1 00:00:00,680 --> 00:00:04,920 Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr 2 00:00:04,960 --> 00:00:08,680 Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before 3 00:00:08,680 --> 00:00:11,160 Speaker 1: we get started on She's on the Money podcast, I 4 00:00:11,160 --> 00:00:14,319 Speaker 1: would like to acknowledge the traditional custodians of the land 5 00:00:14,400 --> 00:00:17,720 Speaker 1: of which this podcast is recorded on a wondery country, 6 00:00:18,120 --> 00:00:22,240 Speaker 1: acknowledging the elders, the ancestors and the next generation coming 7 00:00:22,320 --> 00:00:26,960 Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing 8 00:00:27,080 --> 00:00:30,120 Speaker 1: and the storytelling of you to make a difference for 9 00:00:30,240 --> 00:00:32,720 Speaker 1: today and lasting impact for tomorrow. 10 00:00:33,320 --> 00:00:37,120 Speaker 2: Let's get into it. She's on the Money, She's on 11 00:00:37,159 --> 00:01:00,640 Speaker 2: the Money. Hello and welcome to Property on the Money, 12 00:01:00,680 --> 00:01:03,920 Speaker 2: the ultimate first home buyer's guide from the number one 13 00:01:04,000 --> 00:01:08,000 Speaker 2: finance creator in the country, me Victoria Devine, which I'm 14 00:01:08,040 --> 00:01:11,720 Speaker 2: so excited about. Guys. This is a special little bonus 15 00:01:11,840 --> 00:01:14,679 Speaker 2: edition of She's on the Money, where I thought I 16 00:01:14,680 --> 00:01:17,760 Speaker 2: would share the very first chapter of my very new book, 17 00:01:17,800 --> 00:01:20,480 Speaker 2: Property with She's on the Money with you. I have 18 00:01:20,520 --> 00:01:22,800 Speaker 2: written Property with She's on the Money, just for you 19 00:01:22,840 --> 00:01:25,120 Speaker 2: because I want to see you smash your property goals, 20 00:01:25,280 --> 00:01:27,840 Speaker 2: and I've created this informative guide to help you whether 21 00:01:27,880 --> 00:01:29,720 Speaker 2: you're getting your foot on the ladder for the very 22 00:01:29,720 --> 00:01:32,160 Speaker 2: first time, or you're hunting for your dream home, or 23 00:01:32,200 --> 00:01:35,440 Speaker 2: maybe you're planning for your third investment property. Even with 24 00:01:35,520 --> 00:01:38,520 Speaker 2: all the challenges that are involved, guys, crazy interest rates, 25 00:01:38,560 --> 00:01:41,720 Speaker 2: crazy high house prizes, I'm looking at you, but so 26 00:01:41,840 --> 00:01:44,520 Speaker 2: many of us we're still planning on purchasing property. That's 27 00:01:44,520 --> 00:01:46,920 Speaker 2: why the Property Playbook has been so popular over the 28 00:01:46,959 --> 00:01:50,120 Speaker 2: last twelve months. Whether it's the security and the financial 29 00:01:50,160 --> 00:01:52,400 Speaker 2: perks of owning your own home or the benefits of 30 00:01:52,400 --> 00:01:55,200 Speaker 2: having an investment property. I guess the appeal and the 31 00:01:55,240 --> 00:01:58,640 Speaker 2: rewards are a plenty, my friends, but buying property can 32 00:01:58,680 --> 00:02:01,400 Speaker 2: also be one of the biggest decisions you are ever 33 00:02:01,480 --> 00:02:03,920 Speaker 2: going to make, and we want to make it right right. 34 00:02:04,320 --> 00:02:06,640 Speaker 2: So I have written Property with She's on the Money 35 00:02:06,680 --> 00:02:09,680 Speaker 2: to equip you for the whole process, my friend, from 36 00:02:09,840 --> 00:02:13,760 Speaker 2: establishing your property values and truly understanding why you want 37 00:02:13,800 --> 00:02:16,720 Speaker 2: to buy property to saving for the all important deposit. 38 00:02:16,760 --> 00:02:19,120 Speaker 2: We're going to talk all things mortgages, what to buy 39 00:02:19,200 --> 00:02:22,160 Speaker 2: and when, how to make every single stage of this 40 00:02:22,320 --> 00:02:26,400 Speaker 2: process as smooth as possible, right through to renovating and selling. 41 00:02:26,639 --> 00:02:31,240 Speaker 2: I have packed this book with practical advice, hopefully innovative ideas, 42 00:02:31,320 --> 00:02:34,000 Speaker 2: and real life stories from members of el She's on 43 00:02:34,040 --> 00:02:37,160 Speaker 2: the Money community who have already achieved the goal of 44 00:02:37,240 --> 00:02:41,400 Speaker 2: purchasing their first home. With this game changing guide, I 45 00:02:41,520 --> 00:02:44,480 Speaker 2: hope that property is no longer confusing, overwhelming, or out 46 00:02:44,520 --> 00:02:47,440 Speaker 2: of reach. It's going to be clear, inspiring, and totally 47 00:02:47,480 --> 00:02:50,440 Speaker 2: within your power to achieve. So, guys, here is the 48 00:02:50,480 --> 00:02:53,280 Speaker 2: first chapter of property with She's on the Money Hopefully 49 00:02:53,280 --> 00:03:01,320 Speaker 2: get your Property Journey rolling. Chapter one. So you want 50 00:03:01,360 --> 00:03:05,359 Speaker 2: to buy property, So you like the idea of owning property, 51 00:03:05,919 --> 00:03:08,880 Speaker 2: or you did before you started looking at your finances 52 00:03:08,919 --> 00:03:11,520 Speaker 2: and listening to the daily news reports about interest rate 53 00:03:11,600 --> 00:03:14,440 Speaker 2: increases and the rising cost of living and how millennials 54 00:03:14,520 --> 00:03:16,919 Speaker 2: will never be able to afford a home, and since 55 00:03:16,960 --> 00:03:19,440 Speaker 2: the world is going to hell in a handbasket anyway, 56 00:03:19,440 --> 00:03:23,120 Speaker 2: why bother. The truth is that, yes, all the rising 57 00:03:23,200 --> 00:03:26,440 Speaker 2: rates and costs do creep in inch by painful inch, 58 00:03:26,800 --> 00:03:29,840 Speaker 2: and at times of high stress, they can really start 59 00:03:29,880 --> 00:03:32,680 Speaker 2: to buy it. So even if you had one's thought 60 00:03:32,720 --> 00:03:35,760 Speaker 2: it possible to dream about owning your own home, now 61 00:03:35,840 --> 00:03:38,720 Speaker 2: you might not really be so sure. But you don't 62 00:03:38,720 --> 00:03:41,560 Speaker 2: need to give up on your property aspirations just because 63 00:03:41,560 --> 00:03:44,720 Speaker 2: it seems too hard. The first step that I always 64 00:03:44,720 --> 00:03:48,160 Speaker 2: suggest on your financial journey is to analyze your personal 65 00:03:48,200 --> 00:03:52,280 Speaker 2: money story. The conscious and subconscious beliefs we carry around 66 00:03:52,320 --> 00:03:55,800 Speaker 2: wealth which direct our attitudes and our behaviors towards money, 67 00:03:56,160 --> 00:04:00,400 Speaker 2: in this case property. If you're interested in taking a 68 00:04:00,400 --> 00:04:03,080 Speaker 2: deeper dive into your personal money story, you can find 69 00:04:03,160 --> 00:04:05,920 Speaker 2: more in chapter one of my first book, She's on 70 00:04:05,960 --> 00:04:08,160 Speaker 2: the Money. But if you're keen to find out how 71 00:04:08,200 --> 00:04:10,840 Speaker 2: it plays out in terms of property, I suggest you 72 00:04:10,920 --> 00:04:13,960 Speaker 2: stay right here. Very shortly, we'll be working through some 73 00:04:14,040 --> 00:04:18,760 Speaker 2: activities to get you thinking about it in detail key terms. 74 00:04:19,480 --> 00:04:21,680 Speaker 2: Before we get into it, I want to assure you 75 00:04:21,800 --> 00:04:24,200 Speaker 2: that this book has been created with the idea of 76 00:04:24,240 --> 00:04:28,479 Speaker 2: simplifying the property buying process, not making it harder. But 77 00:04:28,520 --> 00:04:31,200 Speaker 2: I'm not going to lie. As part of the finance world, 78 00:04:31,320 --> 00:04:35,560 Speaker 2: property is an acronym heavy landscape. Learning this language, as 79 00:04:35,600 --> 00:04:39,880 Speaker 2: with any language French Mandarin beautician, may be confusing at first, 80 00:04:40,240 --> 00:04:42,560 Speaker 2: but trust me, the more you hear a word and 81 00:04:42,640 --> 00:04:46,039 Speaker 2: see it used, the more sense it will make over time. 82 00:04:46,160 --> 00:04:48,960 Speaker 2: You may even find yourself throwing terms like LMI and 83 00:04:49,040 --> 00:04:52,240 Speaker 2: P and I around with loose abandon chapter six. If 84 00:04:52,279 --> 00:04:55,080 Speaker 2: you want to jump ahead as we go along, I 85 00:04:55,120 --> 00:04:58,200 Speaker 2: will do my best to explain things, which include popping 86 00:04:58,279 --> 00:05:00,800 Speaker 2: key terms near the top of every to give you 87 00:05:00,800 --> 00:05:03,240 Speaker 2: a heads up, and then going into more detail on 88 00:05:03,279 --> 00:05:06,760 Speaker 2: these as we progress. I'll also include a quick explainer 89 00:05:06,839 --> 00:05:09,760 Speaker 2: in the moment. But if ever you find yourself being 90 00:05:09,800 --> 00:05:13,280 Speaker 2: slammed with gobbledygook, there's also a handy glossary at the 91 00:05:13,320 --> 00:05:16,440 Speaker 2: back of the book where all the terminology is listed. 92 00:05:17,000 --> 00:05:22,080 Speaker 2: Key terms comparisonitis, comparing yourself with others, and finding yourself 93 00:05:22,160 --> 00:05:26,760 Speaker 2: lacking or gloating, neither of which is healthy. Investor owner 94 00:05:27,120 --> 00:05:30,000 Speaker 2: someone who owns property that they rent out for income, 95 00:05:30,440 --> 00:05:35,000 Speaker 2: not to live in themselves. Emergency fund a savings account 96 00:05:35,000 --> 00:05:38,359 Speaker 2: holding enough money to support you for three months housing, 97 00:05:38,480 --> 00:05:41,800 Speaker 2: food bills if for any reason you can't work and 98 00:05:42,000 --> 00:05:47,440 Speaker 2: orse something unexpected pops up. Financial freedom, having enough money 99 00:05:47,480 --> 00:05:50,240 Speaker 2: to live securely so you can choose how you spend 100 00:05:50,279 --> 00:05:55,240 Speaker 2: your time. Fomo fear of missing out. Gender pay gap 101 00:05:55,680 --> 00:05:59,760 Speaker 2: the real difference between what men and women are paid. Typically, 102 00:05:59,800 --> 00:06:02,880 Speaker 2: women are paid less for so many reasons, there's not 103 00:06:03,040 --> 00:06:08,200 Speaker 2: enough room to cover it all here. Great Australian dream. Historically, 104 00:06:08,279 --> 00:06:10,800 Speaker 2: the great Australian dream was to own a quarter acre 105 00:06:10,800 --> 00:06:12,839 Speaker 2: block of land with a house on it in which 106 00:06:12,880 --> 00:06:16,520 Speaker 2: to raise two point four children. More recently, it's come 107 00:06:16,560 --> 00:06:19,560 Speaker 2: to mean owning your own home whatever that looks like. 108 00:06:20,640 --> 00:06:25,680 Speaker 2: Mortgage another word for a home loan owner occupier, someone 109 00:06:25,680 --> 00:06:29,880 Speaker 2: who lives in the property they own. Passive income stream 110 00:06:30,480 --> 00:06:33,760 Speaker 2: money coming in from sources other than your own direct labor. 111 00:06:34,160 --> 00:06:38,440 Speaker 2: This might include things like dividends, interests, subscriptions, royalties and 112 00:06:38,520 --> 00:06:43,320 Speaker 2: rent SotM. She's on the money, my fabulous community of 113 00:06:43,360 --> 00:06:48,360 Speaker 2: millennials striving to create financial freedom. You're why? The real 114 00:06:48,480 --> 00:06:53,080 Speaker 2: reason often subconscious, sitting deep beneath all of the obvious 115 00:06:53,240 --> 00:06:56,200 Speaker 2: superficial ones, as to why you think and behave the 116 00:06:56,240 --> 00:07:01,960 Speaker 2: way you do. Your property money story. Okay, so are 117 00:07:01,960 --> 00:07:04,920 Speaker 2: you ready to begin? I'm excited and I hope you 118 00:07:04,960 --> 00:07:08,080 Speaker 2: are too. First things first, because you know I like 119 00:07:08,120 --> 00:07:10,520 Speaker 2: to get a little deep, and it's important you do 120 00:07:10,640 --> 00:07:13,360 Speaker 2: the same, at least as far as your relationship with 121 00:07:13,440 --> 00:07:17,040 Speaker 2: money goes. This relationship is one of your life's most important. 122 00:07:17,280 --> 00:07:21,480 Speaker 2: It affects your lifestyle and investment choices, including property ownership, 123 00:07:21,520 --> 00:07:25,880 Speaker 2: and ultimately your future. So Understanding your attitudes and assumptions 124 00:07:25,880 --> 00:07:30,040 Speaker 2: around money is essential. Some hate the idea of having 125 00:07:30,120 --> 00:07:33,160 Speaker 2: all their wealth tied up in one concrete asset, while 126 00:07:33,200 --> 00:07:37,119 Speaker 2: others love it. Some investors get excited when interest rates 127 00:07:37,200 --> 00:07:41,040 Speaker 2: rise an opportunity to pick up bargains, while others faint 128 00:07:41,120 --> 00:07:44,360 Speaker 2: at their mere mention, and others don't see property as 129 00:07:44,400 --> 00:07:48,560 Speaker 2: particularly meaningful in either direction. Before I start getting too 130 00:07:48,600 --> 00:07:51,640 Speaker 2: deep into theory, let's get you into the property mood 131 00:07:51,720 --> 00:07:55,400 Speaker 2: with this fun activity. Cue your favorite music, beverage of 132 00:07:55,520 --> 00:07:58,280 Speaker 2: choice and comfy. Set up and open up your PDF 133 00:07:58,320 --> 00:08:03,800 Speaker 2: workbook BWAYO pen your property money story. Thinking about your 134 00:08:03,800 --> 00:08:07,280 Speaker 2: property money story, circle the statement in your PDF that 135 00:08:07,440 --> 00:08:11,040 Speaker 2: best fits your idea of being a property owner. A. 136 00:08:11,680 --> 00:08:14,680 Speaker 2: I have no idea how I'm ever going to afford property, 137 00:08:14,760 --> 00:08:18,080 Speaker 2: but I'd like to. I suppose I imagine that somehow 138 00:08:18,120 --> 00:08:21,120 Speaker 2: in the future I'll manifest a better income, partner, or 139 00:08:21,280 --> 00:08:25,200 Speaker 2: life to enable it. B. I've never considered that owning 140 00:08:25,240 --> 00:08:29,200 Speaker 2: property is an option for me. SE I move around 141 00:08:29,240 --> 00:08:31,560 Speaker 2: a lot, and the idea of being stuck in one place, 142 00:08:31,720 --> 00:08:36,319 Speaker 2: let alone owning it is my worst nightmare. D. I've 143 00:08:36,360 --> 00:08:39,440 Speaker 2: been dreaming about owning my own property since a young age, 144 00:08:39,440 --> 00:08:43,840 Speaker 2: and I'm actively taking steps to making this dream come true. 145 00:08:44,040 --> 00:08:48,600 Speaker 2: Australian attitudes to property. Whatever you just answered, it's true 146 00:08:48,600 --> 00:08:51,480 Speaker 2: and valid, But I'd like to get you thinking about 147 00:08:51,520 --> 00:08:55,079 Speaker 2: where your ideas and values have come from. In Australia 148 00:08:55,120 --> 00:08:58,000 Speaker 2: when it comes to property. We've been encouraged to believe 149 00:08:58,040 --> 00:09:00,960 Speaker 2: that the great Australian dream is owning our own home. 150 00:09:01,600 --> 00:09:04,840 Speaker 2: Yet in many countries in Europe, it's entirely normal and 151 00:09:05,000 --> 00:09:07,560 Speaker 2: expected that a family will rent and live in the 152 00:09:07,640 --> 00:09:11,840 Speaker 2: same house for generations. Stable and secure tenants have a 153 00:09:11,880 --> 00:09:14,520 Speaker 2: say in how the place is fixed and decorated, and 154 00:09:14,720 --> 00:09:18,680 Speaker 2: never questioned paying rent for a lifetime. Your money story 155 00:09:18,760 --> 00:09:22,000 Speaker 2: is influenced by your education and upbringing. You may have 156 00:09:22,080 --> 00:09:25,240 Speaker 2: grown up surrounded by a clan of powerful female property 157 00:09:25,240 --> 00:09:28,080 Speaker 2: investors who modeled to you from a young age that 158 00:09:28,120 --> 00:09:32,439 Speaker 2: it's entirely possible, if not expected, to own several properties 159 00:09:32,480 --> 00:09:37,240 Speaker 2: in adulthood. More likely, if you look at Australia's housing statistics, 160 00:09:37,520 --> 00:09:39,800 Speaker 2: you either grew up moving from house to house as 161 00:09:39,840 --> 00:09:42,800 Speaker 2: renting was your family's norm, or lived in a standard 162 00:09:42,800 --> 00:09:45,400 Speaker 2: family home that was paid off using a good portion 163 00:09:45,480 --> 00:09:49,760 Speaker 2: of your parents' wages each month. Australian government statistics from 164 00:09:49,920 --> 00:09:53,560 Speaker 2: nineteen eighty one to now show that, although it has fluctuated, 165 00:09:53,840 --> 00:09:58,319 Speaker 2: Australian home ownership is an even split, almost thirty thirty 166 00:09:58,440 --> 00:10:02,000 Speaker 2: thirty between those who are renting, be own with a 167 00:10:02,080 --> 00:10:06,240 Speaker 2: mortgage and c own outright. Nonetheless, the dream of owning 168 00:10:06,240 --> 00:10:09,680 Speaker 2: your own castle was the theme song about upbringing the 169 00:10:09,760 --> 00:10:13,400 Speaker 2: typical Oussie plan for securing a decent life. A lot 170 00:10:13,440 --> 00:10:15,920 Speaker 2: of this was built on the idea of an Australia 171 00:10:16,080 --> 00:10:18,760 Speaker 2: far removed from the society we live in today, and 172 00:10:18,880 --> 00:10:23,160 Speaker 2: which it can't go without acknowledging exists on land stolen 173 00:10:23,280 --> 00:10:26,880 Speaker 2: from its original custodians. There's a lot to rectify on 174 00:10:26,920 --> 00:10:30,840 Speaker 2: that front, which needs its own whole book to explore. However, 175 00:10:31,080 --> 00:10:35,400 Speaker 2: we can't discuss Australian property without recognizing that all of 176 00:10:35,440 --> 00:10:39,560 Speaker 2: this housing we're talking about sits on unseated Aboriginal land. 177 00:10:40,120 --> 00:10:42,800 Speaker 2: Please bear that in mind and pay respect as you 178 00:10:42,960 --> 00:10:45,840 Speaker 2: use the resources of this great country to build up 179 00:10:45,840 --> 00:10:49,319 Speaker 2: your own lives and help others. You may be wondering 180 00:10:49,400 --> 00:10:52,680 Speaker 2: whether the great Australian dream is still a possibility, or 181 00:10:52,720 --> 00:10:54,920 Speaker 2: even if it's a dream you want for yourself at 182 00:10:54,920 --> 00:10:57,640 Speaker 2: all at the end of the day, whether you invest 183 00:10:57,679 --> 00:11:00,520 Speaker 2: in property or shares, or simply your own DA education, 184 00:11:01,080 --> 00:11:05,000 Speaker 2: Creating financial security is about empowering you to use money 185 00:11:05,040 --> 00:11:07,840 Speaker 2: as a tool to transform your life and the lives 186 00:11:07,880 --> 00:11:10,920 Speaker 2: of others for the better. To start you off, I'll 187 00:11:10,960 --> 00:11:14,559 Speaker 2: get you to explore your personal ideas and ambitions around property, 188 00:11:14,880 --> 00:11:17,280 Speaker 2: which will help form the basis of a strategy for 189 00:11:17,320 --> 00:11:22,520 Speaker 2: fulfilling those dreams, whatever they entail. Why property is important 190 00:11:22,520 --> 00:11:25,760 Speaker 2: for women? Now. While we welcome any, all and no 191 00:11:25,920 --> 00:11:28,800 Speaker 2: gender in our She's on the Money community, it's important 192 00:11:28,840 --> 00:11:31,440 Speaker 2: that we talk about women when it comes to finance 193 00:11:31,440 --> 00:11:34,880 Speaker 2: and property. For those who don't identify as female, please 194 00:11:34,920 --> 00:11:38,000 Speaker 2: stay with me, as it's equally relevant to marginalized and 195 00:11:38,040 --> 00:11:43,319 Speaker 2: defranchised groups and as a society affects us all. Investing 196 00:11:43,360 --> 00:11:46,280 Speaker 2: in property can be particularly important for those looking to 197 00:11:46,320 --> 00:11:50,640 Speaker 2: secure their financial future and personal safety, as covered in 198 00:11:50,720 --> 00:11:53,800 Speaker 2: more depth in the following chapters. These reasons can be 199 00:11:53,840 --> 00:11:57,840 Speaker 2: more emotionally driven than finance led. However, it's important to 200 00:11:57,880 --> 00:12:00,680 Speaker 2: take both into account when making decisions that are right 201 00:12:00,760 --> 00:12:04,400 Speaker 2: for you. Housing affordability is a real issue for women 202 00:12:04,480 --> 00:12:08,320 Speaker 2: due to several factors, including the gender pay gap on 203 00:12:08,440 --> 00:12:12,920 Speaker 2: base salary thirteen point three percent in Australia, and society's 204 00:12:13,000 --> 00:12:15,720 Speaker 2: reliance on women to carry the burden of domestic and 205 00:12:15,840 --> 00:12:19,200 Speaker 2: caring duties, which forces them to work fewer or more 206 00:12:19,240 --> 00:12:24,120 Speaker 2: flexible hours. Traditionally, women dominated industries tend to be paid 207 00:12:24,200 --> 00:12:28,000 Speaker 2: less than male dominated industries, and while things are changing, 208 00:12:28,400 --> 00:12:31,200 Speaker 2: often women are still paid less for doing the same 209 00:12:31,280 --> 00:12:34,560 Speaker 2: job as a man. This data was confirmed by the 210 00:12:34,559 --> 00:12:38,920 Speaker 2: Australian Bureau of Statistics the ABS in early twenty twenty three, 211 00:12:39,280 --> 00:12:43,200 Speaker 2: which found that women earn on average eighty seven cents 212 00:12:43,240 --> 00:12:46,760 Speaker 2: for every dollar earned by a man, or two hundred 213 00:12:46,760 --> 00:12:50,000 Speaker 2: and fifty three dollars fifty less per week. All of 214 00:12:50,040 --> 00:12:52,920 Speaker 2: these factors limit a woman's ability to save for a 215 00:12:52,960 --> 00:12:56,320 Speaker 2: house deposit, while stretching the time it takes, making it 216 00:12:56,440 --> 00:13:00,960 Speaker 2: harder to achieve, especially when fighting against rising property prices. 217 00:13:01,559 --> 00:13:05,200 Speaker 2: It also affects her ability to service alone. On average, 218 00:13:05,240 --> 00:13:08,280 Speaker 2: it takes Australian women a year longer than their male 219 00:13:08,400 --> 00:13:12,080 Speaker 2: counterparts to save a deposit for a home. Even while 220 00:13:12,120 --> 00:13:15,240 Speaker 2: women are starting to earn decent salaries and in some 221 00:13:15,480 --> 00:13:19,000 Speaker 2: cases out earned men, we're still often worse off when 222 00:13:19,000 --> 00:13:22,439 Speaker 2: it comes to money matters. Women are commonly kept out 223 00:13:22,480 --> 00:13:25,600 Speaker 2: of the conversation when it comes to discussing finances at home, 224 00:13:25,880 --> 00:13:28,679 Speaker 2: and no one is taught about it properly in school. 225 00:13:29,280 --> 00:13:32,679 Speaker 2: Quite simply, managing money isn't a subject that women are 226 00:13:32,840 --> 00:13:36,360 Speaker 2: encouraged to focus on. It's not that we're not smart enough, 227 00:13:36,600 --> 00:13:40,680 Speaker 2: it's simply often assumed we're not interested. Women are also 228 00:13:40,800 --> 00:13:44,679 Speaker 2: at higher risk of homelessness due to their increased vulnerability 229 00:13:44,720 --> 00:13:49,880 Speaker 2: to domestic violence. Financial independence gives you agency over your 230 00:13:49,920 --> 00:13:53,679 Speaker 2: life decisions and future. Being dependent on others for your 231 00:13:53,679 --> 00:13:59,079 Speaker 2: financial welfare, whether another person, organization, or the government often 232 00:13:59,120 --> 00:14:01,880 Speaker 2: comes with directives on how to behave in line with 233 00:14:01,920 --> 00:14:06,360 Speaker 2: the donor's principles rather than yours. Let's turn that around. 234 00:14:06,800 --> 00:14:09,800 Speaker 2: If you have dreams of owning property and no idea 235 00:14:09,960 --> 00:14:12,840 Speaker 2: how on earth you're going to get there, you're not alone. 236 00:14:13,400 --> 00:14:15,720 Speaker 2: If you've been trying to save for a house deposit 237 00:14:15,800 --> 00:14:18,360 Speaker 2: that just seems to be getting further and further out 238 00:14:18,360 --> 00:14:21,800 Speaker 2: of reach, you're not alone there either. By the time 239 00:14:21,840 --> 00:14:24,560 Speaker 2: we finish this book, the goal you have for your 240 00:14:24,640 --> 00:14:27,360 Speaker 2: home made look a little different from the white picket 241 00:14:27,360 --> 00:14:29,920 Speaker 2: fence dream you were sold as a child, but it 242 00:14:30,000 --> 00:14:32,400 Speaker 2: will come with a knowledge and skills to turn it 243 00:14:32,480 --> 00:14:37,520 Speaker 2: into a reality. Why property is important for your future. 244 00:14:38,000 --> 00:14:41,600 Speaker 2: Speaking of futures, while retirement seems a long way off 245 00:14:41,720 --> 00:14:44,160 Speaker 2: and most of us dream of finishing work for good 246 00:14:44,200 --> 00:14:47,640 Speaker 2: one day, the harsh reality is that women often don't 247 00:14:47,640 --> 00:14:51,120 Speaker 2: have enough money to support themselves in retirement. While the 248 00:14:51,160 --> 00:14:56,280 Speaker 2: government enforces superannuation contributions during your employment, because women often 249 00:14:56,320 --> 00:15:00,400 Speaker 2: take significant periods of work due to pregnancy, childcare, and 250 00:15:00,480 --> 00:15:04,760 Speaker 2: other caring and domestic duties, their superranuation at retirement is 251 00:15:04,840 --> 00:15:09,920 Speaker 2: on average, significantly less than males. Many Australians rely on 252 00:15:10,000 --> 00:15:13,640 Speaker 2: selling the family home come retirement and putting these funds 253 00:15:13,640 --> 00:15:17,440 Speaker 2: towards their post salary lifestyle. If you're able to pay 254 00:15:17,480 --> 00:15:20,480 Speaker 2: down a mortgage to increase your property equity how much 255 00:15:20,560 --> 00:15:23,400 Speaker 2: you not the bank owns over the period of your 256 00:15:23,440 --> 00:15:26,320 Speaker 2: working life, this has the potential to offer a nice 257 00:15:26,320 --> 00:15:29,840 Speaker 2: buffer in retirement. In addition, if you manage to pay 258 00:15:29,880 --> 00:15:33,119 Speaker 2: off your home by the time you retire, the majority 259 00:15:33,160 --> 00:15:36,520 Speaker 2: of your accommodation costs will be taken care of, greatly 260 00:15:36,560 --> 00:15:41,320 Speaker 2: reducing your outgoings. Your why first up before deciding on 261 00:15:41,360 --> 00:15:44,160 Speaker 2: the how, what, when? And where of your own personal 262 00:15:44,240 --> 00:15:47,640 Speaker 2: property journey. It's important to know what's driving your decision 263 00:15:47,800 --> 00:15:51,680 Speaker 2: and the ultimate goals you're striving for your why. When 264 00:15:51,680 --> 00:15:54,120 Speaker 2: the chips are down and you're eating two minute noodles 265 00:15:54,160 --> 00:15:56,360 Speaker 2: for the fifth Friday in a row so you can 266 00:15:56,400 --> 00:15:59,360 Speaker 2: meet your increased mortgage repayments, You're going to need a 267 00:15:59,440 --> 00:16:02,120 Speaker 2: pretty sol reason as to why you agreed to all 268 00:16:02,160 --> 00:16:05,000 Speaker 2: of this in the first place. Buying property is a 269 00:16:05,040 --> 00:16:08,240 Speaker 2: long term relationship that's not easy to jump out of 270 00:16:08,280 --> 00:16:11,280 Speaker 2: in a hurry. That said, we look at various ways 271 00:16:11,320 --> 00:16:14,320 Speaker 2: to keep your current lifestyle or close to it while 272 00:16:14,360 --> 00:16:16,920 Speaker 2: paying down an asset at the same time throughout the 273 00:16:16,960 --> 00:16:20,880 Speaker 2: book figuring out Your Why. If you come to my 274 00:16:20,920 --> 00:16:23,800 Speaker 2: mortgage broking team at Zella Money, the first thing they'll 275 00:16:23,840 --> 00:16:26,720 Speaker 2: ask you is what kind of property are you looking 276 00:16:26,760 --> 00:16:28,560 Speaker 2: to buy? And I'm going to let you in on 277 00:16:28,600 --> 00:16:31,960 Speaker 2: a secret. They won't be satisfied with the answer, oh, well, 278 00:16:32,000 --> 00:16:34,920 Speaker 2: I just want to buy a house. They'll keep prompting 279 00:16:34,960 --> 00:16:37,440 Speaker 2: you what kind of house? Who's going to live there you? 280 00:16:37,680 --> 00:16:40,320 Speaker 2: Or is it an investment? Where is it located? Are 281 00:16:40,320 --> 00:16:42,840 Speaker 2: you ready now or making a five year plan? Why? 282 00:16:42,920 --> 00:16:45,520 Speaker 2: Is this also important to you until you both have 283 00:16:45,600 --> 00:16:50,040 Speaker 2: a really clear picture. Honestly, Victoria, I haven't thought about it. 284 00:16:50,080 --> 00:16:53,480 Speaker 2: Can you give me some ideas? Everyone's why will be different. 285 00:16:53,800 --> 00:16:56,600 Speaker 2: Where some are purely interested in buying property to generate 286 00:16:56,680 --> 00:16:59,400 Speaker 2: in income stream, others are driven by the need to 287 00:16:59,440 --> 00:17:02,840 Speaker 2: provide she for themselves and their family. Some might be 288 00:17:02,880 --> 00:17:05,920 Speaker 2: doing it alone, while others might be doing it in partnership. 289 00:17:06,320 --> 00:17:08,840 Speaker 2: Some may want to run a business from home, others 290 00:17:08,880 --> 00:17:12,240 Speaker 2: are looking to create a private sanctuary. The great thing 291 00:17:12,359 --> 00:17:15,199 Speaker 2: is that all these options are available to you. The 292 00:17:15,320 --> 00:17:18,040 Speaker 2: tough thing is figuring out which one works best for you. 293 00:17:18,359 --> 00:17:20,760 Speaker 2: So let's lay out a few ways to assess where 294 00:17:20,800 --> 00:17:23,800 Speaker 2: you're at now and where you'd like to be at eventually. 295 00:17:24,720 --> 00:17:27,640 Speaker 2: Your why. Getting to the heart of what's driving your 296 00:17:27,680 --> 00:17:30,360 Speaker 2: desire to buy property is a great place to start. 297 00:17:30,880 --> 00:17:34,000 Speaker 2: There will likely be several reasons, but there will usually 298 00:17:34,040 --> 00:17:37,679 Speaker 2: be one main belief or motivation driving your decision. It 299 00:17:37,720 --> 00:17:39,760 Speaker 2: could be the pool of having a place to cool 300 00:17:39,840 --> 00:17:43,119 Speaker 2: your own or maybe using property to create a passive 301 00:17:43,160 --> 00:17:46,399 Speaker 2: income earnings from something other than your own time and labor. 302 00:17:46,640 --> 00:17:49,600 Speaker 2: For everyone, your budget will have a big influence on 303 00:17:49,720 --> 00:17:53,120 Speaker 2: any financial decisions you make, and buying a house may 304 00:17:53,200 --> 00:17:57,040 Speaker 2: well be the biggest financial decision you ever make. Take 305 00:17:57,080 --> 00:17:59,920 Speaker 2: some time to reflect on this question, also written in 306 00:18:00,119 --> 00:18:03,640 Speaker 2: your workbook, Dig deep and be honest with your answer. 307 00:18:04,280 --> 00:18:08,639 Speaker 2: Why is buying property so important to you? The pros 308 00:18:08,680 --> 00:18:12,119 Speaker 2: and cons of investing in property. Whether you are financially 309 00:18:12,160 --> 00:18:15,399 Speaker 2: ready or just starting out, there is real pressure to 310 00:18:15,400 --> 00:18:18,960 Speaker 2: buy property in Australia. There's a lot to consider around 311 00:18:19,000 --> 00:18:22,199 Speaker 2: property before you can make the decision to purchase, and 312 00:18:22,320 --> 00:18:26,120 Speaker 2: even if you determine that buying property is definitely for you, 313 00:18:26,119 --> 00:18:28,400 Speaker 2: you still want to make sure to buy the right 314 00:18:28,440 --> 00:18:31,760 Speaker 2: place at the right time. If you're a dedicated She's 315 00:18:31,800 --> 00:18:34,280 Speaker 2: on the Money member, it's likely that you're driven by 316 00:18:34,280 --> 00:18:37,800 Speaker 2: the goal of financial freedom life supported by a passive 317 00:18:37,800 --> 00:18:41,760 Speaker 2: income stream. The question is property the right way for 318 00:18:41,840 --> 00:18:44,639 Speaker 2: you to achieve this or are there other strategies that 319 00:18:44,720 --> 00:18:48,119 Speaker 2: might be better for you. In my second book, Investing 320 00:18:48,160 --> 00:18:51,000 Speaker 2: with She's on the Money, we look in detail at 321 00:18:51,040 --> 00:18:53,919 Speaker 2: a number of investment pathways that can help build up 322 00:18:53,920 --> 00:18:58,400 Speaker 2: your wealth. There is absolutely no expectation that property has 323 00:18:58,440 --> 00:19:00,560 Speaker 2: to be the vehicle for this, although it can be 324 00:19:01,119 --> 00:19:04,800 Speaker 2: some like Rich Dad, Poor Dad's Robert Kiyosaki suggests that 325 00:19:05,040 --> 00:19:08,320 Speaker 2: owning your own home is not a nasset. However, this 326 00:19:08,480 --> 00:19:13,080 Speaker 2: viewpoint is challenged by many, especially in regards to Australian property. 327 00:19:13,640 --> 00:19:16,960 Speaker 2: My thoughts are that while property can be an epic asset, 328 00:19:17,200 --> 00:19:20,880 Speaker 2: your family home shouldn't be viewed as such. With all 329 00:19:20,960 --> 00:19:26,399 Speaker 2: financial purchases and lifestyles, comparisonitis is the devil, particularly because 330 00:19:26,440 --> 00:19:29,560 Speaker 2: it's so hard to really know everyone else's history or 331 00:19:29,600 --> 00:19:34,000 Speaker 2: circumstances beyond what you might see from the outside. You'll know, 332 00:19:34,280 --> 00:19:37,960 Speaker 2: either from your own experience or from listening to my podcast, 333 00:19:38,119 --> 00:19:41,560 Speaker 2: that comparisonitis can lead us down a path paved with 334 00:19:41,680 --> 00:19:44,560 Speaker 2: bad debt, so we certainly don't want to invite that 335 00:19:44,680 --> 00:19:48,479 Speaker 2: in at the scale of a mortgage. Before you agree 336 00:19:48,480 --> 00:19:51,480 Speaker 2: to any property purchase, I really encourage you to think 337 00:19:51,520 --> 00:19:54,520 Speaker 2: about what it is you're committing to and why. Run 338 00:19:54,520 --> 00:19:58,080 Speaker 2: the numbers several times and follow the book's activities to 339 00:19:58,240 --> 00:20:01,840 Speaker 2: test your saving and repayment threshold before you sign on 340 00:20:01,880 --> 00:20:05,600 Speaker 2: the dotted line. Remember, when it comes to figuring out 341 00:20:05,640 --> 00:20:08,760 Speaker 2: the best way to build your future wealth, you're truly 342 00:20:08,880 --> 00:20:12,320 Speaker 2: running your own race. Let's briefly consider some of the 343 00:20:12,359 --> 00:20:15,560 Speaker 2: pros and cons of investing in property. We'll look at 344 00:20:15,560 --> 00:20:18,119 Speaker 2: many of these in more detail later, but just to 345 00:20:18,119 --> 00:20:21,479 Speaker 2: get your brain juices flowing, here are some considerations unique 346 00:20:21,520 --> 00:20:27,760 Speaker 2: to property investing. Ten reasons why pros of investing in property. 347 00:20:28,359 --> 00:20:32,440 Speaker 2: One you meet the human need for shelter. Two it's 348 00:20:32,440 --> 00:20:36,000 Speaker 2: a place to call your own. Three you can use 349 00:20:36,040 --> 00:20:38,040 Speaker 2: it and enjoy it while you're paying it off, the 350 00:20:38,240 --> 00:20:42,600 Speaker 2: ultimate buy now, pay later. Four Compared to some investments, 351 00:20:42,640 --> 00:20:49,040 Speaker 2: it's reasonably straightforward to understand. Five. Medium property values historically 352 00:20:49,280 --> 00:20:53,720 Speaker 2: have grown over time. Six it's typically a stable investment 353 00:20:53,760 --> 00:20:57,480 Speaker 2: over the medium to long term. Seven it can generate 354 00:20:57,560 --> 00:21:01,560 Speaker 2: income and or reduce the costs of running business. Eight 355 00:21:02,000 --> 00:21:05,840 Speaker 2: it offers the potential to reduce your tax with negative gearing. 356 00:21:06,640 --> 00:21:10,040 Speaker 2: Nine it can create access to funding when used as 357 00:21:10,040 --> 00:21:14,199 Speaker 2: a security rather than cash. Ten you can have a 358 00:21:14,240 --> 00:21:18,040 Speaker 2: direct impact on improving its value, unlike buying shares in 359 00:21:18,040 --> 00:21:23,360 Speaker 2: a company. Cons of investing in property. One it can 360 00:21:23,359 --> 00:21:27,639 Speaker 2: be really, really expensive. Two it may keep you in 361 00:21:27,720 --> 00:21:31,760 Speaker 2: debt for a long time. Three it's difficult to predict 362 00:21:31,800 --> 00:21:36,080 Speaker 2: interest rates, which can impact your standard of living. Four 363 00:21:36,480 --> 00:21:38,399 Speaker 2: you may not be able to afford the house of 364 00:21:38,440 --> 00:21:41,960 Speaker 2: your dreams, so find yourself paying off something you don't 365 00:21:42,119 --> 00:21:45,600 Speaker 2: really love unless we change your property mindset. More on 366 00:21:45,640 --> 00:21:49,560 Speaker 2: that to come. Five. It's hard to cash in quickly, 367 00:21:49,920 --> 00:21:53,960 Speaker 2: what investors call an illiquid asset, unlike cash, which is 368 00:21:54,040 --> 00:21:58,960 Speaker 2: liquid and immediately available. Six. Holding onto property costs money 369 00:21:58,960 --> 00:22:03,000 Speaker 2: in ongoing maintenance fees, rates, body corporate and perhaps in 370 00:22:03,119 --> 00:22:07,840 Speaker 2: lost or below market rental income, among other things. Seven. 371 00:22:08,240 --> 00:22:11,640 Speaker 2: Property is not a set and forget investment. It requires 372 00:22:11,680 --> 00:22:16,359 Speaker 2: ongoing care and maintenance. Eight. Property involves many moving parts 373 00:22:16,400 --> 00:22:21,359 Speaker 2: and people, which can bring potential issues. Nine. Capital growth 374 00:22:21,440 --> 00:22:24,399 Speaker 2: is not guaranteed. Despite what people like to say, the 375 00:22:24,440 --> 00:22:28,320 Speaker 2: property market does not uniformly rise in every area every 376 00:22:28,400 --> 00:22:31,720 Speaker 2: seven years and ten. It could be risky if you 377 00:22:31,800 --> 00:22:34,800 Speaker 2: invest in areas slow to develop, or you are trying 378 00:22:34,800 --> 00:22:38,040 Speaker 2: to make fast money using a flip strategy during times 379 00:22:38,040 --> 00:22:43,679 Speaker 2: when the market drops. Your property beliefs, values, and goals, 380 00:22:43,960 --> 00:22:47,560 Speaker 2: let's look a little more closely at your personal property beliefs, goals, 381 00:22:47,600 --> 00:22:50,719 Speaker 2: and values. You may find that working through the prompts 382 00:22:50,720 --> 00:22:53,560 Speaker 2: we're about to get to will get you to reconsider 383 00:22:53,600 --> 00:22:57,080 Speaker 2: your initial Why that's good. It means it really started 384 00:22:57,119 --> 00:23:00,320 Speaker 2: thinking more deeply about what property means for you and 385 00:23:00,359 --> 00:23:03,600 Speaker 2: how it might fit into and impact your life. To 386 00:23:03,640 --> 00:23:06,359 Speaker 2: figure out what makes you tick and why you're thinking 387 00:23:06,359 --> 00:23:09,720 Speaker 2: about committing to the biggest expense of your lifetime, Let's 388 00:23:09,760 --> 00:23:13,280 Speaker 2: walk through a series of questions together. Either write your 389 00:23:13,320 --> 00:23:15,760 Speaker 2: notes in the space in your workbook, or if you're 390 00:23:15,760 --> 00:23:18,920 Speaker 2: a dedicated diarist, grab a notebook and a pen. If 391 00:23:18,920 --> 00:23:21,239 Speaker 2: you're like me, a shiny new one, especially for all 392 00:23:21,280 --> 00:23:26,199 Speaker 2: your property dreams, goals and strategies. Let's begin, what are 393 00:23:26,240 --> 00:23:30,679 Speaker 2: your main reasons for buying property? Seriously? Have you really 394 00:23:30,720 --> 00:23:34,000 Speaker 2: sat down and thought about all of this? I mean properly. 395 00:23:34,560 --> 00:23:36,560 Speaker 2: A lot of people we talk to at Zella and 396 00:23:36,600 --> 00:23:39,200 Speaker 2: She's on the Money think that they want to get 397 00:23:39,240 --> 00:23:42,520 Speaker 2: into property without ever having spent the time to consider. 398 00:23:42,560 --> 00:23:45,920 Speaker 2: Why is owning real estate really that big on your 399 00:23:45,920 --> 00:23:48,680 Speaker 2: list of priorities or is it just something you've been 400 00:23:48,720 --> 00:23:52,840 Speaker 2: conditioned to believe is important. As we've talked about, we 401 00:23:53,000 --> 00:23:56,200 Speaker 2: grew up being fed the great Australian dream. But take 402 00:23:56,200 --> 00:23:59,439 Speaker 2: a look around, friend, is that your dream? Does it 403 00:23:59,560 --> 00:24:03,600 Speaker 2: chime who you want to be? Australia has thankfully become 404 00:24:03,920 --> 00:24:07,400 Speaker 2: far more open and inclusive in recent years. People live 405 00:24:07,400 --> 00:24:10,840 Speaker 2: in all sorts of families and practice wildly different lifestyles. 406 00:24:11,280 --> 00:24:14,359 Speaker 2: The desire to follow the norm is losing its grip 407 00:24:14,720 --> 00:24:18,000 Speaker 2: if there's even a norm at all. So before you 408 00:24:18,080 --> 00:24:21,520 Speaker 2: decide to commit to a significant cash stop, be sure 409 00:24:21,560 --> 00:24:25,400 Speaker 2: you know why you're doing it. All reasons are equally valid, 410 00:24:25,680 --> 00:24:28,439 Speaker 2: So this is just about getting clear on your reason. 411 00:24:29,720 --> 00:24:32,679 Speaker 2: Why are you thinking of buying property for a place 412 00:24:32,760 --> 00:24:35,520 Speaker 2: to call your own, to live in, just for now, 413 00:24:35,880 --> 00:24:38,560 Speaker 2: to live in well into the future, as a wealth 414 00:24:38,600 --> 00:24:43,359 Speaker 2: creation strategy, as an investor, as your retirement plan for 415 00:24:43,400 --> 00:24:46,560 Speaker 2: its long term growth, Because you're sick of landlords and 416 00:24:46,600 --> 00:24:49,720 Speaker 2: want to say in the place, because you're terrified of 417 00:24:49,760 --> 00:24:53,159 Speaker 2: becoming homeless. Because your parents told you it was a 418 00:24:53,160 --> 00:24:56,640 Speaker 2: good idea. Actually, come to think of it, No thanks, 419 00:24:56,720 --> 00:25:00,440 Speaker 2: or at least not right now. Whatever you're responsive, write 420 00:25:00,440 --> 00:25:03,600 Speaker 2: it down in your workbook. The financial commitment of a 421 00:25:03,600 --> 00:25:07,760 Speaker 2: property loan. If you are seriously thinking about investing in property, 422 00:25:07,960 --> 00:25:10,679 Speaker 2: do you understand what it means for your finances? We 423 00:25:10,800 --> 00:25:13,760 Speaker 2: have gone through several reasons why owning property may be 424 00:25:13,880 --> 00:25:18,040 Speaker 2: a particularly valuable investment for women, but that doesn't necessarily 425 00:25:18,080 --> 00:25:22,080 Speaker 2: apply to all women, and certainly not all people taking 426 00:25:22,119 --> 00:25:25,960 Speaker 2: on home ownership is a serious financial commitment. Not only 427 00:25:26,040 --> 00:25:28,480 Speaker 2: must you save up for a deposit, you must first 428 00:25:28,600 --> 00:25:31,520 Speaker 2: establish yourself as a positive loan risk for the bank 429 00:25:31,560 --> 00:25:34,639 Speaker 2: to take on. That could mean extra effort to create 430 00:25:34,680 --> 00:25:39,040 Speaker 2: an additional savings account, work to clear your existing personal loans, 431 00:25:39,400 --> 00:25:43,119 Speaker 2: reducing or eliminating your credit card debts, and possibly taking 432 00:25:43,160 --> 00:25:46,840 Speaker 2: on extra work or employment. Are you ready to take 433 00:25:46,880 --> 00:25:49,720 Speaker 2: on a property loan? Have you got it in you 434 00:25:49,880 --> 00:25:53,280 Speaker 2: right now? And even if you can do it for 435 00:25:53,359 --> 00:25:56,080 Speaker 2: a sprint, are you sure you can sustain it for 436 00:25:56,119 --> 00:25:59,840 Speaker 2: the long term? Remembering that a standard mortgage repayment term 437 00:25:59,880 --> 00:26:03,919 Speaker 2: is thirty years. What savings do you already have and 438 00:26:04,080 --> 00:26:07,160 Speaker 2: how much more might you need for a deposit? How 439 00:26:07,240 --> 00:26:10,320 Speaker 2: much can or are you willing to direct towards paying 440 00:26:10,320 --> 00:26:12,560 Speaker 2: a home loan for the next thirty years or so? 441 00:26:13,359 --> 00:26:16,240 Speaker 2: Are you comfortable with the restrictions this might have on 442 00:26:16,280 --> 00:26:19,919 Speaker 2: your lifestyle? In your workbook, list out some things you 443 00:26:20,000 --> 00:26:22,600 Speaker 2: might have to forfeit if you were paying down alone. 444 00:26:23,160 --> 00:26:26,880 Speaker 2: How does this make you feel the reality of managing 445 00:26:26,920 --> 00:26:29,640 Speaker 2: a long term loan now? I don't want to get 446 00:26:29,680 --> 00:26:32,680 Speaker 2: all doom and gloomy, but you have to consider how 447 00:26:32,720 --> 00:26:35,000 Speaker 2: you might be able to keep paying your mortgage if 448 00:26:35,000 --> 00:26:37,879 Speaker 2: the worst happened. We'll look more deeply at this in 449 00:26:38,000 --> 00:26:40,640 Speaker 2: chapter seven, so no need to get tiery, but it's 450 00:26:40,720 --> 00:26:45,800 Speaker 2: definitely worth thinking about. During COVID, the government introduced wage support, 451 00:26:45,920 --> 00:26:50,080 Speaker 2: thanks offered moratoriums on repayments, and many landlords went over 452 00:26:50,200 --> 00:26:52,920 Speaker 2: and above to keep their tenants housed. But it won't 453 00:26:52,960 --> 00:26:55,680 Speaker 2: always be all in together when shit hits the fan. 454 00:26:56,359 --> 00:26:58,639 Speaker 2: If you already had a home loan and got so 455 00:26:58,840 --> 00:27:03,800 Speaker 2: severely injured yes today that you couldn't work today, what then, Hopefully, 456 00:27:03,840 --> 00:27:06,440 Speaker 2: after listening to this book, you'll have got yourself some 457 00:27:06,480 --> 00:27:11,119 Speaker 2: reliable insurances and some SotM. Smart savers will already have 458 00:27:11,160 --> 00:27:14,080 Speaker 2: a decent emergency fund, which they will increase when they 459 00:27:14,080 --> 00:27:18,359 Speaker 2: become homeowners. But these plans don't magically appear, and neither 460 00:27:18,400 --> 00:27:21,720 Speaker 2: do the funds to support them. Make this conversation part 461 00:27:21,760 --> 00:27:24,960 Speaker 2: of your planning. Are you prepared to manage a long 462 00:27:25,080 --> 00:27:28,880 Speaker 2: term loan? Since nineteen ninety to now, mortgage interest rates 463 00:27:28,920 --> 00:27:32,560 Speaker 2: have ranged between two point one four and fifteen point 464 00:27:32,640 --> 00:27:37,040 Speaker 2: five percent. Could you manage this? If so, how what 465 00:27:37,119 --> 00:27:40,560 Speaker 2: plans would you put in place? What about if you 466 00:27:40,600 --> 00:27:44,320 Speaker 2: couldn't work for whatever reason. Can you afford insurance that 467 00:27:44,359 --> 00:27:47,800 Speaker 2: would cover you in this event? And or other support plans? 468 00:27:48,320 --> 00:27:51,080 Speaker 2: Who might be there for you? Where might you turn? 469 00:27:51,800 --> 00:27:55,040 Speaker 2: Is this a realistic plan for the short and long term? 470 00:27:55,800 --> 00:28:00,479 Speaker 2: Write down your responses in your workbook. The responsibility of 471 00:28:00,520 --> 00:28:04,000 Speaker 2: owning property. Owning a property might sound like a dream 472 00:28:04,080 --> 00:28:07,240 Speaker 2: come true. But even once you've saved that deposit, bought 473 00:28:07,280 --> 00:28:10,640 Speaker 2: the place, and furnished it with your snazzy but affordable knickknacks, 474 00:28:10,920 --> 00:28:13,159 Speaker 2: it's no time to kick back and lie like a 475 00:28:13,280 --> 00:28:16,639 Speaker 2: lady lizard drinking in the sun. Owning a property comes 476 00:28:16,680 --> 00:28:20,080 Speaker 2: not only as an ongoing financial cost, but a social 477 00:28:20,119 --> 00:28:23,280 Speaker 2: and emotional one too. If you bought your place to 478 00:28:23,320 --> 00:28:26,960 Speaker 2: live in, it's almost a guarantee that something many things 479 00:28:27,280 --> 00:28:30,359 Speaker 2: had to give. Maybe you now have a ninety minute 480 00:28:30,359 --> 00:28:33,720 Speaker 2: one way commute. Maybe you need to spend every second 481 00:28:33,720 --> 00:28:37,240 Speaker 2: Sunday mowing the lawns because the landlord doesn't cover it anymore. 482 00:28:37,480 --> 00:28:39,800 Speaker 2: Maybe you had to fall for two months of Sunday 483 00:28:39,800 --> 00:28:42,440 Speaker 2: brunches because your whole water system blew up the day 484 00:28:42,480 --> 00:28:45,120 Speaker 2: after you moved in. If you get bored with this 485 00:28:45,200 --> 00:28:48,440 Speaker 2: place or itchy for a new lifestyle, one year hiatus 486 00:28:48,440 --> 00:28:52,560 Speaker 2: in Hawaii, anyone changing things up becomes far more difficult 487 00:28:52,600 --> 00:28:56,240 Speaker 2: as a homeowner. As a renter, you simply give notice 488 00:28:56,280 --> 00:28:59,320 Speaker 2: and move on with your life. If the property is yours, 489 00:28:59,400 --> 00:29:02,240 Speaker 2: it's yours to deal with two That's not to say 490 00:29:02,240 --> 00:29:04,320 Speaker 2: you can't rent it out or even sell it, but 491 00:29:04,480 --> 00:29:07,720 Speaker 2: both these are more hassled than giving two weeks notice. 492 00:29:08,240 --> 00:29:11,240 Speaker 2: Then there's being a landlord. If you're an investor owner, 493 00:29:11,480 --> 00:29:14,480 Speaker 2: you may not have sacrificed your walk to work proximity, 494 00:29:14,800 --> 00:29:17,520 Speaker 2: but if you have tenants, you may be required to 495 00:29:17,560 --> 00:29:20,480 Speaker 2: fix any issue they have with the house or appliances 496 00:29:20,640 --> 00:29:23,800 Speaker 2: quick smart. If the breakdown happens over a weekend and 497 00:29:24,000 --> 00:29:27,400 Speaker 2: is considered a health risk, Hello, emergency call out Bee. 498 00:29:28,280 --> 00:29:32,000 Speaker 2: Whatever compromises you talked yourself into when you bought the place, 499 00:29:32,240 --> 00:29:35,000 Speaker 2: triple them. More things go wrong than you will have 500 00:29:35,160 --> 00:29:38,200 Speaker 2: ever thought of. Soon enough, you'll have listened to every 501 00:29:38,200 --> 00:29:41,000 Speaker 2: single one of my podcasts, and that commute won't seem 502 00:29:41,040 --> 00:29:44,240 Speaker 2: so shiny anymore. That lovely lawn that you imagined lying 503 00:29:44,280 --> 00:29:46,520 Speaker 2: on reading She's on the money Book after She's on 504 00:29:46,560 --> 00:29:49,840 Speaker 2: the money book has now become your worst nightmare. Those 505 00:29:49,960 --> 00:29:52,760 Speaker 2: dream tenants who promise to lovingly tend to your place. 506 00:29:53,080 --> 00:29:56,480 Speaker 2: They're gremlins. The trouble with property is it's a long 507 00:29:56,560 --> 00:29:59,440 Speaker 2: term commitment. You'll probably have times when you get more 508 00:29:59,480 --> 00:30:02,760 Speaker 2: sick of it then it could ever get of you worse. Still, 509 00:30:03,040 --> 00:30:05,960 Speaker 2: unlike an annoying ex boyfriend or a bad haircut, you 510 00:30:06,000 --> 00:30:08,520 Speaker 2: can't just ignore your house and its problems when you're 511 00:30:08,560 --> 00:30:11,840 Speaker 2: over it. No matter what. Those pesky bills will keep 512 00:30:11,880 --> 00:30:14,600 Speaker 2: showing up, but the bank will keep drawing down its fees. 513 00:30:15,120 --> 00:30:17,800 Speaker 2: When you sign up for a home loan, you're committing 514 00:30:17,800 --> 00:30:21,400 Speaker 2: to possibly the longest relationship you'll ever have. There are 515 00:30:21,520 --> 00:30:25,200 Speaker 2: plenty of lifestyle limitations that come with owning property beyond 516 00:30:25,280 --> 00:30:28,120 Speaker 2: just the mortgage repayments. That's not to say it won't 517 00:30:28,120 --> 00:30:30,760 Speaker 2: be worth it overall, but now's the time to have 518 00:30:30,840 --> 00:30:33,320 Speaker 2: a good hard think about whether you're ready to give 519 00:30:33,400 --> 00:30:36,920 Speaker 2: up your current lifestyle to support your dream and future you. 520 00:30:38,200 --> 00:30:41,600 Speaker 2: Are you ready to be a responsible property owner? Is 521 00:30:41,680 --> 00:30:44,840 Speaker 2: making a home something that interests you? To what degree 522 00:30:44,920 --> 00:30:47,600 Speaker 2: are fluffy cushions enough for Do you dream of floor 523 00:30:47,600 --> 00:30:50,320 Speaker 2: plans and paint colors and exactly which oven you'd like 524 00:30:50,360 --> 00:30:54,280 Speaker 2: in your kitchen? What about if these break down? If 525 00:30:54,280 --> 00:30:57,240 Speaker 2: the windows start leaking, or the gas heating stops working, 526 00:30:57,320 --> 00:31:00,120 Speaker 2: or your front door won't shut properly. Have you we've 527 00:31:00,120 --> 00:31:03,280 Speaker 2: got the time, inclination, and budget to deal directly with 528 00:31:03,360 --> 00:31:06,440 Speaker 2: builders and handymen to keep the place upright and secure. 529 00:31:07,120 --> 00:31:09,600 Speaker 2: Are you ready to settle into living in a place 530 00:31:09,720 --> 00:31:12,640 Speaker 2: for possibly the next thirty years or at least seven. 531 00:31:12,760 --> 00:31:16,160 Speaker 2: To make it worthwhile, write down your responses in your 532 00:31:16,160 --> 00:31:22,200 Speaker 2: workbook the responsibilities of being a landlord. There's a lot 533 00:31:22,200 --> 00:31:25,520 Speaker 2: of chat around about the terrors of landlords, so let's 534 00:31:25,560 --> 00:31:29,600 Speaker 2: tame that beast, shall we. If you're thinking about owning property, 535 00:31:29,880 --> 00:31:33,120 Speaker 2: chances are you may one day become a landlord yourself, 536 00:31:33,480 --> 00:31:36,760 Speaker 2: either by choice or necessity, if you've been a rent 537 00:31:36,760 --> 00:31:39,880 Speaker 2: to yourself, or even if you've just watched the news lately. 538 00:31:40,120 --> 00:31:43,440 Speaker 2: It's clear that while some landlords are greedy monsters, the 539 00:31:43,560 --> 00:31:46,640 Speaker 2: majority are regular folk who got lucky and or worked 540 00:31:46,640 --> 00:31:49,880 Speaker 2: hard to get a foot into property investment. These people 541 00:31:50,000 --> 00:31:52,320 Speaker 2: are now doing their best to look after their own 542 00:31:52,400 --> 00:31:56,160 Speaker 2: finances and the people who live in the home they provide. 543 00:31:56,240 --> 00:31:58,800 Speaker 2: Everyone has a choice in this world to be a 544 00:31:58,840 --> 00:32:00,880 Speaker 2: dick or to not be a di So you can 545 00:32:00,920 --> 00:32:03,720 Speaker 2: be a landlord, just don't be a landlord dick. The 546 00:32:03,720 --> 00:32:06,240 Speaker 2: best way to do that is to know and fulfill 547 00:32:06,280 --> 00:32:10,080 Speaker 2: your responsibilities under the law, and ideally go beyond those. 548 00:32:10,120 --> 00:32:13,239 Speaker 2: To ensure your tenants are comfortable. You don't have to 549 00:32:13,240 --> 00:32:16,080 Speaker 2: buy them super large fluffy bean bags or send a 550 00:32:16,120 --> 00:32:19,320 Speaker 2: weekly grosser's box, but a nice welcome note and the 551 00:32:19,320 --> 00:32:21,880 Speaker 2: invitation to get in touch should they need anything goes 552 00:32:21,920 --> 00:32:24,920 Speaker 2: a long way to making them feel human. If you 553 00:32:25,040 --> 00:32:28,200 Speaker 2: decide to employ a property manager, make sure to choose 554 00:32:28,240 --> 00:32:31,120 Speaker 2: an ethical one who will do right by you and 555 00:32:31,280 --> 00:32:35,320 Speaker 2: your tenants. Also, and most importantly, make sure you have 556 00:32:35,400 --> 00:32:39,280 Speaker 2: allocated enough funds to looking after the joint. As a landlord, 557 00:32:39,400 --> 00:32:42,240 Speaker 2: you may have to fix things straight away, even if 558 00:32:42,240 --> 00:32:44,360 Speaker 2: it's something you might live with if it be your 559 00:32:44,360 --> 00:32:47,200 Speaker 2: own home, so make sure you have the cash to 560 00:32:47,280 --> 00:32:50,520 Speaker 2: service your property. You might need a redraw facility on 561 00:32:50,600 --> 00:32:54,080 Speaker 2: your property loan, or consider getting landlord's insurance to help 562 00:32:54,120 --> 00:32:59,360 Speaker 2: cover unexpected costs. Being financially responsible as an investor owner 563 00:32:59,520 --> 00:33:02,040 Speaker 2: will take the emotion out of it and help ensure 564 00:33:02,080 --> 00:33:04,720 Speaker 2: that both you and your tenants are looked after in 565 00:33:04,760 --> 00:33:08,200 Speaker 2: the long run. Are you ready to be a responsible 566 00:33:08,280 --> 00:33:12,320 Speaker 2: landlord if you're a landlord, you must intend to issue 567 00:33:12,360 --> 00:33:15,920 Speaker 2: straight away. Do you have the time, inclination, and budget 568 00:33:15,960 --> 00:33:19,120 Speaker 2: to make repairs? If not, are you willing to pay 569 00:33:19,240 --> 00:33:23,280 Speaker 2: and work with a managing agent to do so. Does 570 00:33:23,320 --> 00:33:27,320 Speaker 2: your budget stretch to covering rental vacancies, tenants and or 571 00:33:27,360 --> 00:33:32,040 Speaker 2: building damages, special levies and other unexpected costs. Are you 572 00:33:32,120 --> 00:33:35,680 Speaker 2: willing to sacrifice your own lifestyle if needed to ensure 573 00:33:35,720 --> 00:33:39,000 Speaker 2: your tenants and property are looked after? Write down your 574 00:33:39,040 --> 00:33:45,040 Speaker 2: responses in your workbook. The ethical implications of owning property 575 00:33:45,080 --> 00:33:48,800 Speaker 2: further to the landlord dilemma. People are becoming increasingly aware 576 00:33:48,840 --> 00:33:52,680 Speaker 2: of the social impact of their decisions. Investors call this 577 00:33:52,840 --> 00:33:56,840 Speaker 2: value investing, and in recognition of this, many trading platforms 578 00:33:56,880 --> 00:33:59,880 Speaker 2: allow you the option to invest only in funds or 579 00:34:00,160 --> 00:34:03,960 Speaker 2: companies that align with your personal values. A similar thought 580 00:34:04,000 --> 00:34:06,880 Speaker 2: process can apply in property. The choice you make in 581 00:34:06,960 --> 00:34:10,200 Speaker 2: materials to renovate or fix your home, what kind of 582 00:34:10,280 --> 00:34:13,280 Speaker 2: power you use for your heating and cooking, and even 583 00:34:13,320 --> 00:34:16,560 Speaker 2: what kind of plants you grow all affect the environment. 584 00:34:16,719 --> 00:34:20,040 Speaker 2: The impact of one person owning several houses when it's 585 00:34:20,080 --> 00:34:23,799 Speaker 2: well acknowledged that thousands of people around Australia sleep rough 586 00:34:23,840 --> 00:34:27,400 Speaker 2: every night, and that our properties sit on unseated Aboriginal 587 00:34:27,480 --> 00:34:30,800 Speaker 2: land can give some people the ick. There are many ways, 588 00:34:31,040 --> 00:34:34,680 Speaker 2: large and small, to help rebalance such disparity. You might 589 00:34:34,719 --> 00:34:38,920 Speaker 2: consider investing in social housing or land reclamation projects, or 590 00:34:39,160 --> 00:34:44,040 Speaker 2: contributing some of your income to supporting marginalized groups. For example, 591 00:34:44,320 --> 00:34:48,920 Speaker 2: Pay the Rent is a grassroots Aboriginal initiative encouraging Australians 592 00:34:49,080 --> 00:34:51,920 Speaker 2: to pay a small percentage of their income as rent 593 00:34:51,960 --> 00:34:55,880 Speaker 2: for living on unseeded lands. There are several organizations that 594 00:34:55,960 --> 00:34:59,880 Speaker 2: provide shelter to vulnerable women, who welcome donations, both in 595 00:35:00,120 --> 00:35:03,960 Speaker 2: time and money. As with any philanthropy, you can give 596 00:35:04,040 --> 00:35:08,400 Speaker 2: inkind Support, Fundraise, or myriad other initiatives that help to 597 00:35:08,480 --> 00:35:11,640 Speaker 2: counterbalance the impact you have on the planet. It's up 598 00:35:11,719 --> 00:35:14,600 Speaker 2: to you how creative you want to get. I'd love 599 00:35:14,680 --> 00:35:16,960 Speaker 2: to hear your ideas, so be sure to let us 600 00:35:17,000 --> 00:35:19,600 Speaker 2: know by commenting on our install or via this ses 601 00:35:19,640 --> 00:35:23,120 Speaker 2: on the Money website. Together we can all make the difference. 602 00:35:24,600 --> 00:35:28,680 Speaker 2: What are your ethics around property ownership? As with any 603 00:35:28,719 --> 00:35:32,800 Speaker 2: investment or lifestyle, there are ethical implications to your decision 604 00:35:32,920 --> 00:35:36,360 Speaker 2: and ways to mitigate against the negative impacts. Have you 605 00:35:36,440 --> 00:35:39,680 Speaker 2: considered investing in schemes or activities that can work to 606 00:35:39,719 --> 00:35:44,040 Speaker 2: build housing affordability. Can you list a few options? How 607 00:35:44,080 --> 00:35:48,200 Speaker 2: about ensuring your building is environmentally sustainable? What are some 608 00:35:48,280 --> 00:35:51,640 Speaker 2: things you could implement to ensure this? Write down your 609 00:35:51,680 --> 00:35:56,719 Speaker 2: responses in your workbook Your Real Why. It's easy to 610 00:35:56,760 --> 00:35:59,880 Speaker 2: see why and how we inherit beliefs from society and 611 00:36:00,080 --> 00:36:03,520 Speaker 2: others around us. If we're not actively reflecting on our 612 00:36:03,560 --> 00:36:07,279 Speaker 2: own personal reasons and personal beliefs around life, money, and 613 00:36:07,360 --> 00:36:11,080 Speaker 2: what's important to us, we can be swayed by others stories, 614 00:36:11,400 --> 00:36:15,560 Speaker 2: views and fears, many of which have been well developed 615 00:36:15,640 --> 00:36:19,880 Speaker 2: decades ago against very different circumstances. Not to mention that you, 616 00:36:19,960 --> 00:36:23,040 Speaker 2: my pretty butterfly, are the only you on this planet 617 00:36:23,160 --> 00:36:26,640 Speaker 2: and so what you think, feel, and ultimately do should 618 00:36:26,680 --> 00:36:30,520 Speaker 2: be individual to you. Your real Why buying a house 619 00:36:30,600 --> 00:36:33,920 Speaker 2: is important to you. Working through this chapter, you have 620 00:36:34,000 --> 00:36:37,399 Speaker 2: reviewed your property, money beliefs and thought more about which 621 00:36:37,440 --> 00:36:40,200 Speaker 2: of these are true to your story and those you 622 00:36:40,280 --> 00:36:44,080 Speaker 2: may have inherited from others. Reflecting on these, write down 623 00:36:44,120 --> 00:36:47,880 Speaker 2: in your workbook what is now true for you? Property 624 00:36:47,960 --> 00:36:52,080 Speaker 2: story from Ruby thirty two from New Zealand and New 625 00:36:52,120 --> 00:36:55,600 Speaker 2: South Wales. My partner and I are from New Zealand. 626 00:36:55,960 --> 00:36:59,320 Speaker 2: After years of saving for a house, we became demoralized 627 00:36:59,320 --> 00:37:02,440 Speaker 2: by increasing prices and the hundreds of people at open 628 00:37:02,480 --> 00:37:05,720 Speaker 2: homes where we were looking to buy in Wellington. After 629 00:37:05,760 --> 00:37:08,560 Speaker 2: the COVID borders opened, we decided to give up on 630 00:37:08,640 --> 00:37:11,799 Speaker 2: our New Zealand property dream, moved to Sydney and chuck 631 00:37:11,840 --> 00:37:15,239 Speaker 2: our money into shares, bonds and a couple of startup businesses. 632 00:37:15,760 --> 00:37:18,360 Speaker 2: We are thankful to not have the one million dollars 633 00:37:18,400 --> 00:37:21,520 Speaker 2: of debt and rising interest costs to think about if 634 00:37:21,520 --> 00:37:24,160 Speaker 2: we had bought a house. We now have no desire 635 00:37:24,200 --> 00:37:26,600 Speaker 2: to buy property and I can't see that changing in 636 00:37:26,640 --> 00:37:31,600 Speaker 2: the next five to ten years. Mccanna thirty from Victoria. 637 00:37:32,480 --> 00:37:35,320 Speaker 2: I moved to Australia when I was nineteen and since 638 00:37:35,360 --> 00:37:38,319 Speaker 2: then have dreamt of owning my own house instead of 639 00:37:38,320 --> 00:37:42,040 Speaker 2: paying someone else's mortgage. We started saving for a loan 640 00:37:42,080 --> 00:37:45,400 Speaker 2: deposit in twenty fifteen when I was earning just forty 641 00:37:45,440 --> 00:37:48,280 Speaker 2: three thousand dollars a year and my husband was earning 642 00:37:48,320 --> 00:37:51,440 Speaker 2: twenty five dollars an hour as a casual. As we 643 00:37:51,480 --> 00:37:54,480 Speaker 2: didn't have much knowledge of the property market, our mortgage 644 00:37:54,480 --> 00:37:57,799 Speaker 2: broker was invaluable guiding us from the start of the 645 00:37:57,840 --> 00:38:01,560 Speaker 2: process until the end. He's now a family friend. We 646 00:38:01,600 --> 00:38:04,840 Speaker 2: secured a mortgage on incomes of fifty four thousand dollars 647 00:38:04,880 --> 00:38:08,400 Speaker 2: and fifty thousand dollars, respectively. We've been in our house 648 00:38:08,440 --> 00:38:11,120 Speaker 2: for a bit over four years and now have enough 649 00:38:11,120 --> 00:38:14,760 Speaker 2: equity to buy an investment house. The market is scarier 650 00:38:14,800 --> 00:38:17,399 Speaker 2: than it looked when we purchased the first time, but 651 00:38:17,440 --> 00:38:20,720 Speaker 2: my knowledge keeps growing and I know I'll never look back. 652 00:38:21,960 --> 00:38:25,360 Speaker 2: Take note, buying property is a big decision and a 653 00:38:25,480 --> 00:38:29,800 Speaker 2: serious commitment, possibly the longest relationship you'll have in your life, 654 00:38:30,200 --> 00:38:34,239 Speaker 2: so not one to take on lightly. Property comes with 655 00:38:34,360 --> 00:38:37,480 Speaker 2: pros and cons and is not the only pathway towards 656 00:38:37,480 --> 00:38:42,280 Speaker 2: building future wealth. Dig deep to identify the true reason 657 00:38:42,400 --> 00:38:45,200 Speaker 2: you want to buy property if you still do, and 658 00:38:45,400 --> 00:38:49,239 Speaker 2: use that to guide you from here. Guys, that was 659 00:38:49,360 --> 00:38:52,080 Speaker 2: the first chapter of Property with Shees on the money, 660 00:38:52,160 --> 00:38:55,160 Speaker 2: and I really hope that you're inspired to take action 661 00:38:55,320 --> 00:38:57,680 Speaker 2: when it comes to getting on the property ladder, if 662 00:38:57,680 --> 00:38:59,440 Speaker 2: that's what you want to get up to, and you 663 00:38:59,520 --> 00:39:02,719 Speaker 2: smash all of your property goals, whether you're getting your 664 00:39:02,760 --> 00:39:04,520 Speaker 2: first foot on the ladder, or you're hunting for your 665 00:39:04,600 --> 00:39:07,120 Speaker 2: dream home, or you're planning your fourth investment property. I 666 00:39:07,200 --> 00:39:09,920 Speaker 2: don't mind what you're doing. I'm just so grateful to 667 00:39:09,920 --> 00:39:12,319 Speaker 2: be part of the journey. If you loved this, you 668 00:39:12,360 --> 00:39:14,759 Speaker 2: can purchase property it with She's on the Money from 669 00:39:14,920 --> 00:39:17,200 Speaker 2: all Good book retailers, or you can listen to the 670 00:39:17,280 --> 00:39:19,959 Speaker 2: rest of this audiobook by buying it on any good 671 00:39:20,000 --> 00:39:29,480 Speaker 2: audiobook retailer. The advice shared on She's on the Money 672 00:39:29,560 --> 00:39:33,320 Speaker 2: is general in nature and does not consider your individual circumstances. 673 00:39:33,680 --> 00:39:37,080 Speaker 2: She's on the Money exists purely for educational purposes and 674 00:39:37,120 --> 00:39:39,600 Speaker 2: should not be relied upon to make an investment or 675 00:39:39,640 --> 00:39:43,240 Speaker 2: financial decision. If you do choose to buy a financial product, 676 00:39:43,320 --> 00:39:47,240 Speaker 2: read the PDS TMD and obtain appropriate financial advice tailored 677 00:39:47,320 --> 00:39:50,800 Speaker 2: towards your needs. Victoria Divine and She's on the Money 678 00:39:50,840 --> 00:39:55,759 Speaker 2: are authorized representatives of Money Sherper Pty Ltd ABN three 679 00:39:55,800 --> 00:39:58,720 Speaker 2: two one IS six four nine two seven seven zero 680 00:39:58,840 --> 00:40:06,480 Speaker 2: eight AFSL four five one two eight nine