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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello, and welcome to She's on the Money, the podcast

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Speaker 3: for millennials who want to financial freedom.

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Speaker 1: I'm one of your co hosts, Anna Barley.

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Speaker 3: As you might know, I'm a law student and a

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Speaker 3: millennial who's on a mission to be better.

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Speaker 1: At every big money and I'm probably not alone.

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Speaker 3: Luckily, each week I get to pick the brains of

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Speaker 3: my friend, slash money expert Victoria Vivinehi Victoria, good morning.

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Speaker 4: Now.

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Speaker 3: I have to say it makes me so happy to

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Speaker 3: see all these amazing money wins in our Facebook group

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Speaker 3: every single day, which by the way, is growing incredibly fast.

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Speaker 1: What are we out right now?

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Speaker 5: Like fourteen thousand? That is crazy? But the money wins

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Speaker 5: are my favorite part of She's on the Money.

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Speaker 1: So, as always, let's share a couple from the week.

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Speaker 1: Do you have one?

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Speaker 5: So I do? This one's from Mary, she said, Hi, girls,

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Speaker 5: here's a small money win from me. I usually get

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Speaker 5: my nails done every three to four weeks, and they

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Speaker 5: cost me anywhere between sixty to one hundred dollars every time. Expensive,

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Speaker 5: I know, so I decided to just cut them short

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Speaker 5: and do them myself. This will save me almost one

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Speaker 5: thousand dollars every year. Whoa, And I don't think they

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Speaker 5: look amazing, but with a little practice, I think I'll

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Speaker 5: get there. So I really love this one because I

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Speaker 5: think nails is something that we as women often justify,

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Speaker 5: and it's actually a really big cost. So the fact

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Speaker 5: that Mary stepped back and had to think about whether

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Speaker 5: it actually is aligning to her goals and decided maybe

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Speaker 5: it's not and wanted to save a thousand dollars more

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Speaker 5: a year, Like that's incredible and I think that she

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Speaker 5: should be really proud of that.

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Speaker 1: I really like that she actually did the math and

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Speaker 1: calculated the one.

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Speaker 3: Thousand dollars because it's nice to find the sum that

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Speaker 3: you're saving so you can be like, yes, yeah, have

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Speaker 3: that in.

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Speaker 1: My bank account exactly.

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Speaker 5: And maybe she could take up one step further and

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Speaker 5: make sure that that sixty to one hundred dollars she's

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Speaker 5: paying every three to four weeks actually gets transferred into

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Speaker 5: her savings instead of being, you know, just left in

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Speaker 5: your bank account to be spent on something else. Maybe

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Speaker 5: automate that so that you are actually saving the additional

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Speaker 5: one thousand dollars a year instead of hypothetically so you

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Speaker 5: feel really good about it, but it actually happens great.

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Speaker 3: I've got one from Millie who said, cleared out a

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Speaker 3: heap of textbooks that have been sitting on my bookshelf

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Speaker 3: gathering dust and traded them into my UNI's co op bookshop,

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Speaker 3: which buys back your old textbooks, and got just over

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Speaker 3: two hundred dollars for them, which went straight to the

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Speaker 3: savings account.

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Speaker 1: This is something that I need to do, so I

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Speaker 1: feel like this is great motivation for myself.

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Speaker 5: I can't begin to tell you how many textbooks I

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Speaker 5: have at home, and I didn't even know you could

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Speaker 5: do this, so I feel like that's something I'm actually

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Speaker 5: going to try and do maybe next weekend. I also

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Speaker 5: googled this and it turns out their own websites so

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Speaker 5: you can sell your textbooks on as well. I actually

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Speaker 5: didn't know.

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Speaker 1: And UNI textbooks are really expensive, so you'd get a

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Speaker 1: fair chunk back.

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Speaker 5: Yes, I remember doing business a little while ago and

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Speaker 5: some of my textbooks were more than two hundred dollars each.

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Speaker 5: That was insane, and.

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Speaker 1: Especially I don't really use my textbook very much, so

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Speaker 1: I hope no, none of my tutors or lectures are listening.

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Speaker 5: Neither I often a PDF and control f like that's

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Speaker 5: kind of how I.

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Speaker 1: Work, exactly, Victoria.

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Speaker 3: Today on the show, we're talking all things first home

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Speaker 3: buying and mortgages for one, how in the world do

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Speaker 3: I get one? Who can I trust? And how much

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Speaker 3: money do I actually need? But before we get there,

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Speaker 3: as always, it's.

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Speaker 1: Time to share a money win or a money confession

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Speaker 1: from the week. How'd you go this week? Victoria?

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Speaker 5: All right, so I have another confession, Annabel tell me

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Speaker 5: so the look on your faces like, oh, I feel

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Speaker 5: a little bit bad about this because this is incredibly

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Speaker 5: self indulgent. I love going to the snow, which is

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Speaker 5: something that you know, I prioritize. It's a value to me.

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Speaker 5: But this weekend I went on another snow trip just

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Speaker 5: to hof them, this time not international way, just a

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Speaker 5: weekend away. But I think, backing up from a previous

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Speaker 5: trip to the snow less than two weeks before that,

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Speaker 5: I feel like I probably shouldn't have, but I had

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Speaker 5: a really good time with friends. We've been planning it

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Speaker 5: for more than a year actually, because there's a snow

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Speaker 5: group that we have that we go to the snow

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Speaker 5: with every single year. So I'm not sad about it.

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Speaker 5: But it's a bit of a money confession from me because.

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Speaker 1: It's the winter. Yeah.

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Speaker 5: True, but over the last month I have spent a

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Speaker 5: small fortune on snow related expenses. So that's that's a

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Speaker 5: confession from me this week. And it also means I'm

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Speaker 5: packing my lunch every day for the next month. Great,

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Speaker 5: what about you.

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Speaker 1: I have a money win to counterbalance that.

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Speaker 5: Thank you.

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Speaker 4: Hi.

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Speaker 3: For the first time ever, I sent a complaint to

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Speaker 3: a company. I bought eyebrow tint.

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Speaker 5: Oh yeah, no.

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Speaker 3: I bought it in woolies or coals on one of

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Speaker 3: those and I opened it and it was not eyebrow tint.

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Speaker 3: It was some weird like orange concoction and it was

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Speaker 3: not what I was supposed to get.

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Speaker 5: You don't want orange eye brown no, I know, right.

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Speaker 3: And so I sent an email to the company and

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Speaker 3: they sent me two new packets.

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Speaker 5: Oh, check that out, and then they refunded me.

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Speaker 1: Check that out. So I thin I'm gonna be complaining

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Speaker 1: more often.

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Speaker 5: I feel like complaining where its valid is fair. But

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Speaker 5: I really dislike it when people complain just to get

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Speaker 5: things free. That that kind of ticks me off because

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Speaker 5: I've seen it a couple of times where people have

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Speaker 5: been like, oh, well, if you just complain, they'll give

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Speaker 5: you something for free. I think if you actually had

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Speaker 5: a faulty product, absolutely deserved. But if not, I'm not

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Speaker 5: one for confrontation as well.

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Speaker 1: No, like should I email them? And my sister was like, yes,

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Speaker 1: you need to email them, this is not right now.

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Speaker 5: The type of email I would have sat on for

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Speaker 5: a really long time too, because I would have felt

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Speaker 5: bad about it.

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Speaker 1: Yeah, for sure.

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Speaker 3: Okay, so Victoria, Buying a house is a big thing

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Speaker 3: for all of us. It's a huge financial hurdle, but

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Speaker 3: more than that, it's a huge mental one too. The

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Speaker 3: first place I want to start is with dollars in

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Speaker 3: our bank account. How much of a deposit should you save?

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Speaker 3: And what are the downsides to not putting away twenty percent?

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Speaker 5: So we've all heard twenty percent be thrown around, and

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Speaker 5: that's because twenty percent is ideal. But I'm going to

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Speaker 5: be a little bit of a downer here and say

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Speaker 5: what people don't realize is that in an ideal situation,

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Speaker 5: you have twenty percent plus costs if your first home buyer,

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Speaker 5: those costs are a lot less if you're purchasing under

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Speaker 5: six hundred thousand dollars, you're going to get a stamp

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Speaker 5: duty concession and that's a massive saving of approximately thirty

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Speaker 5: five thousan If you are a homeowner already, though, you're

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Speaker 5: going to have to cough up all of those costs.

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Speaker 1: So what are those extra costs?

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Speaker 5: So those costs are stamp duty, legal fees, You've got

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Speaker 5: application fees and stuff like that, and usually that ends

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Speaker 5: up being between five and ten percent of the purchase

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Speaker 5: price all up. And that is if you want to

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Speaker 5: avoid l am I so lender's mortgage insurance and or

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Speaker 5: you don't have a guarranteur.

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Speaker 3: Yeah, so you'd say about thirty percent then saved.

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Speaker 5: In a perfect world, you'd have thirty percent saved, because

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Speaker 5: then you're going to have some surplus at the end

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Speaker 5: of your mortgage and you're not going to be left

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Speaker 5: with absolutely no money in your account once you have

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Speaker 5: a home.

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Speaker 1: So you mentioned mortgage lenders insurance. What is that?

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Speaker 5: So LMI is an insurance that you need to pay

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Speaker 5: if you have less than twenty percent deposits. So it's

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Speaker 5: called lenders mortgage insurance. And you need to be really

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Speaker 5: aware that that's not an insurance to protect you. It's

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Speaker 5: actually an insurance to protect the bank. So because you're

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Speaker 5: purchasing a home for less than twenty percent deposit, it

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Speaker 5: actually means that you're a riskier lender or you're a

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Speaker 5: riskier person to lend to. So the bank wants you

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Speaker 5: to cough up some extra money so that they can

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Speaker 5: pay for insurance in case you're not able to fulfill

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Speaker 5: your commitment.

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Speaker 3: Right, So is it true that you'll be able to

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Speaker 3: buy property with a five percent deposit from next year?

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Speaker 5: You can actually already do this, So you can purchase

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Speaker 5: a home with a five percent deposit, but all you

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Speaker 5: need to do is pay el am I. It doesn't

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Speaker 5: mean you have access to all of the lenders though.

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Speaker 5: You're still going to need to come up with costs

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Speaker 5: and stuff, so it's never going to be a straight

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Speaker 5: five percent. I'm ready to go. I'm purchasing a home

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Speaker 5: because bottom line, five percent is not enough. I'd be

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Speaker 5: looking at least ten percent total to secure a mortgage.

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Speaker 5: As I mentioned, five percent home loans already exist, and

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Speaker 5: you do need to pay el am I when borrowing

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Speaker 5: more than eighty percent of a property's value. So that's

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Speaker 5: the kind of rule around el am I, and it

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Speaker 5: can be expensive. So if you purchased a home that

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Speaker 5: was four hundred thousand dollars with a five percent deposit,

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Speaker 5: so that would be twenty thousand dollars, you'd be looking

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Speaker 5: at about twelve thousand, seven hundred dollars as an LMI premium.

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Speaker 5: And that's an estimate that I've used with a calculator

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Speaker 5: that I can link into the group this week so

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Speaker 5: people can have a bit of a play around with it.

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Speaker 1: Thank you, Victoria.

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Speaker 3: So if we can purchase a home with a five

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Speaker 3: percent deposit, what is the first home buying scheme?

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Speaker 5: Then it's something that's being brought in by the government

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Speaker 5: so that people who are purchasing properties can access property

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Speaker 5: for five percent. And I've mentioned you can already do this.

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Speaker 5: It just has a number of other things that go

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Speaker 5: into it. And the scheme essentially makes low deposit home

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Speaker 5: loans cheaper. So at the moment, if you are taking

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Speaker 5: a loan and you only have five percent of a deposit,

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Speaker 5: you're actually not able to access a lot of the

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Speaker 5: low interest rate loans out there. You're going to end

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Speaker 5: up with a higher interest rate loan because you're a

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Speaker 5: riskier lender. So the scheme makes low deposit home loans cheaper,

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Speaker 5: and it's administered through a thing called the National Housing

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Speaker 5: Finance and Investment Corporation, and it partners with lenders. The

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Speaker 5: important thing to remember here, though, is it's actually only

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Speaker 5: accessible by ten thousand people each year, so it's not

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Speaker 5: a massive thing, and I know that in our Facebook

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Speaker 5: group we have a lot of conversations about this and

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Speaker 5: a lot of people who have asked about how they

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Speaker 5: can utilize it. But there are a number of things

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Speaker 5: you need to hurtle over I suppose to be able

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Speaker 5: to access it. And so the first thing is if

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Speaker 5: you earn more than one hundred and twenty five thousand

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Speaker 5: dollars a year as an individual, you can't access it,

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Speaker 5: and that's two hundred thousand dollars as a couple. The

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Speaker 5: access to the scheme is capped at ten thousand borrowers,

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Speaker 5: and there's obviously a lot more people, a lot of

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Speaker 5: people at all, No, not in the grand scheme of things,

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Speaker 5: because it's Australia wide and the value of eligible homes

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Speaker 5: under the scheme varies by region, So if you're purchasing

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Speaker 5: in Melbourne versus regional Victoria or even Queensland, the amount

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Speaker 5: that you can borrow is different, and often it might

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Speaker 5: not be reflective of the type of home you want

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Speaker 5: to purchase. So if you've been saving for a really

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Speaker 5: long time and you have twenty percent and you think

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Speaker 5: that this scheme is going to allow you to get

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Speaker 5: a better home, it might not actually put you in

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Speaker 5: that bucket, and you still need to apply for it.

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Speaker 5: So if you want to talk to a broker about it,

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Speaker 5: you absolutely can. Maybe you can access it, But at

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Speaker 5: the same time, I'd probably just be talking to a

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Speaker 5: broker upfront to begin with about what your options are,

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Speaker 5: because you don't just need this scheme to be able

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Speaker 5: to borrow money at five percent, Right.

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Speaker 3: What kinds of things should you be wary of before

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Speaker 3: meeting with a broker? Inn Are there any tips and

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Speaker 3: tricks you'd recommend for success?

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Speaker 5: I think this is such an important one, And the

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Speaker 5: first thing I'll say is referrals are golden. So if

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Speaker 5: you've had a friend or a family member that's borrowed

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Speaker 5: before and had a really great experience with a broker,

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Speaker 5: have a conversation with them because often if they've had

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Speaker 5: a great experience, they're probably going to provide that to

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Speaker 5: you as well. You need to keep in mind as well, though,

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Speaker 5: that if you get recommended someone, it doesn't mean that

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Speaker 5: they're a perfect fit for you. Go and meet someone.

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Speaker 5: I say this about financial advisors as well. It's kind

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Speaker 5: of like a GP. If you're not comfortable having a

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Speaker 5: chat with them and you're not comfortable divulging all of

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Speaker 5: your personal financial information, they can't actually help you to

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Speaker 5: their full potential. A broker should actually have your best

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Speaker 5: interests at heart, So you should walk in and walk

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Speaker 5: out feeling really excited about the process and like you

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Speaker 5: have a lot of clarity on what's going on. You

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Speaker 5: shouldn't walk out wondering, you know, oh, I'm still not

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Speaker 5: sure about the process, or I don't know what my

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Speaker 5: expectations are. A good broker, in a first meeting, we'll

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Speaker 5: be able to tell you exactly what's expected of you

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Speaker 5: and be able to give you an estimate of what

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Speaker 5: they're looking at. Be really wary of brokers who work

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Speaker 5: directly with banks, because they're not taking into consideration all

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Speaker 5: of your options. They're just taking into consideration options that

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Speaker 5: are from one place, and that's potentially not putting you

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Speaker 5: in the best possible position. And if you want some

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Speaker 5: rules around what to ask brokers for us them for

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Speaker 5: at least three options. So a good broker will put

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Speaker 5: three different options on the table from three different brokers,

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Speaker 5: and if they're not doing that, it's a bit of

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Speaker 5: a red flag. So legally they only have to show

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Speaker 5: you one option, but that's not putting you in the

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Speaker 5: best possible position and it's not giving you the option

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Speaker 5: of choice. Also on that making sure they're independent. I

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Speaker 5: mentioned before that brokers who are aligned to banks are

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Speaker 5: potentially not putting you in the best possible position. So

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Speaker 5: find someone who has a license and has access to

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Speaker 5: a number of different products. So not to plug my

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Speaker 5: own business, but the brokers within Zella have access to

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Speaker 5: more than forty five different lenders, so it's not like

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Speaker 5: they only have access to CBA or aan Z or

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Speaker 5: just the big four banks. There are so many different

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Speaker 5: options that we have access to that you know, if

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Speaker 5: you can't access a home loan straight through a bank

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Speaker 5: because maybe you have not a great credit history, or

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Speaker 5: you have something that's maybe not as complimentary as you'd

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Speaker 5: like it to be, or your savings history isn't as

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Speaker 5: clear as you know what they need for a really

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Speaker 5: clean loan. We have access to a whole heap of

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Speaker 5: other things. And if you're looking for a broker, that's

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Speaker 5: really important because it puts you first. I think it's

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Speaker 5: also really important to make sure that you're not just

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Speaker 5: being loyal to a bank because you feel like you've

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Speaker 5: been with them for a really long time. So for example,

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Speaker 5: and I really like CBA, but if you've been a

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Speaker 5: Dolomite kid, you might want to just go get your

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Speaker 5: home loan through CBA. But that's potentially not the best

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Speaker 5: option for you. So I'm still with c Yeah, like

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Speaker 5: I'm still with the bank that I set up with originally.

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Speaker 5: I do have a couple of other external accounts, but

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Speaker 5: I feel like I'm still with the bank that I

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Speaker 5: started with purely out of loyalty and maybe a little

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Speaker 5: bit of laziness if I'm honest, because I haven't changed.

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Speaker 5: But if you're getting a home loan, you need to

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Speaker 5: ensure that you've checked all of your options and you

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Speaker 5: are absolutely in the best possible position.

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Speaker 1: So how do I know if my broker is any good?

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Speaker 4: Then?

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Speaker 1: Do they just need to give me those three options

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Speaker 1: or no?

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Speaker 5: I think that you need to walk away from the

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Speaker 5: conversation feeling educated and empowered. So each of those three options,

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Speaker 5: they give you an explanation for why they gave you

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Speaker 5: those three options and the different I guess situations that

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Speaker 5: will occur because of those loans. So have they actually

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Speaker 5: made sure that that puts you in the best possible position?

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Speaker 5: Did they explain every single option to you? Did they

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Speaker 5: talk to you about the different options like an offset

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Speaker 5: or a redraw facility? Did they explain to you the

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Speaker 5: difference between a fixed loan and a variable loan and

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Speaker 5: why each might work for you for different reasons? I

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Speaker 5: think when you.

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Speaker 1: Know, you know, I know that's a feeling.

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Speaker 5: Yeah, it's a feeling. But a good broker is going

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Speaker 5: to put you in the best possible position because they

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Speaker 5: want you to refer other clients and other work to them.

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Speaker 5: So for them to do a bad job is a

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Speaker 5: really bad thing. So when you know, you know, But

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Speaker 5: also just make sure that they've got their credit license

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Speaker 5: and that they are a registered broker and not just

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Speaker 5: someone working to plug things in.

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Speaker 3: Right, And once you have your deposit, how much would

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Speaker 3: you recommend someone keeps in their bank account, because that's

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Speaker 3: the thing we probably forget. You can't just put every

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Speaker 3: dollar you have into a house, you need like an

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Speaker 3: emergency fund, a safety net. How much would you recommend

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Speaker 3: that should be.

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Speaker 5: So that's completely dependent upon who you are as a

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Speaker 5: person and what you value. So some people might want

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Speaker 5: a two thousand dollar emergency fund, whereas other people might

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Speaker 5: want another ten thousand dollars sitting in their account to

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Speaker 5: make them feel secure. So that's really personal, but it's

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Speaker 5: also a part of the broker's role. So their job

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Speaker 5: is to ensure that you have a surplus at the

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Speaker 5: end of the transaction, and that your loan is covered

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Speaker 5: and all fees are paid for, and that you don't

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Speaker 5: come up short. So a good broker will make sure

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Speaker 5: that that doesn't become an issue for you. But also

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Speaker 5: you need to be really stick with yourself. If you

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Speaker 5: are moving house and you're purchasing a brand new home,

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Speaker 5: are you going to be purchasing seeing furniture? Are there

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Speaker 5: any other expenses that you would consider to be additional

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Speaker 5: to the cost of moving and purchasing a home that

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Speaker 5: you want to do. Do you want to put in

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Speaker 5: a new sink in the kitchen? Where is that cash

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Speaker 5: going to come from? And should it happen now or

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Speaker 5: should you maybe move in wait a year and see

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Speaker 5: what happens exactly.

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Speaker 1: There are so many other costs that come with moving,

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Speaker 1: even like the moving van, so that.

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Speaker 5: Is something that I don't think a lot of people

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Speaker 5: take into consideration. There was actually a post this week

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Speaker 5: in the Facebook group about how much moving costs, and

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Speaker 5: one of the girls were saying that she had hired

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Speaker 5: a van and it cost him nearly two thousand dollars

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Speaker 5: to move house. So I think you probably should have

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Speaker 5: a look at how much that's going to cost you

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Speaker 5: and even getting some quotes from removalists so you can

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Speaker 5: factor that into your budget in as clean a way

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Speaker 5: as possible.

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Speaker 3: Exactly, So you're a financial advisor, if listeners, I am.

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Speaker 3: What's your take on buying apartments off the plan lifestyle

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Speaker 3: preferences aside? Do you think it's a as a financial

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Speaker 3: decision to look for something older that can be renovated

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Speaker 3: the block style.

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Speaker 5: I feel really bad because I want to laugh at

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Speaker 5: this because maybe I have a really harsh opinion of it.

383
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Speaker 5: But my opinion is apartments of the plan are never

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Speaker 5: a good idea.

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Speaker 1: Strap them off the plan.

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Speaker 5: Yeah, put them off your plan. They're just too risky.

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Speaker 5: You have no history, there's often a lot of complaints

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Speaker 5: about off the plan apartments not being finished up to

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Speaker 5: the standard that you would have expected in the first year.

390
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Speaker 5: There's often a lot of repairs that need to be made.

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Speaker 5: There's currently an oversupply in the big cities at the

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Speaker 5: moment of apartments, and your apartment is only ever going

393
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Speaker 5: to be worth what next door's apartment is. There's no

394
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Speaker 5: room for growth in an apartment. You can't just tack

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Speaker 5: on another bedroom or you know, renovate and create another

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Speaker 5: bathroom to add value. So it kind of is what

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Speaker 5: it is. And developers build on huge commissions, so they

398
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Speaker 5: are in this game to make money. So often the

399
00:16:54,800 --> 00:16:58,040
Speaker 5: value that you paid upfront is not reflected for a

400
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Speaker 5: really long time in the purchase price or in the

401
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Speaker 5: sale price. So it's not great. I mean, there are

402
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Speaker 5: probably a lot of women who are listening to this,

403
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Speaker 5: or people in general who are listening to this, and

404
00:17:07,359 --> 00:17:09,520
Speaker 5: they have purchased off the plan. They're really happy with

405
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Speaker 5: their they're purchase and they're really happy with the apartment

406
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Speaker 5: they've got. But I think as a general rule, that's

407
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Speaker 5: not where we should be looking. So yes, looking at

408
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Speaker 5: something older that could potentially be renovated is great, but

409
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Speaker 5: looking for properties in smaller blocks. So if your budget

410
00:17:24,040 --> 00:17:27,119
Speaker 5: allows for an apartment, maybe find an apartment block that

411
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Speaker 5: has six to ten apartments in it, not one hundred

412
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Speaker 5: and fifty. Yeah, and look at things that you know

413
00:17:32,480 --> 00:17:34,920
Speaker 5: are the room size is bigger. I think as apartments

414
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Speaker 5: are becoming more and more popular, the square meters of

415
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Speaker 5: the house or the square meters of the apartment are

416
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Speaker 5: getting much smaller, and you end up living in shoe boxes.

417
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Speaker 5: So looking at older apartments, not necessarily that you can renovate,

418
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Speaker 5: but have a lot of space and you know are

419
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Speaker 5: going to work for you is probably the right decision.

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Speaker 1: And they probably make for a better investment as well.

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Speaker 5: Right, absolutely, And I think that that's one of the

422
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Speaker 5: things you really need to take into consideration. Why are

423
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Speaker 5: you purchasing this apart Is it to live in for

424
00:18:01,280 --> 00:18:03,480
Speaker 5: the rest of your life or are you purchasing a

425
00:18:03,480 --> 00:18:06,399
Speaker 5: two bedroom apartment to potentially sell in ten or fifteen

426
00:18:06,480 --> 00:18:09,199
Speaker 5: years to upgrade the home that you want. So, you know,

427
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Speaker 5: a lot of people think, oh, I can't get into

428
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Speaker 5: the property market, I'm never going to afford the house

429
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Speaker 5: of my dreams, And often it takes a number of steps.

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Speaker 5: Often It takes purchasing your first two bedroom apartment, then

431
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Speaker 5: maybe a three bedroom apartment, then a small house, and

432
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Speaker 5: then upgrading to the house you want. It is not linear.

433
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Speaker 5: It is not something where you go straight to being

434
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Speaker 5: able to afford the one point five million dollar home

435
00:18:28,520 --> 00:18:31,399
Speaker 5: in the area you want. It's about, you know, progressing

436
00:18:31,520 --> 00:18:34,440
Speaker 5: and buying small and making money in that way as

437
00:18:34,440 --> 00:18:38,480
Speaker 5: opposed to just purchasing your house of your dreams upfront.

438
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Speaker 1: So is property the best investment, if at all? Do

439
00:18:41,080 --> 00:18:41,520
Speaker 1: you think?

440
00:18:41,640 --> 00:18:46,479
Speaker 5: I dislike that question so much because there you're not

441
00:18:46,560 --> 00:18:50,159
Speaker 5: that sorry. I think the property is technically not the

442
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Speaker 5: best investment of all. Property over the last thirty forty

443
00:18:53,880 --> 00:18:56,240
Speaker 5: years has been fantastic, and so many people have made

444
00:18:56,240 --> 00:18:58,400
Speaker 5: a lot of money because of how much property has

445
00:18:58,440 --> 00:19:02,159
Speaker 5: increased in value. We aren't looking for property in the

446
00:19:02,200 --> 00:19:04,560
Speaker 5: next ten to twenty thirty years to increase in the

447
00:19:04,600 --> 00:19:06,919
Speaker 5: same way that it has before. We've all had our

448
00:19:06,960 --> 00:19:09,560
Speaker 5: parents say, oh, why haven't you purchased property yet? I

449
00:19:09,680 --> 00:19:12,159
Speaker 5: bought my first home for twenty two thousand dollars and

450
00:19:12,200 --> 00:19:15,080
Speaker 5: sold it for thirty and you go, yeah, a property

451
00:19:15,080 --> 00:19:17,919
Speaker 5: isn't going to cost me that much in comparison, to

452
00:19:17,960 --> 00:19:21,280
Speaker 5: what they earned. Back then, houses were costing maybe three

453
00:19:21,320 --> 00:19:24,679
Speaker 5: times an annual salary, whereas now that's absolutely not the

454
00:19:24,720 --> 00:19:27,600
Speaker 5: case and it's becoming far less accessible. And if we

455
00:19:27,760 --> 00:19:30,320
Speaker 5: had the same amount of growth in the property market

456
00:19:30,320 --> 00:19:33,639
Speaker 5: that we've had over the last thirty years, apartments are

457
00:19:33,640 --> 00:19:35,720
Speaker 5: going to be worth millions of dollars and it's not

458
00:19:35,840 --> 00:19:38,160
Speaker 5: going to be it's not going to be sustainable because

459
00:19:38,200 --> 00:19:41,000
Speaker 5: our income growth is not going up at the same rate.

460
00:19:41,160 --> 00:19:44,119
Speaker 3: Yeah, So what are some of the danger zones when

461
00:19:44,160 --> 00:19:46,479
Speaker 3: it comes to applying for a mortgage? Then what are

462
00:19:46,520 --> 00:19:49,280
Speaker 3: some things that might jeopardize someone who's applying for a loan.

463
00:19:49,640 --> 00:19:51,600
Speaker 5: So if you're in a position where you've saved up

464
00:19:51,680 --> 00:19:53,639
Speaker 5: enough money for a deposit and you're having chats with

465
00:19:53,680 --> 00:19:56,200
Speaker 5: a broker, some things that can get in your way

466
00:19:56,880 --> 00:19:59,359
Speaker 5: is undisclosed debt. So we talked about this in the

467
00:19:59,400 --> 00:20:02,679
Speaker 5: after Pay episode. So you need to be incredibly upfront

468
00:20:02,720 --> 00:20:05,080
Speaker 5: with your broker and disclose any debts that you have

469
00:20:05,240 --> 00:20:08,760
Speaker 5: and any lines of credit you have access to. So

470
00:20:08,880 --> 00:20:12,000
Speaker 5: even if your credit card is sitting at zero dollars,

471
00:20:12,040 --> 00:20:14,199
Speaker 5: but you've got a ten thousand dollars limit on that

472
00:20:14,280 --> 00:20:17,760
Speaker 5: credit card, that's ten thousand dollars that you're not going

473
00:20:17,800 --> 00:20:20,520
Speaker 5: to be able to borrow on your mortgage. So a

474
00:20:20,560 --> 00:20:24,240
Speaker 5: lot of our clients end up reducing their credit card

475
00:20:24,240 --> 00:20:27,639
Speaker 5: limits or potentially closing credit cards that they don't need

476
00:20:27,720 --> 00:20:32,359
Speaker 5: to really mitigate that. So undisclosed debt is massive overspending.

477
00:20:32,400 --> 00:20:35,479
Speaker 5: And lifestyle is another one. So if you've saved up

478
00:20:35,480 --> 00:20:38,800
Speaker 5: a deposit, that's honestly not enough. You need to have

479
00:20:38,840 --> 00:20:41,000
Speaker 5: a really good savings pattern and you need to have

480
00:20:41,040 --> 00:20:44,080
Speaker 5: a really good track record essentially, So if you're living

481
00:20:44,119 --> 00:20:46,480
Speaker 5: within your means and you are able to save, and

482
00:20:46,680 --> 00:20:49,760
Speaker 5: you are obviously able to pay off a mortgage, fantastic.

483
00:20:50,040 --> 00:20:52,280
Speaker 5: But if you have saved all of your money and

484
00:20:52,320 --> 00:20:54,119
Speaker 5: you have a house deposit, but you're still living in

485
00:20:54,160 --> 00:20:56,840
Speaker 5: your best life and you're getting Uber eats every night

486
00:20:56,880 --> 00:21:00,479
Speaker 5: and your lifestyle is matched to your income, is going

487
00:21:00,480 --> 00:21:02,200
Speaker 5: to look at you and say, hey, you're not actually

488
00:21:02,240 --> 00:21:04,800
Speaker 5: going to be able to afford a mortgage because you're

489
00:21:04,840 --> 00:21:07,080
Speaker 5: spending all of your free cash flow even though you've

490
00:21:07,080 --> 00:21:10,439
Speaker 5: got the deposit. So that's not enough. And also changes

491
00:21:10,480 --> 00:21:13,280
Speaker 5: in employment, so that's a massive one that I don't

492
00:21:13,280 --> 00:21:15,800
Speaker 5: think a lot of people know about. So if you're

493
00:21:15,840 --> 00:21:18,439
Speaker 5: within probation, A lot of lenders aren't going to be

494
00:21:18,440 --> 00:21:22,000
Speaker 5: willing to lend to you because you're in a really

495
00:21:22,080 --> 00:21:24,959
Speaker 5: risky period of your employment and you could have your

496
00:21:24,960 --> 00:21:29,960
Speaker 5: employment terminated without any real cause or any real notice.

497
00:21:30,280 --> 00:21:33,720
Speaker 5: So that's still a lot of lenders really risky. Some

498
00:21:33,840 --> 00:21:36,080
Speaker 5: still consider it, especially if you've got a really good

499
00:21:36,320 --> 00:21:38,800
Speaker 5: history of employment, so like you're in your last role

500
00:21:38,840 --> 00:21:40,760
Speaker 5: for a very few years and you can prove that

501
00:21:41,160 --> 00:21:43,639
Speaker 5: this role was the right move for you. But changes

502
00:21:43,720 --> 00:21:46,800
Speaker 5: during the loan process can often make things messy, and

503
00:21:46,840 --> 00:21:49,720
Speaker 5: I would definitely recommend having a chat to your brokeroof

504
00:21:49,760 --> 00:21:51,520
Speaker 5: that's something you're considering doing.

505
00:21:51,840 --> 00:21:53,919
Speaker 3: Okay, So do you think there's too much pressure on

506
00:21:54,000 --> 00:21:56,000
Speaker 3: young people to buy these days? Do I need to

507
00:21:56,000 --> 00:21:58,600
Speaker 3: buy in order to set myself up for financial freedom,

508
00:21:58,640 --> 00:22:00,760
Speaker 3: because I definitely want to buy a hair but I'm

509
00:22:00,800 --> 00:22:02,440
Speaker 3: not sure if I made that decision on my own

510
00:22:02,640 --> 00:22:04,919
Speaker 3: or whether that's something that I've just thought that I

511
00:22:04,920 --> 00:22:06,000
Speaker 3: should be doing since I.

512
00:22:05,960 --> 00:22:06,560
Speaker 1: Was a young kid.

513
00:22:06,800 --> 00:22:09,000
Speaker 5: That's such a good question, and I think there's a

514
00:22:09,040 --> 00:22:12,360
Speaker 5: mass amount of pressure on us to purchase homes. If

515
00:22:12,400 --> 00:22:15,919
Speaker 5: you look at what our parents did and our grandparents did. Historically,

516
00:22:16,520 --> 00:22:20,480
Speaker 5: living the Great Autralian Dream included purchasing a home, paying

517
00:22:20,520 --> 00:22:24,040
Speaker 5: it off, and then saving for retirement. Unfortunately, that's not

518
00:22:24,080 --> 00:22:26,200
Speaker 5: going to be the case for many people. So there

519
00:22:26,240 --> 00:22:28,720
Speaker 5: are people listening to this that property isn't going to

520
00:22:28,720 --> 00:22:30,840
Speaker 5: be the best investment for them at all because their

521
00:22:30,840 --> 00:22:33,080
Speaker 5: income isn't going to support what they need to purchase

522
00:22:33,160 --> 00:22:35,320
Speaker 5: or what they would like to purchase. There are so

523
00:22:35,520 --> 00:22:39,800
Speaker 5: many asset classes that can help you invest, and property

524
00:22:39,880 --> 00:22:42,439
Speaker 5: isn't the only one. So I think the pressure on

525
00:22:42,560 --> 00:22:45,679
Speaker 5: us to purchase homes is a little bit unnecessary, but

526
00:22:45,720 --> 00:22:47,320
Speaker 5: I think we do need the pressure on us to

527
00:22:47,359 --> 00:22:49,960
Speaker 5: be investing for our futures. So it depends on what

528
00:22:50,080 --> 00:22:52,720
Speaker 5: vehicle we choose to do that. If that's property, fantastic.

529
00:22:53,080 --> 00:22:55,800
Speaker 5: Investment is all about choosing the asset that you're most

530
00:22:55,880 --> 00:22:59,600
Speaker 5: comfortable with. If that shares fantastic, if it's property, great,

531
00:23:00,040 --> 00:23:01,720
Speaker 5: All we need to do is make sure that it's

532
00:23:01,760 --> 00:23:03,639
Speaker 5: actually aligned to you achieving your goals.

533
00:23:03,840 --> 00:23:06,959
Speaker 3: Do you think that people like go more towards buying

534
00:23:07,000 --> 00:23:09,480
Speaker 3: a property because it's like a tangible asset that you can.

535
00:23:09,600 --> 00:23:11,119
Speaker 1: See if you want to do.

536
00:23:11,240 --> 00:23:14,200
Speaker 5: Yeah, So the share market, you can't touch, you can't

537
00:23:14,200 --> 00:23:16,640
Speaker 5: taste like. It's not something that you can look at

538
00:23:16,680 --> 00:23:18,720
Speaker 5: and go, oh, that's my house. I feel really proud

539
00:23:18,720 --> 00:23:21,159
Speaker 5: of that. It's often really internalized because you're not going

540
00:23:21,240 --> 00:23:23,800
Speaker 5: to post on the street a picture of your share

541
00:23:23,840 --> 00:23:25,920
Speaker 5: portfolio and you're like, oh, check this asset out.

542
00:23:26,359 --> 00:23:26,520
Speaker 4: Yeah.

543
00:23:26,560 --> 00:23:28,119
Speaker 5: I mean, I can make a post for you if

544
00:23:28,160 --> 00:23:31,160
Speaker 5: you would lie. But I think that people feel really

545
00:23:31,200 --> 00:23:35,080
Speaker 5: safe with property because it's an asset that even if

546
00:23:35,320 --> 00:23:37,960
Speaker 5: the market completely crashed in your house was worth nothing,

547
00:23:38,000 --> 00:23:40,040
Speaker 5: you still have a house. Yeah, And I think that's

548
00:23:40,040 --> 00:23:42,440
Speaker 5: something that a lot of people value, and a lot

549
00:23:42,440 --> 00:23:45,280
Speaker 5: of people say, well, I really want a house anyway.

550
00:23:45,320 --> 00:23:48,679
Speaker 5: I don't care if it means that the property market

551
00:23:48,720 --> 00:23:50,280
Speaker 5: is going down, because I'm going to hold onto it

552
00:23:50,320 --> 00:23:52,560
Speaker 5: for a really long time. I think that there's a

553
00:23:52,600 --> 00:23:56,200
Speaker 5: really big misconception that shares can completely lose their value.

554
00:23:56,320 --> 00:23:58,960
Speaker 5: Absolutely they can, but something in our economy has to

555
00:23:58,960 --> 00:24:01,679
Speaker 5: go absolutely dressed, clear wrong. And if our shares are

556
00:24:01,720 --> 00:24:04,440
Speaker 5: losing value to the extent that people are worried about,

557
00:24:04,720 --> 00:24:08,480
Speaker 5: our property market is also going to suffer significantly.

558
00:24:14,040 --> 00:24:14,200
Speaker 4: Hi.

559
00:24:14,280 --> 00:24:16,639
Speaker 3: There, you've called the Shees on the money hotline. Do

560
00:24:16,680 --> 00:24:18,919
Speaker 3: you have a money problem? You want help solving. Do

561
00:24:18,960 --> 00:24:20,240
Speaker 3: you have a money dilemma you just.

562
00:24:20,160 --> 00:24:22,600
Speaker 1: Want to chat about. Victoria is here to help.

563
00:24:22,920 --> 00:24:25,240
Speaker 3: Each week we'll be playing your hotline questions to help

564
00:24:25,280 --> 00:24:27,000
Speaker 3: make sense of the money mess you may have found

565
00:24:27,000 --> 00:24:29,480
Speaker 3: yourself in. Give us a call on four three five,

566
00:24:29,680 --> 00:24:32,200
Speaker 3: two nine three double eighty six and you might find

567
00:24:32,240 --> 00:24:39,400
Speaker 3: yourself on the show.

568
00:24:42,080 --> 00:24:46,240
Speaker 4: Hello friends, is miss here from your sister podcast Shameless

569
00:24:46,480 --> 00:24:49,239
Speaker 4: As you both know, I am self employed. I've never

570
00:24:49,320 --> 00:24:52,760
Speaker 4: been self employed for about oh a year now, and

571
00:24:52,800 --> 00:24:55,080
Speaker 4: I really want to buy an apartment with my partner

572
00:24:55,160 --> 00:24:58,720
Speaker 4: in the next twelve months. Mitch is in sable employment

573
00:24:58,880 --> 00:25:01,080
Speaker 4: that I've only been so employed for a short amount

574
00:25:01,080 --> 00:25:03,159
Speaker 4: of time, and I've heard so many rumors that you

575
00:25:03,240 --> 00:25:05,280
Speaker 4: have to be self employed for two years before you

576
00:25:05,320 --> 00:25:08,320
Speaker 4: can look at getting alone. Is that true? Because if

577
00:25:08,320 --> 00:25:11,159
Speaker 4: it isn't kind of screwed? Or is there anything I

578
00:25:11,200 --> 00:25:13,760
Speaker 4: can do to maximize my chances of getting a loan

579
00:25:13,920 --> 00:25:18,480
Speaker 4: while I am self employed? Thanks guys, Shell Andrews.

580
00:25:18,800 --> 00:25:21,880
Speaker 3: Welcome to the Shoes and the Money Podcast audio space.

581
00:25:22,520 --> 00:25:23,560
Speaker 1: What do you think she should do?

582
00:25:24,160 --> 00:25:26,200
Speaker 5: I think that that's a really good question, and it's

583
00:25:26,240 --> 00:25:30,080
Speaker 5: something we get asked a lot so yes, you technically

584
00:25:30,160 --> 00:25:33,800
Speaker 5: need to have at least two years of saving pattern

585
00:25:34,000 --> 00:25:37,120
Speaker 5: or of proof of employment for a bank to want

586
00:25:37,119 --> 00:25:39,879
Speaker 5: to lend to someone who's self employed. So we always

587
00:25:39,880 --> 00:25:41,680
Speaker 5: talk about how much harder it is when you're self

588
00:25:41,680 --> 00:25:44,840
Speaker 5: employed to get a loan, and that's often because income

589
00:25:44,920 --> 00:25:47,160
Speaker 5: during that period of time or when you're self employed

590
00:25:47,240 --> 00:25:49,399
Speaker 5: is really variable. So like one month he could earn

591
00:25:49,440 --> 00:25:51,160
Speaker 5: a thousand dollars, the next month he could be ten

592
00:25:51,200 --> 00:25:53,960
Speaker 5: thousand dollars, and we don't know actually what that looks like,

593
00:25:54,200 --> 00:25:56,199
Speaker 5: but we also don't know what the future looks like,

594
00:25:56,280 --> 00:25:58,400
Speaker 5: and that's what the bank's worried about. So if you're

595
00:25:58,520 --> 00:26:00,639
Speaker 5: employed and you have you know, so it pay as

596
00:26:00,680 --> 00:26:03,359
Speaker 5: you go salary, and someone is depositing a set amount

597
00:26:03,359 --> 00:26:05,879
Speaker 5: of money each month into your account, that's scene as

598
00:26:05,960 --> 00:26:08,640
Speaker 5: a lot more stable than it being all on someone

599
00:26:08,680 --> 00:26:11,680
Speaker 5: who's self employed to derive their income. So if Mish

600
00:26:11,760 --> 00:26:13,719
Speaker 5: wants to purchase a home, I think the most important

601
00:26:13,720 --> 00:26:15,840
Speaker 5: thing to do is actually talk to a broker and

602
00:26:16,000 --> 00:26:19,160
Speaker 5: work out how to show that her income is consistent

603
00:26:19,640 --> 00:26:24,520
Speaker 5: and it's got a good trajectory. So obviously we love shameless,

604
00:26:24,520 --> 00:26:28,000
Speaker 5: so if we can all support them, obviously Mitchell Byhouse sooner,

605
00:26:28,440 --> 00:26:31,439
Speaker 5: but I think it's also really important to be in

606
00:26:31,440 --> 00:26:35,080
Speaker 5: a position where you can prove that your income is reliable.

607
00:26:35,240 --> 00:26:37,960
Speaker 5: You can prove that your income is stable and it's

608
00:26:38,000 --> 00:26:40,680
Speaker 5: going to continue on. So that could be anything from

609
00:26:40,720 --> 00:26:44,160
Speaker 5: providing copies of your last tax returns to even including

610
00:26:44,200 --> 00:26:48,040
Speaker 5: business schedules or proposals, or your workflow or copies of

611
00:26:48,119 --> 00:26:51,360
Speaker 5: documentation that prove that not only are you working now,

612
00:26:51,480 --> 00:26:53,959
Speaker 5: but work is going to continue into the future. And

613
00:26:54,000 --> 00:26:56,800
Speaker 5: when people are able to do that, banks are often

614
00:26:57,000 --> 00:26:59,720
Speaker 5: far more likely to lend to you. The problem people

615
00:26:59,760 --> 00:27:02,360
Speaker 5: have when they're self employed is that they often don't

616
00:27:02,440 --> 00:27:04,520
Speaker 5: keep good records, and they're not good at bookkeeping, and

617
00:27:04,560 --> 00:27:07,440
Speaker 5: they're not good at proving their income because it's kind

618
00:27:07,480 --> 00:27:11,240
Speaker 5: of sporadic. And they also often match their income and

619
00:27:11,280 --> 00:27:14,080
Speaker 5: their lifestyle together. So if one month they earn ten

620
00:27:14,119 --> 00:27:17,320
Speaker 5: thousand dollars, they're often really likely to get into a

621
00:27:17,400 --> 00:27:20,480
Speaker 5: treat yourself kind of mentality in comparison to the month

622
00:27:20,520 --> 00:27:23,119
Speaker 5: where they had one thousand dollars coming in. So I

623
00:27:23,160 --> 00:27:25,520
Speaker 5: think it's important to not only show that your income

624
00:27:25,600 --> 00:27:29,000
Speaker 5: is consistent, but your lifestyle remains consistent. When you earn

625
00:27:29,040 --> 00:27:31,959
Speaker 5: more money and you can show a really good savings pattern.

626
00:27:32,240 --> 00:27:36,040
Speaker 3: Right, So it's possible for self employed people to secure alone,

627
00:27:36,040 --> 00:27:37,320
Speaker 3: but it's just maybe a little bit hard.

628
00:27:37,480 --> 00:27:39,200
Speaker 5: Yeah, there are just a fair few more hurdles that

629
00:27:39,240 --> 00:27:41,360
Speaker 5: you need to jump over. But if you're good at

630
00:27:41,400 --> 00:27:44,480
Speaker 5: keeping records and your business is going well, I don't

631
00:27:44,480 --> 00:27:46,480
Speaker 5: think it should be an issue at all. And if

632
00:27:46,480 --> 00:27:48,320
Speaker 5: you're a bit confused about that, have a chat with

633
00:27:48,359 --> 00:27:50,840
Speaker 5: a broker. They'll be able to outline everything that you

634
00:27:50,960 --> 00:27:53,560
Speaker 5: need and you can even say, hey, here's an additional thing.

635
00:27:53,640 --> 00:27:55,760
Speaker 5: Does this help? Does it not? Like your broker is

636
00:27:55,800 --> 00:27:57,960
Speaker 5: your best friend in this situation? There you go me,

637
00:27:58,040 --> 00:28:06,400
Speaker 5: She hope that helped. Now let's jump into our money

638
00:28:06,440 --> 00:28:07,119
Speaker 5: diary segment.

639
00:28:07,560 --> 00:28:08,040
Speaker 1: Let's go.

640
00:28:14,400 --> 00:28:16,919
Speaker 3: Today's money diary is from twenty eight and Learning, a

641
00:28:16,960 --> 00:28:19,959
Speaker 3: woman whose relationship with money has changed drastically since her

642
00:28:20,000 --> 00:28:20,800
Speaker 3: early twenties.

643
00:28:20,960 --> 00:28:25,920
Speaker 6: I've had, like, I've had a really tumultuous past with finances.

644
00:28:26,000 --> 00:28:31,040
Speaker 6: So growing up, my dad was very like he just

645
00:28:31,080 --> 00:28:33,439
Speaker 6: had this real mindset that we're never going to have money,

646
00:28:33,600 --> 00:28:37,240
Speaker 6: So don't even try, don't you know, don't imagine any

647
00:28:37,280 --> 00:28:39,160
Speaker 6: life better than this. It is just we just don't

648
00:28:39,200 --> 00:28:40,920
Speaker 6: have money, and that's just how it is. And then

649
00:28:40,960 --> 00:28:44,120
Speaker 6: my mum was the complete oppice. They went together and

650
00:28:44,160 --> 00:28:47,200
Speaker 6: she was like, let's not you know, let's not worry

651
00:28:47,240 --> 00:28:48,920
Speaker 6: about what's in the bank, let's just spend it all

652
00:28:48,960 --> 00:28:51,040
Speaker 6: and let's just get credit cards if we don't.

653
00:28:50,840 --> 00:28:52,959
Speaker 7: Have any, and just spends spenspens men.

654
00:28:53,080 --> 00:28:55,920
Speaker 6: So I had, you know, this half life where I

655
00:28:55,960 --> 00:28:58,240
Speaker 6: was in this like real poverty mindset, then another life

656
00:28:58,280 --> 00:29:01,440
Speaker 6: where it was like there was just no respect for money.

657
00:29:01,720 --> 00:29:05,680
Speaker 6: So when I got a job and so finish, UNI

658
00:29:05,800 --> 00:29:08,480
Speaker 6: got a job, got out on my own, moved out

659
00:29:08,480 --> 00:29:11,360
Speaker 6: of home, I just had no understanding. I had no

660
00:29:11,480 --> 00:29:15,520
Speaker 6: financial literacy and got myself into a lot of debt.

661
00:29:16,000 --> 00:29:20,080
Speaker 6: So about four years ago, I was like twenty seven

662
00:29:20,120 --> 00:29:22,960
Speaker 6: thousand dollars into the credit card debt and personal loans,

663
00:29:23,400 --> 00:29:26,080
Speaker 6: couldn't pay my rent like it was borrowing money from

664
00:29:26,120 --> 00:29:29,160
Speaker 6: my little brothers to pay my rent every week, and

665
00:29:29,200 --> 00:29:32,240
Speaker 6: would make just enough money to get by. Like I

666
00:29:32,280 --> 00:29:35,120
Speaker 6: remember one day I worked out a hospital and I

667
00:29:35,200 --> 00:29:38,120
Speaker 6: accidentally rocked up to the wrong shift and payday was

668
00:29:38,160 --> 00:29:40,440
Speaker 6: the next day, and so rocked up to the wrong

669
00:29:40,440 --> 00:29:42,440
Speaker 6: shift and they said no, no, not on until this afternoon,

670
00:29:42,480 --> 00:29:44,520
Speaker 6: You'll have to go home and come back. And I

671
00:29:44,600 --> 00:29:47,280
Speaker 6: burst into tears and I was like, I literally only

672
00:29:47,280 --> 00:29:50,160
Speaker 6: have enough petrol to get home one more time.

673
00:29:50,280 --> 00:29:52,720
Speaker 7: So I sat in the Oh my god, I'm getting emotional.

674
00:29:53,080 --> 00:29:55,440
Speaker 6: I sat in the work card back for nearly eight

675
00:29:55,520 --> 00:29:57,400
Speaker 6: hours until the next shift because I wouldn't have been

676
00:29:57,400 --> 00:29:59,720
Speaker 6: able to afford to drive back because I didn't have

677
00:29:59,840 --> 00:30:03,120
Speaker 6: that that sort of money. So that was like, that

678
00:30:03,240 --> 00:30:05,600
Speaker 6: was horrible, and that was like so low, and I

679
00:30:05,720 --> 00:30:08,000
Speaker 6: wasn't I just couldn't do anything with my life.

680
00:30:08,080 --> 00:30:09,560
Speaker 7: I was really trapped financially.

681
00:30:09,640 --> 00:30:14,160
Speaker 6: So I eventually I wanted to change what I just

682
00:30:14,200 --> 00:30:18,000
Speaker 6: didn't know how. And I started dating somebody and he

683
00:30:18,080 --> 00:30:20,040
Speaker 6: was a little bit older than me, about three years older,

684
00:30:20,080 --> 00:30:22,240
Speaker 6: and just had always lived at home and was really

685
00:30:22,640 --> 00:30:26,760
Speaker 6: financially literate, and I was very private and secretive about

686
00:30:26,800 --> 00:30:29,600
Speaker 6: my finances with him. And then one day I kind

687
00:30:29,600 --> 00:30:31,520
Speaker 6: of opened up and said he wanted to go on

688
00:30:31,560 --> 00:30:33,560
Speaker 6: a holiday, and I was like, just so you know,

689
00:30:34,320 --> 00:30:36,479
Speaker 6: I can't do that. I don't have any money. I

690
00:30:36,520 --> 00:30:39,400
Speaker 6: have this much debt, and he was like, we need

691
00:30:39,440 --> 00:30:41,480
Speaker 6: to figure this out, and so kind of taught me

692
00:30:41,560 --> 00:30:42,440
Speaker 6: quite a few things.

693
00:30:43,440 --> 00:30:45,680
Speaker 7: I ended up moving back in with family.

694
00:30:45,320 --> 00:30:48,240
Speaker 6: And over eighteen months paid off all my debts and

695
00:30:48,280 --> 00:30:51,280
Speaker 6: then eighteen months later we had saved up enough money to.

696
00:30:51,320 --> 00:30:54,040
Speaker 7: Buy a house, so totally turned it around.

697
00:30:54,200 --> 00:30:56,120
Speaker 3: Okay, so we know twenty eight in learning has a

698
00:30:56,120 --> 00:30:59,640
Speaker 3: complicated money story, but let's talk specifics. How much does

699
00:30:59,680 --> 00:31:01,880
Speaker 3: she earn and how much has she got saved.

700
00:31:02,240 --> 00:31:05,080
Speaker 6: So I work as a midwife and I also teach

701
00:31:05,200 --> 00:31:08,080
Speaker 6: midwi free at university. So I've been doing that, been

702
00:31:08,120 --> 00:31:10,800
Speaker 6: a midwife for seven years and teaching for four years.

703
00:31:11,320 --> 00:31:14,880
Speaker 6: This past year, I've worked on a casual basis across

704
00:31:14,960 --> 00:31:18,880
Speaker 6: four different facilities, so I've made about seventy six K,

705
00:31:19,480 --> 00:31:23,320
Speaker 6: but that's not including any paid sick leave or annual leave,

706
00:31:23,440 --> 00:31:25,000
Speaker 6: so it's a little bit less than I would have

707
00:31:25,040 --> 00:31:29,040
Speaker 6: made if I was on a contract. In my bank

708
00:31:29,080 --> 00:31:33,600
Speaker 6: account at the moment, I have about two and a

709
00:31:33,640 --> 00:31:38,040
Speaker 6: half thousand in savings. I have this little like a

710
00:31:38,080 --> 00:31:41,400
Speaker 6: five hundred dollar buffer account where if I need extra

711
00:31:41,440 --> 00:31:43,000
Speaker 6: money that I don't have, I can pull it out

712
00:31:43,000 --> 00:31:44,760
Speaker 6: of that and I'll just hop it back up next

713
00:31:44,800 --> 00:31:48,440
Speaker 6: pay and then my partner and I have like a

714
00:31:48,560 --> 00:31:51,640
Speaker 6: joint savings account. That's pretty empty at the moment, but

715
00:31:51,640 --> 00:31:53,120
Speaker 6: we're about to start adding to it.

716
00:31:53,160 --> 00:31:55,520
Speaker 3: Now we know how twenty eight in learning gets paid,

717
00:31:55,760 --> 00:31:58,280
Speaker 3: but what exactly happens to that money after it's deposited

718
00:31:58,320 --> 00:31:59,200
Speaker 3: into her account.

719
00:31:59,400 --> 00:32:02,200
Speaker 6: That is something that has changed recently as well. So

720
00:32:02,240 --> 00:32:05,040
Speaker 6: I used to not I honestly used to not look

721
00:32:05,200 --> 00:32:08,360
Speaker 6: like money would come in and I would just ask

722
00:32:08,440 --> 00:32:09,960
Speaker 6: my partner, like how much do we over this?

723
00:32:10,000 --> 00:32:11,040
Speaker 7: I'ld just transfer it to you.

724
00:32:11,360 --> 00:32:13,400
Speaker 6: I was like afraid to check my bank balance, and

725
00:32:13,400 --> 00:32:16,200
Speaker 6: I would just like spend until my car got declined.

726
00:32:16,720 --> 00:32:21,080
Speaker 7: So I've really worked on that. Now I have a really.

727
00:32:20,960 --> 00:32:23,440
Speaker 6: It's like a half baked plan, Like half of it.

728
00:32:23,520 --> 00:32:25,040
Speaker 6: I know what I'm doing and the rest is a

729
00:32:25,120 --> 00:32:27,880
Speaker 6: little bit touch and go. So what I try to do.

730
00:32:28,560 --> 00:32:33,200
Speaker 6: Money comes in about maybe two K minimum a fortnight.

731
00:32:33,840 --> 00:32:37,520
Speaker 6: I put eight seventy into like a joint expenses account,

732
00:32:37,560 --> 00:32:40,800
Speaker 6: so that's mortgage, groceries, bills for the house.

733
00:32:40,960 --> 00:32:43,160
Speaker 7: I put three fifty into a joint savings.

734
00:32:43,960 --> 00:32:47,400
Speaker 6: I pay off my I've got a tax debt which

735
00:32:47,440 --> 00:32:49,240
Speaker 6: I can talk about, so I pay that off one

736
00:32:49,280 --> 00:32:52,000
Speaker 6: hundred backs of pay of hundred backs a fortnight, I

737
00:32:52,080 --> 00:32:55,920
Speaker 6: put one into my own personal savings which is a

738
00:32:55,960 --> 00:32:58,800
Speaker 6: long term savings and then I put whatever else I

739
00:32:59,000 --> 00:33:03,520
Speaker 6: can spare to my more short term savings account. To me,

740
00:33:03,680 --> 00:33:07,040
Speaker 6: it feels so comforting, and it's really important to me

741
00:33:07,120 --> 00:33:09,680
Speaker 6: that I've got just extra money sitting there, even if

742
00:33:09,720 --> 00:33:12,040
Speaker 6: it's not earning interest or anything, just that I know

743
00:33:12,560 --> 00:33:14,760
Speaker 6: I'm not broke. I'm never going to be stuck in

744
00:33:14,760 --> 00:33:16,280
Speaker 6: a cup or I'm able to drive home.

745
00:33:16,320 --> 00:33:18,760
Speaker 1: Ever, again, how does she go with investing?

746
00:33:18,840 --> 00:33:22,600
Speaker 6: Though I do want to invest, I'm very interested in investing,

747
00:33:22,640 --> 00:33:24,760
Speaker 6: and I've actually been reading a lot about it this

748
00:33:24,880 --> 00:33:28,920
Speaker 6: last year. What I'm trying to figure out is where

749
00:33:29,400 --> 00:33:32,280
Speaker 6: should I be investing my money. Should I save up

750
00:33:32,400 --> 00:33:36,200
Speaker 6: and aim to get another property for investment purposes or

751
00:33:36,240 --> 00:33:38,560
Speaker 6: is it better to put it into stocks and shares.

752
00:33:38,640 --> 00:33:41,880
Speaker 6: So I'm absolutely interested in it, and I'm saving for

753
00:33:41,960 --> 00:33:44,000
Speaker 6: the purpose of investing.

754
00:33:43,520 --> 00:33:45,920
Speaker 7: But I just don't know where exactly that's going yet.

755
00:33:46,000 --> 00:33:47,280
Speaker 1: And what about her debts?

756
00:33:47,640 --> 00:33:50,320
Speaker 6: So I have X I have seventeen and a half

757
00:33:50,440 --> 00:33:52,960
Speaker 6: K left there, so I have been paying that off

758
00:33:53,360 --> 00:33:57,520
Speaker 6: on my mortgage. I've got three hundred and twenty K outstanding.

759
00:33:58,560 --> 00:34:01,600
Speaker 6: I only have six hundred dollars left on a tax debt,

760
00:34:01,680 --> 00:34:05,240
Speaker 6: So I salary packaged for about four years at work

761
00:34:05,280 --> 00:34:08,360
Speaker 6: because I got more money in my account on a

762
00:34:08,400 --> 00:34:12,000
Speaker 6: fortnightly basis, which I was loving, but wasn't acknowledging that

763
00:34:12,040 --> 00:34:14,600
Speaker 6: I wasn't paying enough tax to pay hex.

764
00:34:14,640 --> 00:34:16,520
Speaker 7: So every year for the last four years I've had

765
00:34:16,560 --> 00:34:17,200
Speaker 7: a tax debt.

766
00:34:17,800 --> 00:34:21,160
Speaker 6: But this week I've got actually tax coming back to me,

767
00:34:21,239 --> 00:34:23,640
Speaker 6: so that'll be awesome. So yeah, that's nearly completely done.

768
00:34:23,640 --> 00:34:26,320
Speaker 6: That'll be paid off with the tax refund this week.

769
00:34:26,760 --> 00:34:30,600
Speaker 6: I've got a Lombard's Finance card, so it's like this

770
00:34:30,760 --> 00:34:33,799
Speaker 6: five year interest free card, and that's how we bought

771
00:34:33,800 --> 00:34:37,160
Speaker 6: a bit of furniture for our house and also put

772
00:34:37,200 --> 00:34:40,040
Speaker 6: a bit of money from it. I got married in February,

773
00:34:40,080 --> 00:34:41,759
Speaker 6: so bit of money from the wedding went into that.

774
00:34:42,400 --> 00:34:44,759
Speaker 6: So three k on that which will be paid off

775
00:34:44,800 --> 00:34:49,440
Speaker 6: this week with the tax. And that's actually it for debts.

776
00:34:49,680 --> 00:34:51,640
Speaker 6: I own my card. I don't have any credit cards.

777
00:34:51,680 --> 00:34:53,040
Speaker 6: They don't have any personal loans.

778
00:34:53,200 --> 00:34:55,680
Speaker 3: That's not what it was always like though. Just six

779
00:34:55,760 --> 00:34:59,360
Speaker 3: years ago, Today's Money Diarist was in a very die situation.

780
00:35:00,080 --> 00:35:04,800
Speaker 6: Thousand dollars of debt to the bank. I had about

781
00:35:04,800 --> 00:35:07,880
Speaker 6: four grand to my brother, about one thousand to my mom.

782
00:35:08,120 --> 00:35:11,200
Speaker 6: So it was well over thirty k twenty two years old.

783
00:35:12,239 --> 00:35:15,600
Speaker 6: So I bought a car that was fifteen thousand dollars

784
00:35:16,000 --> 00:35:19,040
Speaker 6: just because I could. I didn't really need to spend fifteen.

785
00:35:19,040 --> 00:35:21,759
Speaker 6: I could have spent five. I was frivolous, like I

786
00:35:21,920 --> 00:35:25,399
Speaker 6: just I remember getting a credit card because I had

787
00:35:25,440 --> 00:35:27,440
Speaker 6: my red Jo coming up, and I thought to myself,

788
00:35:27,440 --> 00:35:28,960
Speaker 6: I can't be well saving for that.

789
00:35:29,040 --> 00:35:31,320
Speaker 7: I'll just put it on credit. And then I just kind.

790
00:35:31,160 --> 00:35:34,200
Speaker 6: Of got this like buzz from spending money that wasn't

791
00:35:34,320 --> 00:35:38,200
Speaker 6: really mine, and I just shopped, like my wardrobe was ridiculous.

792
00:35:38,320 --> 00:35:41,960
Speaker 6: I went to like mister Zimmy every weekend. Every time

793
00:35:42,000 --> 00:35:44,160
Speaker 6: they released a new piece. I was buying a new piece,

794
00:35:44,200 --> 00:35:47,040
Speaker 6: and it was just ridiculous. I was like, I was

795
00:35:47,480 --> 00:35:50,279
Speaker 6: leaving this lifestyle that I absolutely couldn't afford. And then

796
00:35:50,320 --> 00:35:52,160
Speaker 6: I would get a credit card to pay off my

797
00:35:52,239 --> 00:35:54,840
Speaker 6: credit card, and then if I wanted to go on

798
00:35:54,880 --> 00:35:58,640
Speaker 6: a holiday, I would, you know, email the bank and say, look,

799
00:35:58,640 --> 00:36:01,239
Speaker 6: can I get a consolid a loan to pay off

800
00:36:01,280 --> 00:36:03,360
Speaker 6: my credit cards? And then I wouldn't pay off my

801
00:36:03,400 --> 00:36:05,719
Speaker 6: credit cards and I would go on a holiday, and

802
00:36:05,760 --> 00:36:08,160
Speaker 6: it was just a horrendous cycle. And eventually I was

803
00:36:08,200 --> 00:36:10,880
Speaker 6: borrowing money to pay rent and then borrowing money to

804
00:36:10,920 --> 00:36:13,080
Speaker 6: pay back the landlord, and.

805
00:36:13,040 --> 00:36:16,000
Speaker 7: It was just it was horrible. It was really really depressing.

806
00:36:16,400 --> 00:36:20,440
Speaker 6: I'm so passionate now about educating, particularly women from an

807
00:36:20,440 --> 00:36:23,480
Speaker 6: early age about their finances and about like these little

808
00:36:23,560 --> 00:36:25,680
Speaker 6: choices that you make. A one thousand dollar credit card

809
00:36:25,719 --> 00:36:28,720
Speaker 6: doesn't sound like much, but it can ruin your twenties

810
00:36:28,960 --> 00:36:30,960
Speaker 6: and that might put you back for.

811
00:36:30,920 --> 00:36:33,560
Speaker 7: A really long time. For me, it also really ruined

812
00:36:33,560 --> 00:36:34,840
Speaker 7: my self esteem.

813
00:36:34,440 --> 00:36:39,000
Speaker 6: Like I was so embarrassed about who I was in

814
00:36:39,040 --> 00:36:41,440
Speaker 6: it from a financial perspective, and it was such a secret,

815
00:36:41,520 --> 00:36:44,520
Speaker 6: lonely thing, and it just made me not feel confident

816
00:36:44,560 --> 00:36:46,520
Speaker 6: in myself. So now I just feel on the other

817
00:36:46,560 --> 00:36:48,479
Speaker 6: side of that, I've got so much more self esteem.

818
00:36:48,520 --> 00:36:50,160
Speaker 6: I'm so proud of who I am and where I've

819
00:36:50,200 --> 00:36:52,520
Speaker 6: come from and where I'm at right now, and I

820
00:36:52,520 --> 00:36:53,439
Speaker 6: won't go back there.

821
00:36:53,680 --> 00:36:56,320
Speaker 3: So does twenty eight and learning have any good money habits,

822
00:36:56,400 --> 00:36:57,400
Speaker 3: she's especially proud of.

823
00:36:57,719 --> 00:37:02,120
Speaker 6: So I've started this there where I save ten dollars

824
00:37:02,200 --> 00:37:04,319
Speaker 6: a day, every single day. So I've set it up

825
00:37:04,320 --> 00:37:07,799
Speaker 6: with my bank account that it gets automatically deposited, so

826
00:37:08,080 --> 00:37:09,560
Speaker 6: whatever I'm saving.

827
00:37:09,400 --> 00:37:11,120
Speaker 7: On top of that is separate.

828
00:37:11,160 --> 00:37:13,600
Speaker 6: But this ten dollars a day is kind of like

829
00:37:13,880 --> 00:37:17,080
Speaker 6: my It's not so much like it's a big amount

830
00:37:17,120 --> 00:37:19,920
Speaker 6: of money, but it's like the mindset behind it. So

831
00:37:20,800 --> 00:37:23,920
Speaker 6: it's like investing in me every single.

832
00:37:23,760 --> 00:37:25,239
Speaker 7: Day in some way, shape or form.

833
00:37:25,239 --> 00:37:28,520
Speaker 6: I'm investing in growing my wealth as a person and

834
00:37:28,560 --> 00:37:32,640
Speaker 6: also my money literacy every day. So that's something that's

835
00:37:32,680 --> 00:37:35,359
Speaker 6: like an absolute, non negotiable ten dollars a day until

836
00:37:35,360 --> 00:37:37,920
Speaker 6: the day I die is going away for savings.

837
00:37:38,040 --> 00:37:39,520
Speaker 1: What about her worst money habit?

838
00:37:39,680 --> 00:37:43,480
Speaker 6: It's probably that, which I'm getting so much better at,

839
00:37:43,520 --> 00:37:46,400
Speaker 6: But it was it was just ignoring everything, so refusing

840
00:37:46,400 --> 00:37:50,360
Speaker 6: to check bank accounts, and if someone would say, you know,

841
00:37:50,480 --> 00:37:53,480
Speaker 6: let's go out for dinner this weekend, I wouldn't actually

842
00:37:53,560 --> 00:37:55,279
Speaker 6: check if I had the money, I would just do it,

843
00:37:55,320 --> 00:37:57,120
Speaker 6: and if I didn't have the money there, I would

844
00:37:57,160 --> 00:37:59,800
Speaker 6: transfer it across from an account that I really shouldn't

845
00:37:59,800 --> 00:38:03,799
Speaker 6: being it from. So I think just being closing my

846
00:38:03,880 --> 00:38:08,400
Speaker 6: mind to things or actively being oblivious to my financial circumstances.

847
00:38:08,440 --> 00:38:09,839
Speaker 7: But I'm getting a lot better at that.

848
00:38:10,040 --> 00:38:12,839
Speaker 3: What's twenty eight in learning actually saving for what's her

849
00:38:12,880 --> 00:38:14,040
Speaker 3: big money goal.

850
00:38:14,120 --> 00:38:14,800
Speaker 7: At the moment.

851
00:38:15,000 --> 00:38:18,279
Speaker 6: So I'm pert like my personal savings account. That is,

852
00:38:18,320 --> 00:38:21,600
Speaker 6: so I can do some travel next year and that

853
00:38:21,800 --> 00:38:24,560
Speaker 6: is probably only need like five grand for that one,

854
00:38:24,680 --> 00:38:28,520
Speaker 6: and then longer term just saving. Like I said, I

855
00:38:28,520 --> 00:38:30,360
Speaker 6: don't know if it's going to be for another property

856
00:38:30,440 --> 00:38:32,319
Speaker 6: or for an investment, but I just want to have

857
00:38:33,120 --> 00:38:37,200
Speaker 6: like a portfolio somehow. That makes me feel like I've

858
00:38:37,200 --> 00:38:39,880
Speaker 6: got wealth, you know, I have some sort of an

859
00:38:39,920 --> 00:38:43,279
Speaker 6: abundance that gives me the freedom the ability to feel like,

860
00:38:43,440 --> 00:38:45,800
Speaker 6: you know, I'm not trapped in any way. I'm able

861
00:38:45,840 --> 00:38:48,799
Speaker 6: to be generous. I'm able to travel and do the

862
00:38:48,800 --> 00:38:51,000
Speaker 6: things that I want to do. So I don't have

863
00:38:51,080 --> 00:38:54,200
Speaker 6: like a particular number or exactly know what that looks

864
00:38:54,239 --> 00:38:55,960
Speaker 6: like yet, but I just know I want to put

865
00:38:56,000 --> 00:38:57,759
Speaker 6: money away so I can do something amazing with it.

866
00:38:57,960 --> 00:39:00,520
Speaker 3: So how would today's money die restorate her own relationship

867
00:39:00,520 --> 00:39:02,720
Speaker 3: with money if we force her to give herself a grade.

868
00:39:03,120 --> 00:39:05,919
Speaker 7: Honestly, I probably would still give myself like a sea.

869
00:39:06,760 --> 00:39:09,480
Speaker 6: I feel like I have so much to learn and

870
00:39:09,560 --> 00:39:12,920
Speaker 6: I don't have heaps in my account right now. So yeah,

871
00:39:12,960 --> 00:39:16,080
Speaker 6: like I said, Tony eighten learning. I have only come

872
00:39:16,160 --> 00:39:19,640
Speaker 6: I think what, in my opinion, is halfway. I've got

873
00:39:19,719 --> 00:39:20,920
Speaker 6: that next little bit to go.

874
00:39:21,000 --> 00:39:25,240
Speaker 1: Still, I am so proud of her. What do you reckon? Victoria?

875
00:39:25,440 --> 00:39:28,160
Speaker 5: Me too. I'm so impressed to hear that she has

876
00:39:28,239 --> 00:39:31,680
Speaker 5: not only changed her money habits, but she's changed her mindset.

877
00:39:31,960 --> 00:39:33,840
Speaker 5: So I think it's one thing to really just start

878
00:39:33,880 --> 00:39:36,920
Speaker 5: saving and knuckle down. But you can tell she's now

879
00:39:37,040 --> 00:39:39,960
Speaker 5: prioritizing things. She's set some short term goals, she's set

880
00:39:40,040 --> 00:39:43,239
Speaker 5: some long term goals. She's gone from this really toxic

881
00:39:43,320 --> 00:39:47,439
Speaker 5: mentality of saying that she was actively being oblivious, which

882
00:39:47,480 --> 00:39:50,239
Speaker 5: I know for sure so many people listening to this

883
00:39:50,360 --> 00:39:52,799
Speaker 5: can relate to because I think it's something that we

884
00:39:52,880 --> 00:39:55,000
Speaker 5: are really good at. You know, if it's something that

885
00:39:55,040 --> 00:39:57,480
Speaker 5: we don't feel empowered by, it's really easy to just

886
00:39:57,480 --> 00:39:59,279
Speaker 5: sweep it under the table and say I'm not even

887
00:39:59,280 --> 00:40:01,160
Speaker 5: getting considered. I'm not going to think about it. I'm

888
00:40:01,160 --> 00:40:02,719
Speaker 5: not going to check my bank balance, I'm not going

889
00:40:02,760 --> 00:40:05,080
Speaker 5: to check my credit card statements. And I think it's

890
00:40:05,120 --> 00:40:07,960
Speaker 5: really easy to put yourself in that bucket, but you

891
00:40:08,000 --> 00:40:10,920
Speaker 5: know what's really hard pulling yourself out of that and saying,

892
00:40:11,000 --> 00:40:13,000
Speaker 5: this isn't what I want my future to look like,

893
00:40:13,080 --> 00:40:15,120
Speaker 5: this isn't who I want to be in ten, fifteen,

894
00:40:15,160 --> 00:40:18,799
Speaker 5: twenty years. And she, honestly, I'm just so proud of her.

895
00:40:18,840 --> 00:40:21,799
Speaker 3: She's so aware of what went wrong, which I think

896
00:40:21,880 --> 00:40:22,880
Speaker 3: is really rare.

897
00:40:23,239 --> 00:40:26,040
Speaker 1: People just kind of choose not to think about it.

898
00:40:26,200 --> 00:40:28,960
Speaker 5: Yeah, and I think people don't really want to understand

899
00:40:29,040 --> 00:40:32,839
Speaker 5: their own money stories because that's so confronting. So when

900
00:40:32,920 --> 00:40:35,720
Speaker 5: someone sits you down and says, hey, like, let's understand

901
00:40:35,719 --> 00:40:37,239
Speaker 5: where you're coming from and where you want to go

902
00:40:37,320 --> 00:40:41,600
Speaker 5: and maybe why these things are as such, it's really challenging,

903
00:40:41,680 --> 00:40:43,080
Speaker 5: Like it puts you in a position that makes you

904
00:40:43,120 --> 00:40:45,919
Speaker 5: feel really uncomfortable. And I think it's fantastic that she's

905
00:40:45,960 --> 00:40:48,359
Speaker 5: pushed through that and she's now, you know, she said

906
00:40:48,400 --> 00:40:50,319
Speaker 5: she's still got so much to learn. She said that

907
00:40:50,360 --> 00:40:52,360
Speaker 5: she doesn't have heaps of money in her account, but

908
00:40:52,440 --> 00:40:54,759
Speaker 5: I don't think that that's what matters. I think her

909
00:40:54,800 --> 00:40:57,720
Speaker 5: grade of C is maybe a little bit harsh because

910
00:40:57,760 --> 00:41:00,440
Speaker 5: she's absolutely on the right track. She's not in a

911
00:41:00,480 --> 00:41:03,640
Speaker 5: position that she's in mass amounts of consumer debt. Like

912
00:41:04,560 --> 00:41:07,200
Speaker 5: listening to her story and seeing how in debt. She

913
00:41:07,480 --> 00:41:10,960
Speaker 5: was and now where she is is nothing short of inspirational.

914
00:41:11,040 --> 00:41:12,520
Speaker 1: That's all we have time for today.

915
00:41:12,560 --> 00:41:15,400
Speaker 3: On that wonderful note, just before we head off, as always,

916
00:41:15,480 --> 00:41:18,480
Speaker 3: let's quickly wrap the boring, bart important stuff. The advice

917
00:41:18,520 --> 00:41:20,480
Speaker 3: shared on She's on the Money is general in nature

918
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Speaker 3: and doesn't consider your individual circumstances. She's on the Money

919
00:41:23,880 --> 00:41:26,480
Speaker 3: exists purely for educational purposes only and should not be

920
00:41:26,520 --> 00:41:29,280
Speaker 3: relied upon to make an investment or a financial decision.

921
00:41:29,719 --> 00:41:32,480
Speaker 3: And of course we promise Victoria Devine is an authorized

922
00:41:32,520 --> 00:41:37,120
Speaker 3: representative of Consultant Financial Addison's Proprietary Limited ABN six' five

923
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Speaker 3: double six three seven three double nine to FIVE afsl

924
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925
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Speaker 5: Three so join Our facebook group where get This Anne

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930
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Speaker 5: she's on The money A. US i said no all

931
00:42:00,920 --> 00:42:02,000
Speaker 5: the way throughout, that BUT i meant.

932
00:42:02,080 --> 00:42:05,759
Speaker 3: Yes this podcast is a production Of Shameless media on

933
00:42:05,840 --> 00:42:08,040
Speaker 3: behalf Of she's and The. Money see you, guys next

934
00:42:08,040 --> 00:42:10,880
Speaker 3: week bye