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

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

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

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

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

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

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

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

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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

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Speaker 4: Hello, and welcome to She's on the Money the podcast

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Speaker 4: a millennials who want financial freedom. Welcome back to another

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Speaker 4: one of our money diaries where we get to talk

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Speaker 4: with one of our incredible Shees on the Money community

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Speaker 4: members all about their journey. Let's jump straight in because

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Speaker 4: this week I got a message and it sounded exactly

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Speaker 4: like this.

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Speaker 2: Hi, Victoria. I recently found my year.

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Speaker 4: Ten report card that flaunted c's, d's, and e's. I

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Speaker 4: dropped out in year twelve and proceeded to dive headfirst

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Speaker 4: into an eighty thousand dollar debt trap by my early twenties.

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Speaker 4: In twenty seventeen, I found myself skipping meals due to

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Speaker 4: the debt. I was in fast forward and I have

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Speaker 4: been a jack of all trades, working in everything from

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Speaker 4: childcare to funeral services. I currently work in the youth

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Speaker 4: justice system and now I salary sacrifice to my super

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Speaker 4: have almost twenty thousand dollars in my chesa's portfolio and

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Speaker 4: two investment properties, all before I turned thirty. I'm so

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Speaker 4: thrilled to share my unique journey with you and the

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Speaker 4: community Money Diarist.

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Speaker 2: What the heck? I know you did all of that

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Speaker 2: within the period of ten years I did.

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Speaker 4: Oh my lord, I am actually shook, like obviously reading

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Speaker 4: through that and like, this is wild. She's gone from

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Speaker 4: childcare to funeral services. And I fully expected you to go. Look,

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Speaker 4: I'm almost done paying off my debt, but what you

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Speaker 4: told me was so much more, and we're going to

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Speaker 4: need to dive in. I have so many questions, but

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Speaker 4: I do try to be a little bit structured. So

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Speaker 4: let's start at the top. Are you ready?

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Speaker 2: I'm ready, all right, So let's.

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Speaker 4: Start with the first question I ask every money diarist

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Speaker 4: and that is, my friend, what grade would you give

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Speaker 4: your money habits from an A through to an F.

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Speaker 5: I'm going straight in for the A plus.

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Speaker 4: You're going A plus. That's a bit different to your

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Speaker 4: year ten report card.

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Speaker 5: Yeah, I'm changing that story.

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Speaker 4: Oh my gosh, you're not changing it. You have changed it.

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Speaker 4: I love it. But now the most exciting question of

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Speaker 4: the episode, my friend, can you tell me a little

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Speaker 4: bit more about your money story?

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Speaker 5: So it's obviously been all over the place. As I

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Speaker 5: mentioned in twenty seventeen, I was at a point where

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Speaker 5: I was having to skip meals and like the meals

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Speaker 5: that I was eating would be like a bowl of

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Speaker 5: sweet potatoes because I bought a box of ten kilos

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Speaker 5: because it was on special for eight dollars or like

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Speaker 5: something ridiculous. Like I was definitely malmourished. Like I'm so

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Speaker 5: grateful for that experience, because sitting with that experience and

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Speaker 5: being in it made me realize, like, is this the

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Speaker 5: life that I want? Like this is not what I want?

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Speaker 5: And so I decided, like I'd moved into state at

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Speaker 5: the time, so I was like, right, I'm not happy here.

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Speaker 5: I have no connection here because I have no money

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Speaker 5: to go out and do things and meet people. So

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Speaker 5: I moved back to my hometown, and the first two

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Speaker 5: weeks that I moved back, I was technically homeless, like

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Speaker 5: I didn't not have a roof over my head, but

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Speaker 5: I didn't have a roof to call my own. I

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Speaker 5: was living basically day by day being like, all right,

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Speaker 5: whose couch can I sleep on tonight? And I just

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Speaker 5: made the choice. I was like, something has got to give.

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Speaker 5: I'm not doing this anymore, so I changed it.

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Speaker 4: Oh my gosh, tell me a bit more about how

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Speaker 4: you changed it, because I feel like so many people

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Speaker 4: are in that position where they're like, oh my gosh,

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Speaker 4: it's literally day by day like I don't know what

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Speaker 4: to do, and obviously making a decision that large is

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Speaker 4: really daunting. But like, what happened next? You decided to

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Speaker 4: move back to your hometown. You then what got a

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Speaker 4: lease or what was the next step?

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Speaker 5: Yep. As soon as I moved back, I was looking

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Speaker 5: for places because I wasn't in a point in my

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Speaker 5: life where I had family that I could lean on

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Speaker 5: or you know, much of a support network. I remember

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Speaker 5: there was one day I went to visit one of

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Speaker 5: my friends and I was at her house, and she

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Speaker 5: didn't know that I didn't have somewhere to stay that night,

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Speaker 5: and I kind of just lingered there until like ten pm,

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Speaker 5: until someone else had messaged me and said that I

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Speaker 5: could stay there. And I was like so close to

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Speaker 5: just sleeping in my car because I didn't have somewhere.

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Speaker 5: And then yeah, it was about two weeks of CouchSurfing

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Speaker 5: and I got a little, tiny, crappy place, but it

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Speaker 5: was aline, and I just started there and the rent

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Speaker 5: was as cheap as I could find for something that

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Speaker 5: was safe. I started by reading The Barefoot Investor, like yeah,

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Speaker 5: everyone else ever, and then yeah, I just loved it

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Speaker 5: and was like, wow, this is so empowering. I can

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Speaker 5: actually change it. So then I started looking out podcasts

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Speaker 5: and more books and any article I could find and

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Speaker 5: just learn as much as I could.

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Speaker 2: I love it.

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Speaker 4: And tell me a bit more about this career journey

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Speaker 4: of yours. So you've been everywhere from childcare to funeral services.

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Speaker 4: When you moved back to your hometown, what were you

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Speaker 4: doing for work? How are you earning an income? How

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Speaker 4: were we paying for these sweet potatoes?

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Speaker 5: So I actually worked at the funeral home before I

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Speaker 5: moved into State and they were very sad that I left.

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Speaker 5: And then when I moved into State. Part of the

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Speaker 5: reason for deciding to move back was that I got

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Speaker 5: fired from my job. While I was up to my

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Speaker 5: eyeballs in debt and miserable and just everything sucked. Then

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Speaker 5: I got fired, so I was like, Okay, I need

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Speaker 5: to move back. And I messaged my bosses at the

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Speaker 5: funeral home and was like, Hey, any chance you need

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Speaker 5: me back, and they're like, oh my god, please come back.

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Speaker 5: So I was so lucky that they took me back

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Speaker 5: and I had a job. But now I've ventured even

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Speaker 5: further from that. My careers plural because they've been so nonlinear.

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Speaker 5: I actually just got a call before this money diary

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Speaker 5: and I have an interview on Friday for a job

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Speaker 5: in finance.

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Speaker 2: Oh my gosh, congratulations. What type of role in finance?

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Speaker 5: It's just an admin role, just to get my foot

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Speaker 5: in the door.

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Speaker 2: That's okay, we all have to start there.

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Speaker 5: Yeah, And I'm so excited. And it's in a financial

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Speaker 5: planning sort of firm and they focus on sustainability and

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Speaker 5: people building their futures and it just absolutely lights me up.

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Speaker 5: And I really really hope I get it.

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Speaker 2: Oh, I have no doubt that you will.

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Speaker 4: With this personality, people are going to want you in

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Speaker 4: their practice. I don't know what you want to do

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Speaker 4: in the future, but the amount of financial advisors I

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Speaker 4: know that started in admin and then they move into

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Speaker 4: para planning, and then from para planning they move into

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Speaker 4: giving some advice as an associate, and then they become

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Speaker 4: a full blown financial advisor. I feel like it is

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Speaker 4: such a common pathway, and I mean I'm biased.

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Speaker 2: I just think it's a great one.

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Speaker 5: Yeah, I agree, And I mean, obviously, I've worked so

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Speaker 5: many different jobs and like probably many more that haven't

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Speaker 5: even been listed in this so far, finance actually just

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Speaker 5: lights me up, Like, and I've helped a few of

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Speaker 5: my friends get out of their own pickles from my

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Speaker 5: own experience, and I just want to keep helping more

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Speaker 5: people to do that.

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Speaker 4: I love that so much because obviously I resonate with

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Speaker 4: that very deeply. I was in a pickle and then

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Speaker 4: I help people get out of pickles now, and I

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Speaker 4: feel like sometimes having been there, it means that you're

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Speaker 4: far more empathetic to the journey of others because you're like, oh, no,

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Speaker 4: I really get this. It is really challenging because I

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Speaker 4: think for some people who've never been there, they just go, well,

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Speaker 4: you just pay off the debt, right, And it's not

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Speaker 4: that simple.

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Speaker 2: So tell me a little bit more about how you.

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Speaker 4: Went from being an eighty thousand dollars worth of debt

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Speaker 4: to owning to investment. Ah.

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Speaker 5: I know, I just like worked my butt off. Like

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Speaker 5: I worked and worked and worked, and I went to

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Speaker 5: work in the morning, and then I finished work, and

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Speaker 5: I went straight from work to work, and then I

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Speaker 5: went home for a nap, and then I went back

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Speaker 5: to work and it just was never ending.

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Speaker 2: So you had multiple roles at one time.

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Speaker 5: Yeah, Because I was in debt, I always had to

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Speaker 5: have multiple jobs because my expenses were so high I

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Speaker 5: couldn't afford not to. And then I've just always had

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Speaker 5: multiple jobs since then, and I still do have multiple jobs.

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Speaker 5: And I kind of just started learning to live on

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Speaker 5: one pay and use the other pay towards my debt.

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Speaker 5: And then once the debts were paid off, I was like, oh, okay,

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Speaker 5: well I'm going to save for a car. And then

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Speaker 5: so I started saving for a car. But once I

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Speaker 5: saw tens of thousands of dollars in my bank account,

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Speaker 5: I was like, what the heck, this is my money,

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Speaker 5: not money that the bank loaned me. I don't want

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Speaker 5: to waste that on a car.

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Speaker 4: I love that mindset, all right. I want to get

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Speaker 4: back into structured questions for a bit. Tell me now,

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Speaker 4: exactly what do you do for work? The multiple jobs

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Speaker 4: and how much money do you earn for each of

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Speaker 4: these jobs?

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Speaker 5: Okay, so that is like the million dollar question that

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Speaker 5: my accountant always asks me and I don't know. So

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Speaker 5: I work in youth justice and I work in youth

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Speaker 5: support work, which are quite similar, but one's in a

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Speaker 5: prison setting and one is in a home setting. Last year,

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Speaker 5: I earned somewhere between eighty and ninety thousand for the year.

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Speaker 2: Yeah, and what kind of hours are you doing for that?

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Speaker 5: I'm working casually in both of those roles, and I

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Speaker 5: just do the hours that I can. I try my

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Speaker 5: best to work, you know, five days a week. But

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Speaker 5: I'm also studying finance, so I don't have heaps of

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Speaker 5: time to work as much as I would like to,

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Speaker 5: but I make it work.

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Speaker 4: But eighty to ninety grand while you are studying is

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Speaker 4: an epic income, which makes sense.

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Speaker 2: So tell me a bit more.

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Speaker 4: Right now, you are in the position where you've gotten

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Speaker 4: out of date your own in esmate properties.

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Speaker 2: What is currently your big money goal? What are you

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Speaker 2: working towards?

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Speaker 5: So I can't decide. I've been thinking about this question

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Speaker 5: all week because I'm like, what is my goal?

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Speaker 2: Sorry, no pressure, I don't think I have just one.

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Speaker 5: I think definitely my first priority is getting my emergency

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Speaker 5: fund back up to three months worth of salary, because

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Speaker 5: it's currently not at that point. But I also just

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Speaker 5: want to live freely after working so hard for so

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Speaker 5: long to get out of get and then pivoting that

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Speaker 5: to work so hard to buy properties and living so frugally,

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Speaker 5: Like I want to travel, I want to do all

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Speaker 5: of the things that I've been you know, limiting myself

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Speaker 5: from because I've been focusing so hard on my goals.

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Speaker 5: So yeah, I think just saving and just living and

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Speaker 5: then pivoting for more properties in the future.

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Speaker 2: I love that.

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Speaker 4: I feel like that's really relatable as well, because a

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Speaker 4: lot of people will say to me, oh, V, what

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Speaker 4: is your big money goal at the moment, And we're

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Speaker 4: in the really fortunate position where we own our own home,

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Speaker 4: and you know, I look at it and go, oh,

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Speaker 4: I guess, just do more of what we've currently been doing,

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Speaker 4: and like, to me, that feels a bit boring, but

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Speaker 4: it's actually not. I'm like, Okay, maybe it needs to

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Speaker 4: be a bit more about experience and about you know,

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Speaker 4: really soaking in what we have achieved, because I think

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Speaker 4: so many times people achieve things and then all they

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Speaker 4: want to do is achieve more and they're not really

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Speaker 4: appreciating where they've gotten to or you know, really settling

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Speaker 4: into it. So I think it's really nice to hear

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Speaker 4: somebody else who's like, look, I don't really know, but

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Speaker 4: what I do know is that I want to do

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Speaker 4: more of what I've done. Maybe we'll do more property

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Speaker 4: stuff at some point, but I do want to travel

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Speaker 4: and I do want to do these things and actually

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Speaker 4: enjoy it.

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Speaker 2: So that's really refreshing.

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Speaker 5: Yeah, it is like that, because like, if it ain't broke,

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Speaker 5: don't fix it. You know, like I'm loving what's happening now.

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Speaker 4: You totally you don't need to be taking over the

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Speaker 4: world at all times.

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Speaker 5: Yes, just part time taking over the world.

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Speaker 2: Yeah, part time taking over the world. I like it.

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Speaker 2: Let's go to a quick break.

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Speaker 4: And on the flip side, I have a whole heap

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Speaker 4: of questions for you about investments. I need to know

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Speaker 4: a bit more about this debt that you had. And

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Speaker 4: we're going to go through invest and worse money habits,

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Speaker 4: so guys, don't go anywhere.

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Speaker 2: Money darist.

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Speaker 4: We are back and I want to dive straight in.

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Speaker 4: I know you have investments, that's the next question, but

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Speaker 4: I want to know about them. So you said that

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Speaker 4: you have two investment properties. How do they work? How

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Speaker 4: did you get them? What other investments do you have?

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Speaker 5: Okay, so I have just under twenty thousand dollars in

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Speaker 5: Chase eas mm hmm. You're going to laugh at this.

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Speaker 5: I have a very small amount of crypto.

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Speaker 2: No, I'm not going to laugh at that.

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Speaker 5: No, No, you wait, you will. I started investing there

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Speaker 5: because during COVID, one of my friends is like, this

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Speaker 5: coin's going to take off, Like everybody falls into that trap.

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Speaker 5: And I'm currently having back and forth disputes with the

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Speaker 5: crypto wallet and they have said that the contract that

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Speaker 5: I invested in has expired and I can't have my money,

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Speaker 5: and I'm like, but that's mine and they're my coins,

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Speaker 5: and yeah, so I'm currently in disputed about that. So

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Speaker 5: I don't know if I can count.

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Speaker 2: That that is wild. How much is it?

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Speaker 5: Look? I put in about eight.

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Speaker 2: Thousand, yeah, and what is it worth?

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Speaker 5: It's currently worth just under two thousand.

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Speaker 2: Oh god, But you still want that money?

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Speaker 5: Yeah, exactly, but they're trying to not even give me that.

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Speaker 5: So it's a nightmare. So you have always been right.

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Speaker 5: No one should invest in crypto.

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Speaker 4: I'm not going to laugh at that. I actually feel

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Speaker 4: bad about that. And once we're off air, I want

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Speaker 4: to know the company. I need to know all the

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Speaker 4: deats because I am nothing if not pervy.

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Speaker 5: Yep. I'm happy to tell you I have just over

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Speaker 5: sixty thousand dollars in super which free me.

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Speaker 2: That's pretty cool, isn't it.

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Speaker 5: I am actually worried about it because I would like

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Speaker 5: it to be so much more than what it's projected

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Speaker 5: to be in my future, so I do salary sacrifice

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Speaker 5: to that as well. And as you mentioned, I have

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Speaker 5: two investments properties which I can't even believe. It's actually

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Speaker 5: a duplex, but they're strata titled, so their individual properties.

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Speaker 2: So you got two properties for the one purchase. Yes,

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Speaker 2: money win.

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Speaker 5: I know. It was so exciting. I couldn't believe it,

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Speaker 5: and like it's kind of typical me fashion. I was like,

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Speaker 5: I'm going to buy a house this year, and I

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Speaker 5: bought two. But I just like couldn't believe it, and

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Speaker 5: it was so stressful. But I got so lucky because

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Speaker 5: I used a buyer's agent. They were amazing. I shed

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Speaker 5: so many tears, and I was so stressed and I

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Speaker 5: didn't understand anything that was happening. And they made everything

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Speaker 5: so simple.

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Speaker 2: Oh how good.

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Speaker 5: I literally couldn't have done it without them, And they

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Speaker 5: made everything so simple when I made it so complicated

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Speaker 5: in my head.

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Speaker 4: So, how did you buy property? You saved up a deposit?

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Speaker 4: What was that deposit? How much did you spend on

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Speaker 4: those properties? And then after we'll get into the debt

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Speaker 4: you have on it.

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Speaker 5: Yes, so I paid five hundred and eighty thousand or both,

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Speaker 5: so two hundred and ninety thousand each. Yeah, they're technically

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Speaker 5: units and they have two bedrooms, one bathroom, and one

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Speaker 5: car sace each. It's just them on the block, so

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Speaker 5: it's quite a large block. I reached out to them

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Speaker 5: and said, I'm looking to buy a property. Can you

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Speaker 5: guys help me? And they were like, yeah, we can help.

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Speaker 5: And I loved their honest approach in the discovery call

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Speaker 5: that I had with them and just knew in my

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Speaker 5: gut that they were the right choice for me. And

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Speaker 5: then they called me and said, look, I know it's

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Speaker 5: a bit soon, but we've found this amazing property that's

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Speaker 5: kind of two properties, and we think it will be

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Speaker 5: an amazing opportunity. And at first I was like, no, no, no, no,

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Speaker 5: I don't want to do that. No, thank you, I'm fine.

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Speaker 5: And then as soon as it went live on the

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Speaker 5: internet for other people to see it, I was like,

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Speaker 5: I've changed my mind. I wanted, I want to.

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Speaker 2: I love that.

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Speaker 4: I feel like you do have to make sure it's

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Speaker 4: the right decision for you, though, and if that's felt

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Speaker 4: too soon, there's always going to be another opportunity. Tell

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Speaker 4: me a bit more about I guess how that works

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Speaker 4: for you when it comes to investment. Obviously, we're investing

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Speaker 4: for a return. Are you expecting those properties to increase

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Speaker 4: in value? And what kind of rental yield are you getting?

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Speaker 5: Yes, so I don't know the percentage of rental yield,

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Speaker 5: which is studying finance. I should probably work it out,

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Speaker 5: but it's currently negatively geared. Unfortunately, because interest rates are

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Speaker 5: ridiculous and being a single female. The banks deemed me

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Speaker 5: as higher risk, which is really rude. So I get

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Speaker 5: six hundred and sixty dollars a week rent and my

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Speaker 5: mortgages are eight hundred and eight dollars a week.

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Speaker 4: And that's six hundred and sixty dollars for both properties rent.

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Speaker 5: Yeah, so each mortgage is four hundred and four dollars

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Speaker 5: a week.

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Speaker 2: Yeah, okay, cool. So that's like not breaking even.

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Speaker 4: But it's also not the worst outcome in the entire

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Speaker 4: world to keep hold of your properties.

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Speaker 5: Yeah, it's definitely manageable. And the way I looked at

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Speaker 5: it because when I first found out that I was

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Speaker 5: going to be out of pocket, I was like, oh no,

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Speaker 5: this is not what I wanted, Like I want to

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Speaker 5: buyd investment properties to get rich, not to spend more money.

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Speaker 2: And the reality of the world came crashing down.

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Speaker 5: Yeah, it really did. And I just kind of had

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Speaker 5: a long hard look at myself and thought, right, I

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Speaker 5: have been saving more than it's going to cost me

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Speaker 5: to hold them, so I know that I can manage

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Speaker 5: it and future me will thank me. So I'm just

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Speaker 5: going to do it.

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Speaker 4: Yeah, I love it, And tell me about how you

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Speaker 4: originally purchased a property. So you used a buyer's agent,

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Speaker 4: but had you saved up like a ten percent deposit

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Speaker 4: or a twenty percent deposit? And did you use a broker.

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Speaker 5: I did use a broker, and I did not have

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Speaker 5: a very good experience with them.

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Speaker 2: Clearly, you didn't use my brokers.

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Speaker 5: No, I didn't, and it's because I was silly, and

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Speaker 5: I went to one that was local and recommended to

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Speaker 5: me by a friend.

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Speaker 4: Sometimes they can be the best mines ever, though, so

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Speaker 4: like it's worth a crack.

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Speaker 5: Sometimes, Yeah, they can be, but they can also suck.

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Speaker 5: So I unfortunately got the model.

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Speaker 2: That's fine, I'll fix it all up for you later,

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00:17:51,880 --> 00:17:52,359
Speaker 2: don't worry.

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Speaker 5: Yeah, So I went to a broker. I had just

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Speaker 5: under one hundred thousand dollars in my account, but unfortunately,

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00:18:01,119 --> 00:18:04,639
Speaker 5: with stamp duty and all of those sorts of things,

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Speaker 5: I ended up having to pay LMI because I didn't

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Speaker 5: quite have the twenty percent. That's okay though, which was

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Speaker 5: very disheartening, But I was like, you know what, at

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Speaker 5: least I'm in.

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Speaker 4: Sometimes, when you do the maths, paying LMI right now

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Speaker 4: means that you can get into the property market today

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Speaker 4: instead of waiting another three or four years to get

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Speaker 4: to the amount of deposit that you might need, which

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Speaker 4: essentially those properties would have increased in value during that time.

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Speaker 4: So a lot of the time, historically I used to

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Speaker 4: be a financial advisor, I'd sit with my clients and go, well, actually,

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Speaker 4: the LMI kind of cancels itself out, and you, over

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Speaker 4: the long term, end up in a better position because

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Speaker 4: you got into the market sooner. And we know that

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00:18:48,320 --> 00:18:52,320
Speaker 4: being in the market is more important than being able

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Speaker 4: to pick the best time right, So time in the

402
00:18:55,160 --> 00:18:58,920
Speaker 4: market is the priority over you know, picking the perfect

403
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Speaker 4: time to invest. So a lot of the times we

404
00:19:01,840 --> 00:19:04,200
Speaker 4: do the maths and el am I made a lot

405
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Speaker 4: of sense to either jump in earlier or to just

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Speaker 4: pay it and go.

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Speaker 2: You know what, no worries.

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Speaker 4: It's not as big of an issue as I think

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Speaker 4: a lot of people think it is. You just have

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Speaker 4: to have a good broker, which unfortunately you didn't have.

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Speaker 4: You have to have a good broker to talk you

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Speaker 4: through that so that you're really comfortable with that decision

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Speaker 4: if it's one you're wanting to make.

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Speaker 5: Yeah, and I would definitely be using Zella next time.

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Speaker 2: Thank you, We'll see you soon.

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Speaker 5: I'm still grateful for it though, because it made me

417
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Speaker 5: see what not to put up with with a broker,

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Speaker 5: Like the negative experience showed me what I don't want

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Speaker 5: so that next time I can do it better.

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Speaker 4: No, a broker should be bending over backwards for you,

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Speaker 4: and you should feel like they are basically your best

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Speaker 4: property friend and you can ask them anything and they

423
00:19:48,840 --> 00:19:51,960
Speaker 4: are super responsive and you never have to like poke

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00:19:52,080 --> 00:19:54,480
Speaker 4: or prod them for anything. In fact, we the ones

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00:19:54,520 --> 00:19:56,800
Speaker 4: that come back to you and go, hey, money, direst,

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Speaker 4: where are.

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Speaker 2: We at with this? What's going on? Oh, you're nervous?

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Speaker 4: Okay, how can I help? Like, honestly, that is what

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00:20:02,800 --> 00:20:05,760
Speaker 4: a broking situation should be. They should be the person

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Speaker 4: that you're like, oh my gosh, I couldn't have done

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00:20:07,440 --> 00:20:10,640
Speaker 4: it without you, because they not only got you finance,

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Speaker 4: they also provided you a heap of support.

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Speaker 5: I definitely didn't get that the broker that I was

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Speaker 5: specifically speaking to from the office that I was dealing

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00:20:19,000 --> 00:20:23,640
Speaker 5: with when overseas and didn't even tell me oh no, no, yeah.

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00:20:23,680 --> 00:20:26,040
Speaker 5: While I was in the midst of my purchase, I

437
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Speaker 5: was like, are you kidding me?

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Speaker 2: Apparently not.

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Speaker 4: Oh, sometimes people baffle me. All right, let's move on

440
00:20:35,320 --> 00:20:37,919
Speaker 4: back to structured questions. My friend, I want to know

441
00:20:38,480 --> 00:20:40,879
Speaker 4: what debt levels are you sitting at. We know that

442
00:20:40,920 --> 00:20:43,919
Speaker 4: you purchased your properties for five hundred and eighty thousand

443
00:20:43,960 --> 00:20:46,560
Speaker 4: dollars total. What does your mortgage sit out right now?

444
00:20:46,560 --> 00:20:48,280
Speaker 4: And do you have any other debts?

445
00:20:48,600 --> 00:20:51,040
Speaker 5: I have no other debts. I'm very proud to say

446
00:20:51,080 --> 00:20:53,800
Speaker 5: that I have no consumer debt. I always stayed very

447
00:20:53,840 --> 00:20:56,160
Speaker 5: far away from after pay because I knew that would

448
00:20:56,160 --> 00:20:58,760
Speaker 5: be a simper slope for me. Actually, when I did

449
00:20:59,040 --> 00:21:02,399
Speaker 5: get out of my debts years ago, I actually paid

450
00:21:02,600 --> 00:21:05,440
Speaker 5: out that personal loan four and a half years early.

451
00:21:05,600 --> 00:21:08,840
Speaker 4: Congrat How good is that? Can I be pervy? Why

452
00:21:08,880 --> 00:21:10,840
Speaker 4: did you have eighty thousand dollars in debt?

453
00:21:10,920 --> 00:21:11,000
Speaker 1: Like?

454
00:21:11,320 --> 00:21:12,240
Speaker 2: What was that spent?

455
00:21:12,320 --> 00:21:12,399
Speaker 1: On?

456
00:21:13,040 --> 00:21:16,040
Speaker 5: Stupid things? Mostly cars? Like I got a new car

457
00:21:16,240 --> 00:21:18,520
Speaker 5: and then I decided I didn't want that car, and

458
00:21:18,520 --> 00:21:21,359
Speaker 5: then I upgraded it and just refinanced. And then I

459
00:21:21,400 --> 00:21:23,680
Speaker 5: had credit cards, and every time I got a credit card,

460
00:21:23,760 --> 00:21:25,680
Speaker 5: I was like, I'm gonna be good with this one,

461
00:21:25,760 --> 00:21:27,399
Speaker 5: and then I was not good with that one, and

462
00:21:27,440 --> 00:21:30,639
Speaker 5: it just spiraled, and I just kept refinancing and just

463
00:21:30,680 --> 00:21:33,640
Speaker 5: making it bigger and bigger, and it was just silly,

464
00:21:33,840 --> 00:21:37,160
Speaker 5: but it taught me what I know now, so I'm

465
00:21:37,200 --> 00:21:38,359
Speaker 5: grateful for it.

466
00:21:38,359 --> 00:21:40,000
Speaker 2: It's good to know how it happened.

467
00:21:40,520 --> 00:21:42,640
Speaker 4: Are you now in a position where you're a bit

468
00:21:42,680 --> 00:21:44,480
Speaker 4: like me and you're like, yeah, I'm not really a

469
00:21:44,480 --> 00:21:46,960
Speaker 4: credit card girly, not because they're you know, the devil,

470
00:21:47,040 --> 00:21:50,000
Speaker 4: but because I am when I have one in my hands. Like,

471
00:21:50,040 --> 00:21:51,800
Speaker 4: do you have a credit card nowadays?

472
00:21:52,119 --> 00:21:53,560
Speaker 5: No way, I'm too scared.

473
00:21:53,720 --> 00:21:56,160
Speaker 2: You're like me, I can't trust me with a credit card?

474
00:21:56,600 --> 00:21:59,720
Speaker 5: Yeah, no, because I just know that I am a

475
00:21:59,720 --> 00:22:03,080
Speaker 5: spec and I will just go, Oh, it's fine, I'll

476
00:22:03,119 --> 00:22:04,439
Speaker 5: pay it off by the end of the month, and

477
00:22:04,480 --> 00:22:06,360
Speaker 5: then I'll just buy one more thing, because oh I've

478
00:22:06,359 --> 00:22:09,120
Speaker 5: already bought this thing, so I'll just buy that next thing.

479
00:22:09,280 --> 00:22:13,360
Speaker 2: So no, it's a slippery slope. I totally agree. All right,

480
00:22:13,359 --> 00:22:15,440
Speaker 2: tell me about your mortgage. How much do you owe

481
00:22:15,480 --> 00:22:17,240
Speaker 2: and how long have you got left on the loan?

482
00:22:17,640 --> 00:22:21,080
Speaker 5: So the loan is only seven months old, so a

483
00:22:21,080 --> 00:22:24,400
Speaker 5: long time to go. And sadly, because of the interest,

484
00:22:24,520 --> 00:22:27,280
Speaker 5: the balance is actually going up instead of coming down

485
00:22:27,400 --> 00:22:28,120
Speaker 5: because it's new.

486
00:22:28,280 --> 00:22:30,240
Speaker 2: Don't forget this is a season of life.

487
00:22:30,880 --> 00:22:33,600
Speaker 5: Yeah, so sad, so I've got five hundred and twenty

488
00:22:33,640 --> 00:22:34,919
Speaker 5: three thousand owing on it.

489
00:22:35,200 --> 00:22:38,000
Speaker 4: I mean that's less than what the properties are valued at.

490
00:22:38,000 --> 00:22:40,159
Speaker 4: So we're in a good position still, so it's not

491
00:22:40,200 --> 00:22:42,719
Speaker 4: the worst ever. But I think that sometimes we need

492
00:22:42,760 --> 00:22:45,040
Speaker 4: to zoom out a bit and realize that interest rates

493
00:22:45,080 --> 00:22:48,600
Speaker 4: come up and they go down over time, and sometimes

494
00:22:48,680 --> 00:22:50,280
Speaker 4: you're going to go through a season of life where

495
00:22:50,520 --> 00:22:52,879
Speaker 4: your property is negatively good and you do have to

496
00:22:52,920 --> 00:22:55,320
Speaker 4: tip in a heap of extra cash. But that's what

497
00:22:55,359 --> 00:22:57,840
Speaker 4: an investment is. It ebbs and it flows, and over

498
00:22:57,880 --> 00:23:00,000
Speaker 4: the long term, hopefully it pays.

499
00:22:59,720 --> 00:23:00,840
Speaker 2: To defy ends.

500
00:23:01,240 --> 00:23:04,600
Speaker 4: Yes, I want to know at the very start, you said, nah,

501
00:23:04,680 --> 00:23:05,480
Speaker 4: straight out the gates.

502
00:23:05,480 --> 00:23:06,240
Speaker 2: I'm an A plus.

503
00:23:06,520 --> 00:23:08,600
Speaker 4: Can you please give us all your A plus best

504
00:23:08,600 --> 00:23:10,800
Speaker 4: money habits like we need them, my friend?

505
00:23:11,240 --> 00:23:14,040
Speaker 5: So yes, we did just touch on that. I am

506
00:23:14,080 --> 00:23:17,600
Speaker 5: a spender, So I think my best money habits would

507
00:23:17,600 --> 00:23:21,000
Speaker 5: be that I have all my payments automated so that

508
00:23:21,080 --> 00:23:22,800
Speaker 5: I don't have to go into my bank, I don't

509
00:23:22,840 --> 00:23:26,120
Speaker 5: have to touch it, because that's when I bring awareness

510
00:23:26,160 --> 00:23:27,600
Speaker 5: to how much I have there. And if I know

511
00:23:27,640 --> 00:23:29,760
Speaker 5: how much is there, I know how much I can spend.

512
00:23:30,240 --> 00:23:32,960
Speaker 5: So I make sure everything is automated. I make sure

513
00:23:33,040 --> 00:23:37,320
Speaker 5: that one of my quote bills that I pay is

514
00:23:37,520 --> 00:23:38,600
Speaker 5: money for me to spend.

515
00:23:39,000 --> 00:23:39,880
Speaker 2: Yes. Smart.

516
00:23:40,400 --> 00:23:43,359
Speaker 5: When I was in debt, I allocated every single dollar

517
00:23:43,480 --> 00:23:46,560
Speaker 5: to my struggles and never had any leftover, So then

518
00:23:46,560 --> 00:23:48,400
Speaker 5: I would spend money I didn't have and it would

519
00:23:48,440 --> 00:23:49,359
Speaker 5: just lead to more debt.

520
00:23:49,720 --> 00:23:52,320
Speaker 4: Yeah, it's a slippretty slope. How did you come up

521
00:23:52,359 --> 00:23:55,679
Speaker 4: with that system? Have you implemented that yourself? Have you

522
00:23:55,920 --> 00:23:58,480
Speaker 4: found a system from someone that works?

523
00:23:58,960 --> 00:24:02,960
Speaker 5: I originally had the system from the Barefoot Investor, because that's,

524
00:24:03,000 --> 00:24:05,119
Speaker 5: of course the first step that I took on my journey.

525
00:24:05,119 --> 00:24:07,639
Speaker 5: But that never worked for me. I don't know why.

526
00:24:07,760 --> 00:24:10,359
Speaker 5: I don't know if it was too simple or how

527
00:24:10,400 --> 00:24:12,119
Speaker 5: it was, but that just didn't work for me. So

528
00:24:12,200 --> 00:24:14,960
Speaker 5: I thought I needed something where it was more specific,

529
00:24:15,040 --> 00:24:18,439
Speaker 5: where I had specific accounts that were for specific purposes,

530
00:24:18,560 --> 00:24:20,760
Speaker 5: like one that's just for my car and one that's

531
00:24:20,880 --> 00:24:25,320
Speaker 5: just for food, and separate like that. So every New

532
00:24:25,440 --> 00:24:28,280
Speaker 5: Year's me and one of my best friends sit down

533
00:24:28,320 --> 00:24:30,199
Speaker 5: together and we set our goals for the year, and

534
00:24:30,240 --> 00:24:32,760
Speaker 5: we redo our budgets and set up our bank accounts

535
00:24:32,760 --> 00:24:34,160
Speaker 5: and automate all of our spending.

536
00:24:34,280 --> 00:24:36,880
Speaker 4: Can I join that sounds literally like my favorite way

537
00:24:36,880 --> 00:24:39,800
Speaker 4: to spend New Years Like, that sounds elite, it's the best.

538
00:24:39,840 --> 00:24:41,560
Speaker 5: And we watched the nine o'clock fireworks and then go

539
00:24:41,600 --> 00:24:41,920
Speaker 5: to bed.

540
00:24:43,520 --> 00:24:43,680
Speaker 3: No.

541
00:24:43,760 --> 00:24:46,200
Speaker 2: I adore that. That is literally living to be.

542
00:24:46,560 --> 00:24:48,280
Speaker 5: Yeah, and we just scribble it on a piece of

543
00:24:48,280 --> 00:24:50,560
Speaker 5: paper and we just kind of brainstorm off each other

544
00:24:50,600 --> 00:24:52,240
Speaker 5: and say, oh, but what about this or do you

545
00:24:52,280 --> 00:24:54,080
Speaker 5: think this is going to work? And you know, do

546
00:24:54,119 --> 00:24:55,760
Speaker 5: you think I can really save this much? And we

547
00:24:55,920 --> 00:24:57,520
Speaker 5: just kind of pull each other up and say, there's

548
00:24:57,520 --> 00:24:58,800
Speaker 5: no way you're going to save that much.

549
00:24:58,880 --> 00:25:02,320
Speaker 2: That is so cool. I love it so much.

550
00:25:02,359 --> 00:25:04,600
Speaker 4: So no set plan, it's back of the envelope stuff,

551
00:25:04,600 --> 00:25:05,639
Speaker 4: but you've made it work for you.

552
00:25:06,280 --> 00:25:09,560
Speaker 5: Yeah, and we do review it often. And one other

553
00:25:09,600 --> 00:25:11,359
Speaker 5: thing that I include in that is that I always

554
00:25:11,359 --> 00:25:15,000
Speaker 5: have everything paid in advance, So my rent, my phone bill,

555
00:25:15,080 --> 00:25:17,160
Speaker 5: everything like that is paid in advance so that when

556
00:25:17,160 --> 00:25:18,640
Speaker 5: it comes in it's already paid.

557
00:25:19,119 --> 00:25:21,120
Speaker 4: I love that and I think it's really important. That's

558
00:25:21,160 --> 00:25:23,159
Speaker 4: how I manage my money. That's how I wrote my

559
00:25:23,400 --> 00:25:26,320
Speaker 4: money masterclass, which I'm actually going to gift you because

560
00:25:26,320 --> 00:25:28,160
Speaker 4: you said you do it on the back of an envelope.

561
00:25:28,280 --> 00:25:30,120
Speaker 4: Don't tell anyone, but you could share it with your

562
00:25:30,200 --> 00:25:32,920
Speaker 4: friend so that she has a copy of the spreadsheet

563
00:25:32,960 --> 00:25:35,040
Speaker 4: as well. But that spreadsheet, I think is going to

564
00:25:35,080 --> 00:25:36,840
Speaker 4: be next level for you because it will go through

565
00:25:36,920 --> 00:25:40,520
Speaker 4: everything and it actually shows you what bank accounts to

566
00:25:40,600 --> 00:25:43,840
Speaker 4: put what in based on your spending, and essentially you

567
00:25:43,840 --> 00:25:45,800
Speaker 4: don't have to work it out. All you have to

568
00:25:45,800 --> 00:25:48,359
Speaker 4: do is say, look, this is how much I spend

569
00:25:48,400 --> 00:25:50,560
Speaker 4: on all these things. These are my goals, and it

570
00:25:50,600 --> 00:25:53,399
Speaker 4: will allocate it for you, which I think is the

571
00:25:53,440 --> 00:25:55,920
Speaker 4: smartest thing because it kind of like turbocharges what you're

572
00:25:55,960 --> 00:25:58,639
Speaker 4: already doing. And I feel like, back of an envelope,

573
00:25:58,680 --> 00:26:00,680
Speaker 4: you're going to make every single dollar that you earn

574
00:26:00,800 --> 00:26:03,280
Speaker 4: work as hard as you do for it by actually

575
00:26:03,320 --> 00:26:06,159
Speaker 4: like having a set in place plan because I can

576
00:26:06,200 --> 00:26:09,280
Speaker 4: almost guarantee even though you are an A plus and

577
00:26:09,359 --> 00:26:11,760
Speaker 4: I don't disagree with that, if I went through your

578
00:26:11,800 --> 00:26:13,879
Speaker 4: budget with a fine tooth comb, there would be money

579
00:26:13,880 --> 00:26:16,679
Speaker 4: trickling out somewhere to something that you'd forgotten about or

580
00:26:16,720 --> 00:26:18,080
Speaker 4: like it wasn't as clean as.

581
00:26:18,000 --> 00:26:18,399
Speaker 2: It could be.

582
00:26:18,760 --> 00:26:20,600
Speaker 4: Like, you can take it to the next level with this,

583
00:26:20,720 --> 00:26:23,240
Speaker 4: So I'm going to give that to you. Obviously I

584
00:26:23,240 --> 00:26:25,440
Speaker 4: don't do that all the time, but I think that

585
00:26:25,440 --> 00:26:27,600
Speaker 4: that will work really well for you, and you can

586
00:26:27,600 --> 00:26:29,600
Speaker 4: share it with your friend. But don't tell everybody I

587
00:26:29,640 --> 00:26:31,719
Speaker 4: said you could share it, because then people might abuse

588
00:26:31,720 --> 00:26:34,120
Speaker 4: my master class, which I clearly don't care about because

589
00:26:34,160 --> 00:26:36,919
Speaker 4: I would much prefer people to be financially savvy. I

590
00:26:36,920 --> 00:26:38,800
Speaker 4: feel like that's a good money habit, and then my

591
00:26:38,880 --> 00:26:41,399
Speaker 4: money masterclass can become your next good money habit.

592
00:26:41,680 --> 00:26:42,960
Speaker 5: Perfect. Thank you so much.

593
00:26:43,000 --> 00:26:45,720
Speaker 4: I adore it. But let's bring it back down. I

594
00:26:45,760 --> 00:26:48,000
Speaker 4: need to know what are your worst money habits. Does

595
00:26:48,040 --> 00:26:50,920
Speaker 4: someone who is in A plus have bad money habits?

596
00:26:51,280 --> 00:26:55,399
Speaker 5: Yes, because everybody is human. True, My worst money habits

597
00:26:55,440 --> 00:26:59,199
Speaker 5: would either be blowing my budget on gifts, like I

598
00:26:59,240 --> 00:27:02,000
Speaker 5: don't have a bank account for gifts, and I know

599
00:27:02,080 --> 00:27:04,480
Speaker 5: that I should because gifts is one of my love languages,

600
00:27:04,560 --> 00:27:07,399
Speaker 5: so I always go over the top for anybody's birthdays

601
00:27:07,480 --> 00:27:11,360
Speaker 5: or celebrations or getting injectibles.

602
00:27:12,160 --> 00:27:13,920
Speaker 2: I like that we just transparent.

603
00:27:15,000 --> 00:27:17,240
Speaker 4: I adore that, and I like that you're really clear

604
00:27:17,280 --> 00:27:19,959
Speaker 4: about it, but also we are just human. Is the

605
00:27:20,000 --> 00:27:22,480
Speaker 4: best thing I've heard in a long time, especially when

606
00:27:22,520 --> 00:27:24,680
Speaker 4: it comes to money and from someone who says no, no, no,

607
00:27:25,119 --> 00:27:29,040
Speaker 4: I'm an A plus, Like I still make purchases that

608
00:27:29,280 --> 00:27:32,080
Speaker 4: not great, but it doesn't mean I'm any less than

609
00:27:32,119 --> 00:27:35,280
Speaker 4: and I'm still an A plus money Diarist. Now that

610
00:27:35,320 --> 00:27:36,919
Speaker 4: we've had a chat, I feel like I'm coming to

611
00:27:36,960 --> 00:27:39,000
Speaker 4: the end of this episode and I have adored it.

612
00:27:39,400 --> 00:27:42,479
Speaker 4: Obviously you're an A plus, But what is it going

613
00:27:42,520 --> 00:27:44,639
Speaker 4: to take over the next few years for you to

614
00:27:44,800 --> 00:27:45,400
Speaker 4: stay there?

615
00:27:46,119 --> 00:27:48,600
Speaker 5: I think, to just keep doing what I'm doing, and

616
00:27:49,200 --> 00:27:51,119
Speaker 5: you know, if I make a mistake or I have

617
00:27:51,160 --> 00:27:54,560
Speaker 5: a splurge moment, or you know, have a hormonal day

618
00:27:54,560 --> 00:27:57,719
Speaker 5: and I just spend too much, or you know, compare

619
00:27:57,720 --> 00:27:59,280
Speaker 5: myself to what I see online and I go and

620
00:27:59,280 --> 00:28:01,560
Speaker 5: get some more bowt like just forgiving myself for that

621
00:28:01,600 --> 00:28:03,879
Speaker 5: and being like, that's okay. We can just continue on

622
00:28:03,920 --> 00:28:05,880
Speaker 5: the path we're going. We're still going to get there.

623
00:28:06,320 --> 00:28:07,080
Speaker 5: It doesn't matter.

624
00:28:07,400 --> 00:28:07,840
Speaker 2: I love that.

625
00:28:08,080 --> 00:28:11,080
Speaker 4: I think it's so good Money Diarist. Unfortunately, that is

626
00:28:11,119 --> 00:28:13,640
Speaker 4: all we have time for today. But it has been

627
00:28:13,680 --> 00:28:16,800
Speaker 4: an absolute pleasure having you on. Thank you for sharing

628
00:28:16,800 --> 00:28:19,879
Speaker 4: your story with me and for giving me the opportunity

629
00:28:19,920 --> 00:28:21,679
Speaker 4: to share it with my community. They are going to

630
00:28:21,720 --> 00:28:23,879
Speaker 4: love this just as much as I have loved it

631
00:28:23,960 --> 00:28:25,119
Speaker 4: so thank you, my friend.

632
00:28:25,160 --> 00:28:25,960
Speaker 2: It's been a pleasure.

633
00:28:26,640 --> 00:28:27,879
Speaker 5: Thank you so much for having me.

634
00:28:34,760 --> 00:28:37,320
Speaker 4: The advice shared on She's on the Money is general

635
00:28:37,359 --> 00:28:41,200
Speaker 4: in nature and does not consider your individual circumstances. She's

636
00:28:41,240 --> 00:28:44,720
Speaker 4: on the Money exists purely for educational purposes and should

637
00:28:44,760 --> 00:28:47,880
Speaker 4: not be relied upon to make an investment or financial decision.

638
00:28:48,320 --> 00:28:50,560
Speaker 2: If you do choose to buy a financial.

639
00:28:50,120 --> 00:28:54,120
Speaker 3: Product, read the PDS TMD and obtain appropriate financial.

640
00:28:53,680 --> 00:28:55,480
Speaker 2: Advice tailored towards your needs.

641
00:28:55,840 --> 00:28:59,760
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

642
00:28:59,800 --> 00:29:02,280
Speaker 3: of Money Super p T Y L t D A

643
00:29:02,320 --> 00:29:05,240
Speaker 3: b N three two one six four nine two seven

644
00:29:05,320 --> 00:29:08,160
Speaker 3: seven zero eight a F s L four five one

645
00:29:08,360 --> 00:29:11,320
Speaker 3: two eight nine