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Speaker 1: She's on the Money.

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

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Speaker 2: the Money, the podcast for millennials who want financial freedom.

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Speaker 2: My name is Victoria Devine. I'm a financial advisor, a'm millennial,

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Speaker 2: and a woman who is wildly passionate about all things finance.

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Speaker 2: In this Money Darry's episode, you'll hear how it just

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Speaker 2: twenty nine years of age, one of our community members

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Speaker 2: has paid off her entire home, despite being on completely

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Speaker 2: different pages when it comes to all things finance with

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Speaker 2: her partner. All right, Ryan, you got an email earlier

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Speaker 2: this week. Do you want to read that one out

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Speaker 2: for us?

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Speaker 3: I'm a twenty nine year old high income health professional.

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Speaker 3: My partner and I have just paid off our first home,

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Speaker 3: paid it off, paid it off, and I'm looking to

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Speaker 3: buy our first investment property. I also just paid off

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Speaker 3: my HEX and I'm officially debt free in twenty twenty.

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Speaker 2: One, at twenty nine years old.

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Speaker 1: It's actually insane.

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Speaker 3: When I finished university six years ago, I was in

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Speaker 3: forty thousand dollars of consumer debt and I had just

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Speaker 3: seven dollars in my account and no family financial support.

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Speaker 2: That wouldn't have even included her HEX steck No.

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Speaker 3: I was brought up on welfare payments and come from

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Speaker 3: a very low socioeconomic home, and I had absolutely no

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Speaker 3: financial literacy. It's been a tough but rewarding six years.

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Speaker 3: My personal net worth has gone from negative one hundred

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Speaker 3: thousand to now positive two hundred and fifty thousand in

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Speaker 3: six years.

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Speaker 2: I love her. Can we hear a story?

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Speaker 1: Do you love her? I hate her. It makes me

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Speaker 1: feel like I've nothing with my life.

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Speaker 2: I know what a queen.

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Speaker 1: She's so inspirational, it's actually unbelievable. Let's give her a call.

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Speaker 4: Hello speaking Hello, is.

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Speaker 1: This the twenty nine year old who's paid off her

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Speaker 1: own house?

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Speaker 5: Yeah?

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Speaker 1: Yeah, Oh my god, thanks for joining us on the podcast.

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Speaker 4: Oh thank you, Caitlyn.

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Speaker 1: So yeah, I'm Ryan. We've got Victoria Devine here as well.

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Speaker 2: Hello, friend, how are you?

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Speaker 4: I'm good? Thank you.

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Speaker 2: I am so glad to hear. And we've also got

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Speaker 2: Jess who has just started it. Shee'ese on the Money

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Speaker 2: and we just thought would make this a group thing

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Speaker 2: because your story was so cool. So let's start from

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Speaker 2: the top. What is your relationship with money being like

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Speaker 2: in the past, I it.

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Speaker 5: Has been a horrible I was a big subscriber to

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Speaker 5: money stories that I was bad with money and I

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Speaker 5: was hopeless with money, and that was the general thought

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Speaker 5: process of my friends and family.

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Speaker 4: So it's, yeah, a really bad relationship with money in

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Speaker 4: the past.

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Speaker 2: And what do you now do for work?

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Speaker 4: I'm a high income health professional.

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Speaker 2: So without being too pervy, while still being totally pervy,

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Speaker 2: can you tell us how much you earn now and

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Speaker 2: how much is currently in your bank account?

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Speaker 4: Well, I it can be anywhere between like two twenty

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Speaker 4: to two fifty or so, depending on the year. And

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Speaker 4: at the moment, I actually only have thirteen hundred dollars.

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Speaker 2: I mean, that's still a good amount of money for

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Speaker 2: a twenty nine hour to have in their accounts. So

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Speaker 2: it wouldn't be too down about that.

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Speaker 4: One my friend speak about anxiety. That's the girl saying

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Speaker 4: the house off last month and I'm not being paid yet, So.

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Speaker 2: I totally get that. And what is your attitude to

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Speaker 2: money and what is currently your big money goal.

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Speaker 4: My attitude to money now, and it's been a big

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Speaker 4: mind shift, is that it can give me choices, and

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Speaker 4: they need to be scared of it, and I'm allowed

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Speaker 4: to enjoy it. And with those life goals. I'm really

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Speaker 4: just working forwards that inclomb and the freedom of choice

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Speaker 4: with no no need to rely on my income.

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Speaker 2: What is your attitude to investing and do you currently

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Speaker 2: have any investments?

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Speaker 4: So my attitude investing has changed a lot this year

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Speaker 4: because I've just increased my knowledge and read a few books.

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Speaker 4: So I'm really into the idea of having some passage income,

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Speaker 4: and I've invested some money in the stock market, and

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Speaker 4: I'm looking towards getting a investment property. But I'm not

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Speaker 4: really very knowledgeable, so I'm still just increasing my knowledge

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Speaker 4: on the topic.

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Speaker 2: So what debts do you currently have?

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Speaker 4: I currently have no debt.

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Speaker 1: Yha best answer.

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Speaker 2: And what is your best money habit?

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Speaker 4: My best money habit is now paying myself first and

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Speaker 4: automating any bills and things. I have been really bad

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Speaker 4: with buying lots of clothes and just throwing money away

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Speaker 4: because it just burnt a hole in my pocket in

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Speaker 4: the past, but now I'm better at letting it sit

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Speaker 4: there and not being concerned about it slip side.

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Speaker 2: What is your worst money habit?

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Speaker 4: Well, now, after the last couple of years of being

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Speaker 4: a pretty hardcore saver, I have gone into more extreme

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Speaker 4: measures about savings and a little little bit of anxiety

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Speaker 4: around like buying clothes at a full price or going

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Speaker 4: out for fancy meals. I used to enjoy that stuff

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Speaker 4: so much, but now, given like such a good change

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Speaker 4: in thought process over the last couple of years, I'm

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Speaker 4: not as free with it as I was.

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Speaker 1: Do that makes sense it?

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Speaker 4: But yeah, I mean in the past, I used to

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Speaker 4: be shocking with buying like exercise workouts, not even gear,

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Speaker 4: like plans that I never followed, and I never used

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Speaker 4: to buy anything and truly have the like get the

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Speaker 4: full value out of anything. I used to just be

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Speaker 4: like I buy all the skincare and not worry about it,

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Speaker 4: And now so much more conscious of everything.

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Speaker 2: And what grade would you give your money habits if

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Speaker 2: we forced you to give yourself a grade?

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Speaker 4: Like maybe?

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Speaker 1: And what would it take to get to an A plus?

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Speaker 4: I think if I really still need to work on

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Speaker 4: my cash flow and just having more automation, like more

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Speaker 4: automation in terms of investments, really think about an investment

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Speaker 4: copy without paying me, that would make me an A plus.

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Speaker 4: I feel like I feel like, well, actually I feel

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Speaker 4: like I'd be an A plus if I had a

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Speaker 4: passage income that covered all my expenses. But that's a

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Speaker 4: little while off yet.

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Speaker 3: All right, we quickly need to get a quick message

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Speaker 3: in for the sponsors. However, I'm just going to put

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Speaker 3: it out there the fact that someone at twenty nine

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Speaker 3: years of age who's paid off their own house didn't

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Speaker 3: instantly give them an a plus.

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Speaker 1: Is I'm really mind.

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Speaker 2: I'm sorry, that's just the most unrelatable thing to me.

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Speaker 2: I'm not gonna lie, but I'm wildly proud of you.

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Speaker 2: So I think it's envy. I think that like it's

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Speaker 2: envy coming from me. But more questions after a word

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Speaker 2: from our sponsors.

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Speaker 3: All right, So I just heard all the details from

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Speaker 3: the twenty nine year old who's paid off her own house.

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Speaker 1: It's still on the phone. Thanks for sticking around.

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Speaker 2: Oh my gosh, you are so cool. I cannot wrap

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Speaker 2: my head around how much you've achieved in such a

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Speaker 2: short period of time.

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Speaker 4: Thank you.

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Speaker 2: So I do have to be a bit pervy, and

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Speaker 2: I'm sure that everybody listening is going to have this

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Speaker 2: question as well. Can you tell me a little bit

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Speaker 2: about how you've managed to pay off your entire home

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Speaker 2: in the last few years, given you started in personal.

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Speaker 4: Debt, Well, I must credit my partner because he has

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Speaker 4: always been excellent with money. We made choices at the

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Speaker 4: start that I was a little bit disappointed in. We

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Speaker 4: bought a cheaper house because he thought it was more sensible.

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Speaker 4: And it took me a while to get around that

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Speaker 4: idea of paying off the house because I just didn't

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Speaker 4: know anyone who hadn't. Didn't really single as possible. But

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Speaker 4: then we just broke it down year by year and

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Speaker 4: work through what it meant for us because we could

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Speaker 4: think about the sacrifice which to make what we could

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Speaker 4: think about or it meant after it had been paid off.

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Speaker 3: Well, So I got a question for both yourself and

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Speaker 3: Victoria as well. Obviously, your ability to save and you're

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Speaker 3: earning a great income is really impressive. Did you ever

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Speaker 3: consider just paying the minimum amounts and saving the money

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Speaker 3: for something else? Or because I know a lot of

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Speaker 3: people wouldn't think to pay off the house first, they'd

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Speaker 3: be paying that off slowly as they started investing in

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Speaker 3: other areas and stuff like that.

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Speaker 1: Was that a decision that you guys had to make.

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Speaker 4: Actually, we sat down and we did the mask like

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Speaker 4: a couple of months ago. If we had to put

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Speaker 4: the money that we had as a deposit into the

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Speaker 4: stock market versus us purchasing our current house. It ended

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Speaker 4: up working out very well for us, and that put

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Speaker 4: me at ease because I did have those very thoughts

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Speaker 4: when I was then like learning more about investments. So

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Speaker 4: I was thinking, we did we make the wrong decision

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Speaker 4: had we not been most financially sensible. But then at

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Speaker 4: the same time, I know us both well, and we'd

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Speaker 4: probably saved more because we knew that we wanted to

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Speaker 4: reduce our liability and we knew we didn't want to

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Speaker 4: pay in purse on something. For a long time, it

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Speaker 4: was just a pretty one track mind of just getting

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Speaker 4: it down. Especially with interest rates being so low, it

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Speaker 4: just felt, when are we ever going to be able

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Speaker 4: to own a house for so little interest?

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Speaker 1: Yeah, just smash it out.

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Speaker 3: So, yeah, V, what's your thoughts on that, because obviously

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Speaker 3: it's each to their own and there's all these different

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Speaker 3: ways to go about it. Yeah, what would you say

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Speaker 3: if someone was getting advice in that situation.

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Speaker 2: I'd say exactly that it is absolutely each to their own.

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Speaker 2: But at the same time, it sounds like you've been

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Speaker 2: pretty savvy when it comes to making sure that was

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Speaker 2: the right decision from you, and I think it's a

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Speaker 2: decision that not many high income health professionals would make,

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Speaker 2: to be honest, because often you see people trying to

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Speaker 2: buy property in line with their incomes, and it sounds

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Speaker 2: like you've bought a property that was actually just really

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Speaker 2: reasonable to be able to pay off together in a

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Speaker 2: shorter period of time, instead of putting yourselves in debt

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Speaker 2: up to your eyeballs and having like a one point

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Speaker 2: five million dollar mortgage which is obviously not able to

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Speaker 2: be paid off. So I think it sounds like you've

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Speaker 2: made the right decisions for you. But again, it's going

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Speaker 2: to be different for everybody, And I kind of like

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Speaker 2: that you guys have sat down and worked out what

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Speaker 2: the best outcome was for you, and I liked it. Ryan,

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Speaker 2: you asked that just purely because so many people listening

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Speaker 2: might be like, oh, well, she should have invested, and

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Speaker 2: it's like, well, actually, for some people, and this is

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Speaker 2: not a good thing. It's also not a bad thing.

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Speaker 2: But for some people, a house kind of becomes forced

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Speaker 2: savings for a lot of people who don't have, you know,

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Speaker 2: the ability to save, and they might not be as

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Speaker 2: good at money. The second you've got a property. It's

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Speaker 2: a lot bigg of a responsibility, and you do feel

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Speaker 2: like you need to contribute more to it. And I

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Speaker 2: think that that's, you know, a good thing for some

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Speaker 2: people in some circumstances as well.

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Speaker 1: I like that you sat down and worked it out.

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Speaker 3: I would just sit around forever wondering what if and

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Speaker 3: never think to whip out the Excel spreadsheet and find

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Speaker 3: out for myself.

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Speaker 4: Block market didn't do that well over the last five years.

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Speaker 1: Yeah, I didn't go through a pandemic in the house.

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Speaker 2: I mean, I mean were meant to be investing for

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Speaker 2: the long term, so she'd not have been investing for

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Speaker 2: only five years. But that is a story for another day.

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Speaker 2: My friends.

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Speaker 1: My next question and V. I don't know if everyone

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Speaker 1: knows this.

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Speaker 3: Victoria has a degree in psychology, so I'm also interested

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Speaker 3: to get your thoughts.

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Speaker 1: And this is two two degrees in psychology. Someone mistake.

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Speaker 3: Could you believe I got that right when you said

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Speaker 3: you'd sort of in inverted commas, decided that you weren't

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Speaker 3: good with money, and then at some stage decided that

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Speaker 3: you could be. Was there something specific that changed besides

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Speaker 3: just educating yourself and doing it, Because I think a

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Speaker 3: lot of people have this assumption that I know, people

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Speaker 3: like me don't earn money like that, and it's just

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Speaker 3: sort of built in.

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Speaker 2: What was the tipping point for you?

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Speaker 4: Well, because when I first graduated UNI, I was in

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Speaker 4: like forty thousand dollars consumer debt and I didn't even

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Speaker 4: really know what interest was. I sat down and I

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Speaker 4: looked at how much interest I was playing a mom

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Speaker 4: and realized what it actually meant for me. So I

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Speaker 4: really had to take an overhaul and look at all

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Speaker 4: the necessities of my life and figure out why why

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Speaker 4: I was spending the money like I was. It was

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Speaker 4: really really strange because it kind of resocial whole identity

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Speaker 4: because you're like, why do I feel the need to

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Speaker 4: buy so many clothes every week? Or why do I

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Speaker 4: feel the need to do these things? It was almost

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Speaker 4: like a habit, and I didn't realize that it was

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Speaker 4: a habit that I could break and then that I

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Speaker 4: could improve and then I could succeed in it. And

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Speaker 4: it was paying off that debt and really getting that

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Speaker 4: down that made me realize that I could be a

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Speaker 4: lot better with the money.

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Speaker 3: So the I see you nodding, I know when you

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Speaker 3: do or did the hour of power, and you get

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Speaker 3: people do their cash flow and budgeting. Short course, the

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Speaker 3: first thing you do is to figure out where their

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Speaker 3: money is. Is this something that everyone does, Is they

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Speaker 3: finally figure out where their money's actually going and go,

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Speaker 3: oh my god, I think so.

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Speaker 2: And I think it's something that you know, you can say,

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Speaker 2: set goals, and you can say do all of this

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Speaker 2: fancy stuff, but at the end of the day, it's

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Speaker 2: actually about your story and your journey and where you've

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Speaker 2: been and reflecting on that and kind of questioning, well,

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Speaker 2: why do I make these decisions around money? And why

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Speaker 2: do I, you know, want to spend money or makeup

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Speaker 2: and clothes and choose Is it because I love them?

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Speaker 2: Or is just out of habit? And I think that

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Speaker 2: once you're faced with the truth of why, you can

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Speaker 2: actually put yourself in a position where you are much

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Speaker 2: more confident changing a story because you can see a

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Speaker 2: pathway forward, and if you don't know where you're starting,

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Speaker 2: it's really hard to see where you want to be

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Speaker 2: as well.

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Speaker 3: Twenty nine, it feels weird just talking to you and

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Speaker 3: calling you. Take twenty nine year old who's paid off

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Speaker 3: for own house.

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Speaker 1: You mentioned that you.

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Speaker 2: Jeels really objectified. I'm sorry about that.

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Speaker 3: You said that you start to feel guilty now about

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Speaker 3: sort of treating yourself for spending money because you think, oh,

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Speaker 3: that's how I used to be and that's not how

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Speaker 3: I am now. But I know it's easy for me

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Speaker 3: to say because I don't earn that sort of money.

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Speaker 3: But I would have assumed that someone who's earning over

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Speaker 3: two hundred grand a year should maybe be allowed to

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Speaker 3: have a nice dinner out once in.

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Speaker 1: A while and be able to enjoy the money that

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Speaker 1: they're earning.

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Speaker 2: So are you just to correct you there? Everyone deserves that, right.

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Speaker 1: Well, that's what sort of getting it?

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Speaker 3: Have you tried to find a balance between I want

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Speaker 3: to be a savvy savior, but I also.

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Speaker 2: You know, want to live my best life.

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Speaker 3: I'm glad you said that and I didn't have to do. Yeah,

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Speaker 3: where are you at with trying to figure that out?

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Speaker 4: I think, post pandemic and post paying off this milestone,

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Speaker 4: we're getting better at it. And it's my partner. He

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Speaker 4: doesn't align with those values. So it's us coming together

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Speaker 4: and having a nice dinner. What's looks like for you,

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Speaker 4: like a really nice dinner and then just enjoying things

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Speaker 4: within balance and moderation for us. Yeah, I think it's

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Speaker 4: just something that we've kind of been lucky with the

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Speaker 4: pandemic for the last few months, but we haven't had.

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Speaker 2: To haven't had those conversations. Yeah, been an option. How

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Speaker 2: do you how do you deal with that having different

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Speaker 2: financial values with your partner.

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Speaker 4: That was the biggest challenge for the whole way through,

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Speaker 4: because he's always been a one track mind and very

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Speaker 4: dedicated to it, where As I could see all the

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Speaker 4: other possibilities if we didn't make this choice.

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Speaker 3: I like that you said dedicated and not stubborn.

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Speaker 1: She's just dedicated.

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Speaker 2: Yeah, she's just dedicated. She's definitely not stubborn and controlling.

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Speaker 1: But you you seem to have been have found or

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Speaker 1: are finding it a bit of a happy medium.

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Speaker 4: Yeah. Absolutely, Yeah, and that's where he has enjoyed enjoyed

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Speaker 4: a life of being quite frugal but having lots of

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Speaker 4: opportunities come his way. So for him to understand what

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Speaker 4: money means to other people has been very helpful because

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Speaker 4: also just like travel and everything like that, or wanting

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Speaker 4: to purchase things and no real good reason other than

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Speaker 4: wanting it has they're really big discussions in our household

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Speaker 4: and like about what they mean to us. And he

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Speaker 4: knows that I work hards. I think he's fine about it,

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Speaker 4: he just doesn't subscribe to it. So it's interesting living

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Speaker 4: with someone who has got that completely different mindset about money.

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Speaker 4: They've got they've got no scarcy about it, but they

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Speaker 4: don't think about it in abundance either.

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Speaker 2: Yeah, that's really interesting. So what does the future look

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Speaker 2: like for you guys?

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Speaker 4: Like I don't think we need to do anything drastic.

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Speaker 4: We can just keep tripping away the savings we would

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Speaker 4: have putting into the mortgage, we can just put that

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Speaker 4: into looking at investments. And it's weird because, like, I'm

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Speaker 4: doing my job a lot more now that I know

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Speaker 4: that I don't have to work to survive and get

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Speaker 4: a home.

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Speaker 1: Well, you can do what you want with your time

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Speaker 1: rather than what you have to.

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Speaker 5: Is that kind of Yeah?

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Speaker 4: Well, I mean, like already I've been able to just

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Speaker 4: go from working six days a week to four days

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Speaker 4: a week, So that has had a huge shift in

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Speaker 4: just my general life and being able to focus on

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Speaker 4: like health and other pleasures in life. Working and my

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Speaker 4: health suffered and my mental health suffered.

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Speaker 2: But yeah, that is honest, yeah, and so cool. I

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Speaker 2: cannot believe it. In fact, it's making me question whether

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Speaker 2: what I'm doing is the right thing. Obviously I love it.

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Speaker 2: Victoria is being not that financially free.

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Speaker 3: Well, one of your big things be is try not

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Speaker 3: to compare yourself with others. And we're both sitting here

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Speaker 3: shaking our heads, going, how has this girl pulled it off?

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Speaker 3: And look at us suckers in here?

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Speaker 2: Oh my gosh, I know, right, And I think the

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Speaker 2: and I say this all the time, comparison is definitely

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Speaker 2: the thief of joy.

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Speaker 1: You're thiefing my joy.

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Speaker 2: I'm sorry for you're leeving your joy, But I think

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Speaker 2: it's one of those things. It's so awesome to hear

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Speaker 2: other people's money stories and how they're doing things, and like,

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Speaker 2: I always compare myself. Like I say, you shouldn't be

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Speaker 2: comparing yourselves, but I put myself in a position every

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Speaker 2: single time I hear a story like this. But then

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Speaker 2: I think it's important at the end of stories like

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Speaker 2: this to go, you know what, this is totally cool

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Speaker 2: for them, and I forget the comparison part moving forward.

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Speaker 2: So if anyone's listening and they're not feeling all that

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Speaker 2: crash hot. I get you, I feel you. But at

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Speaker 2: the same time, stories like this help us understand where

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Speaker 2: we want to go.

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Speaker 3: Yep, twenty nine year old who's paid off her house.

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Speaker 3: Thank you so much for being a part of Money Diarine,

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Speaker 3: thanks for being on the show.

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Speaker 4: Thank you.

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Speaker 2: Just before we head off, we'd like to acknowledge and

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Speaker 2: pay respects to Australian's Aboriginal and to Irestraight islander people's,

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Speaker 2: the traditional custodians of the lands, the waterways and the

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Speaker 2: skies all across Australia. We want to thank you for

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Speaker 2: sharing and for caring on the land on which we

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Speaker 2: are able to learn. We pay our respects to elders

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Speaker 2: past and present, and we share our friendship and our kindness.

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Speaker 2: And let's remember the advice shared on money Diaries and

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Speaker 2: She's on the Money is general in nature that it

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Speaker 2: does not consider your individual circumstances. She's on the Money

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Speaker 2: exists purely for educational purposes and should not be relied

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Speaker 2: upon to make an investment or financial decision. And we

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Speaker 2: promise I am actually an authorized representative of Australia Pacific

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Speaker 2: Funds Management Proprietarily Limited Abian three four one three two

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Speaker 2: four six, three two five seven AFSL double three nine

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Speaker 2: one five one. And thank you so much to our

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Speaker 2: producer Ryan John and Beck our producer Angels for putting

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Speaker 2: all this together for us today.

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Speaker 1: Can I add something as well?

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Speaker 2: Of course you can. I just called you a producer, Angels.

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Speaker 3: You're better be nice Ryan dot John at She's on

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Speaker 3: the Money dot com dot au. If you've got a

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Speaker 3: great money story on Great Money Diary that you think

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Speaker 3: the rest of our community would love to hear, shoot

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Speaker 3: me a note. And we're going to be doing one

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Speaker 3: of these every week, so we'd love to hear from here.

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Speaker 2: We'll see you next week, guys,