1 00:00:00,400 --> 00:00:08,080 Speaker 1: On radio. She's on The Money Radio Show with Victoria 2 00:00:08,200 --> 00:00:12,600 Speaker 1: Divine starts now. Hello, everybody, welcome to that. She's on 3 00:00:12,720 --> 00:00:17,079 Speaker 1: The Money Radio Show Podcast edition, the podcast for young Lenniels. 4 00:00:17,120 --> 00:00:19,520 Speaker 1: Trying to save my money and get the bags in 5 00:00:19,600 --> 00:00:21,840 Speaker 1: a bag account and go to Audi and get the 6 00:00:21,880 --> 00:00:23,279 Speaker 1: cheap ham, get the cheap cheese. 7 00:00:23,320 --> 00:00:25,800 Speaker 2: We're not going to get cheap ham. That's disgusting. 8 00:00:26,680 --> 00:00:28,840 Speaker 3: Also, how much do I owe you for serenading me 9 00:00:28,920 --> 00:00:29,800 Speaker 3: on my own podcast? 10 00:00:30,000 --> 00:00:32,559 Speaker 1: Well that was a custom song. And yes, I'll see 11 00:00:32,560 --> 00:00:33,080 Speaker 1: your wedding. 12 00:00:33,360 --> 00:00:36,160 Speaker 3: Oh, thank you, thank you, you're so kind. 13 00:00:36,360 --> 00:00:38,199 Speaker 1: What are your parent in law's names? What are your 14 00:00:38,320 --> 00:00:39,200 Speaker 1: mum and father in law? 15 00:00:39,360 --> 00:00:42,240 Speaker 3: My mother and father in law. We've got Marlene and Chris. 16 00:00:42,479 --> 00:00:46,280 Speaker 1: Marlene and Grals. You made this happen, you made your 17 00:00:46,320 --> 00:00:48,240 Speaker 1: little son and now it's Marion V. 18 00:00:49,479 --> 00:00:50,360 Speaker 4: That's do you know what? 19 00:00:50,400 --> 00:00:51,040 Speaker 2: This is a lot? 20 00:00:51,320 --> 00:00:53,920 Speaker 1: This is a lot of country. I went country and I. 21 00:00:53,760 --> 00:00:57,800 Speaker 2: That wasn't country. That was not country. It was rogue, 22 00:00:57,880 --> 00:00:58,959 Speaker 2: but it wasn't country. 23 00:00:59,040 --> 00:01:02,960 Speaker 1: Okay, fair enough. Trav Roebuck is out. He's horse racing, 24 00:01:03,000 --> 00:01:07,720 Speaker 1: which never let this happen, of course, no, no, he wouldn't. 25 00:01:07,800 --> 00:01:11,120 Speaker 1: He keeps a tight ship trave Rowbuck he should be 26 00:01:11,160 --> 00:01:12,039 Speaker 1: back out. 27 00:01:11,959 --> 00:01:13,840 Speaker 3: Horse racing, which I'm not sure I agree with. 28 00:01:13,920 --> 00:01:14,480 Speaker 2: How do you feel like? 29 00:01:15,200 --> 00:01:18,240 Speaker 1: He sent me a photo? He's like, look at my beautiful. 30 00:01:17,720 --> 00:01:19,440 Speaker 2: Horse, and I was like, I don't like that. 31 00:01:19,840 --> 00:01:22,400 Speaker 1: I pretended it didn't come through. I'm sorry, no service. 32 00:01:22,840 --> 00:01:25,200 Speaker 2: Oh yeah, yeah, message not delivered. 33 00:01:25,240 --> 00:01:27,600 Speaker 1: Message. It was a bit awkward. We love Trav. 34 00:01:27,880 --> 00:01:30,520 Speaker 3: Sometimes it's just easier to not say anything than start 35 00:01:30,520 --> 00:01:31,080 Speaker 3: an argument. 36 00:01:31,600 --> 00:01:34,119 Speaker 2: So instead we're going to take it to this podcast 37 00:01:34,120 --> 00:01:35,680 Speaker 2: that gets listened to by one. 38 00:01:35,480 --> 00:01:38,360 Speaker 4: Point two million people and I can guarantee it's gone 39 00:01:38,319 --> 00:01:39,120 Speaker 4: and get back to him. 40 00:01:40,240 --> 00:01:42,440 Speaker 1: Today on the show Guys, we had a boomer Ellen 41 00:01:43,319 --> 00:01:45,679 Speaker 1: truly so sweet. Yeah. I was a bit nervous. I'm like, 42 00:01:45,720 --> 00:01:47,320 Speaker 1: I'm going to fight with this boomer and I will 43 00:01:47,360 --> 00:01:49,080 Speaker 1: get aggressive, but I fell in love with her. 44 00:01:49,280 --> 00:01:50,880 Speaker 2: Oh she was actually so sweet. 45 00:01:50,960 --> 00:01:53,600 Speaker 3: I cannot believe that she only went out for dinner 46 00:01:53,800 --> 00:01:55,960 Speaker 3: once a year while trying to pay her home off 47 00:01:56,040 --> 00:02:00,560 Speaker 3: like millennials these days. That's why boomers think we're entitled goods. 48 00:02:00,600 --> 00:02:00,960 Speaker 5: We are. 49 00:02:01,440 --> 00:02:03,360 Speaker 1: Yeah, if you're a millennial and you think those boomers 50 00:02:03,400 --> 00:02:05,160 Speaker 1: they had it easier than us, I think Ellen will 51 00:02:05,200 --> 00:02:07,280 Speaker 1: actually shed some light on what it was like back 52 00:02:07,280 --> 00:02:10,400 Speaker 1: in she's from the seventies. She's also from Melbourne, but 53 00:02:10,520 --> 00:02:13,000 Speaker 1: she was alive in the seventies and she's got an 54 00:02:13,040 --> 00:02:15,640 Speaker 1: interesting mortgage story, so she'll unpack that. We've got some 55 00:02:15,760 --> 00:02:18,120 Speaker 1: money wins, We've got some super Saver Saturday tips. It's 56 00:02:18,160 --> 00:02:20,120 Speaker 1: a good show. V Right. We also talk about crocs. 57 00:02:20,520 --> 00:02:21,600 Speaker 2: We do talk about crocs. 58 00:02:21,720 --> 00:02:24,760 Speaker 3: Honestly, I don't understand why people don't embrace the croc. 59 00:02:24,840 --> 00:02:27,480 Speaker 3: They are practical, they are comfortable. You look really hot 60 00:02:27,480 --> 00:02:30,480 Speaker 3: in them. Like, what is the problem, Amen, it's all 61 00:02:30,520 --> 00:02:30,760 Speaker 3: in there. 62 00:02:30,880 --> 00:02:32,560 Speaker 1: Enjoy the show. It's that she's on the Money radio 63 00:02:32,639 --> 00:02:34,000 Speaker 1: Show's Money. 64 00:02:33,800 --> 00:02:34,800 Speaker 2: Crock metch coming soon. 65 00:02:35,120 --> 00:02:37,040 Speaker 1: Happy Saturday, everybody. How are you V? 66 00:02:37,320 --> 00:02:38,480 Speaker 2: I am so good. 67 00:02:38,600 --> 00:02:41,880 Speaker 3: I'm very excited because I think talking about mortgages, talking 68 00:02:41,919 --> 00:02:45,400 Speaker 3: about finance and debt is absolutely my favorite part of 69 00:02:45,520 --> 00:02:48,200 Speaker 3: every single week, and we're thing even more of it today. 70 00:02:48,639 --> 00:02:50,920 Speaker 1: Yeah. I didn't realize, but in twenty twenty one, Right 71 00:02:51,120 --> 00:02:54,520 Speaker 1: the Bureau of Statistics released an article saying that baby 72 00:02:54,560 --> 00:02:58,200 Speaker 1: boomers have officially been overtaken as the largest generational group 73 00:02:58,440 --> 00:02:59,839 Speaker 1: in Australia. Millennials. 74 00:03:00,080 --> 00:03:03,000 Speaker 3: Are you a millennial Viv, I'm a millennial, Mitch, really, 75 00:03:03,040 --> 00:03:06,360 Speaker 3: I run the podcast for millennials who want financial freedom. 76 00:03:06,840 --> 00:03:08,640 Speaker 2: Oh are you on those or are you just a good. 77 00:03:08,520 --> 00:03:12,080 Speaker 1: Toys sucking No, I've never missed an episode. Anyway, Millennials 78 00:03:12,080 --> 00:03:14,040 Speaker 1: are through the roof. There's more millennials than boomers. But 79 00:03:14,080 --> 00:03:18,000 Speaker 1: the problem is millennials can't afford a mortgage or to 80 00:03:18,080 --> 00:03:20,440 Speaker 1: buy a house, whereas boomers can. So I think it's 81 00:03:20,480 --> 00:03:23,520 Speaker 1: really interesting Vi that there's more millennials yet boomers. Howld 82 00:03:23,520 --> 00:03:26,440 Speaker 1: the percentage of market share in housing and whatnot. It's crazy. 83 00:03:26,680 --> 00:03:29,440 Speaker 3: Look, it is kind of crazy, but it's quite reflective 84 00:03:29,480 --> 00:03:33,040 Speaker 3: of the times that we're in. Historically, properties would cost 85 00:03:33,080 --> 00:03:36,720 Speaker 3: anywhere between two and three times an annual salary to purchase. 86 00:03:36,760 --> 00:03:40,000 Speaker 2: And yes, interest rates were relatively higher. 87 00:03:40,160 --> 00:03:43,080 Speaker 3: Interest rates I think in nineteen ninety were sitting at 88 00:03:43,120 --> 00:03:46,320 Speaker 3: around seventeen or eighteen percent, which is crazy talk. 89 00:03:46,360 --> 00:03:46,560 Speaker 2: Now. 90 00:03:46,560 --> 00:03:49,280 Speaker 3: Can you imagine if we were talking about interest rates 91 00:03:49,320 --> 00:03:52,000 Speaker 3: at seventeen percent? People would lose their heads? 92 00:03:52,160 --> 00:03:52,960 Speaker 1: What are they currently? 93 00:03:53,160 --> 00:03:55,920 Speaker 3: Honestly, it depends where you're going to get your mortgage, 94 00:03:55,920 --> 00:03:57,840 Speaker 3: but at the moment, they're sitting anywhere between two and 95 00:03:57,880 --> 00:04:00,560 Speaker 3: a half and four percent depending on that that you 96 00:04:00,640 --> 00:04:01,080 Speaker 3: go with. 97 00:04:01,400 --> 00:04:02,320 Speaker 2: And that's only. 98 00:04:02,160 --> 00:04:05,520 Speaker 3: Increasing because the cash rate has been increasing recently, which 99 00:04:05,560 --> 00:04:08,760 Speaker 3: means we are trying to battle inflation. Like when we say, 100 00:04:08,800 --> 00:04:11,160 Speaker 3: oh my gosh, our interest rates are increasing. I know 101 00:04:11,240 --> 00:04:13,920 Speaker 3: it's really stressful for people who have mortgages, but it's 102 00:04:13,960 --> 00:04:17,240 Speaker 3: actually trying to really slow down inflation. So overall, it's 103 00:04:17,240 --> 00:04:20,360 Speaker 3: actually better for us to have the cash rate increase 104 00:04:20,640 --> 00:04:23,040 Speaker 3: instead of bread and milk becoming ten dollars a low, 105 00:04:23,200 --> 00:04:25,040 Speaker 3: Like we won't be able to buy a coffee anymore 106 00:04:25,040 --> 00:04:25,800 Speaker 3: for under a fiver. 107 00:04:26,160 --> 00:04:27,640 Speaker 2: Oh wait, MITCHI you can't. 108 00:04:27,760 --> 00:04:29,680 Speaker 1: I'd ask my barista for two cookies because that was 109 00:04:29,720 --> 00:04:30,920 Speaker 1: my lunch. You know, how to give you a little 110 00:04:30,920 --> 00:04:33,279 Speaker 1: cookie on top of the coffee. Sometimes that was like 111 00:04:33,360 --> 00:04:34,240 Speaker 1: my favorite part. 112 00:04:34,360 --> 00:04:38,000 Speaker 4: Second one, I started going to this new cafe that 113 00:04:38,160 --> 00:04:41,920 Speaker 4: puts chocolate freckles on top of their coffee, and like, 114 00:04:41,960 --> 00:04:43,800 Speaker 4: if you can see my desk in front of me, 115 00:04:43,880 --> 00:04:46,440 Speaker 4: I actually went and bought more chocolate freckles because I 116 00:04:46,480 --> 00:04:47,120 Speaker 4: was like, these. 117 00:04:46,960 --> 00:04:49,760 Speaker 2: Are so good, such an underrated snack. 118 00:04:50,080 --> 00:04:51,520 Speaker 1: And you know what, this is why I will never 119 00:04:51,560 --> 00:04:52,240 Speaker 1: afford a house. 120 00:04:52,360 --> 00:04:55,440 Speaker 2: Yeah, because we're all buying chocolate freckles. But back to 121 00:04:55,480 --> 00:04:56,320 Speaker 2: my main point. 122 00:04:56,360 --> 00:04:59,480 Speaker 3: I was saying before that houses cost historically between two 123 00:04:59,560 --> 00:05:02,080 Speaker 3: and three times an annual salary A Mitch, you live 124 00:05:02,080 --> 00:05:05,360 Speaker 3: in Sydney, yours is cooked. It's now between thirteen and 125 00:05:05,400 --> 00:05:07,560 Speaker 3: fourteen times an annual. 126 00:05:07,240 --> 00:05:09,159 Speaker 2: Salary to purchase your first home. 127 00:05:09,440 --> 00:05:12,159 Speaker 3: So it's not just that, you know, interest rates have 128 00:05:12,200 --> 00:05:16,360 Speaker 3: gone down, it's actually that our incomes aren't keeping up 129 00:05:16,400 --> 00:05:19,799 Speaker 3: with the rising price of property, which you know puts 130 00:05:19,880 --> 00:05:22,839 Speaker 3: us in a different position. So, yes, millennials can't buy 131 00:05:22,839 --> 00:05:26,120 Speaker 3: property as readily as they historically were able to. But 132 00:05:26,200 --> 00:05:28,800 Speaker 3: I also think it's really about values. Do you actually 133 00:05:28,800 --> 00:05:31,480 Speaker 3: want the mortgage? Is that something that we're working towards? 134 00:05:31,480 --> 00:05:33,039 Speaker 2: Like, yeah, I don't know. 135 00:05:33,080 --> 00:05:36,520 Speaker 3: I feel like as millennials, we have different goalposts and 136 00:05:36,600 --> 00:05:40,120 Speaker 3: different things we want and need. And from my perspective, 137 00:05:40,200 --> 00:05:42,520 Speaker 3: I've shared this on the pod. Before I got a 138 00:05:42,600 --> 00:05:44,800 Speaker 3: mortgage because my partner really wanted to own a property, 139 00:05:44,920 --> 00:05:47,320 Speaker 3: I was really against it. I just did because I 140 00:05:47,360 --> 00:05:49,599 Speaker 3: was like, this does not make financial sense for me, 141 00:05:49,800 --> 00:05:51,839 Speaker 3: Like I would like to put all my money in 142 00:05:51,920 --> 00:05:53,320 Speaker 3: shares and keep it there. 143 00:05:53,800 --> 00:05:56,640 Speaker 1: I am happy renting, but my parents freak out at 144 00:05:56,640 --> 00:05:59,479 Speaker 1: the thought of paying rent, which could essentially be a 145 00:05:59,520 --> 00:06:00,840 Speaker 1: mortgage payment to me. 146 00:06:01,600 --> 00:06:02,960 Speaker 2: Cook, he's more property. 147 00:06:03,200 --> 00:06:05,200 Speaker 1: Yeah, ain't that well? Listen, let's get a boomera in. 148 00:06:05,240 --> 00:06:06,840 Speaker 1: So we found a boomer on the street. We held 149 00:06:06,920 --> 00:06:09,040 Speaker 1: up a sign that said we need boomer. Her name 150 00:06:09,120 --> 00:06:11,640 Speaker 1: is Ellen. She's a gorgeous boomer. Anyway, we'll see what 151 00:06:11,720 --> 00:06:14,560 Speaker 1: car Ellen drives and what her mortgage set up is. Like, 152 00:06:14,720 --> 00:06:16,680 Speaker 1: I'm a millennial, so are you, So we can give 153 00:06:16,680 --> 00:06:19,320 Speaker 1: that side of the argument. Now the we have a 154 00:06:19,360 --> 00:06:24,360 Speaker 1: guest in studio. I'm excited for very well dressed ladies 155 00:06:24,400 --> 00:06:28,880 Speaker 1: and gentlemen, please welcome the baby boomer Ellen. Hello, Ellen, Hello. 156 00:06:28,680 --> 00:06:31,679 Speaker 2: Mitche hi Vitory, Hello, thanks for coming on our show. 157 00:06:32,240 --> 00:06:34,320 Speaker 2: Oh that delighted to be here. 158 00:06:34,520 --> 00:06:37,120 Speaker 5: I don't know why, honestly, well, I really do have 159 00:06:37,160 --> 00:06:41,599 Speaker 5: to cleanse something up. Oh my god, it's amazda cx five. 160 00:06:41,920 --> 00:06:46,440 Speaker 1: Yeah, okay, that's boom that's BOOMERCA. What's your mortgage set up? Like, 161 00:06:46,480 --> 00:06:47,599 Speaker 1: do you have a house to your own a house? 162 00:06:47,600 --> 00:06:49,160 Speaker 1: When did you get your mortgage? Like, give us your 163 00:06:49,160 --> 00:06:50,680 Speaker 1: sort of cash a history. 164 00:06:51,160 --> 00:06:55,320 Speaker 5: Certainly, first house purchased in nineteen seventy two, in actual fact, 165 00:06:55,720 --> 00:06:57,840 Speaker 5: was six times my husband's salary. 166 00:06:59,400 --> 00:07:04,640 Speaker 2: She brought big house miitchee eleven squeeze. Oh my gosh. 167 00:07:05,040 --> 00:07:08,920 Speaker 5: Wow, had that house for forty five years, served as well, 168 00:07:09,040 --> 00:07:13,680 Speaker 5: had extensions done to it, mortgaged twice, the first mortgage 169 00:07:13,720 --> 00:07:15,800 Speaker 5: which we paid off in eleven years. 170 00:07:16,160 --> 00:07:17,720 Speaker 2: Wow, eleven years? 171 00:07:18,320 --> 00:07:18,880 Speaker 1: Is that normal? 172 00:07:18,960 --> 00:07:19,400 Speaker 4: Though? No? 173 00:07:19,640 --> 00:07:22,080 Speaker 2: Absolutely not. That is very impressive. 174 00:07:22,440 --> 00:07:24,440 Speaker 1: I don't think you could do that what Ellen has 175 00:07:24,440 --> 00:07:25,320 Speaker 1: done in today's times. 176 00:07:25,400 --> 00:07:26,840 Speaker 2: Right, Look, you absolutely can. 177 00:07:26,920 --> 00:07:29,080 Speaker 3: And I think the one thing you guys probably don't 178 00:07:29,080 --> 00:07:31,000 Speaker 3: know a lot about is that I actually do own 179 00:07:31,000 --> 00:07:34,120 Speaker 3: a mortgage broking company, so do work in the mortgage 180 00:07:34,120 --> 00:07:36,560 Speaker 3: space quite a bit. And I feel like it's totally 181 00:07:36,640 --> 00:07:39,240 Speaker 3: possible if, as Ellen is saying, you put your mind 182 00:07:39,320 --> 00:07:40,760 Speaker 3: to it, and you're on the same path, and you're 183 00:07:40,800 --> 00:07:42,760 Speaker 3: on the same track. I mean, you're not going to 184 00:07:42,760 --> 00:07:45,000 Speaker 3: be able to buy at one point seven million dollar 185 00:07:45,120 --> 00:07:47,240 Speaker 3: first home and then all of a sudden be able 186 00:07:47,280 --> 00:07:49,760 Speaker 3: to pay it off. I think it's about being really 187 00:07:49,800 --> 00:07:52,960 Speaker 3: reasonable with what that first home looks like and what 188 00:07:53,000 --> 00:07:55,480 Speaker 3: that actually means today. And I think that a lot 189 00:07:55,480 --> 00:07:59,720 Speaker 3: of people today really want, especially millennials, they just want 190 00:07:59,720 --> 00:08:03,680 Speaker 3: their home immediately, and that's just not something that's reasonable. 191 00:08:03,760 --> 00:08:05,760 Speaker 3: Often we have to go into a smaller home that 192 00:08:05,800 --> 00:08:09,000 Speaker 3: becomes that stepping stone to either use equity in it 193 00:08:09,080 --> 00:08:11,560 Speaker 3: to get into your next home or to sell that 194 00:08:11,640 --> 00:08:13,920 Speaker 3: property for a profit to then have more of a 195 00:08:13,960 --> 00:08:17,120 Speaker 3: deposit for the next step. Ellen, you mentioned before that 196 00:08:17,240 --> 00:08:19,840 Speaker 3: your husband and you bought your first home for six 197 00:08:19,920 --> 00:08:21,920 Speaker 3: times your husband's and your salary. 198 00:08:22,440 --> 00:08:23,080 Speaker 2: That's great. 199 00:08:23,240 --> 00:08:25,200 Speaker 3: Was that a really big decision at the time? Was 200 00:08:25,200 --> 00:08:27,560 Speaker 3: that like within budget? Was that a stretch? 201 00:08:27,640 --> 00:08:28,640 Speaker 2: What did that look like? 202 00:08:29,320 --> 00:08:29,880 Speaker 5: Terrifying? 203 00:08:30,120 --> 00:08:31,560 Speaker 2: Yeah, understandably so. 204 00:08:31,880 --> 00:08:35,040 Speaker 5: However, it was about trust and faith in each other. 205 00:08:35,320 --> 00:08:37,720 Speaker 5: And because we had that plan, we knew what we 206 00:08:37,800 --> 00:08:41,840 Speaker 5: had to do to achieve it. And also it comes 207 00:08:41,880 --> 00:08:44,719 Speaker 5: down to what you're willing to do. We only went 208 00:08:44,760 --> 00:08:47,840 Speaker 5: out to dinner or had take away once a year. 209 00:08:47,960 --> 00:08:51,120 Speaker 1: Okay, when you say that, Ellen, you don't need to 210 00:08:51,360 --> 00:08:54,240 Speaker 1: me once a year. 211 00:08:54,559 --> 00:08:57,960 Speaker 5: I used to also make most of the clothes, I 212 00:08:57,960 --> 00:09:01,320 Speaker 5: did all of the cooking. I made read before even 213 00:09:01,840 --> 00:09:04,040 Speaker 5: making your own bread was cool. 214 00:09:05,160 --> 00:09:09,000 Speaker 1: Wait wait, wait, you didn't TikTok aout look. 215 00:09:09,840 --> 00:09:14,400 Speaker 5: I see glimpses and and things that happen with millennials 216 00:09:14,440 --> 00:09:18,360 Speaker 5: that experienced as well, but in a slightly less hectic 217 00:09:18,840 --> 00:09:19,960 Speaker 5: demanding world. 218 00:09:20,120 --> 00:09:22,840 Speaker 3: I've got one last question, though, what does that mean today? 219 00:09:22,960 --> 00:09:26,360 Speaker 3: So you made a whole heap of sacrifices today, what 220 00:09:26,400 --> 00:09:27,320 Speaker 3: does life look like? 221 00:09:27,520 --> 00:09:30,680 Speaker 5: Life is comfortable. We worked hard, and that's the thing. 222 00:09:30,800 --> 00:09:33,480 Speaker 5: I think. It wasn't all play, and it hasn't always 223 00:09:33,480 --> 00:09:36,400 Speaker 5: been all play, and it still isn't. I need the 224 00:09:36,440 --> 00:09:43,000 Speaker 5: seex fire to drive teenagers around. But anything worth it 225 00:09:43,040 --> 00:09:44,480 Speaker 5: is worth working hard for. 226 00:09:46,720 --> 00:09:50,000 Speaker 3: Anything worth that is worth working for it, I think 227 00:09:50,040 --> 00:09:54,280 Speaker 3: that is a beautiful place to leave it. Mister Mitch Cherry, 228 00:09:54,600 --> 00:09:56,880 Speaker 3: this is She's on the Money radio show. 229 00:09:57,360 --> 00:10:00,320 Speaker 1: I'm following love with these crocs. By the way, Sorry, 230 00:10:00,320 --> 00:10:02,440 Speaker 1: but Victoria's wearing crocs if you're just tuning in. 231 00:10:02,360 --> 00:10:05,679 Speaker 3: Honestly, crops are an underrated pair of footwear. 232 00:10:06,000 --> 00:10:08,480 Speaker 1: I mama's soul. Hey, we're about to do a money dilemma. 233 00:10:08,559 --> 00:10:11,160 Speaker 1: Every week we bring someone's financial story on air, get 234 00:10:11,200 --> 00:10:14,160 Speaker 1: Victoria's advice on what they should do. So Anthony send 235 00:10:14,280 --> 00:10:16,280 Speaker 1: us a DM. He says, hi Ve, I have a 236 00:10:16,320 --> 00:10:18,720 Speaker 1: mortgage and it's killing me. Sorry, I'm very upbeat for 237 00:10:18,720 --> 00:10:20,520 Speaker 1: this kind of message from. 238 00:10:20,559 --> 00:10:23,800 Speaker 2: The mortgage is killing me. And they're just like yay, hi. 239 00:10:23,840 --> 00:10:25,960 Speaker 1: Ve, I just can't see him to make ends meet. 240 00:10:26,320 --> 00:10:28,120 Speaker 1: I've moved out of the city. No, it's very serious, 241 00:10:28,120 --> 00:10:30,400 Speaker 1: into the verbs. I'm traveling to work every day, takes 242 00:10:30,400 --> 00:10:32,640 Speaker 1: me an hour each way. My mortgage is three eight 243 00:10:32,760 --> 00:10:36,120 Speaker 1: per month and he earns six seven, so it's very hard. 244 00:10:36,240 --> 00:10:39,000 Speaker 1: He's a qualified personal trainer. I have an amazing business idea. 245 00:10:39,240 --> 00:10:41,719 Speaker 1: He knows he can resell his home now and make 246 00:10:41,720 --> 00:10:44,520 Speaker 1: a profit and perhaps use those profits to start up 247 00:10:44,520 --> 00:10:46,560 Speaker 1: his own business. He knows it's a risk, but he's 248 00:10:46,600 --> 00:10:49,640 Speaker 1: tired of working so hard getting nowhere. He's thirty four. 249 00:10:49,800 --> 00:10:51,640 Speaker 1: He doesn't feel like he has a life. Should he 250 00:10:51,720 --> 00:10:54,280 Speaker 1: continue to get the mortgage paid off and sacrifice his 251 00:10:54,400 --> 00:10:56,040 Speaker 1: dream or does he take the risk. 252 00:10:56,880 --> 00:10:59,319 Speaker 3: I feel like this is something that's so many people 253 00:10:59,320 --> 00:11:02,040 Speaker 3: in our community are struggling with at the moment because 254 00:11:02,160 --> 00:11:04,000 Speaker 3: things end up being really tight. 255 00:11:04,080 --> 00:11:05,679 Speaker 2: So doing some really quick maths. 256 00:11:06,040 --> 00:11:08,199 Speaker 1: Victoria's got a calculator out on her phone. 257 00:11:08,280 --> 00:11:09,320 Speaker 2: All right, pull your head in. 258 00:11:09,440 --> 00:11:12,240 Speaker 3: But if you are earning six seven hundred dollars each 259 00:11:12,240 --> 00:11:14,080 Speaker 3: and every single month and your mortgage is thirty eight 260 00:11:14,160 --> 00:11:17,040 Speaker 3: hundred dollars, that leaves you with about six hundred and 261 00:11:17,080 --> 00:11:20,040 Speaker 3: sixty nine dollars each and every single week to live, 262 00:11:20,360 --> 00:11:23,840 Speaker 3: which sounds like a lot of money, but it's actually 263 00:11:23,880 --> 00:11:28,040 Speaker 3: not because you take out some groceries, right, Mitchie, what 264 00:11:28,080 --> 00:11:29,400 Speaker 3: are we spending on groceries? 265 00:11:29,480 --> 00:11:32,680 Speaker 1: We're spending you care, So. 266 00:11:32,679 --> 00:11:33,840 Speaker 2: We're spending one fifty. 267 00:11:34,280 --> 00:11:37,040 Speaker 3: This is taking into consideration one person like I don't 268 00:11:37,040 --> 00:11:39,440 Speaker 3: steal one fifty on groceries. I know it's a bit harder. 269 00:11:39,760 --> 00:11:42,079 Speaker 3: People with kids would be spending even more than we. 270 00:11:42,120 --> 00:11:44,280 Speaker 1: Use a personal trainer's protein in there. 271 00:11:44,559 --> 00:11:47,280 Speaker 3: Then we're down to five hundred bucks a week. That's 272 00:11:47,440 --> 00:11:51,040 Speaker 3: not savings, that's just five hundred bucks. We haven't bought anything. 273 00:11:51,120 --> 00:11:54,000 Speaker 3: We then have thousands of dollars in car registration and 274 00:11:54,040 --> 00:11:56,840 Speaker 3: insurance insurance for the home that you've just bought. We 275 00:11:56,920 --> 00:12:00,960 Speaker 3: would then have things like our water bill, electricity bill, 276 00:12:01,080 --> 00:12:04,840 Speaker 3: our internet, our phone, and most average bills come in 277 00:12:04,880 --> 00:12:07,880 Speaker 3: at about fifteen hundred dollars each and every single month. 278 00:12:07,960 --> 00:12:12,200 Speaker 3: So that's basically wiping out absolutely everything. And he can't 279 00:12:12,200 --> 00:12:15,200 Speaker 3: even buy a pair of crocs with that's tie. 280 00:12:15,600 --> 00:12:18,319 Speaker 1: Yeah, So do you think he should Is it smarter 281 00:12:18,440 --> 00:12:21,040 Speaker 1: for him to just keep paying off the mortgage, stay 282 00:12:21,080 --> 00:12:23,280 Speaker 1: in his job, or should he try to sell the business? 283 00:12:23,280 --> 00:12:25,440 Speaker 1: Like you said, and offset it like it's a big risk. 284 00:12:25,559 --> 00:12:27,960 Speaker 3: Well, it really depends on what your values are. And 285 00:12:28,000 --> 00:12:29,960 Speaker 3: I think that that's what we need to go back to. 286 00:12:30,240 --> 00:12:34,000 Speaker 3: Not everybody has to own property to be successful in life. 287 00:12:34,000 --> 00:12:37,200 Speaker 3: And I think that there's just this massive misconception that 288 00:12:37,440 --> 00:12:41,000 Speaker 3: in order to be successful you must purchase a home. 289 00:12:41,280 --> 00:12:43,960 Speaker 3: And I felt that pressure, and I feel like you 290 00:12:44,080 --> 00:12:47,200 Speaker 3: start to feel that pressure once you get into your thirties, 291 00:12:47,280 --> 00:12:50,640 Speaker 3: and as we know, Anthony's thirty four, to actually be 292 00:12:50,880 --> 00:12:52,439 Speaker 3: successful in that space. 293 00:12:52,520 --> 00:12:53,439 Speaker 2: And it just makes no. 294 00:12:53,480 --> 00:12:57,439 Speaker 3: Sense because wealth is actually really private. It is something 295 00:12:57,480 --> 00:12:59,559 Speaker 3: that is not on show. And I think a lot 296 00:12:59,559 --> 00:13:02,359 Speaker 3: of us just assume that having a home means. 297 00:13:02,120 --> 00:13:03,160 Speaker 2: That we're successful. 298 00:13:03,520 --> 00:13:06,080 Speaker 3: But in the way that he's explaining his budget and 299 00:13:06,120 --> 00:13:09,800 Speaker 3: what his mortgage is costing him, he's not financially able 300 00:13:09,840 --> 00:13:12,199 Speaker 3: to get ahead in any other way than paying off 301 00:13:12,200 --> 00:13:15,000 Speaker 3: his mortgage. So that's actually putting a lot of eggs 302 00:13:15,000 --> 00:13:18,320 Speaker 3: in one basket to say we are betting that him 303 00:13:18,320 --> 00:13:20,720 Speaker 3: paying off this mortgage is going to mean that at 304 00:13:20,760 --> 00:13:23,079 Speaker 3: the end of this mortgage period he is going to 305 00:13:23,120 --> 00:13:25,920 Speaker 3: be in a really strong financial position. And something I 306 00:13:26,000 --> 00:13:27,920 Speaker 3: always say, and I know that this is lame as well. 307 00:13:27,960 --> 00:13:30,760 Speaker 3: But I don't think that your family home should ever 308 00:13:30,800 --> 00:13:35,000 Speaker 3: be considered your best asset, because in order for it 309 00:13:35,040 --> 00:13:36,880 Speaker 3: to be considered an asset, you have to sell it. 310 00:13:36,960 --> 00:13:38,600 Speaker 1: So I think the moral of this story, Anthony is, 311 00:13:38,640 --> 00:13:42,080 Speaker 1: don't listen to stereotypes and do your own thing per 312 00:13:42,480 --> 00:13:43,160 Speaker 1: personal training. 313 00:13:43,400 --> 00:13:44,280 Speaker 2: Do you do? 314 00:13:44,480 --> 00:13:47,320 Speaker 1: Yeah, it's the shoes. On the Money Radio Show, Welcome 315 00:13:47,360 --> 00:13:50,520 Speaker 1: back across the Country with Victoria Devine, Australia's number one 316 00:13:50,640 --> 00:13:53,760 Speaker 1: finance podcasters. She's here in studio. I'm Mitch Jury here 317 00:13:53,800 --> 00:13:57,400 Speaker 1: as well. Time for this since save this Saturday, all right, 318 00:13:57,440 --> 00:13:59,960 Speaker 1: Every week Victoria gives us some sneaky little tips on 319 00:14:00,080 --> 00:14:02,080 Speaker 1: how to keep more bucks in your bank account. Victoria, 320 00:14:02,280 --> 00:14:04,760 Speaker 1: I will say, I actually have implemented quite a few 321 00:14:04,760 --> 00:14:06,440 Speaker 1: of these, and whenever I have like a win of 322 00:14:06,440 --> 00:14:08,560 Speaker 1: my own, I write it down. I I've gotta tell. 323 00:14:08,520 --> 00:14:11,960 Speaker 3: V you're gonna really money win. Didn't get a parking 324 00:14:11,960 --> 00:14:14,800 Speaker 3: fine for parking in a loading zone, like Mitch. That's 325 00:14:14,840 --> 00:14:16,680 Speaker 3: not the type of money win that we're trying to 326 00:14:16,679 --> 00:14:17,760 Speaker 3: promote on this show. 327 00:14:18,240 --> 00:14:21,400 Speaker 1: Yeah, I think I've got the definition wrong, but anyway, 328 00:14:21,480 --> 00:14:22,080 Speaker 1: that's all right. 329 00:14:22,080 --> 00:14:23,920 Speaker 3: The money win is the money win and we celebrate 330 00:14:24,000 --> 00:14:26,680 Speaker 3: everything in this community. All right, all right, this week 331 00:14:26,720 --> 00:14:28,560 Speaker 3: I have a number of money wins for you. 332 00:14:28,600 --> 00:14:29,000 Speaker 1: All right. 333 00:14:29,160 --> 00:14:32,480 Speaker 3: First tip, though, it's for Aldi. We love Audi, we 334 00:14:32,560 --> 00:14:35,560 Speaker 3: love Audi wine. You guys know I love the Audi 335 00:14:35,720 --> 00:14:39,240 Speaker 3: Le Mule Rose ten out of ten amazing Rose. It's 336 00:14:39,280 --> 00:14:41,480 Speaker 3: like ten bucks a bottle. But you know what's even 337 00:14:41,480 --> 00:14:44,920 Speaker 3: better for ninety nine a bottle. We have recently in 338 00:14:44,960 --> 00:14:48,000 Speaker 3: my house discovered the south Point Estate Pinot Grigio. It 339 00:14:48,200 --> 00:14:50,560 Speaker 3: just took out the top prize for the double Gold 340 00:14:50,600 --> 00:14:52,640 Speaker 3: at the Melbourne International Wine Show and. 341 00:14:52,560 --> 00:14:54,080 Speaker 2: It's getting ninety nine. 342 00:14:53,920 --> 00:14:56,560 Speaker 1: Mitch, jeezuz I love a good pin Agreeing up. 343 00:14:56,520 --> 00:14:58,640 Speaker 3: To the family dinner on a Sunday with a bottle 344 00:14:58,640 --> 00:15:01,160 Speaker 3: of that, and you're gonna be very popular, but also 345 00:15:01,480 --> 00:15:02,800 Speaker 3: very financially savvy. 346 00:15:03,160 --> 00:15:05,480 Speaker 2: The next tip I've got, though, is air Tasker. 347 00:15:05,600 --> 00:15:08,360 Speaker 3: And it's not using air Tasker in the way you would, Mitch, 348 00:15:08,440 --> 00:15:10,800 Speaker 3: which is to get other people to do stuff for 349 00:15:10,880 --> 00:15:13,080 Speaker 3: you because you don't want to do it. It's actually 350 00:15:13,120 --> 00:15:16,600 Speaker 3: you using air Tasker and picking up random tasks so 351 00:15:16,680 --> 00:15:19,040 Speaker 3: you can earn like an extra hundred bucks a week, 352 00:15:19,080 --> 00:15:21,960 Speaker 3: which would work out to be just over five grand 353 00:15:21,960 --> 00:15:24,600 Speaker 3: a year. That can be an absolute money win. And 354 00:15:24,640 --> 00:15:27,880 Speaker 3: there are so many different types of tasks on there 355 00:15:28,120 --> 00:15:31,040 Speaker 3: that don't require any kind of professional skills like it. 356 00:15:31,080 --> 00:15:32,720 Speaker 1: There's an app for everything, like you've got a giant 357 00:15:32,720 --> 00:15:34,640 Speaker 1: penis OnlyFans, guys, there's money there. 358 00:15:34,800 --> 00:15:38,800 Speaker 2: There's money to be made everywhere. Yes, yes, all right, 359 00:15:38,800 --> 00:15:41,160 Speaker 2: next you would have about that though. So tip three 360 00:15:41,440 --> 00:15:41,840 Speaker 2: is the. 361 00:15:42,960 --> 00:15:43,840 Speaker 1: Turn your air drop on? 362 00:15:44,320 --> 00:15:46,920 Speaker 3: No, thank you, I am over and out. 363 00:15:47,000 --> 00:15:47,960 Speaker 1: Okay, should we wrap up? 364 00:15:48,000 --> 00:15:48,200 Speaker 5: That's no. 365 00:15:48,920 --> 00:15:52,320 Speaker 3: I have one more money win for you from Audi, 366 00:15:52,400 --> 00:15:53,560 Speaker 3: and I discovered it this week. 367 00:15:53,680 --> 00:15:57,280 Speaker 1: So how much is this Scandinavian brand paying you? 368 00:15:57,560 --> 00:16:02,200 Speaker 3: I think they're German, but that's okay. Scandinavian is like Kiah. 369 00:16:02,560 --> 00:16:06,480 Speaker 3: But I'm obsessed with this cream from Mecca. It's called 370 00:16:06,480 --> 00:16:09,040 Speaker 3: the sole Desonaro. Seat our producers now noting at me. 371 00:16:09,320 --> 00:16:11,240 Speaker 1: I've called the salt in the yellow bottle. 372 00:16:11,320 --> 00:16:13,160 Speaker 2: Guess who's duped it? Audi? 373 00:16:13,560 --> 00:16:18,520 Speaker 3: Audi has duped the Sole Desionaro entire range, and it's 374 00:16:18,600 --> 00:16:20,520 Speaker 3: four dollars fifty Also. 375 00:16:20,400 --> 00:16:22,760 Speaker 1: After a couple of four ninety nine pino grease from Audi. 376 00:16:22,800 --> 00:16:25,000 Speaker 1: You won't know the difference exactly. 377 00:16:24,680 --> 00:16:25,600 Speaker 2: You really won't. 378 00:16:25,680 --> 00:16:27,560 Speaker 3: So I'm going to go pick up my La Mule 379 00:16:27,760 --> 00:16:31,200 Speaker 3: Rose and some moisturizer and Audi is going to thank 380 00:16:31,280 --> 00:16:31,640 Speaker 3: me later. 381 00:16:31,720 --> 00:16:35,440 Speaker 1: Honestly, you have a solo for me solid weekend. We'll 382 00:16:35,480 --> 00:16:37,840 Speaker 1: back next week, everybody. I'm sticking around for Life Uncut 383 00:16:37,920 --> 00:16:40,200 Speaker 1: Radio show next. Otherwise, Victoria de Van, we'll see you 384 00:16:40,280 --> 00:16:40,600 Speaker 1: in a week. 385 00:16:40,720 --> 00:16:41,400 Speaker 2: See you later.