:16,360
Speaker 2: form to put a roof over your head. Like exactly,

908
00:41:16,400 --> 00:41:18,719
Speaker 2: if you've got the privilege of living a home, fantastic,

909
00:41:18,880 --> 00:41:21,680
Speaker 2: but like that's not something that everybody has. So whether

910
00:41:21,719 --> 00:41:24,520
Speaker 2: you're paying cheap rent or expensive rent, that comes down

911
00:41:24,560 --> 00:41:27,000
Speaker 2: to lifestyle costs and the lifestyle you want to lead.

912
00:41:27,040 --> 00:41:29,400
Speaker 2: And I think that the idea that rent money is

913
00:41:29,440 --> 00:41:32,080
Speaker 2: dead money. It's like, well, actually it's not. And that's

914
00:41:32,080 --> 00:41:35,320
Speaker 2: actually a pretty entitled thing for people to think, because

915
00:41:35,400 --> 00:41:36,920
Speaker 2: we all need to put a roof over.

916
00:41:36,800 --> 00:41:39,640
Speaker 4: Our head exactly. And the experience of living with my

917
00:41:39,719 --> 00:41:42,760
Speaker 4: partner when you just were in COVID and I couldn't

918
00:41:42,800 --> 00:41:45,440
Speaker 4: see him for like six weeks straight, like it was

919
00:41:45,560 --> 00:41:46,200
Speaker 4: a relief.

920
00:41:46,480 --> 00:41:48,600
Speaker 2: Yeah, and it would have been so stressful.

921
00:41:48,920 --> 00:41:50,879
Speaker 4: Yeah, I was happy to pay for that like.

922
00:41:50,920 --> 00:41:53,719
Speaker 2: One hundred percent. All right, tell me, now, what do

923
00:41:53,719 --> 00:41:55,400
Speaker 2: you think your worst money habit is.

924
00:41:55,640 --> 00:41:59,920
Speaker 4: I think I overcomplicate things, Like even my brokers like

925
00:42:00,080 --> 00:42:02,800
Speaker 4: you have too many bank accounts.

926
00:42:02,360 --> 00:42:04,000
Speaker 2: So sit down, I'll do what I want.

927
00:42:04,120 --> 00:42:06,520
Speaker 4: Yeah, I think I overcomplicate things. I look at things

928
00:42:06,560 --> 00:42:08,960
Speaker 4: too much, or I go through the budget too much,

929
00:42:08,960 --> 00:42:11,440
Speaker 4: and I read you the formula too much, especially when

930
00:42:11,480 --> 00:42:13,680
Speaker 4: it comes to at the moment I'm trying to conjoin

931
00:42:13,880 --> 00:42:18,239
Speaker 4: finances with my partner and it because I overthink everything,

932
00:42:18,360 --> 00:42:20,719
Speaker 4: or I have so many bank accounts, it's actually making

933
00:42:20,719 --> 00:42:23,160
Speaker 4: it more complicated than it should be. And I think

934
00:42:23,200 --> 00:42:26,719
Speaker 4: I'm just going in a downward spiral. So yeah, and

935
00:42:26,760 --> 00:42:29,400
Speaker 4: now that we've purchased everything with the house, I'm like,

936
00:42:29,440 --> 00:42:31,680
Speaker 4: I'm going to have to redo this again, and that's

937
00:42:31,719 --> 00:42:33,680
Speaker 4: like I don't want to, but I know I need to.

938
00:42:34,400 --> 00:42:36,360
Speaker 2: Yeah, and how do you manage that at the moment?

939
00:42:36,440 --> 00:42:38,640
Speaker 2: Are you're a spreadsheet girly? Are you a back of

940
00:42:38,680 --> 00:42:41,000
Speaker 2: the envelope girl? Is it all in your brain? Like

941
00:42:41,120 --> 00:42:42,160
Speaker 2: how are you budgeting?

942
00:42:42,360 --> 00:42:45,600
Speaker 4: I have a spreadsheet. I'm a massive spreadsheet pan So

943
00:42:45,960 --> 00:42:49,600
Speaker 4: at the moment, I haven't got a budget spreadsheet updated,

944
00:42:49,719 --> 00:42:52,520
Speaker 4: but I have a spreadsheet with every single bill that

945
00:42:52,520 --> 00:42:55,360
Speaker 4: we've had in the past six weeks. Because our bills

946
00:42:55,400 --> 00:42:56,520
Speaker 4: came at the same time.

947
00:42:56,719 --> 00:42:59,000
Speaker 2: Oh how good that would be so handy.

948
00:42:59,400 --> 00:43:00,960
Speaker 4: Yeah, it was like, when's the billed?

949
00:43:01,040 --> 00:43:01,120
Speaker 1: You?

950
00:43:01,440 --> 00:43:03,560
Speaker 4: What account are we going to pay from? Because we've

951
00:43:03,560 --> 00:43:06,640
Speaker 4: got accounts everywhere and we're not joint yet, and who

952
00:43:06,640 --> 00:43:09,360
Speaker 4: it's to just because all our bills came at the

953
00:43:09,400 --> 00:43:11,560
Speaker 4: same time as we're paying everything for settlement.

954
00:43:11,760 --> 00:43:15,200
Speaker 2: Yeah, and it's so stressful, it's so overwhelming. Hey, all right, Well,

955
00:43:15,239 --> 00:43:17,560
Speaker 2: I'm actually going to give you my money masterclass because

956
00:43:17,600 --> 00:43:20,799
Speaker 2: in my money masterclass, there is a so there's a

957
00:43:20,880 --> 00:43:24,000
Speaker 2: singles option, but then there's also a couple's option of

958
00:43:24,080 --> 00:43:27,960
Speaker 2: how basically my husband and I manage money together, especially

959
00:43:28,040 --> 00:43:31,120
Speaker 2: if you now have a mortgage and it really turbocharges

960
00:43:31,200 --> 00:43:33,680
Speaker 2: the use of your offset to make sure that everything

961
00:43:33,719 --> 00:43:36,640
Speaker 2: goes in and then out, and it will simplify everything

962
00:43:36,719 --> 00:43:38,399
Speaker 2: for you so that you can kind of see your

963
00:43:38,440 --> 00:43:41,440
Speaker 2: partner and then yours and then what is together, and

964
00:43:41,600 --> 00:43:44,799
Speaker 2: it's all automated. So hopefully with that spreadsheet you've made

965
00:43:44,840 --> 00:43:46,840
Speaker 2: with all your bills, you can then take all of

966
00:43:46,840 --> 00:43:49,560
Speaker 2: those numbers, put them into my spreadsheet and then have

967
00:43:49,640 --> 00:43:52,440
Speaker 2: a really clean outcome. And I think that my favorite

968
00:43:52,440 --> 00:43:54,400
Speaker 2: part of this is you and I are already on

969
00:43:54,400 --> 00:43:56,960
Speaker 2: the same page about having that food, fuel, and fun account,

970
00:43:57,200 --> 00:43:59,640
Speaker 2: so like it's basically going to align to your values

971
00:43:59,719 --> 00:44:02,520
Speaker 2: or ready, So I'm excited for you to look at it. Also,

972
00:44:02,760 --> 00:44:05,920
Speaker 2: if you're a spreadsheet early, you're gonna think it's really esthetic.

973
00:44:05,960 --> 00:44:07,759
Speaker 2: You're gonna be like, excuse me, what do you mean?

974
00:44:07,800 --> 00:44:10,800
Speaker 2: It's all automatic. Like there's even like a debt tracker

975
00:44:10,800 --> 00:44:13,840
Speaker 2: in there, so you put in your mortgage, you put

976
00:44:13,840 --> 00:44:16,000
Speaker 2: in their interest rate, and then will tell you how

977
00:44:16,040 --> 00:44:17,719
Speaker 2: long it'll take for you to pay it off, and

978
00:44:17,719 --> 00:44:19,520
Speaker 2: then you can like play around with, well, what would

979
00:44:19,560 --> 00:44:22,080
Speaker 2: an additional ten dollars a week look like, and it'll

980
00:44:22,080 --> 00:44:24,640
Speaker 2: show you how much time it cuts off, which obviously

981
00:44:25,000 --> 00:44:26,839
Speaker 2: I'm really proud of. I don't know if you can

982
00:44:26,840 --> 00:44:28,680
Speaker 2: hear it in my voice, but like, I think it's

983
00:44:28,680 --> 00:44:29,200
Speaker 2: real cool.

984
00:44:29,640 --> 00:44:31,680
Speaker 4: Thank you so much, especially the fact that it's set

985
00:44:31,719 --> 00:44:33,480
Speaker 4: up to be with an offset, because that's what we

986
00:44:33,560 --> 00:44:35,839
Speaker 4: have too. We have the offset, so it might be

987
00:44:35,880 --> 00:44:38,440
Speaker 4: like perfect that I start using that and then it

988
00:44:38,560 --> 00:44:39,239
Speaker 4: rains me in.

989
00:44:39,360 --> 00:44:41,920
Speaker 2: So it's obviously going to turbocharge it if you have

990
00:44:42,000 --> 00:44:44,160
Speaker 2: an offset, but if you don't have an offset, it

991
00:44:44,239 --> 00:44:47,440
Speaker 2: operates on a cash hub system to make sure that

992
00:44:47,520 --> 00:44:50,000
Speaker 2: every single dollar that comes in is going to work

993
00:44:50,040 --> 00:44:52,759
Speaker 2: as hard for you as you do. Free it because

994
00:44:52,800 --> 00:44:55,000
Speaker 2: I just look at it and go, how many times

995
00:44:55,280 --> 00:44:57,799
Speaker 2: do we just like lose money along the way, like

996
00:44:57,880 --> 00:45:02,560
Speaker 2: small amounts that just all away. So it really simplifies

997
00:45:02,600 --> 00:45:05,040
Speaker 2: it to make sure that you're capturing as much as possible.

998
00:45:05,320 --> 00:45:07,799
Speaker 2: And instead of budgeting, and I mean, I'm obviously a

999
00:45:07,800 --> 00:45:09,680
Speaker 2: fan of this, but I think you'll like it, but

1000
00:45:09,800 --> 00:45:12,880
Speaker 2: instead of budgeting in terms of restricting yourself, it just

1001
00:45:12,920 --> 00:45:15,560
Speaker 2: shows you, hey, money, diarist, this is what you're spending.

1002
00:45:15,600 --> 00:45:17,239
Speaker 2: Are you okay with it? And you're going to go

1003
00:45:17,360 --> 00:45:19,160
Speaker 2: oh yeah, or oh, I actually want it to go

1004
00:45:19,200 --> 00:45:23,000
Speaker 2: somewhere else, Like it's not really about crucifying yourself, which

1005
00:45:23,280 --> 00:45:26,160
Speaker 2: I feel like in your money story you probably fall

1006
00:45:26,200 --> 00:45:28,560
Speaker 2: into doing really easily, which we don't.

1007
00:45:28,320 --> 00:45:28,719
Speaker 4: Want to do.

1008
00:45:28,800 --> 00:45:30,560
Speaker 2: We want to have a positive money mindset.

1009
00:45:30,600 --> 00:45:32,719
Speaker 4: Thank you so much for that, and also might keep

1010
00:45:32,719 --> 00:45:35,680
Speaker 4: me in line and don't overcomplicate things like.

1011
00:45:35,800 --> 00:45:37,960
Speaker 2: Oh, I'm excited, and I mean you deserve it. You

1012
00:45:38,000 --> 00:45:40,640
Speaker 2: shared your whole money story with our community. That's the

1013
00:45:40,719 --> 00:45:44,839
Speaker 2: least I can do, money diarist before we go, You

1014
00:45:44,920 --> 00:45:47,880
Speaker 2: have just told me so much about your journey, Like

1015
00:45:48,360 --> 00:45:50,840
Speaker 2: you are so cool. You're not even thirty yet. You

1016
00:45:50,960 --> 00:45:53,880
Speaker 2: work in local council, you're doing town planning, You're earning

1017
00:45:53,920 --> 00:45:56,880
Speaker 2: twenty three grand a year in rental income that you

1018
00:45:56,960 --> 00:46:00,680
Speaker 2: set up when you're basically still a child for real,

1019
00:46:00,840 --> 00:46:03,200
Speaker 2: Like you negotiated and I mean you did say you

1020
00:46:03,200 --> 00:46:06,120
Speaker 2: had your mum's help, but like girl power, like she

1021
00:46:06,280 --> 00:46:08,640
Speaker 2: made sure that you're in the right position. You got

1022
00:46:08,719 --> 00:46:12,600
Speaker 2: this investment property, it was what four point fifty and

1023
00:46:12,640 --> 00:46:15,279
Speaker 2: now it's five seventy five? Are you joking? Like you

1024
00:46:15,320 --> 00:46:18,800
Speaker 2: are creating wealth for yourself, but at the start you're like, Oh,

1025
00:46:18,960 --> 00:46:20,719
Speaker 2: I don't know, maybe I'm a Bee, and then you

1026
00:46:20,760 --> 00:46:22,680
Speaker 2: go on to say, I've just you know, bought my

1027
00:46:22,719 --> 00:46:25,840
Speaker 2: first house with my partner. I also have an investment property.

1028
00:46:25,840 --> 00:46:28,879
Speaker 2: That's what I brought to the relationship. Also, when I

1029
00:46:28,920 --> 00:46:31,520
Speaker 2: was talking to you about money goals and you were like, oh, yeah,

1030
00:46:31,520 --> 00:46:33,560
Speaker 2: I really want to like fix the house, and I'm like, oh,

1031
00:46:33,560 --> 00:46:34,960
Speaker 2: how much do you have to save? You're like, oh,

1032
00:46:35,000 --> 00:46:37,520
Speaker 2: I actually already have that in savings. I was like, what, Like,

1033
00:46:37,960 --> 00:46:40,920
Speaker 2: you already have that cash sitting to the side, and

1034
00:46:40,960 --> 00:46:44,040
Speaker 2: you're so clear about like other debts. You're like, oh,

1035
00:46:44,080 --> 00:46:46,600
Speaker 2: I've got the mortgages, but also the only other debt

1036
00:46:46,640 --> 00:46:49,200
Speaker 2: I've got its hex. Yeah, there's only seven grand, and

1037
00:46:49,239 --> 00:46:51,760
Speaker 2: I already know in my head that that seven grand

1038
00:46:51,800 --> 00:46:54,719
Speaker 2: next financial year is going to go what like B

1039
00:46:54,960 --> 00:46:57,479
Speaker 2: for real money, direst Do you actually think you're a bee?

1040
00:46:57,520 --> 00:46:58,839
Speaker 2: Because I think there are going to be a lot

1041
00:46:58,840 --> 00:47:01,160
Speaker 2: of people listening. Going is a bit du lulu.

1042
00:47:01,840 --> 00:47:04,440
Speaker 4: Yeah, Like I did think about maybe like a B

1043
00:47:04,600 --> 00:47:07,720
Speaker 4: plus because I know that having two homes before thirty

1044
00:47:07,800 --> 00:47:09,200
Speaker 4: in this climate is insane.

1045
00:47:09,400 --> 00:47:10,320
Speaker 2: It's really cool.

1046
00:47:10,840 --> 00:47:13,040
Speaker 4: Yeah, Like you probably won't hear that from a lot

1047
00:47:13,040 --> 00:47:17,040
Speaker 4: of people, so I definitely know, like that's insane, but

1048
00:47:17,160 --> 00:47:19,160
Speaker 4: I always think like there's more to learn, there's more

1049
00:47:19,160 --> 00:47:21,880
Speaker 4: to improve on, So that's where that A would be. Like,

1050
00:47:22,200 --> 00:47:24,600
Speaker 4: there's so many things I can do, like between like

1051
00:47:24,719 --> 00:47:27,480
Speaker 4: learning stocks or getting to a position where I can

1052
00:47:27,480 --> 00:47:30,360
Speaker 4: put extra payments into my super or my homelan, like,

1053
00:47:30,840 --> 00:47:32,839
Speaker 4: those things are things that I feel like would get

1054
00:47:32,920 --> 00:47:33,440
Speaker 4: me to an A.

1055
00:47:33,800 --> 00:47:36,800
Speaker 2: But they're all completely doable, which is kind of cool.

1056
00:47:37,160 --> 00:47:39,320
Speaker 2: So that I feel like there's a lot more about

1057
00:47:39,400 --> 00:47:41,759
Speaker 2: money mindset than you going oh, I have a lot

1058
00:47:41,800 --> 00:47:44,000
Speaker 2: of work to do. It's more around going oh, I

1059
00:47:44,040 --> 00:47:46,160
Speaker 2: actually need to sit down with a spreadsheet and work

1060
00:47:46,200 --> 00:47:48,879
Speaker 2: out what additional mortgage payments I could have or what

1061
00:47:48,960 --> 00:47:51,759
Speaker 2: amount of money I have for investment if that's in

1062
00:47:51,760 --> 00:47:54,840
Speaker 2: line with my goals and value. So like that's so doable.

1063
00:47:54,920 --> 00:47:56,400
Speaker 2: The next time I talk to you, you're gonna be

1064
00:47:56,440 --> 00:47:58,640
Speaker 2: like the I'm basically an A, and I'll be like

1065
00:47:58,800 --> 00:48:00,320
Speaker 2: I know I already.

1066
00:48:00,520 --> 00:48:02,000
Speaker 4: Hopefully by the next time I talk to you, my

1067
00:48:02,040 --> 00:48:04,480
Speaker 4: houseland's a bit lower, and then I'll definitely be like

1068
00:48:04,480 --> 00:48:05,120
Speaker 4: an A. Pass.

1069
00:48:05,480 --> 00:48:08,600
Speaker 2: Yeah, one hundred percent, all right, money Dove Sadly that

1070
00:48:08,760 --> 00:48:10,960
Speaker 2: is all we have time for today. It has been

1071
00:48:11,000 --> 00:48:13,200
Speaker 2: a pleasure. I have loved talking to you. My favorite

1072
00:48:13,239 --> 00:48:15,920
Speaker 2: thing ever is just talking to people about their journeys

1073
00:48:16,560 --> 00:48:19,319
Speaker 2: and going, how on earth have you done that? Like

1074
00:48:19,640 --> 00:48:21,400
Speaker 2: at the end of the day, like ninety five grand

1075
00:48:21,719 --> 00:48:25,080
Speaker 2: really great salary, but also i'd say, in our community

1076
00:48:25,160 --> 00:48:27,719
Speaker 2: a relatively common one, so lots of people are going

1077
00:48:27,800 --> 00:48:29,919
Speaker 2: to be like, hold up, how did she do this?

1078
00:48:30,400 --> 00:48:33,360
Speaker 2: And it's actually just hard work, Like at the end

1079
00:48:33,400 --> 00:48:35,640
Speaker 2: of the day, it's no magic. It's no like, oh

1080
00:48:35,640 --> 00:48:38,120
Speaker 2: I got given you know, a big deposit or a

1081
00:48:38,120 --> 00:48:40,600
Speaker 2: big inheritance, Like no, you actually just had to work

1082
00:48:40,680 --> 00:48:42,680
Speaker 2: really hard and now it's paying off because it's been

1083
00:48:42,719 --> 00:48:46,760
Speaker 2: what six years, and now it's paying for itself. How good?

1084
00:48:47,280 --> 00:48:48,960
Speaker 4: I know. It's just bigger and better from here.

1085
00:48:49,160 --> 00:48:51,760
Speaker 2: I love it. Well, Thank you so much. I've adored

1086
00:48:51,960 --> 00:48:53,719
Speaker 2: learning more about you, and I just know that the

1087
00:48:53,760 --> 00:48:56,480
Speaker 2: community has to so it has been a pleasure, and

1088
00:48:56,520 --> 00:48:58,600
Speaker 2: I hope that we get to cross paths in person

1089
00:48:58,719 --> 00:48:59,400
Speaker 2: at some point.

1090
00:48:59,480 --> 00:49:01,239
Speaker 4: Thank you so much, and thank you for having me on.

1091
00:49:07,640 --> 00:49:10,200
Speaker 5: The advice shared on She's on the Money is general

1092
00:49:10,239 --> 00:49:14,080
Speaker 5: in nature and does not consider your individual circumstances. She's

1093
00:49:14,160 --> 00:49:17,560
Speaker 5: on the Money exists purely for educational purposes and should

1094
00:49:17,640 --> 00:49:20,800
Speaker 5: not be relied upon to make an investment or financial decision.

1095
00:49:21,200 --> 00:49:23,440
Speaker 2: If you do choose to buy a financial.

1096
00:49:23,000 --> 00:49:26,960
Speaker 5: Product, read the PDS TMD and obtain appropriate financial advice

1097
00:49:27,040 --> 00:49:30,640
Speaker 5: tailored towards your needs. Victoria Divine and She's on the

1098
00:49:30,680 --> 00:49:35,480
Speaker 5: Money are authorized representatives of money. Sheirper pty Ltd ABN

1099
00:49:35,719 --> 00:49:38,920
Speaker 5: three two one six four nine two seven seven zero

1100
00:49:39,000 --> 00:49:43,200
Speaker 5: eight AFSL four five one two eight nine