Speaker 1: On radio.
Speaker 2: She's on The Money Radio Show with Victoria Divine starts now. Hello, everybody,
Speaker 2: welcome to that. She's on The Money Radio Show Podcast edition,
Speaker 2: the podcast for young Lenniels. Trying to save my money
Speaker 2: and get the bags in a bag account and go
Speaker 2: to Audi and get the cheap ham, get the cheap cheese.
Speaker 3: We're not going to get cheap ham. That's disgusting. Also,
Speaker 3: how much do I owe you for serenading me on
Speaker 3: my own podcast?
Speaker 2: Well that was a custom song. And yes, I'll see
Speaker 2: your wedding.
Speaker 3: Oh, thank you, thank you, you're so kind.
Speaker 2: What are your parent in law's names? What are your
Speaker 2: mum and father in law?
Speaker 3: My mother and father in law. We've got Marlene and Chris.
Speaker 2: Marlene and Grals. You made this happen, you made your
Speaker 2: little son and now it's Marion V.
Speaker 3: That's do you know what? This is a lot?
Speaker 2: This is a lot of country. I went country and I.
Speaker 3: That wasn't country. That was not country. It was rogue,
Speaker 3: but it wasn't country.
Speaker 2: Okay, fair enough. Trav Roebuck is out. He's horse racing,
Speaker 2: which never let this happen, of course, no, no, he wouldn't.
Speaker 2: He keeps a tight ship trave Rowbuck he should be back.
Speaker 3: Out horse racing, which I'm not sure I agree with.
Speaker 3: How do you feel like?
Speaker 2: He sent me a photo? He's like, look at my beautiful.
Speaker 3: Horse, and I was like, I don't like that.
Speaker 2: I pretended it didn't come through. I'm sorry, no service.
Speaker 3: Oh yeah, yeah, message not delivered.
Speaker 2: Message. It was a bit awkward. We love Trav.
Speaker 3: Sometimes it's just easier to not say anything than start
Speaker 3: an argument. So instead we're going to take it to
Speaker 3: this podcast that gets listened to by one point two
Speaker 3: million people and I can guarantee it's gone and get
Speaker 3: back to him.
Speaker 2: Today on the show Guys, we had a boomer Ellen
Speaker 2: truly so sweet. Yeah. I was a bit nervous. I'm like,
Speaker 2: I'm going to fight with this boomer and I will
Speaker 2: get aggressive, but I fell in love with her.
Speaker 3: Oh she was actually so sweet. I cannot believe that
Speaker 3: she only went out for dinner once a year while
Speaker 3: trying to pay her home off like millennials these days.
Speaker 3: That's why boomers think we're entitled goods.
Speaker 1: We are.
Speaker 2: Yeah, if you're a millennial and you think those boomers
Speaker 2: they had it easier than us, I think Ellen will
Speaker 2: actually shed some light on what it was like back
Speaker 2: in she's from the seventies. She's also from Melbourne, but
Speaker 2: she was alive in the seventies and she's got an
Speaker 2: interesting mortgage story, so she'll unpack that. We've got some
Speaker 2: money wins, We've got some super Saver Saturday tips. It's
Speaker 2: a good show. V Right. We also talk about crocs.
Speaker 3: We do talk about crocs. Honestly, I don't understand why
Speaker 3: people don't embrace the croc. They are practical, they are comfortable.
Speaker 3: You look really hot in them. Like, what is the problem, Amen,
Speaker 3: it's all in there.
Speaker 2: Enjoy the show. It's that she's on the Money radio
Speaker 2: Show's Money.
Speaker 3: Crock metch coming soon.
Speaker 2: Happy Saturday, everybody. How are you V?
Speaker 3: I am so good. I'm very excited because I think
Speaker 3: talking about mortgages, talking about finance and debt is absolutely
Speaker 3: my favorite part of every single week, and we're thing
Speaker 3: even more of it today.
Speaker 2: Yeah. I didn't realize, but in twenty twenty one, Right
Speaker 2: the Bureau of Statistics released an article saying that baby
Speaker 2: boomers have officially been overtaken as the largest generational group
Speaker 2: in Australia. Millennials.
Speaker 3: Are you a millennial Viv, I'm a millennial, Mitch, really,
Speaker 3: I run the podcast for millennials who want financial freedom.
Speaker 3: Oh are you on those or are you just a good.
Speaker 2: Toys sucking No, I've never missed an episode. Anyway, Millennials
Speaker 2: are through the roof. There's more millennials than boomers. But
Speaker 2: the problem is millennials can't afford a mortgage or to
Speaker 2: buy a house, whereas boomers can. So I think it's
Speaker 2: really interesting Vi that there's more millennials yet boomers. Howld
Speaker 2: the percentage of market share in housing and whatnot. It's crazy.
Speaker 3: Look, it is kind of crazy, but it's quite reflective
Speaker 3: of the times that we're in. Historically, properties would cost
Speaker 3: anywhere between two and three times an annual salary to purchase.
Speaker 3: And yes, interest rates were relatively higher. Interest rates I
Speaker 3: think in nineteen ninety were sitting at around seventeen or
Speaker 3: eighteen percent, which is crazy talk. Now. Can you imagine
Speaker 3: if we were talking about interest rates at seventeen percent?
Speaker 3: People would lose their heads?
Speaker 2: What are they currently?
Speaker 3: Honestly, it depends where you're going to get your mortgage,
Speaker 3: but at the moment, they're sitting anywhere between two and
Speaker 3: a half and four percent depending on that that you
Speaker 3: go with. And that's only increasing because the cash rate
Speaker 3: has been increasing recently, which means we are trying to
Speaker 3: battle inflation. Like when we say, oh my gosh, our
Speaker 3: interest rates are increasing. I know it's really stressful for
Speaker 3: people who have mortgages, but it's actually trying to really
Speaker 3: slow down inflation. So overall, it's actually better for us
Speaker 3: to have the cash rate increase instead of bread and
Speaker 3: milk becoming ten dollars a loaf, Like we won't be
Speaker 3: able to buy a coffee anymore for under a fiver.
Speaker 3: Oh wait, MITCHI you can't.
Speaker 2: I'd ask my barister for two cookies because that was
Speaker 2: my lunch, you know, how to give you a little
Speaker 2: cookie on top of the coffee. Sometimes that was like
Speaker 2: my favorite part.
Speaker 4: Second one, I started going to this new cafe that
Speaker 4: puts chocolate freckles on top of their coffee, and like,
Speaker 4: if you can see my desk in front of me,
Speaker 4: I actually went and bought more chocolate freckles because I
Speaker 4: was like, these.
Speaker 3: Are so good, such an underrated snack.
Speaker 2: And you know what, this is why I will never
Speaker 2: afford a house.
Speaker 3: Yeah, because we're all buying chocolate freckles. But back to
Speaker 3: my main point. I was saying before that houses cost
Speaker 3: historically between two and three times an annual salary A Mitch,
Speaker 3: you live in Sydney, yours is cooked. It's now between
Speaker 3: thirteen and fourteen times an annual salary to purchase your
Speaker 3: first home. So it's not just that, you know, interest
Speaker 3: rates have gone down, it's actually that our incomes aren't
Speaker 3: keeping up with the rising price of property, which you
Speaker 3: know puts us in a different position. So, yes, millennials
Speaker 3: can't buy property as readily as they historically were able to.
Speaker 3: But I also think it's really about values. Do you
Speaker 3: actually want the mortgage? Is that something that we're working towards? Like, yeah,
Speaker 3: I don't know. I feel like as millennials, we have
Speaker 3: different goalposts and different things we want and need. And
Speaker 3: from my perspective, I've shared this on the pod. Before
Speaker 3: I got a mortgage because my partner really wanted to
Speaker 3: own a property, I was really against it. I just
Speaker 3: did really because I was like, this does not make
Speaker 3: financial sense for me, Like I would like to put
Speaker 3: all my money in shares and keep it there.
Speaker 2: I am happy renting, but my parents freak out at
Speaker 2: the thought of paying rent, which could essentially be a
Speaker 2: mortgage payment to me.
Speaker 3: Cook, he's more property.
Speaker 2: Yeah, ain't that well? Listen, let's get a boomera in.
Speaker 2: So we found a boomer on the street. We held
Speaker 2: up a sign that said we need boomer. Her name
Speaker 2: is Ellen. She's a gorgeous boomer. Anyway, we'll see what
Speaker 2: car Ellen drives and what her mortgage set up is. Like,
Speaker 2: I'm a millennial, so are you, So we can give
Speaker 2: that side of the argument. Now the we have a
Speaker 2: guest in studio. I'm excited for very well dressed ladies
Speaker 2: and gentlemen, please welcome the baby boomer Ellen. Hello, Ellen, Hello.
Speaker 3: Mich Hi Vitory, Hello, thanks for coming on our show.
Speaker 1: Oh that delighted to be here. I don't know why, honestly, well,
Speaker 1: I really do have to cleanse something up.
Speaker 3: Oh my god, it's amazda c x five.
Speaker 2: Yeah, okay, that's boom that's BOOMERCA. What's your mortgage set up? Like,
Speaker 2: do you have a house to your own a house?
Speaker 2: When did you get your mortgage?
Speaker 4: Like?
Speaker 2: Give us your sort of cash a history.
Speaker 1: Certainly, first house purchased in nineteen seventy two, in actual fact,
Speaker 1: was six times my husband's salary.
Speaker 3: She brought big house miitchee eleven squeeze. Oh my gosh.
Speaker 1: Wow, had that house for forty five years, served as well,
Speaker 1: had extensions done to it, mortgaged twice, the first mortgage
Speaker 1: which we paid off in eleven years.
Speaker 3: Wow, eleven years?
Speaker 2: Is that normal?
Speaker 3: Though?
Speaker 4: No?
Speaker 3: Absolutely not. That is very impressive.
Speaker 2: I don't think you could do that what Ellen has
Speaker 2: done in today's times.
Speaker 3: Right, Look, you absolutely can. And I think the one
Speaker 3: thing you guys probably don't know a lot about is
Speaker 3: that I actually do own a mortgage broking company, so
Speaker 3: do work in the mortgage space quite a bit. And
Speaker 3: I feel like it's totally possible if, as Ellen is saying,
Speaker 3: you put your mind to it, and you're on the
Speaker 3: same path, and you're on the same track. I mean,
Speaker 3: you're not going to be able to buy at one
Speaker 3: point seven million dollar first home and then all of
Speaker 3: a sudden be able to pay it off. I think
Speaker 3: it's about being really reasonable with what that first home
Speaker 3: looks like and what that actually means today. And I
Speaker 3: think that a lot of people today really want, especially millennials,
Speaker 3: they just want their home immediately, and that's just not
Speaker 3: something that's reasonable. Often we have to go into a
Speaker 3: smaller home that becomes that stepping stone to either use
Speaker 3: equity in it to get into your next home or
Speaker 3: to sell that property for a profit to then have
Speaker 3: more of a deposit for the next step. Ellen, you
Speaker 3: mentioned before that your husband and you bought your first
Speaker 3: home for six times your husband's and your salary.
Speaker 1: That's great.
Speaker 3: Was that a really big decision at the time? Was
Speaker 3: that like within budget? Was that a stretch? What did
Speaker 3: that look like?
Speaker 1: Terrifying?
Speaker 3: Yeah, understandably so.
Speaker 1: However, it was about trust and faith in each other.
Speaker 1: And because we had that plan, we knew what we
Speaker 1: had to do to achieve it. And also it comes
Speaker 1: down to what you're willing to do. We only went
Speaker 1: out to dinner or had take away once a year.
Speaker 2: Okay, when you say that, Ellen, you don't need to.
Speaker 3: Once a year.
Speaker 1: I used to also make most of the clothes, I
Speaker 1: did all of the cooking. I made read before even
Speaker 1: making your own bread was cool.
Speaker 2: Wait wait, wait, you didn't TikTok aout look.
Speaker 1: I see glimpses and and things that happen with millennials
Speaker 1: that experienced as well, but in a slightly less hectic
Speaker 1: demanding world.
Speaker 3: I've got one last question, though, what does that mean today?
Speaker 3: So you made a whole heap of sacrifices today, what
Speaker 3: does life look like?
Speaker 1: Life is comfortable. We worked hard, and that's the thing.
Speaker 1: I think. It wasn't all play, and it hasn't always
Speaker 1: been all play, and it still isn't. I need the
Speaker 1: seex fire to drive teenagers around. But anything worth it
Speaker 1: is worth working hard for.
Speaker 3: Anything worth that is worth working for it, I think
Speaker 3: that is a beautiful place to leave it. Mister Mitch Cherry, this.
Speaker 2: Is She's on the Money radio show I'm for with
Speaker 2: these crocs. By the way, sorry Victoria's wearing crocs if
Speaker 2: you're just tuning in it.
Speaker 3: Honestly, crops are an underrated pair of footwear.
Speaker 2: I mama's soul. Hey, we're about to do a Money Dilemma.
Speaker 2: Every week we bring someone's financial story on air, get
Speaker 2: Victoria's advice on what they should do. So Anthony send
Speaker 2: us a DM. He says, hi Ve, I have a
Speaker 2: mortgage and it's killing me. Sorry, I'm very upbeat for
Speaker 2: this kind of message from.
Speaker 3: The mortgage is killing me and they're just like yay, hi.
Speaker 2: Ve, I just can't see him to make ends meet.
Speaker 2: I've moved out of the city. No, it's very serious,
Speaker 2: into the verbs. I'm traveling to work every day, takes
Speaker 2: me an hour each way. My mortgage is three eight
Speaker 2: per month and he earns six seven, so it's very hard.
Speaker 2: He's a qualified personal trainer. I have an amazing business idea.
Speaker 2: He knows he can resell his home now and make
Speaker 2: a profit and perhaps use those profits to start up
Speaker 2: his own business. He knows it's a risk, but he's
Speaker 2: tired of working so hard getting nowhere. He's thirty four.
Speaker 2: He doesn't feel like he has a life. Should he
Speaker 2: continue to get the mortgage paid off and sacrifice his
Speaker 2: dream or does he take the risk.
Speaker 3: I feel like this is something that's so many people
Speaker 3: in our community are struggling with at the moment because
Speaker 3: things end up being really tight. So doing some really
Speaker 3: quick maths.
Speaker 2: Victoria's got a calculator out on her phone.
Speaker 3: All right, pull your head in. But if you are
Speaker 3: earning six seven hundred dollars each and every single month
Speaker 3: and your mortgage is thirty eight hundred dollars, that leaves
Speaker 3: you with about six hundred and sixty nine dollars each
Speaker 3: and every single week to live, which sounds like a
Speaker 3: lot of money, but it's actually not because you take
Speaker 3: out some groceries, right, Mitchie, what are we spending on groceries?
Speaker 3: We're spending you care, So we're spending one fifty. This
Speaker 3: is taking into consideration one person like I don't steal
Speaker 3: one fifty on groceries. I know it's a bit harder.
Speaker 3: People with kids would be spending even more than we.
Speaker 2: Use a personal trainer's protein in there.
Speaker 3: Then we're down to five hundred bucks a week. That's
Speaker 3: not savings, that's just five hundred bucks. We haven't bought anything.
Speaker 3: We then have thousands of dollars in car registration and
Speaker 3: insurance insurance for the home that you've just bought. We
Speaker 3: would then have things like our water bill, electricity bill,
Speaker 3: our internet, our phone, and most average bills come in
Speaker 3: at about fifteen hundred dollars each and every single month.
Speaker 3: So that's basically wiping out absolutely everything. And he can't
Speaker 3: even buy a pair of crocs with that's tie.
Speaker 2: Yeah, So do you think he should Is it smarter
Speaker 2: for him to just keep paying off the mortgage, stay
Speaker 2: in his job, or should he try to sell the business?
Speaker 2: Like you said, and offset it like it's a big risk.
Speaker 3: Well, it really depends on what your values are. And
Speaker 3: I think that that's what we need to go back to.
Speaker 3: Not everybody has to own property to be successful in life.
Speaker 3: And I think that there's just this massive misconception that
Speaker 3: in order to be successful you must purchase a home.
Speaker 3: And I felt that pressure, and I feel like you
Speaker 3: start to feel that pressure once you get into your
Speaker 3: thirties and as we know, Anthony's thirty four, to actually
Speaker 3: be successful in that space, and it just makes no
Speaker 3: sense because wealth is actually really private. It is something
Speaker 3: that is not on show. And I think a lot
Speaker 3: of us just assume that having a home means that
Speaker 3: we're successful. But in the way that he's explaining his
Speaker 3: budget and what his mortgage is costing him, he's not
Speaker 3: financially able to get ahead in any other way than
Speaker 3: paying off his mortgage. So that's actually putting a lot
Speaker 3: of eggs in one basket to say we are betting
Speaker 3: that him paying off this mortgage is going to mean
Speaker 3: that at the end of this mortgage period he is
Speaker 3: going to be in a really strong financial position. And
Speaker 3: something I always say, and I know that this is lame,
Speaker 3: as well, but I don't think that your family home
Speaker 3: should ever be considered your best asset, because in order
Speaker 3: for it to be considered an asset, you have to
Speaker 3: sell it.
Speaker 2: I think the moral of this story, Anthony is, don't
Speaker 2: listen to stereotypes and do your own thing per personal training.
Speaker 3: Do you do?
Speaker 2: Yeah, it's the shoes. On the Money Radio Show, Welcome
Speaker 2: back across the Country with Victoria Devine, Australia's number one
Speaker 2: finance podcasters. She's here in studio. I'm Mitch Jury here
Speaker 2: as well. Time for this since save this Saturday, all right.
Speaker 2: Every week Victoria gives us some sneaky little tips on
Speaker 2: how to keep more bucks in your bank account. Victoria,
Speaker 2: I will say, I actually have implemented quite a few
Speaker 2: of these, and whenever I have like a win of
Speaker 2: my own, I write it down. I've gotta tell.
Speaker 3: V you're gonna really money win. Didn't get a parking
Speaker 3: fine for parking in a loading zone, like Mitch. That's
Speaker 3: not the type of money win that we're trying to
Speaker 3: promote on this show.
Speaker 2: Yeah, I think I've got the definition wrong, but anyway,
Speaker 2: that's all right.
Speaker 3: The money win is the money win, and we celebrate
Speaker 3: everything in this community. All right, all right, this week
Speaker 3: I have a number of money wins for you.
Speaker 2: All right.
Speaker 3: First tip, though, it's for Aldi. We love Audi, We
Speaker 3: love Audi wine. You guys know I love the Audi
Speaker 3: Le Mule Rose ten out of ten Amazing Rose. It's
Speaker 3: like ten bucks a bottle. But what's even better for
Speaker 3: ninety nine a bottle? We have recently in my house
Speaker 3: discovered the south Point Estate Pinot Grigio. It just took
Speaker 3: out the top prize for the double Gold at the
Speaker 3: Melbourne International Wine Show and it's getting ninety nine.
Speaker 2: Mitch, jeezuz I love a good pin Agreeing up to.
Speaker 3: The family dinner on a Sunday with a bottle of that,
Speaker 3: and you're gonna be very popular, but also very financially savvy.
Speaker 3: The next tip I've got, though is air Tasker. And
Speaker 3: it's not using air Tasker in the way you would, Mitch,
Speaker 3: which is to get other people to do stuff for
Speaker 3: you because you don't want to do it. It's actually
Speaker 3: you using air Tasker and picking up random tasks so
Speaker 3: you can earn like an extra hundred bucks a week,
Speaker 3: which would work out to be just over five grand
Speaker 3: a year. That can be an absolute money win, and
Speaker 3: there are so many different types of tasks on there
Speaker 3: that don't require any kind of professional skills like it.
Speaker 2: There's an app for everything, like you've got a giant
Speaker 2: penis OnlyFans. Guys. There's money there.
Speaker 3: There's money to be made everywhere. Yes, yes, all right,
Speaker 3: next you would have about that though. So Tip three
Speaker 3: is the.
Speaker 2: Turn your air drop on.
Speaker 3: No, thank you, I am over and out.
Speaker 2: Okay, should we wrap up? That's no.
Speaker 3: I have one more money win for you from Audi,
Speaker 3: and I discovered it this week.
Speaker 2: So how much is this Scandinavian brand paying you?
Speaker 3: I think they're German, but that's okay. Scandinavian is like Kiah.
Speaker 3: But I'm obsessed with this cream from Mecca. It's called
Speaker 3: the Sole Desonario. Seat our producers now noting at me.
Speaker 2: I've called the salt in the yellow bottle.
Speaker 3: Guess who's duped it? Audi? Audi has duped the Sole
Speaker 3: Desionaro entire range, and it's four dollars fifty Also.
Speaker 2: After a couple of four ninety nine pino grease from Audi.
Speaker 2: You won't know the difference exactly.
Speaker 3: You really won't. So I'm going to go pick up
Speaker 3: my La Mule Rose and some moisturizer and Audi is
Speaker 3: going to thank me later.
Speaker 2: Honestly, you have a solo for me solid weekend. We'll
Speaker 2: back next week, everybody, I'm sticking around for Life Uncut
Speaker 2: Radio show next. Otherwise, Victoria de Van, we'll see you
Speaker 2: in a week.
Speaker 3: See you later,