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How a Side Hustle Paid Off Debt and Funded Big Travel Dreams · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud or
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Speaker 1: the Order, Kernie 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.
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Speaker 2: 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: for 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 She's on the Money community
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Speaker 4: members all about their journey. Let's jump straight into it,
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Speaker 4: because this week we got a message and it went
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Speaker 4: just like this, Dear, She's on the Money. Travel was
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Speaker 4: always a huge part of my life, but once I
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Speaker 4: came home everything changed. Between twenty twenty and twenty twenty two,
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Speaker 4: I was hit hard by burnout. I was weighed down
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Speaker 4: by health expenses and mortgages, and I felt completely overwhelmed.
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Speaker 4: I've recently managed to save up for my first big
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Speaker 4: international holiday and years, using Quantus points and Airbnb.
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Speaker 2: To cover most of the costs.
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Speaker 4: That trip was a much needed reset, and it inspired
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Speaker 4: me to reevaluate my spending with She's on the Money resources.
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Speaker 4: I set a budget, started saving again, and made living
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Speaker 4: within my means a priority. Now I'm back on track,
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Speaker 4: focused on my financial goals and building a life that
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Speaker 4: aligns with war truly matters to me.
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Speaker 2: Money Diarist, that sounds so special. I'm so excited to
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Speaker 2: have you on the show.
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Speaker 3: Thank you for having me, No, of course.
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Speaker 4: Thank you for wanting to share with us. I cannot
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Speaker 4: wait to jump further into it. So before we get there,
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Speaker 4: as always, I need to ask money Darist. If I
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Speaker 4: asked you to give your money habits a grade from
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Speaker 4: A through to F, what would you grade yourself?
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Speaker 3: I think, based on recent behavior, i'd say a BEE.
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Speaker 4: For Now, I love this and I want to know
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Speaker 4: can you tell us a little bit more about your
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Speaker 4: money story.
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Speaker 3: I guess, as you mentioned in the intro, I love
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Speaker 3: to travel and it's always kind of been a priority
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Speaker 3: for me. But about ten years ago I bought my
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Speaker 3: first property. I didn't want to spend all my money
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Speaker 3: on travel. I did want to have something behind me,
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Speaker 3: so I returned home to my little regional community and
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Speaker 3: bought my first little property. And after a few years,
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Speaker 3: I was just kind of ready for a change, so
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Speaker 3: I moved and bought my second off equity in the
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Speaker 3: first one, which was very lucky.
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Speaker 2: Not lucky. Hard work. That's what you meant to do.
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Speaker 3: That's true. Yeah, And yeah, as I said, I don't know,
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Speaker 3: at times, it's felt pretty hard and like there just
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Speaker 3: hasn't really been a light at the end of the
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Speaker 3: tunnel to get just paying bills constantly. But yeah, this year,
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Speaker 3: I just kind of made a priority to have that
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Speaker 3: holiday and it was a really good reset for me
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Speaker 3: to realize I can do the holiday if I'm a
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Speaker 3: bit smarter with my money when I'm at home. So
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Speaker 3: it's been a good motivation to get back on track
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Speaker 3: with prioritizing what matters and what doesn't.
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Speaker 4: And is travel, I guess top of the priority list
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Speaker 4: at this point.
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Speaker 3: It is, but I think I've just recently been reassessing
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Speaker 3: what types of travel too, like I did the European
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Speaker 3: holiday this year, but I think next year i'd try
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Speaker 3: to do something a little bit closer to home, like Asia.
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Speaker 3: It's nice seeing money go to my I'm really trying
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Speaker 3: to prioritize getting money into my offset to bring that
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Speaker 3: interest down. So as much as I do love the travel,
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Speaker 3: it's also it's been really rewarding being a bit better
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Speaker 3: with my money and seeing it have benefits to me
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Speaker 3: as well.
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Speaker 4: Is that something you've always felt or are you only
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Speaker 4: recently going Actually, this is really like empowering seeing money
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Speaker 4: in my offset and seeing me control my budget, because
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Speaker 4: I think so many of us avoid budgeting because it
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Speaker 4: feels so restrictive and we're like, we can't live our
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Speaker 4: best lives if we do this. But it doesn't sound
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Speaker 4: like that's what budget is doing for you.
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Speaker 3: Oh, it took me a while to sit down and
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Speaker 3: do the budget.
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Speaker 2: It's overwhelming.
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Speaker 3: Yeah it was, and I just wanted to avoid it,
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Speaker 3: but I knew I had to do it. And when
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Speaker 3: I used your resources actually on your website, it made
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Speaker 3: me sick to see how much like when you took
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Speaker 3: out the bills and what my necessary payments were, I
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Speaker 3: was where's all the excess going. It made me feel
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Speaker 3: like I need to be a bit more accountable.
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Speaker 4: Sorry, but also you're welcome, Like both are really good.
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Speaker 4: It's confronting at the same time as going. I'm glad
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Speaker 4: you now know because I'm assuming that this process happened
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Speaker 4: and you were going through it and it wasn't Oh
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Speaker 4: my gosh, I have to be restrictive. When you did
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Speaker 4: this budget, it was like, oh my gosh, I can't
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Speaker 4: believe I'm spending that on that. And it really highlighted
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Speaker 4: your values because you were like, actually, I'd much prefer
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Speaker 4: that money to not go to X and to go
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Speaker 4: to Y.
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Speaker 2: What was the most surprising thing in your budget?
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Speaker 3: Oh, I think it was just the how much was
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Speaker 3: left over. I think food, just entertainment and things like that,
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Speaker 3: how much I had been spending, and you know, and
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Speaker 3: chatting with some friends I haven't really kind and supported friends.
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Speaker 3: We all were on board with maybe instead of having
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Speaker 3: our one hundred dollar meals and cocktails out every week,
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Speaker 3: we do that less less often and go out for
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Speaker 3: a dessert or like a coffee or frozen yogurt or
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Speaker 3: something instead.
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Speaker 2: So I love that.
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Speaker 4: How nice is it to have friends on the same
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Speaker 4: page as you like, you're like, this would actually benefit
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Speaker 4: all of us, Like it's not just me, guys, And
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Speaker 4: that's such a good way to frame it as well.
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Speaker 4: It's like this is going to be good.
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Speaker 2: For all of us, and I mean, you can start
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Speaker 2: having dinner at each other's houses. It's just so wholesome.
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Speaker 3: Yeah, we did that recently and it was so nice
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Speaker 3: because we were able to get to have those wholesome conversations.
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Speaker 3: We weren't interrupted by a waiter every few minutes. Yeah,
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Speaker 3: it was lovely.
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Speaker 4: Or you have to pipe down because there's like a
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Speaker 4: few tables beside you and you're like, oh, yeah, I
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Speaker 4: want to tell you about this, but I'll tell you later.
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Speaker 2: No, you could say it right at the table.
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Speaker 3: Yeah, No, it was lovely.
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Speaker 2: I love that.
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Speaker 4: All right, tell me a bit more about you. I
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Speaker 4: want to know what do you do for work? How
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Speaker 4: much money do you earn?
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Speaker 3: I have a government job and I make about one
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Speaker 3: hundred and ten thousand a year plus super very cool.
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Speaker 2: And how long have you been doing that role? And
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Speaker 2: what does it kind of look like?
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Speaker 3: I jump around roles every few years to be honest,
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Speaker 3: within government, which is kind of I think what keeps
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Speaker 3: me there keeps it interesting. But I'm a project manager,
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Speaker 3: so I don't manage projects.
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Speaker 2: Yeah, very cool.
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Speaker 4: What did you like one hundred and ten grand a year?
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Speaker 4: That's pretty good money. What did you have to study
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Speaker 4: or do to get into I guess having a government
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Speaker 4: job that pays so well.
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Speaker 3: I did like a project management degree at UNI, and
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Speaker 3: it's a while ago now, and I guess a lot
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Speaker 3: of the skills I learned on the job. Really, when
6:57
Speaker 3: I reflect back, it's having goods and chores and good
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Speaker 3: people around me to help Boston build my skills to
7:05
Speaker 3: very cool.
7:06
Speaker 4: Talk to me about money goals. I need to know
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Speaker 4: you have two mortgages already. Like you said, I'm back
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Speaker 4: on track. I'm focused on my financial goals.
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Speaker 2: What are those goals?
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Speaker 3: Ultimately, I'd like to have financial freedom, as I said,
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Speaker 3: I'd love to travel.
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Speaker 2: Yes, the best goal ever.
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Speaker 3: Yeah, I'd love to add some extra income streams that
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Speaker 3: I feel like I need to get on top of.
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Speaker 3: I'd like to pay done that, add some more to
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Speaker 3: the offset really just to feel bit more comfortable. And
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Speaker 3: I'd like to learn a lot more about investing. I
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Speaker 3: did double at one point, but I had to pull
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Speaker 3: the money out to pay for the bills. So I'd
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Speaker 3: like to revisit that.
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Speaker 4: That's so fair and I mean you learned something along
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Speaker 4: the way and then you paid bills, Like, I'm proud
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Speaker 4: of you ten out of ten.
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Speaker 2: I would love to see you getting back into it.
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Speaker 4: But like, we need a solid emergency fund, and like
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Speaker 4: having a nice amount of money in offset is going
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Speaker 4: to be really powerful in comparison, I need to know
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Speaker 4: what does financial freedom mean to you, Like, if that's
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Speaker 4: something that you're like, this is my big goal, this
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Speaker 4: is what I'm working towards. How did you work out
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Speaker 4: what you would need for that?
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Speaker 3: Well, I guess I'd just like to live a life
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Speaker 3: that isn't found by bills. I'd like to I mean, ultimately,
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Speaker 3: long term, i'd love to be able to keep both
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Speaker 3: properties and have the rent coming in and paying me.
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Speaker 3: I mean that's obviously a very long term. I'd like
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Speaker 3: to buy a house. I don't know, I'd love to
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Speaker 3: be able to keep both of them. Hopefully I can,
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Speaker 3: but yeah, have a house where can have a yard.
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Speaker 3: But yeah, ultimately, the freedom is like being able to
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Speaker 3: travel every year, not be just feeling like I'm bound
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Speaker 3: by these bills and things like that.
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Speaker 4: And is that something that you feel pretty strongly at
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Speaker 4: the moment You're like, oh my gosh, like all these
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Speaker 4: bills are piling up, and it feels like it's running
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Speaker 4: my life. I feel like this is a theme that
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Speaker 4: I'm picking up in this conversation.
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Speaker 3: It was, but I think it's taken a few years
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Speaker 3: now to understand when they're all coming in. I've been
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Speaker 3: able to map them out in handy Excel spreadsheit just
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Speaker 3: see to know like that in August and my big
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Speaker 3: bill months, so I need to be making sure the
9:03
Speaker 3: money is in the account to be able to pay
9:06
Speaker 3: those big bills when they come in. So I think, yeah,
9:09
Speaker 3: just understanding what those bills are and cash flow and
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Speaker 3: things like that is really important and not splurging before
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Speaker 3: those are paid. Yeah, being smart around sale time and
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Speaker 3: things like that.
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Speaker 2: But that's really hard.
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Speaker 4: I totally get it, though, because you said February and August,
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Speaker 4: I feel.
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Speaker 2: Like our bills might match up.
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Speaker 4: Actually, but those months are they big because you have
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Speaker 4: redgio or insurance or body like what's happening in those months.
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Speaker 4: That is so I guess burdensome in comparison to the
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Speaker 4: other normal months.
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Speaker 3: It's pretty much all of the body corporate, all of
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Speaker 3: the rates my red ho insurance in the early part
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Speaker 3: of the year anyway, and then the second half is
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Speaker 3: the other doesn't have the Red Joe in the car,
9:50
Speaker 3: but it's just pretty much all the big bills for
9:53
Speaker 3: the house that you then.
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Speaker 4: And have you decided to implement a cash flow system
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Speaker 4: to manage that or like your one bank ac count, girl,
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Speaker 4: Like tell me a bit about like how we're putting
10:02
Speaker 4: this money aside, because like so many of us are like,
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Speaker 4: oh my gosh, it's in my account, like I could
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Speaker 4: spend it tomorrow.
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Speaker 3: No, I've got multiple bank accounts. I have a house account.
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Speaker 3: I've just started a car account though, I'm really excited
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Speaker 3: about that one, so next year those bills won't be
10:16
Speaker 3: a big burden on me. But yeah, multiple accounts tracking,
10:21
Speaker 3: and as you mentioned, I've been using Airbnb to help
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Speaker 3: anything that I make, and Airbnb goes to the house
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Speaker 3: account and then that pays for the bills there. So
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Speaker 3: that's been really helpful too.
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Speaker 4: I adore that you're going to have to tell me
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Speaker 4: more about airbnb though, like what does that mean? How
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Speaker 4: are you using it? Like are you having guests or
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Speaker 4: are you renting your whole house out or are you
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Speaker 4: just cleaning Airbnb's like I need to know the deeds,
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Speaker 4: my friend.
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Speaker 3: Yeah, so I've been using Airbnb the last few years
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Speaker 3: to help pay my house bills. So I've been renting
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Speaker 3: out my spare room on Airbnb, and I've had doctors
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Speaker 3: for last and Irish doctor staying with me for the
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Speaker 3: last few weeks while she's been.
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Speaker 2: Oh okay, how fun.
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Speaker 3: Yeah, it's been really nice because I like to travel.
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Speaker 3: It's been nice to get to meet people who are
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Speaker 3: setting up their life here.
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Speaker 2: It's like traveling but at home.
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Speaker 3: Yeah, I've got a paramedic staying in another few weeks.
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Speaker 3: So mostly women, and they tell me that they would
11:15
Speaker 3: prefer to stay in someone's home than in a hotel
11:18
Speaker 3: on the side of the highway. They feel safer. So yeah,
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Speaker 3: it's really helped me out. But in holiday times I
11:23
Speaker 3: do rent out the whole place for longer periods of time.
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Speaker 3: Issue just to one person.
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Speaker 2: That's really fun.
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Speaker 4: You have to tell me though, because like it just
11:29
Speaker 4: feels really overwhelming to go, oh, I'm going to stick
11:31
Speaker 4: my spare room on air being but like, what did
11:34
Speaker 4: you have to do to prep for that? Like, did
11:36
Speaker 4: you have to buy all new sheets or all new furniture?
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Speaker 2: Like, well, I don't know what does that look like?
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Speaker 3: I guess I had it all set up to be honest,
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Speaker 3: it's just my spare room, so I had it looking
11:45
Speaker 3: nice and yeah've always got nice sheets and towels ready.
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Speaker 3: I had a beingb set up a photographer to take
11:53
Speaker 3: nice photos.
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Speaker 2: Oh cute.
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Speaker 3: Yeah, so it looks nice.
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Speaker 4: And then you just put the listing online and say, hey,
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Speaker 4: come stay in my spare room. I'm a really nice
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Speaker 4: girl who lives in this location and I like chatting
12:07
Speaker 4: with friends like is that just what you do? And
12:08
Speaker 4: then how much are you making? You have to tell me,
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Speaker 4: like what are you making? Lots of money, a little
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Speaker 4: bit of money?
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Speaker 3: What depends on how often you do it. Obviously, my
12:17
Speaker 3: rates change depending on season and availability, and if they
12:22
Speaker 3: book for a long period of time, I have discount rates,
12:25
Speaker 3: so I can generally make one hundred dollars a night.
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Speaker 2: What one hundred bucks a night for your spare room.
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Speaker 3: Yeah, but I mean I've had someone stay for three
12:33
Speaker 3: weeks and there's a discount on that, so I guess
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Speaker 3: it keeps it a little bit more comparable to a
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Speaker 3: short term rental. I suppose I love it.
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Speaker 4: I feel like that's good money though, like every week
12:43
Speaker 4: making an extra like well seven hundred bucks just having
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Speaker 4: someone stay, Like I know that it's going to ebb
12:49
Speaker 4: and flow. You've probably got some airbnb charges, but that's
12:52
Speaker 4: money you didn't have before.
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Speaker 3: Yeah, it's helped pay the bills, and it's kept me
12:56
Speaker 3: afloat for sure. I've taken a lot of the pressure off.
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Speaker 3: So without that, I wouldn't have had the holiday this year,
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Speaker 3: and I wouldn't have had I guess there's better habits too.
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Speaker 3: I think all of my money would have just been
13:08
Speaker 3: going to paying the bills. Now I've had a little
13:11
Speaker 3: bit more extra to be able to enjoy life a
13:13
Speaker 3: little bit more. So it's definitely taken pressure.
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Speaker 2: Absolutely, And I have to know what happens if someone
13:18
Speaker 2: takes your whole house, Like where are you going? What
13:20
Speaker 2: do you do?
13:21
Speaker 4: Because like do you just like hide under the house
13:24
Speaker 4: until they come back?
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Speaker 2: Like I don't know.
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Speaker 3: Yeah, I go on holidays, so yeah it's usually Christmas time.
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Speaker 4: Yeah, okay, perfect, So while you're on holidays, you're leasing
13:33
Speaker 4: your whole house out. I'm not sure why I couldn't
13:35
Speaker 4: comprehend that that was an option.
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Speaker 2: In my mind, I was like, so where do you go?
13:41
Speaker 2: I love that? That is really fun.
13:42
Speaker 4: All right, let's go to a really quick break because
13:45
Speaker 4: after the break I want to talk to you a
13:47
Speaker 4: bit more about having two properties. Like you're only thirty nine.
13:50
Speaker 4: That is a massive goal. You seem a bit like,
13:53
Speaker 4: oh yeah, like it's just something I did, But like
13:55
Speaker 4: we need to know how, when, why, all of the details.
13:58
Speaker 4: So guys don't go anywhere, all right, money diarist, We
14:05
Speaker 4: are back, and I know the answer to this is, yes,
14:08
Speaker 4: do you have any investments?
14:09
Speaker 2: If so, what are they?
14:10
Speaker 3: Yes? So I've got to well, I guess if you
14:12
Speaker 3: count your home as an investment, but I guess technically
14:15
Speaker 3: have one rental property I bought nearly ten years ago,
14:18
Speaker 3: and then the property I live in Now.
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Speaker 2: I love this. How did you get into property?
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Speaker 3: Like?
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Speaker 2: Was it something that you had always wanted to purchase?
14:26
Speaker 2: Was it something that.
14:27
Speaker 4: You had, you know, saved for one million years to purchase.
14:32
Speaker 4: Was it something where you're like, oh, actually I saved
14:34
Speaker 4: the deposits in like six months, Victoria, Like, tell me
14:36
Speaker 4: a bit more about that journey, because, like for so
14:38
Speaker 4: many of us, property purchasing feels so hard and so
14:42
Speaker 4: far off.
14:43
Speaker 3: I guess it. Like I started contributing years and years ago.
14:48
Speaker 3: I think it was Kevin Rudd that introduced one of
14:50
Speaker 3: those first time saver accounts. You couldn't touch the money,
14:53
Speaker 3: but you could just add to it, and if you
14:54
Speaker 3: have never used it, it just go to your super
14:56
Speaker 3: So I thought, for someone that loves to travel, it
14:58
Speaker 3: would be a good idea to open one of those accounts.
15:00
Speaker 3: So every when I got a little bit of tax
15:03
Speaker 3: money back, or you know, a bit of a lumpsum,
15:05
Speaker 3: I'd drop some money in there because I knew i'd
15:07
Speaker 3: probably just spend it on travel and would have nothing.
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Speaker 3: I didn't want to have nothing to show for it.
15:11
Speaker 3: So yeah, when I moved back from overseas, I had
15:15
Speaker 3: to live with my parents for a while, and I
15:19
Speaker 3: guess I was just looking at the rental market where
15:22
Speaker 3: I was living, and cost of mortgage was about the
15:24
Speaker 3: same as rent, so I thought, why not stay at
15:26
Speaker 3: home a little while longer, so a bit more money
15:28
Speaker 3: and then yeah, buy my own place.
15:30
Speaker 2: And Kevin O seven helped you out with that one.
15:33
Speaker 2: I like that.
15:34
Speaker 3: Yeah, so now that helped. Yeah, I guess it's been
15:38
Speaker 3: a while since I had that when I rented it out,
15:40
Speaker 3: it's been rented out now for about four or five years.
15:42
Speaker 2: That's very cool. What kind of rental yield are you getting.
15:45
Speaker 3: On that they're rented to paying about five hundred a week?
15:48
Speaker 4: And does that cover the mortgage or does it, you know,
15:52
Speaker 4: mean that you need to top up or like, what
15:53
Speaker 4: does that look like in comparison to the ownership costs.
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Speaker 3: It nearly covers the mortgage, but it doesn't cover any
15:59
Speaker 3: of the other bills at the moment. It did before
16:01
Speaker 3: all the interest rate rises, and in fact that I
16:04
Speaker 3: wasn't being smart with the money. It was covering it.
16:07
Speaker 3: But I could have been smart and putting more towards
16:09
Speaker 3: an offset back then, but I wasn't. You know, live
16:11
Speaker 3: and learn that. I guess we were learning.
16:13
Speaker 4: We were doing the best that we could with the
16:15
Speaker 4: tools and resources we had at the time. I feel
16:17
Speaker 4: like we're always so harsh on ourselves. We're like, I
16:19
Speaker 4: could have been doing more. Yeah, you could have, but
16:21
Speaker 4: you weren't and you just didn't know. So that's fine.
16:25
Speaker 4: So tell me more about this second property, because you
16:27
Speaker 4: mentioned in the first half of the show that you
16:30
Speaker 4: bought your first property and then you managed to buy
16:33
Speaker 4: your second with equity. So what was that property worth
16:37
Speaker 4: when you purchased it? What did it increase to or
16:39
Speaker 4: did you smash town the mortgage aggressively so that the
16:42
Speaker 4: equity grew, Like, tell us, we need the deats.
16:45
Speaker 3: I did have savings. I did save the deposit. I
16:48
Speaker 3: think I had around eighty thous and because I moved
16:52
Speaker 3: home to save a bit. But I had it revalued
16:55
Speaker 3: and I haven't had it revalue recently in the last year,
16:59
Speaker 3: but it had more than doubled in price.
17:01
Speaker 2: Oh my god.
17:03
Speaker 3: Yeah, because it's a little regional town that's done quite
17:06
Speaker 3: well over the last few years.
17:07
Speaker 4: So I love that for you so much. So tell
17:11
Speaker 4: me what were you thinking when you bought your second property?
17:13
Speaker 2: What was the plan there?
17:14
Speaker 4: Were you like, I'm going to buy another investment or
17:16
Speaker 4: I'm going to buy a family home or what was
17:19
Speaker 4: the next step plan?
17:20
Speaker 3: Well, I didn't think I could do it, to be honest,
17:23
Speaker 3: I was just paying rent and my brother encouraged me
17:28
Speaker 3: to go speak to the broker that we both used,
17:30
Speaker 3: and smart man. Yeah, he did the numbers and was like, yeah,
17:33
Speaker 3: for sure, you can buy another one. So with the
17:36
Speaker 3: equity I had and a bit of savings I had
17:38
Speaker 3: in the bank. Yeah, he encouraged me to do it,
17:40
Speaker 3: and I again glad I did because this one's also
17:43
Speaker 3: grown in value in the few years I've had it too, So.
17:47
Speaker 2: I love that so much.
17:48
Speaker 4: All right, talked to me about debt. How much debt
17:51
Speaker 4: are you in? What do your mortgages look like?
17:53
Speaker 3: Yeah, my mortgages The first property still has about three twenty.
17:58
Speaker 3: I did a renovation on that one, taking out another loan,
18:01
Speaker 3: so that loan has gone up since I have had
18:04
Speaker 3: it originally, So that's three twenty. What's the property worth
18:08
Speaker 3: about seven hundred? Oh?
18:09
Speaker 2: Very nice?
18:10
Speaker 4: Isn't that exciting when you like spell it out, You're like, actually,
18:13
Speaker 4: look at.
18:13
Speaker 3: Me, go, yeah, no, it is well around that anyway.
18:17
Speaker 2: Yeah, that's okay.
18:17
Speaker 4: And then you're getting about five hundred bucks a week
18:19
Speaker 4: on that property.
18:20
Speaker 2: It's do you know what that is?
18:22
Speaker 4: Creating such good long term wealth. Like at the end
18:24
Speaker 4: of the day, you said, I'm working towards financial freedom.
18:27
Speaker 4: You know, it feels a little bit distant. It's not
18:29
Speaker 4: that far off.
18:30
Speaker 3: I hope. So yeah, I just I think having good
18:33
Speaker 3: systems in place has helped me to realize it isn't
18:36
Speaker 3: if I just keep going done the way I am.
18:38
Speaker 2: I love that, all right, tell me about your second mortgage.
18:41
Speaker 3: Yeah, it was about five fifty. No, actually that's the
18:45
Speaker 3: value of property. I think the mortgage itself was about
18:47
Speaker 3: four fifty. Yeah. I haven't paid too much off that
18:50
Speaker 3: because it's something been a few years. But the property
18:53
Speaker 3: is worth about seven fifty I think.
18:55
Speaker 2: What it's got.
18:56
Speaker 4: So when you purchased it, you purchased for five fifty,
19:00
Speaker 4: and now it's worth seven fifty. Yeah, so you're earning
19:02
Speaker 4: one hundred and ten grand a year. But then also
19:04
Speaker 4: your properties are like increasing every year by like one
19:07
Speaker 4: hundred grand overall.
19:09
Speaker 2: Yeah, you're a hustler. I love this.
19:12
Speaker 3: Yeah, it's been hard work and luck, I guess, and
19:15
Speaker 3: that things have jumped. I don't know if we'll see
19:17
Speaker 3: continue to see that jump.
19:18
Speaker 2: No, there's no such thing as luck.
19:20
Speaker 4: Do you know what? It's so weird all of these
19:22
Speaker 4: people that I know that consistently work really hard towards
19:25
Speaker 4: financial freedom.
19:26
Speaker 2: The harder they work, the luckier they get.
19:29
Speaker 3: Yeah, it just feels like a lot of work in
19:30
Speaker 3: the beginning. I guess, I'm sure looking back. Well, I
19:32
Speaker 3: hope looking back, it all feel easier, but when you're
19:36
Speaker 3: at the beginning it is it does feel a bit overwhelming.
19:38
Speaker 4: It's overwhelming and all consuming. But now you have two properties,
19:42
Speaker 4: one of which you have rented out for five hundred
19:45
Speaker 4: dollars a week and one I'm assuming you live in
19:47
Speaker 4: currently and you sometimes rented out to people on Airbnb,
19:51
Speaker 4: and that gives you some passive income to help pay
19:54
Speaker 4: down the mortgage or go on a holiday or live
19:56
Speaker 4: your best life. You've got a really good income. I'm
19:58
Speaker 4: just so excited about this money diary, Like you are
20:02
Speaker 4: killing it. But it's also really achievable and really relatable.
20:05
Speaker 4: I think sometimes when you talk to people, you're like, oh, yeah,
20:08
Speaker 4: that's okay, Like she owns two properties, but she did
20:11
Speaker 4: get you know, a really big lump sum, or you
20:14
Speaker 4: know she's been able to live at home until she's fifty,
20:17
Speaker 4: or like there are all these stories, but like you've
20:19
Speaker 4: just plodded along and gotten it done and done it yourself.
20:23
Speaker 2: And ah, I love it. What do you think is
20:25
Speaker 2: your best money have it?
20:26
Speaker 3: Hmm? I think the airbnb has been one of the
20:29
Speaker 3: best things I've done, as well as the tracking, the budgeting.
20:32
Speaker 3: But that's all very recent, but I've been really disciplined
20:35
Speaker 3: with making sure all of that AIRVMB income goes to
20:38
Speaker 3: cover the rates and body corporate and maintenance bills.
20:41
Speaker 4: So yes, smart, So at least it feels really productive
20:44
Speaker 4: and actually takes I know, like having extra cash coming
20:47
Speaker 4: in always sexy, right, We always want more money, but
20:50
Speaker 4: the idea it's pre allocated to something that is going
20:53
Speaker 4: to take the pressure off later, like when rates happen,
20:55
Speaker 4: you'll be.
20:55
Speaker 2: Like, hmm, that's already covered. That feels nice.
20:58
Speaker 3: Yeah, it does increase my tax will income because that's
21:02
Speaker 3: okay too. Yeah, and my accountant tells me that's okay.
21:06
Speaker 2: In fact, the more money we make, the more tax
21:08
Speaker 2: we pay.
21:08
Speaker 4: So I would like to earn lots and lots and
21:10
Speaker 4: lots of money and pay lots and lots of tax.
21:13
Speaker 3: Yeah, that's true.
21:13
Speaker 2: I love it. Tell me, do you have some bad
21:15
Speaker 2: money habits? What's your worst?
21:17
Speaker 3: I think I do try to find cost effective ways
21:20
Speaker 3: to do things, but when it comes to my hair
21:22
Speaker 3: and my skin, it's absolutely always the best. I don't
21:25
Speaker 3: want to sacrifice on quality for those, and I think
21:29
Speaker 3: the other one would probably be well, I've got some
21:31
Speaker 3: really good systems in place now. I kind of like consistency.
21:34
Speaker 3: I'll go through periods of being really disciplined with like
21:38
Speaker 3: the budget, and then I'll just splurge like, yeah, I
21:42
Speaker 3: get it. You know all of the sales that are
21:44
Speaker 3: on right now, so I've got to Yeah, they kind
21:46
Speaker 3: of just throw it all over the windows.
21:47
Speaker 2: They've got to put some blinkers on.
21:48
Speaker 4: I'm like trying to reframe all of the sales stuff
21:51
Speaker 4: to be like, Okay, this is actually a really good
21:53
Speaker 4: time that every time they text me to unsubscribe from
21:56
Speaker 4: that list. So I'm trying to not read too much
21:59
Speaker 4: into it. But also I'm a.
22:00
Speaker 2: Little bit spendy, Like I like nice things. I'm just
22:05
Speaker 2: a girl.
22:05
Speaker 3: You know, it's a girl tax. Yeah.
22:07
Speaker 4: Oh, you said at the start that you are a
22:10
Speaker 4: solid B, which I think is pretty good. But what
22:13
Speaker 4: would it take for you to become an A or
22:15
Speaker 4: an A plus? Like what other steps need to be
22:18
Speaker 4: put in place.
22:19
Speaker 3: I think it's just more the consistency and following through.
22:23
Speaker 3: If I can keep this behavior up for the longer term,
22:26
Speaker 3: I'd definitely bump that score up. But yeah, just have
22:29
Speaker 3: you seeing myself do it a little bit longer than
22:32
Speaker 3: the last few months for sure.
22:33
Speaker 4: That's exciting though, because that's totally possible, Like I can
22:36
Speaker 4: check in with you in twelve months and be like,
22:37
Speaker 4: so have you been consistent, and you're gonna be like, yeah,
22:39
Speaker 4: of course I've been consistent because I had a really
22:41
Speaker 4: clean plan and then I'm an A plus now.
22:44
Speaker 2: Isn't that exciting?
22:45
Speaker 3: It is? Hopefully. Yeah, I think I'm on the way.
22:47
Speaker 4: I adore it. Well, thank you so much for joining us.
22:50
Speaker 4: Unfortunately that is all we have time for today when
22:53
Speaker 4: it comes to my new darries. But I've loved this.
22:55
Speaker 4: I'd love having a chat with you. I totally resonate
22:58
Speaker 4: on always wanting to spend on good products for hair
23:02
Speaker 4: and good products for skin, Like it's also like a
23:04
Speaker 4: little bit of self care, right, like you feel good
23:07
Speaker 4: using them, so I get it. But I also have
23:10
Speaker 4: loved learning a bit more about how you've been using
23:12
Speaker 4: Airbnb and bringing some extra cash in and I mean
23:16
Speaker 4: more tax means you just earn more money. We just
23:18
Speaker 4: have to have a plan for it. I feel like
23:20
Speaker 4: so many people are scared to earn more money because
23:22
Speaker 4: tax is scary, but like, you're only ever going to.
23:24
Speaker 2: Be taxed at your marginal tax rate. And that is
23:27
Speaker 2: a good deal.
23:28
Speaker 3: Yeah, exactly, Well, thank you so much for having me.
23:31
Speaker 2: No, of course, thank you so much.
23:32
Speaker 4: I have adored this money Diary, and I know that
23:34
Speaker 4: everyone listening is going to adore it as well. The
23:43
Speaker 4: advice shared on She's on the Money is general in
23:45
Speaker 4: nature and does not consider your individual circumstances. She's on
23:49
Speaker 4: the Money exists purely for educational purposes and should not
23:53
Speaker 4: be relied upon to make an investment or financial decision.
23:56
Speaker 2: If you do choose to buy a financial product.
23:58
Speaker 5: Read the PDST and obtain appropriate financial advice.
24:02
Speaker 2: Tailored towards your needs.
24:04
Speaker 5: Victoria Divine and Sheese on the Money are authorized representatives
24:08
Speaker 5: of Money sherper P, T Y L t D A
24:10
Speaker 5: b N three two one six four nine two seven
24:13
Speaker 5: seven zero eight a F s L four five one
24:16
Speaker 5: two eight nine