Latest / She's On The Money / She Spent Hundreds of Thousands in 12 Months… Then Realised She Had No Idea Where Her Money Was Going

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She Spent Hundreds of Thousands in 12 Months… Then Realised She Had No Idea Where Her Money Was Going · She's On The Money

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  Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
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  Speaker 1: and I'm here to acknowledge country te Glennyan Ganya, Niana,
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  Speaker 1: Kaka yah y and Binahaka Nian our gay In Mbini,
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  Speaker 1: yakarum Jar, Doumayagumika Umaga, Ihowaka, Nilewaman damon Immalan Bumba bang
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  Speaker 1: Gadabomba in and now in wakah ghana on yak rum
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  Speaker 1: Jar Watanada. Hello, beautiful friends, we gather on the lands
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  Speaker 1: of the Aboriginal people. We thank acknowledge and respect the
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  Speaker 1: Abiginal people's land that we're gathering on today. Take pleasure
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  Speaker 1: in all the land and respect all that you see.
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  Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
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  Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
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  Speaker 2: She's on the Money. She's on the Money.
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  Speaker 3: Hello, and welcome to She's on the Money, the podcast
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  Speaker 3: that lets you be purvy about other people's money habits
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  Speaker 3: for educational purposes, of course. Welcome back to another one
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  Speaker 3: of our Money Darius episodes, brought to you by our
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  Speaker 3: friends at sky Wealth, where I get the absolute privilege
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  Speaker 3: of sitting down with one of our incredible She's on
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  Speaker 3: the Money community members and talking to them all about
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  Speaker 3: their journey. Now let's jump straight into it, because this
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  Speaker 3: week I got a message and it sounded exactly like this. Hi,
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  Speaker 3: VD and the SotM team. I'm Bella. I'm the fangirl
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  Speaker 3: who interrupted your family walk on Dromana Beach on Anzac Day.
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  Speaker 3: She did my friends, and it was the best. Six
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  Speaker 3: years ago, I was a law student, living paycheck to paycheck,
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  Speaker 3: prioritizing travel over financial literacy, and I had no idea
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  Speaker 3: what the SMP five hundred even meant. Fast forward to today,
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  Speaker 3: after binging your podcast daily and completely shifting my mindset,
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  Speaker 3: I'm now a lawyer, I'm married, I live on the
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  Speaker 3: morning to Peninsula with our puppy, and we are building
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  Speaker 3: our investment portfolio. We learned the hard way that property
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  Speaker 3: investing isn't always the dream it's sold us, so we've
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  Speaker 3: pivoted away from chasing expects, did milestones, and now invest
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  Speaker 3: forty percent of our income instead. Our big lesson financial
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  Speaker 3: security doesn't have to look the way everyone says it should.
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  Speaker 3: Money Durist, Hello again, Hi, thanks so much for having me.
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  Speaker 3: Oh my goodness, this was so fun. So both of
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  Speaker 3: us make up free, looking a little bit disheveled. I
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  Speaker 3: think both of us had been to like dawn services.
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  Speaker 3: So we just like started walking our dogs. Straight after
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  Speaker 3: you had your newborn, I did. I was ready. We
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  Speaker 3: ran into each other on Dramana Beach, and much to
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  Speaker 3: our husband's demise, we had a really good chat. And
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  Speaker 3: then you said I'm going to ride in and I said,
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  Speaker 3: please do Now are you here?
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  Speaker 2: Thank you so much for having me.
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  Speaker 3: I'm obsessed. I'm so excited. So as I always start money, darist,
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  Speaker 3: what grade would you give your habits from A three
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  Speaker 3: to F If I asked you to give them a grade.
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  Speaker 2: I'm going to say B plus. I was thinking, you know,
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  Speaker 2: I've come a long way, so I'm thinking B plus
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  Speaker 2: maybe B minus.
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  Speaker 3: Got questions, You've always got questions. Your letter in says
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  Speaker 3: that you're investing forty percent of your income, and you're like,
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  Speaker 3: B plus and okay, I'm not even doing that, but okay, yeah,
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  Speaker 3: so talk to me. I want to know a little
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  Speaker 3: bit more about your money story and the things that
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  Speaker 3: have impacted it.
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  Speaker 2: So I grew up in regional Victoria. Actually, mom and
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  Speaker 2: dad just we never went without absolutely anything, but money
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  Speaker 2: was just never spoken about. It was so taboo. It
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  Speaker 2: was just like we always had what we wanted. If
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  Speaker 2: I something got it, but I knew that we had
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  Speaker 2: to work for things and hard work at big and
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  Speaker 2: that kind of stuff, but it just wasn't woken about,
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  Speaker 2: like it just money just never came up. Like I
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  Speaker 2: guess I was very privileged.
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  Speaker 3: It just didn't come up, or if it came up,
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  Speaker 3: it was like, oh, that's rude.
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  Speaker 2: Yeah, I think so. I think that like just oh,
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  Speaker 2: we don't have to worry about money kind of thing,
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  Speaker 2: or let's just not go into it. I think Dad
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  Speaker 2: was very protective. Yeah, and now that I know, like
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  Speaker 2: they weren't well off, like now that I've grown up
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  Speaker 2: and we've spoken about it, like, they definitely weren't well
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  Speaker 2: off in the sense of the word. But I think
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  Speaker 2: maybe he just wanted to, yeah, protect his money story
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  Speaker 2: for himself, I guess. But yeah, that's kind of I
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  Speaker 2: think shaped my perspective on money now, and it's definitely
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  Speaker 2: something I would do differently if I were to raise
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  Speaker 2: my own kids as well. I think it should be
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  Speaker 2: spoken about. And I know you believe this as well,
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  Speaker 2: that you know how do you communicate about money with
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  Speaker 2: your kids and whatnot. So yeah, I think in the
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  Speaker 2: fact that also taboo. That kind of then led me
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  Speaker 2: into where I am now, I guess. So I moved
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  Speaker 2: to the city, inner city Melbourne to study.
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  Speaker 3: Law and psychology, okay, queen when.
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  Speaker 2: I was eighteen. Yeah, yeah, and I just worked part
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  Speaker 2: time in hospitality, just trying to you know, get a
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  Speaker 2: couple of hundred dollars for the week kind of thing
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  Speaker 2: and to get by. But I was a really good
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  Speaker 2: saver with whatever I had left at the end of
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  Speaker 2: the paycheck. But all that money was going to travel.
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  Speaker 2: Like I was just like, right, I'm saving and I'm
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  Speaker 2: going to Europe and going to this and doing that.
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  Speaker 2: And I did all that, but I did that up
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  Speaker 2: until a couple of years ago. So yeah, all my
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  Speaker 2: money's kind of just been on experiences and that's where
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  Speaker 2: I really bowe you my money. And then I met
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  Speaker 2: my husband actually in twenty nineteen, so just before COVID,
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  Speaker 2: and we were thrust obviously into moving together.
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  Speaker 3: Oh so many people were right, It's like, yeah, either
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  Speaker 3: stopped dating because we can't see each other. Oh guess what,
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  Speaker 3: we live together now.
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  Speaker 2: Yep, we're in it. It was like after a year,
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  Speaker 2: so it was fine. It was honestly fine.
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  Speaker 4: Yeah.
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  Speaker 2: Now they say that, I think that's actually okay, and
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  Speaker 2: it was a lot of fun.
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  Speaker 3: Like but at the time, it does feel like it's
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  Speaker 3: moving quick because that's what my partner and I did.
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  Speaker 3: And I remember telling somebody, oh, yeah, we've been together
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  Speaker 3: a year and we're moving in. They were like wait what.
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  Speaker 2: Yeah, so he's a little bit older than me. But
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  Speaker 2: I guess we just were kind of yeah, as I said,
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  Speaker 2: just thrust into it and we just were having a
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  Speaker 2: really great time. When I look back on COVID, I'm like, oh,
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  Speaker 2: what did I do? Like, I literally I wasn't learning
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  Speaker 2: about money or doing finance or anything back then, So
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  Speaker 2: I don't know what happened during that period of time.
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  Speaker 2: I think I was just honestly mindlessly spending and just
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  Speaker 2: being outrageous.
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  Speaker 3: I feel like it all rolls into one.
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  Speaker 2: Yeah.
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  Speaker 3: I was looking back on this a little while ago
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  Speaker 3: because someone was like, oh, yeah, it's been like six years,
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  Speaker 3: and I was like, sorry, what what do you mean.
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  Speaker 3: They're like, yeah, COVID nineteen started twenty twenty. I was like,
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  Speaker 3: oh my god, Like, yeah, it feels like yesterday and
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  Speaker 3: also fifty years ago at the same time. But I
• 6:02
  Speaker 3: was like, I don't remember a lot of Is that
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  Speaker 3: a trauma response or is that just because every day
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  Speaker 3: looked the same. Like my husband mentioned something the other day,
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  Speaker 3: is like, hey, remember when we used to get our
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  Speaker 3: fresco cups and feel them full of espresso martinis and
• 6:16
  Speaker 3: go for walks. And I was like, can you imagine
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  Speaker 3: if I did that today? That would be so to do? Like,
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  Speaker 3: can you imagine our Victoria Devine goes for a drink
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  Speaker 3: and walk?
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  Speaker 2: That's crazy sitting in the park.
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  Speaker 3: Yeah, we was sitting in the park drinking margs out
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  Speaker 3: of coffee cups, wasn't it.
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  Speaker 2: I mean it sounds quite fun. Actually, yeah, let's go.
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  Speaker 4: Yeah.
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  Speaker 2: I guess where we're at now is because my partner's
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  Speaker 2: are older than me. He's always had that sort of
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  Speaker 2: hie salary.
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  Speaker 3: Yeah, how much older are you talking? Though? Like, sorry,
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  Speaker 3: this is money diaries.
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  Speaker 2: I get the goss seven years.
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  Speaker 3: Oh that's nothing, that's nothing.
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  Speaker 2: Six he's thirty three. Yeah, okay, now when I was nineteen,
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  Speaker 2: he was twenty six. But yeah, he's had a high salary.
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  Speaker 2: But I just didn't really matter, Like I think there
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  Speaker 2: was times when I was thinking, oh shit, like I
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  Speaker 2: wish I was earning that little bit more to like
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  Speaker 2: because I was obviously just working at hospital, trying to
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  Speaker 2: get through my degree to like match you my guess.
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  Speaker 2: But he never made me feel like I needed to
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  Speaker 2: supportive and like, oh, get dinner and all that stuff.
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  Speaker 3: Like yeah, he was like I'm queen, you're still at UNI.
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  Speaker 2: Yeah, that was exactly what he did. But then in
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  Speaker 2: twenty twenty four we got engaged, which was lovely.
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  Speaker 3: Yeah, how did he provoke? Yeah?
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  Speaker 2: So we were in Thailand cut yeah, and we went
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  Speaker 2: on this little walk We're just holiday and he just
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  Speaker 2: got down on one knee and it was just beautiful. Actually,
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  Speaker 2: I was watching the video the other day.
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  Speaker 3: I'm obsessed.
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  Speaker 5: I just love it.
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  Speaker 2: Same, I love love.
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  Speaker 3: One of my team members just got engaged and I
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  Speaker 3: was like so excited. I was like, hold on, hold on,
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  Speaker 3: she's messaged me on her holiday, like I don't want to, like,
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  Speaker 3: you know, it's a sign overstretched. No, she got engaged
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  Speaker 3: in Japan, which I'm so excited. This is a leeche
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  Speaker 3: If anybody is listening, she's already posted on Instagram about it.
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  Speaker 3: So I feel like it's public knowledge. But I was like,
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  Speaker 3: am I allowed to FaceTime her? Like I'm just so excited,
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  Speaker 3: Like I just want to share this excitement.
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  Speaker 2: Oh it was yeah, obviously my special day, but our
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  Speaker 2: wedding was obviously then more special. Then got married last year.
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  Speaker 2: I guess where we're at is last year And the
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  Speaker 2: end of twenty twenty four was just the most expensive
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  Speaker 2: yeah ever, Like of course it was. So we had
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  Speaker 2: a wedding and we actually bought an apartment.
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  Speaker 3: At the same time. Oh, Steve and I did that
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  Speaker 3: and a dog. Oh yeah, just like hate money yep,
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  Speaker 3: literally setting fire to it at that point yep.
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  Speaker 2: Honeymoon and then we just put another trip in there
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  Speaker 2: to New Zealand skiing, which was so expensive, so rary
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  Speaker 2: and lucky and privilege obviously that we had the means
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  Speaker 2: to do that. But now that we're here and we
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  Speaker 2: can reflect, it's just like we spent hundreds of thousands
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  Speaker 2: of dollars and that pains, Say, am.
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  Speaker 3: I allowed to be pervy?
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  Speaker 2: Yeah? I did the calcul I need I need to know.
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  Speaker 3: So where did you get married in Australia?
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  Speaker 2: Yes, in Australia in Shoal Bay, so sush near Stevens.
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  Speaker 3: Yeah, up the coast.
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  Speaker 2: Yeah, the wedding was fine. So the wedding was around
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  Speaker 2: fifty sixty k all together. We had fifty five people.
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  Speaker 2: It was quite small. Yeah, but then we did the
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  Speaker 2: honeymoon and that was in Fiji.
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  Speaker 3: Now it all adds up, doesn't it. It's like I
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  Speaker 3: always talk about the core satellite investing approach, and like
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  Speaker 3: I think that we talk about weddings in the same
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  Speaker 3: way where it's like the core You're like, oh, the
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  Speaker 3: wedding wasn't too bad, but then we forget to include
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  Speaker 3: engagement parties and anniversaries and honeymoons and all of the
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  Speaker 3: other stuff that goes around it, and then all of
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  Speaker 3: a sudden you're like, where is all my money gone?
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  Speaker 3: And it was wedding related exactly.
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  Speaker 2: It's just baffling. But you know what, I was happy
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  Speaker 2: with that amount, Like I was happy that we didn't spend,
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  Speaker 2: you know, over one hundred thousand. I was happy with that.
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  Speaker 3: And was this something that you budgeted for or was
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  Speaker 3: it like you just spent as you went or I'm
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  Speaker 3: just so pervy, I'm so sorry.
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  Speaker 2: Yeah, no, No, we definitely budgeted for it. Actually, we
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  Speaker 2: probably budgeted around fifty k, so blew it a little bit,
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  Speaker 2: blowed a little bit. And then in Fiji, I think
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  Speaker 2: we went for two weeks, two four weeks and that
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  Speaker 2: was about fifteen thousand, which.
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  Speaker 3: Is just figi's gorgeous, pg's gorgeous.
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  Speaker 2: Like we went to this island, Turtle Island, this beautiful
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  Speaker 2: island was amazing, like no regrets obviously, and then we
• 10:05
  Speaker 2: came back and we went to New Zealand a couple
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  Speaker 2: months later because all our friends were going, so we're like,
• 10:10
  Speaker 2: well we're obviously going to yeah ma low yeah, and
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  Speaker 2: that was just a yeah. I think that was twelve
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  Speaker 2: thirty K for a week.
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  Speaker 3: What did you do?
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  Speaker 2: So the skiing passes are outrageous? What do you mean?
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  Speaker 3: Where were you skiing? As somebody who like disclaimer, this
• 10:26
  Speaker 3: is going to be the most unrelatable conversation. I think
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  Speaker 3: it is unrelatable the right thing, like maybe just like
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  Speaker 3: a little bit entitled, Yeah, I go skiing a lot. Yeah,
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  Speaker 3: I love skiing. Yes, we are a ski family. Skiing
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  Speaker 3: is not cheap, but the ski passes in New Zealand
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  Speaker 3: are about the same as they are in Australia.
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  Speaker 2: Yeah, so I think we paid four hundred dollars for
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  Speaker 2: a ski pass each, right, yes, but then.
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  Speaker 3: What got us but that would have been like three
• 10:50
  Speaker 3: days or four days.
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  Speaker 2: Yes, yes, what got us is we went Remarkables and
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  Speaker 2: then the other one, which it was Cardrona.
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  Speaker 3: Yeah, and they're not on the same ski pass.
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  Speaker 2: They're not on the same ski so then you get two.
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  Speaker 3: We needed the hero pass yeah yeah, yeah, so.
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  Speaker 2: Then that was an accommodation a couple of thousand.
• 11:06
  Speaker 3: Yeah, it would have been.
• 11:07
  Speaker 2: Flights were expensive. I think they might have been two
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  Speaker 2: K or something. Yeah, okay, which is kind of exy
• 11:12
  Speaker 2: now that I see white prices, but maybe it was
• 11:14
  Speaker 2: around ten. But then when we were there, we were
• 11:17
  Speaker 2: just out for dinner. We're going on this winery tour.
• 11:20
  Speaker 2: It just go's a slippery slow Yeah, it seriously is
• 11:22
  Speaker 2: a hence the slippery slope of the last year that
• 11:25
  Speaker 2: was just ridiculously Yeah, so I think this was our mentality,
• 11:30
  Speaker 2: like and now just look back on it and I
• 11:32
  Speaker 2: just got it.
• 11:32
  Speaker 3: And it's hard, right, And I'm not saying that that's
• 11:34
  Speaker 3: a bad thing, but it's so easy to spend that.
• 11:37
  Speaker 3: Whereas that's why I was like, oh, really is it expensive?
• 11:40
  Speaker 3: Like not in a I'm being entitled way. That's why
• 11:43
  Speaker 3: I was like, I want to disclaim it this. I
• 11:44
  Speaker 3: promise I don't need to touch grass, but as somebody
• 11:47
  Speaker 3: who you know, if my husband and I want to
• 11:49
  Speaker 3: go skiing, which we adore, like that's something big line
• 11:52
  Speaker 3: item in our budget, right, we do like going to
• 11:55
  Speaker 3: New Zealand because the snow is better, it's a little
• 11:57
  Speaker 3: bit more predictable, and we actually find it cheaper. But
• 12:00
  Speaker 3: we're shopping around, like we're making sure that we book
• 12:03
  Speaker 3: flights when they're on sale.
• 12:04
  Speaker 1: You know.
• 12:04
  Speaker 3: We usually share an airbnb with a group of friends,
• 12:07
  Speaker 3: like we're not just going and like having a bougie
• 12:10
  Speaker 3: hotel experience, and then we eat in most of the time,
• 12:13
  Speaker 3: like we go down to the shops because we've all
• 12:15
  Speaker 3: just hired a car together. We go down to the
• 12:17
  Speaker 3: shops and we're like, all right, tonight's roast, Tomorrow night's this,
• 12:20
  Speaker 3: like yeah, and we all do like shared cooking and
• 12:22
  Speaker 3: it becomes a really reasonable trip.
• 12:24
  Speaker 2: Yeah.
• 12:25
  Speaker 3: But I think you're at Botswan goodchery, won't you.
• 12:27
  Speaker 2: It's definitely and berg Berger, Oh my god, breakfast, lunch
• 12:32
  Speaker 2: and dinner.
• 12:32
  Speaker 3: Yeah, I can see how it would happen. I promise
• 12:35
  Speaker 3: you if you said, Victoria, there's no budget on this trip,
• 12:38
  Speaker 3: I'd be like, yeah, sit down, I've got no exactly, And.
• 12:41
  Speaker 2: In saying that, like that actually makes me feel sick,
• 12:43
  Speaker 2: like we know what we did was just you just
• 12:46
  Speaker 2: spend money like when it's there and tying back into
• 12:49
  Speaker 2: that piece of like we have a solid duel income
• 12:52
  Speaker 2: that I think when we could get to that, but
• 12:54
  Speaker 2: like when it's there, you just spend it. And when
• 12:57
  Speaker 2: you don't know enough about your finances in your budgeting,
• 13:01
  Speaker 2: you haven't done everything that you tell your community to do,
• 13:03
  Speaker 2: Like we haven't even thought about the emergency fund, but
• 13:06
  Speaker 2: we had it there, but was it for that purpose?
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  Speaker 3: No, that was just but it's so easy, Like it
• 13:11
  Speaker 3: is so easy to slip into that. And again it's
• 13:14
  Speaker 3: not because you're being entitled or you don't know what's
• 13:16
  Speaker 3: going on or you're not smart. But once you've gotten
• 13:20
  Speaker 3: to a point where you're like, I'm a lawyer and
• 13:22
  Speaker 3: my partner has a solid job, Like we don't need
• 13:25
  Speaker 3: to stress about money, Like you don't have any kids,
• 13:27
  Speaker 3: Like you've not got this huge, big mortgage over your head.
• 13:30
  Speaker 3: You're kind of like, well, we don't need to stress.
• 13:32
  Speaker 3: We can just be a little bit more frivolous. But
• 13:34
  Speaker 3: this is where people fall into the trap of overspending
• 13:39
  Speaker 3: because they just go, how much could it be? It's
• 13:41
  Speaker 3: just one din under the set, but it's not. It's
• 13:43
  Speaker 3: the entire lifestyle that surrounds that. And if we're not
• 13:46
  Speaker 3: budgeting from the beginning and understanding where every dollar's going,
• 13:50
  Speaker 3: it just falls through our fingers.
• 13:52
  Speaker 2: That's it, That's really it. And then I think we
• 13:54
  Speaker 2: have reflected now, like in the last twelve months, it's
• 13:57
  Speaker 2: been our real knuckle down and focus on what we
• 14:01
  Speaker 2: need to do to get our money in order. I guess, yeah,
• 14:04
  Speaker 2: I think that's the best. So I'll put it like,
• 14:05
  Speaker 2: just where's your money going?
• 14:06
  Speaker 3: Just understanding it. It's not even about budgeting it. It's
• 14:09
  Speaker 3: not about restriction, and I think that's a massive misconception.
• 14:12
  Speaker 3: It's not about going you only have X yep for
• 14:14
  Speaker 3: the groceries. It's about going, hey, bab, how much do
• 14:17
  Speaker 3: we actually spend on groceries?
• 14:18
  Speaker 1: Do you know?
• 14:19
  Speaker 3: And most of the time your partner is going to
• 14:20
  Speaker 3: go no clue, and then you're going to add it
• 14:23
  Speaker 3: up and you're both going to be sick. You're going
• 14:25
  Speaker 3: to be like, oh my oh my goodness, like how
• 14:27
  Speaker 3: many troops to the supermarket?
• 14:29
  Speaker 2: Literally what happened? And so we actually bought the apartment
• 14:33
  Speaker 2: before we got married, so it was kind of like
• 14:35
  Speaker 2: apartment deposit was gone, and then a couple of months
• 14:39
  Speaker 2: it was like the wedding, which we'd had a pot for,
• 14:42
  Speaker 2: but that was then gone. And then it was the holiday,
• 14:44
  Speaker 2: and then that was gone, and then it was the
• 14:46
  Speaker 2: New Zealand holiday, and then the dog and then your
• 14:48
  Speaker 2: moving house. And then we looked and we're like, ooh,
• 14:52
  Speaker 2: a lot of money, money go on. I just full
• 14:55
  Speaker 2: decided when I have ADHD and I just hyper focused
• 14:59
  Speaker 2: on money.
• 15:00
  Speaker 3: Good girl, as I ye do.
• 15:02
  Speaker 2: I think it works to my advantage to be honest,
• 15:04
  Speaker 2: And I just did the budgeting spreadsheet. Your spreadsheet. We
• 15:07
  Speaker 2: already had emergency fund set it up, but we had
• 15:09
  Speaker 2: the fund, had the budget, and then it was more
• 15:11
  Speaker 2: just about, right, what can I learn about investing now
• 15:14
  Speaker 2: and how do I get into that? Oh So says yeah,
• 15:18
  Speaker 2: but yeah, that's kind of where we're at now. But
• 15:20
  Speaker 2: we did have a bit of a hic up with
• 15:22
  Speaker 2: our apartment, so I think it is worth talking about
• 15:25
  Speaker 2: because it kind of ties into our story a lot
• 15:27
  Speaker 2: in terms of when we bought it, we were really excited.
• 15:30
  Speaker 2: I think we had around at k for a deposit.
• 15:33
  Speaker 3: And just rewinding a little bit, we bought this apartment
• 15:36
  Speaker 3: to move into, or we bought it as an investment. Okay,
• 15:39
  Speaker 3: so we've moved in.
• 15:39
  Speaker 2: Yep, we've moved into the apartment, super excited. We were
• 15:42
  Speaker 2: renting together before randomly and then moved in together, super excited.
• 15:47
  Speaker 2: I think we'd been looking around and all we could
• 15:51
  Speaker 2: afford in that period of time was an apartment in
• 15:52
  Speaker 2: the area because we wanted to live in a city
• 15:55
  Speaker 2: like around the nice bulb and suburb, and we just
• 15:57
  Speaker 2: couldn't get a free standing house like that. It's just
• 16:00
  Speaker 2: not happening.
• 16:01
  Speaker 3: No, I feel like that's very normal nowadays.
• 16:03
  Speaker 2: So we're like, right, apartment and we found this one
• 16:06
  Speaker 2: after looking around for a bit that actually felt spacious,
• 16:09
  Speaker 2: like it was on the beach so you actually see
• 16:11
  Speaker 2: the beach, and it felt really lovely. It was like
• 16:13
  Speaker 2: two bedroom, one bathroom, and I just got so excited,
• 16:15
  Speaker 2: and my partner loved it and was like, oh my god,
• 16:17
  Speaker 2: Like it's so so much emotion involved in that process,
• 16:21
  Speaker 2: as you.
• 16:21
  Speaker 3: Know, isn't it bad? We all say we shouldn't get
• 16:24
  Speaker 3: emotion involved, and then you find the apartment of your
• 16:26
  Speaker 3: dreams and all of a sudden, all of that logic
• 16:29
  Speaker 3: goes out of the window.
• 16:30
  Speaker 2: And I would say, that's exactly what happened, like it
• 16:31
  Speaker 2: felt like the one we'd been looking for, I guess,
• 16:34
  Speaker 2: but I think we turned a blind eye to a
• 16:37
  Speaker 2: couple of things. So it went to auction, it got
• 16:40
  Speaker 2: passed in, but then we put it offer in the
• 16:42
  Speaker 2: next day and then they accepted it, which was really good.
• 16:45
  Speaker 2: So we bought that apartment for seven hundred thousand, and
• 16:49
  Speaker 2: we thought that was a great deal, to be honest,
• 16:51
  Speaker 2: because it had previously sold for seven fifty right. Yeah,
• 16:55
  Speaker 2: they took a loss, and we thought we were getting
• 16:57
  Speaker 2: a great deal.
• 16:58
  Speaker 3: Yeah, and you've got a question why they were happy
• 16:59
  Speaker 3: to take a loss, don't.
• 17:01
  Speaker 2: Yes, yes, did we do that?
• 17:03
  Speaker 1: No?
• 17:03
  Speaker 4: No?
• 17:04
  Speaker 2: Oh no, no, I know. So we moved in lived
• 17:08
  Speaker 2: in there for twelve months. But then during that twelve
• 17:10
  Speaker 2: months is when all the things happened that I just mentioned.
• 17:12
  Speaker 2: The wedding, the.
• 17:13
  Speaker 3: Holiday, and so we're just bleeding money, yea, bleeding.
• 17:16
  Speaker 2: Money and stressy as and after the wedding and stuff,
• 17:20
  Speaker 2: both our mental health actually took a bit of a turn.
• 17:22
  Speaker 2: And we've been thinking about moving to the Peninsula for
• 17:25
  Speaker 2: a really long time. It'd been on the cards of
• 17:28
  Speaker 2: like that's what we want to do in the future.
• 17:30
  Speaker 2: But I guess when we made an assessment of our
• 17:33
  Speaker 2: happiness overall happiness, we were like, we need to just
• 17:36
  Speaker 2: get out of this confined space. Department felt really small,
• 17:39
  Speaker 2: and we had the ability to move down the pinchular
• 17:43
  Speaker 2: just because our works were flexible in that respect. So
• 17:46
  Speaker 2: we were just like, okay, we've done the twelve month
• 17:48
  Speaker 2: cut off thing that you have to live there, because
• 17:51
  Speaker 2: I think there's something that you have to live there
• 17:52
  Speaker 2: for twelve months. Yeah.
• 17:53
  Speaker 3: Yeah, so that in the future you don't have to
• 17:55
  Speaker 3: pay capital gains tax for seven years. Yeah, yeah, it's
• 17:59
  Speaker 3: worth doing going to purchase the house and live in it.
• 18:02
  Speaker 2: Yeah, And we just decided to put our house on
• 18:05
  Speaker 2: the market, like the apartment on the market.
• 18:07
  Speaker 3: All we sold. You didn't even lea set out and
• 18:09
  Speaker 3: see what happened. You were just like, not cut my losses.
• 18:11
  Speaker 2: Well, we couldn't sell it, so we can't. Yeah, put
• 18:15
  Speaker 2: it up for sale, and unfortunately it was up there
• 18:18
  Speaker 2: for three months. Could not sell it.
• 18:20
  Speaker 3: What about this apartment. So obviously someone prior to you
• 18:23
  Speaker 3: made a fifty grand loss on it and then you
• 18:25
  Speaker 3: couldn't sell it. Why what's wrong with the apartment?
• 18:29
  Speaker 2: Body Corp? So it's a body court fees, I know.
• 18:32
  Speaker 2: And this is a thing of like, yeah, you're so
• 18:33
  Speaker 2: excited you buy the house. You just you're like, oh,
• 18:36
  Speaker 2: so the fees are eight thousand. Yeah, we were like, great,
• 18:39
  Speaker 2: that's nothing.
• 18:40
  Speaker 3: Did you have a good mortgage broker, because it sounds
• 18:42
  Speaker 3: like you did not.
• 18:43
  Speaker 2: I don't know, Victoria, I don't think so in hindsight.
• 18:47
  Speaker 3: You come to my house and I'll fix you up
• 18:49
  Speaker 3: because I find it so funny because sometimes we shoot
• 18:53
  Speaker 3: ourselves in the foot and lose clients because I'm like, baby,
• 18:56
  Speaker 3: shouldn't be paying that, And we don't lose them to
• 18:58
  Speaker 3: other brokers. We lose them because they.
• 19:00
  Speaker 2: Don't buy the house.
• 19:01
  Speaker 3: Yeah exactly, And I'd prefer that and to have some
• 19:05
  Speaker 3: integrity then just sell you something and then have you
• 19:09
  Speaker 3: looked back and go, oh my god, Like Victoria would
• 19:12
  Speaker 3: have like had her team review that, she would have
• 19:14
  Speaker 3: known that that was the Body Corporate. She would have
• 19:17
  Speaker 3: thought that was ridiculous, and she still let me do.
• 19:19
  Speaker 2: It would not and even what my partner and I
• 19:22
  Speaker 2: know about it all now, like.
• 19:23
  Speaker 3: Why did we do that? Well, you don't know what
• 19:25
  Speaker 3: you don't know?
• 19:26
  Speaker 2: Yeah, exactly, and I like to think I make informed
• 19:29
  Speaker 2: choices now, but definitely.
• 19:31
  Speaker 3: Yeah, a history of learning from our mistake.
• 19:33
  Speaker 2: We are ye one hundred percent. The body got was
• 19:35
  Speaker 2: really really high and also just really awful to deal with. Ah,
• 19:39
  Speaker 2: not a vibe.
• 19:40
  Speaker 3: Guys, We're paying you enough to be nice.
• 19:42
  Speaker 2: Come on, like so many admin fees. I'm like, what
• 19:45
  Speaker 2: are these adminbe's? It's spacious, but the actual block itself
• 19:50
  Speaker 2: is on a busy kind of road, I would say,
• 19:53
  Speaker 2: and then there's beach. Okay. So when we couldn't sell,
• 19:56
  Speaker 2: we were kind of like, oh, I just gonna I
• 19:57
  Speaker 2: think we just need to rent this out, Like we
• 19:59
  Speaker 2: really need to rent out the apartment to try and
• 20:02
  Speaker 2: get some sort of money coming in. Yeah, of course, yeah,
• 20:05
  Speaker 2: instead of leading up there, because then we're come like, oh,
• 20:07
  Speaker 2: maybe we try being landlords. I don't know, like we
• 20:09
  Speaker 2: started renting down here, so let's just try it. And
• 20:11
  Speaker 2: we were lucky that we could afford to pay the
• 20:14
  Speaker 2: mortgage and rent as well. Yeah, and we're still doing
• 20:17
  Speaker 2: that now, and we're grateful that we can do that,
• 20:19
  Speaker 2: but it was so stressful, like victoria is so stful
• 20:22
  Speaker 2: when you can't sell a property that is too much.
• 20:25
  Speaker 3: Girl, you don't have to tell me, Like, it just
• 20:28
  Speaker 3: feels stressful. But then also you just know that, like
• 20:31
  Speaker 3: the real estate agents are making so much money, so
• 20:33
  Speaker 3: you know that they're working, but also why can't they
• 20:36
  Speaker 3: sell it? Like and they're probably not going to be
• 20:38
  Speaker 3: honest to you because they don't want to lose that sale.
• 20:40
  Speaker 3: Like yeah, oh, it's just it's a bit of a mind,
• 20:44
  Speaker 3: I know, a mess.
• 20:46
  Speaker 2: So yeah, we just decided to get the tenants in there,
• 20:48
  Speaker 2: and we're now getting seven hundred fifty dollars a week,
• 20:51
  Speaker 2: which is really good for rent from the tenants, which
• 20:55
  Speaker 2: is lovely, and we're just kind of keeping it afloat.
• 20:58
  Speaker 2: But I think we're it gets us is the maintenance,
• 21:03
  Speaker 2: like the consistent maintenance, and then the body PORP fees come,
• 21:05
  Speaker 2: and then rates come and there's just so many things.
• 21:08
  Speaker 2: You just go, Okay, we're negative gearing this, but it's
• 21:11
  Speaker 2: very much negatively good, Like how do we kind of
• 21:14
  Speaker 2: make this worth it? So yeah, I think the intention
• 21:16
  Speaker 2: will be to try and sell that again in the future,
• 21:19
  Speaker 2: but for now, the tenants.
• 21:20
  Speaker 3: Are really good, So yeah, and that can be really
• 21:23
  Speaker 3: really stressful, Like that doesn't sound like a situation I
• 21:27
  Speaker 3: would want to find myself in. But it sounds like
• 21:29
  Speaker 3: you're also making Hey well the sun is shining right, yeah.
• 21:32
  Speaker 2: Yeah, yep, we've made it work, I guess. So, yeah,
• 21:36
  Speaker 2: that's where we've ended up. Now, it's just about how
• 21:38
  Speaker 2: we can maximize our income while we're in a space
• 21:43
  Speaker 2: to do it with the tenants in there, with paying rent,
• 21:45
  Speaker 2: with investing with that, So yeah, how do we make
• 21:49
  Speaker 2: our money work harder?
• 21:50
  Speaker 3: I want to talk about the rental yield because a
• 21:52
  Speaker 3: lot of people would have been like, oh is that
• 21:54
  Speaker 3: when you said, oh, that's good rent because it is
• 21:56
  Speaker 3: like if you purchased a property for seven hundred thousand
• 22:00
  Speaker 3: dollars and you get to rent it out for seven
• 22:02
  Speaker 3: fifty you've got a gross rental yield of about five
• 22:04
  Speaker 3: and a half percent, But then that would drop down
• 22:08
  Speaker 3: I would say seventy significantly because you've got what eight
• 22:11
  Speaker 3: grand in body corp. Why are we having so many
• 22:15
  Speaker 3: consistent repairs and stuff? Is it the whole building or
• 22:17
  Speaker 3: is it that apartment? What's going on?
• 22:20
  Speaker 2: It's been the apartment. It's probably been monthly to be honest.
• 22:23
  Speaker 2: We had a locksmith issue, yep. And then we had
• 22:26
  Speaker 2: a plumbing issue where they had to regrout and do
• 22:29
  Speaker 2: the whole thing and didn't how much plumbing that's so expensive.
• 22:32
  Speaker 3: Yeah, anything but room related in the bin in the
• 22:35
  Speaker 3: bin and.
• 22:35
  Speaker 2: The toilet breaks, and then the heater. We had a
• 22:38
  Speaker 2: hot service that's expensive to stop it outrageous. There was
• 22:43
  Speaker 2: a clothesline issue, which was like that was me, like fine,
• 22:46
  Speaker 2: but it's just been literally one thing after the other,
• 22:49
  Speaker 2: and plus the body court feece like, it's been a lot.
• 22:51
  Speaker 3: So you would have spent probably at least ten grand
• 22:54
  Speaker 3: in the last year on this apartment. So you've gone
• 22:56
  Speaker 3: through expenses of eight thousand dollars probably to twenty thousand dolls,
• 23:00
  Speaker 3: which takes your rental yield from being you know, a
• 23:02
  Speaker 3: really sexy five and a half percent, which is you know,
• 23:05
  Speaker 3: for property pretty good in this economy, down to maybe
• 23:08
  Speaker 3: two and a half to two point seven percent.
• 23:10
  Speaker 2: Is that what it is?
• 23:11
  Speaker 3: Oh god, yeah, be in my head, yes, yeah, in
• 23:14
  Speaker 3: my head, I'm like, oh yeah, if you took twenty
• 23:16
  Speaker 3: thousand dollars, seven hundred thousand dollars property rental yield of
• 23:19
  Speaker 3: seven fifty, you're about two point seven percent. Gosh, yeah,
• 23:23
  Speaker 3: but that's still positive, baby cakes.
• 23:26
  Speaker 2: Yes, yeah, we're Yes, that's exactly right. I love the
• 23:30
  Speaker 2: attitude there, and I think it is where fortunate that
• 23:33
  Speaker 2: we could get the seven fifty, like other ones in
• 23:35
  Speaker 2: the building were going for five sixs Now. I really
• 23:37
  Speaker 2: think it was the spaciousness, like it's this big living area. Yeah,
• 23:42
  Speaker 2: and then all the other rooms are normal, but it's
• 23:43
  Speaker 2: just this area that's like you've.
• 23:45
  Speaker 3: Just got lots of room. I mean, people are willing
• 23:47
  Speaker 3: to pay for that, like when you're renting, space is priority.
• 23:52
  Speaker 2: Yeah, exactly.
• 23:52
  Speaker 3: Oh I love that. All right, let's get into a
• 23:54
  Speaker 3: little bit more of the nitty gritty. You're a lawyer.
• 23:56
  Speaker 3: How much do you earn?
• 23:57
  Speaker 2: Yes? So I actually only was admitted as a lawyer
• 24:01
  Speaker 2: two months ago, so I'm.
• 24:02
  Speaker 3: Still a big dog. Yeah, it's so exciting, trim grat, Yeah.
• 24:05
  Speaker 2: Thank you. I am currently working employment law, so well,
• 24:09
  Speaker 2: I've always worked in employment law, but I'm a workplace
• 24:12
  Speaker 2: relations consultant, just sort of working in a lawyer capacity.
• 24:16
  Speaker 2: I guess I earn ninety thousand plus.
• 24:19
  Speaker 3: Super Hey, that's pretty good given you got admitted two
• 24:21
  Speaker 3: months ago. Yeah, and you were in that role before
• 24:24
  Speaker 3: and now you're just quote official, is that right?
• 24:26
  Speaker 2: Yes, Yes, that's exactly right. Yep. So it's been a
• 24:29
  Speaker 2: bit of a journey. I did start working in law
• 24:33
  Speaker 2: firms throughout my degree. I think that's kind of just
• 24:35
  Speaker 2: what you do, Like you just get a part time
• 24:37
  Speaker 2: job in a law firm and you see, if you
• 24:38
  Speaker 2: like it, you're the assistant to the partner's kind of thing.
• 24:41
  Speaker 2: So I was doing that and I worked in a
• 24:44
  Speaker 2: private law firm to start, and I absolutely did not
• 24:48
  Speaker 2: like the environment of a law firm at all. So
• 24:51
  Speaker 2: and then I tried another one and I did not
• 24:52
  Speaker 2: like it, and it's just being like in that environment
• 24:56
  Speaker 2: is just incredibly toxic. And I'm very like work life balanced,
• 25:01
  Speaker 2: and I always knew even doing my law degree, I
• 25:03
  Speaker 2: was like, I'm not going to be that person that's
• 25:05
  Speaker 2: working sixteen hour days, Like it was just not my preromative.
• 25:08
  Speaker 2: So I'm very grateful now that I work in a
• 25:12
  Speaker 2: space that I can can make a pretty decent salary
• 25:15
  Speaker 2: and there's obviously like the earning potential is there as
• 25:17
  Speaker 2: well to keep earning more, which is good. Yeah, I'm
• 25:20
  Speaker 2: grateful that I can still have that balance but also
• 25:22
  Speaker 2: be pretty comfortable.
• 25:23
  Speaker 3: I guess now, yeah that's cool. Yes, yeah, and talk
• 25:26
  Speaker 3: to me. What does your partner do and how much
• 25:28
  Speaker 3: does he earn?
• 25:29
  Speaker 2: He earns two hundred and fifty thousand plus simper.
• 25:32
  Speaker 3: Oh, very nice, it's very nice.
• 25:35
  Speaker 2: He works in corporate in the digital space, so digital
• 25:39
  Speaker 2: and marketing for one of the companies that we would
• 25:41
  Speaker 2: all know.
• 25:42
  Speaker 3: Ah, very cool. I wonder if our husbands know each other.
• 25:45
  Speaker 3: We'll talk about this all flime. Now, what is your
• 25:49
  Speaker 3: big money goal? What are you currently working towards? Because
• 25:52
  Speaker 3: I feel like you've ticked off all the big ticket items.
• 25:55
  Speaker 3: You've been a spam apartment bam, wedding bam, big holidays black.
• 26:00
  Speaker 3: Where are we going now?
• 26:00
  Speaker 2: Queen holding off on the holidays for a little bit?
• 26:02
  Speaker 2: I think I think for us now, the money goals
• 26:05
  Speaker 2: are just keep pumping what we can into our portfolios,
• 26:10
  Speaker 2: into our share portfolio. So I actually never even had
• 26:12
  Speaker 2: one until I kind of went down this she's on
• 26:15
  Speaker 2: the money hyperfocus moment.
• 26:17
  Speaker 3: Welcome. I I'm so exciting because there's going to be
• 26:20
  Speaker 3: all these rich, little old ladies around being honest one time,
• 26:23
  Speaker 3: Why you listening to Victoria and I'm going to be
• 26:25
  Speaker 3: in your nursing home and we can hang.
• 26:27
  Speaker 2: Yeah, yeah exactly. So I sat up one, like my
• 26:30
  Speaker 2: partner always had one, but that was just his things.
• 26:32
  Speaker 2: Like I just didn't Yeah, we just didn't talk about
• 26:35
  Speaker 2: it all.
• 26:35
  Speaker 3: And I just wasn't interested these boys and they get
• 26:38
  Speaker 3: it exactly, and.
• 26:40
  Speaker 2: I just was interested in money. Once I heard content
• 26:43
  Speaker 2: that was actually digestible.
• 26:44
  Speaker 3: It's almost like it was made for you, yes, exactly,
• 26:47
  Speaker 3: And I was crazy, see who would do that?
• 26:49
  Speaker 2: Exactly. I was reading these things the listeners podcast, going oh,
• 26:52
  Speaker 2: I can do this, and I downloaded.
• 26:54
  Speaker 3: The how hard could it be? Natural boys do it yep.
• 26:57
  Speaker 2: And like it's so boring just having money in like saying, exactly,
• 27:01
  Speaker 2: it's a weird kind of thing. But we're kind of
• 27:03
  Speaker 2: just I'm doing my own, my partner's doing his, and
• 27:05
  Speaker 2: then obviously joined like I don't know how that works.
• 27:08
  Speaker 3: Yeah that's fine, that makes sense.
• 27:10
  Speaker 2: Things that I can just do for fun, I guess.
• 27:12
  Speaker 2: So yeah, I've got mainly just ETFs and a couple
• 27:15
  Speaker 2: of stocks in there. I'm trying to do the whole
• 27:17
  Speaker 2: course satellite thing, but I guess our whole goal would
• 27:20
  Speaker 2: be to just keep pumping what we can into there
• 27:22
  Speaker 2: and eventually sole the apartment and honestly.
• 27:25
  Speaker 3: Cut your losses there.
• 27:26
  Speaker 2: Yeah yeah, yeah, and not get involved in property again
• 27:30
  Speaker 2: for a bit. Like I think we're both a.
• 27:31
  Speaker 3: Bit scarred about to say that, because you're a bit burnt.
• 27:34
  Speaker 2: Yes, exactly, yeah, very triggered, Like we just don't want
• 27:38
  Speaker 2: to make any more mistakes. I think we just were
• 27:41
  Speaker 2: so involved in like what society and our friends and
• 27:44
  Speaker 2: our family and everyone was like, just by you want
• 27:46
  Speaker 2: to be homeowners, do it?
• 27:47
  Speaker 4: Do it?
• 27:47
  Speaker 2: And you're like, no, just I think if we had
• 27:50
  Speaker 2: our time again, we would definitely not like rush into
• 27:53
  Speaker 2: it in the way that we did, and like renting
• 27:57
  Speaker 2: is amazing in our view now and we can still
• 27:59
  Speaker 2: have secure and whatnot. So yeah, I think in terms
• 28:03
  Speaker 2: of the goals, it's just finding like habiness is not
• 28:06
  Speaker 2: necessarily property.
• 28:09
  Speaker 3: It's fair and orange very fairy money. DRIs. Let's go
• 28:11
  Speaker 3: to a really quick break on the flip side. I
• 28:14
  Speaker 3: want to know a little bit more about your investing
• 28:15
  Speaker 3: portfolios because in your letter and you said that you're
• 28:17
  Speaker 3: investing forty percent of your income, So guys, don't go
• 28:21
  Speaker 3: anywhere money drist. We are back, and I want to
• 28:27
  Speaker 3: pose a question because I know that you've said a
• 28:30
  Speaker 3: few times, Look, I just want to cut my losses.
• 28:31
  Speaker 3: I don't want to be in property anymore. I don't
• 28:34
  Speaker 3: think it'll work for me. But do you think that
• 28:36
  Speaker 3: sitting down and talking to a good mortgage broker about
• 28:40
  Speaker 3: tell me about this house, like have we actually cooked it?
• 28:43
  Speaker 3: Would that be a good idea to make you feel
• 28:45
  Speaker 3: better about the situation. Yes, the way that you just
• 28:48
  Speaker 3: said that, Yes, because I'm just looking at it going look,
• 28:52
  Speaker 3: I can see how you're probably not comfortable with it.
• 28:55
  Speaker 3: And seven hundred thousand dollars is so much money. But
• 28:59
  Speaker 3: can I just like do a little bit of investigating
• 29:01
  Speaker 3: off the top of my head because it was seven
• 29:04
  Speaker 3: hundred grand and you were buying in Melbourne and it
• 29:06
  Speaker 3: was both your first homes. Did you get your first
• 29:08
  Speaker 3: home buyers concessions? Did you get any benefits for purchasing.
• 29:12
  Speaker 2: The stamp duty to stamps waved? And then I think
• 29:15
  Speaker 2: that was it.
• 29:16
  Speaker 3: So you're sitting in a pretty okay position, like thankfully
• 29:18
  Speaker 3: we haven't flushed any stamp duty down the toilet, and
• 29:21
  Speaker 3: I talk about it that way because like, as somebody
• 29:24
  Speaker 3: who gets to like I understand that money is inherently political.
• 29:28
  Speaker 3: And if we rewind a little bit, stamp duty used
• 29:31
  Speaker 3: to be the fee that you would pay when you
• 29:33
  Speaker 3: went down to the little council and said, hey, I'm
• 29:35
  Speaker 3: buying this property. Can you please stamp this because it
• 29:38
  Speaker 3: needs to be transferred to my name. Now all of
• 29:40
  Speaker 3: that's done electronically. It doesn't need to be tens of
• 29:43
  Speaker 3: thousands of dollars like in my head, logically, it doesn't
• 29:45
  Speaker 3: need to be tens of thousands of dollars. The government
• 29:48
  Speaker 3: needs it to be tens of thousands of dollars because
• 29:50
  Speaker 3: they're raising revenue. But I'm like, go find it somewhere else.
• 29:53
  Speaker 3: Stop kicking us while we are down. But thankfully you
• 29:56
  Speaker 3: didn't have to pay that. But maybe we could do
• 29:59
  Speaker 3: a little bit of a day dive on the suburb
• 30:01
  Speaker 3: and the area and what kind of rental yield it has,
• 30:03
  Speaker 3: and maybe working out how it could slot in you
• 30:07
  Speaker 3: to your portfolio, because we're already there. We already have it. Yes,
• 30:09
  Speaker 3: it has a positive yield. What we could do to
• 30:13
  Speaker 3: preserve that and hopefully eat increase in value. And that
• 30:16
  Speaker 3: means that either we could sell it, or we could
• 30:18
  Speaker 3: use the equity to leverage you further into wealth. Like
• 30:22
  Speaker 3: I think that there's maybe a reframe here, like, yeah,
• 30:26
  Speaker 3: they can't guarantee it, because I can see where you
• 30:29
  Speaker 3: guys are at. You might still go Victoria, we just
• 30:31
  Speaker 3: don't want it, we hate this place, And I go,
• 30:33
  Speaker 3: that's a choice then, But at least it's not because
• 30:36
  Speaker 3: you're like, Victoria, we're losing so much money, when maybe yeah,
• 30:39
  Speaker 3: we're coming out of the wash not feeling good, but
• 30:41
  Speaker 3: like everything that you've spent on it because it's now
• 30:44
  Speaker 3: a rental asset, we can claim on tax, and obviously
• 30:47
  Speaker 3: your partner has a relatively high tax. I just think
• 30:49
  Speaker 3: that there's some chatting we could do offline.
• 30:54
  Speaker 2: That would be great.
• 30:55
  Speaker 3: Yeah, well that's where a good mortgage broker is going
• 30:57
  Speaker 3: to kind of come in and be like, all right, well,
• 30:59
  Speaker 3: let me just lay it out on the table. Because
• 31:00
  Speaker 3: they've got no skin in the game. They'll be like,
• 31:02
  Speaker 3: if you sell your property, we don't care. Like, our
• 31:05
  Speaker 3: job is to make sure that you understand what's going on,
• 31:08
  Speaker 3: making sure that the rates competitive obviously, but like also
• 31:11
  Speaker 3: just helping you put your ducks in a row so
• 31:14
  Speaker 3: that the ducks in the future are well fed. Yes,
• 31:16
  Speaker 3: and that's what we talk about.
• 31:17
  Speaker 2: Yeah, and we are quite negative about it, like you
• 31:19
  Speaker 2: can probably tell it quite peasanisty, like it's just frustrating.
• 31:22
  Speaker 3: Yeah, that's what I was like, can I just pick
• 31:23
  Speaker 3: up on this because I'm picking up that vibe. But
• 31:25
  Speaker 3: then I also just did that little like in my head,
• 31:28
  Speaker 3: I was like, oh, the rental yields positive, Like that's
• 31:30
  Speaker 3: not bad. It doesn't mean that the mortgage is not crippling.
• 31:34
  Speaker 3: We need to talk about that, but it looks like
• 31:37
  Speaker 3: you would be in a pretty positive position.
• 31:38
  Speaker 2: Okay, great, well, thank you for that approach.
• 31:41
  Speaker 3: Tell me a bit more about your investments because you
• 31:43
  Speaker 3: said we had to sit back, we had to do
• 31:44
  Speaker 3: some budgeting. Was really confronting. And now you all of
• 31:47
  Speaker 3: a sudden investing forty percent of your income queen, how.
• 31:50
  Speaker 2: I have no idea?
• 31:51
  Speaker 3: Are just really helpful? Yeah, really helpful. Thank you.
• 31:54
  Speaker 2: Yeah, yeah, that's it. When you put numbers in a spreadsheet,
• 31:58
  Speaker 2: as you know, they all can just to have a
• 32:00
  Speaker 2: place in the end, like we both give ourselves allocations
• 32:04
  Speaker 2: of what we are going to spend for the fortnight,
• 32:06
  Speaker 2: to be honest, like that is quite slim. We try
• 32:08
  Speaker 2: and be as frugal as we can, so whatever that
• 32:11
  Speaker 2: is that might come up, like for me, it's like
• 32:13
  Speaker 2: coffee and things like that, like little grocery expendites and stuff.
• 32:17
  Speaker 2: And then it's obviously the mortgage and rent that comes out,
• 32:20
  Speaker 2: which I think is around thirty percent the mortgage and
• 32:23
  Speaker 2: the roc could be a little bit more. But then
• 32:25
  Speaker 2: we have this ability where there's kind of money sitting
• 32:29
  Speaker 2: there and it can either go into the offset or
• 32:30
  Speaker 2: we can put it into our portfolios. And we're just like, hello,
• 32:34
  Speaker 2: why is it not just going into portfolio because we
• 32:36
  Speaker 2: just had this shift. Yeah, so it's really that allocation
• 32:40
  Speaker 2: and that doesn't really help much, but yeah, it's just
• 32:43
  Speaker 2: being fruit.
• 32:43
  Speaker 3: So it does help because it's good to understand how
• 32:46
  Speaker 3: people are approaching it, and like obviously I was like, yeah,
• 32:49
  Speaker 3: really helpful. But it kind of can be that simple
• 32:53
  Speaker 3: like once you've sat down with your spreadsheet and there's
• 32:56
  Speaker 3: a free one on our website if you would like
• 32:58
  Speaker 3: to do it. But once you sit down with a
• 33:00
  Speaker 3: budget and go, okay, cool, I'm just going to pre
• 33:02
  Speaker 3: allocate the money to the buckets and then I'm just
• 33:05
  Speaker 3: going to use the buckets as intended. Sometimes it just
• 33:09
  Speaker 3: works out, and like I don't want to have to
• 33:11
  Speaker 3: point it out here, and I hope that you don't
• 33:13
  Speaker 3: hate me for this, But there's obviously a fair bit
• 33:15
  Speaker 3: of privilege in this as well, because you have really
• 33:17
  Speaker 3: good jobs, like your partner earning two hundred and fifty
• 33:20
  Speaker 3: grand and you on ninety. Like those two combined mean
• 33:23
  Speaker 3: that your household income when you don't have kids, yes,
• 33:26
  Speaker 3: I would say, is comfortable, so we can move things around.
• 33:29
  Speaker 3: But there are so many people in our community that
• 33:32
  Speaker 3: have similar incomes to you. Why do I know that
• 33:34
  Speaker 3: because I survey you all and I know that they exist.
• 33:38
  Speaker 3: But there are so many people that would still be
• 33:40
  Speaker 3: living paycheck to paycheck even with that income, because it's
• 33:43
  Speaker 3: just so easy to bleed money.
• 33:45
  Speaker 2: And that's it's so easy. You genuinely were, and it
• 33:48
  Speaker 2: wasn't paycheck to paychecked in that sense, but it was
• 33:50
  Speaker 2: like all your money, is it going to something worth
• 33:53
  Speaker 2: it for our future self? As you say, like it
• 33:56
  Speaker 2: was just going on things and you know you could
• 33:58
  Speaker 2: be earning, you know, one hundred thousand dollars less and
• 34:01
  Speaker 2: be able to put money away.
• 34:03
  Speaker 3: And it just disappears and I'm not saying that that's
• 34:06
  Speaker 3: quote okay, because there's probably someone listening to this being
• 34:09
  Speaker 3: like Victoria, I'm earning fifty thousand dollars and I have
• 34:12
  Speaker 3: two children, and it's so hard to make ends meet.
• 34:14
  Speaker 3: You guys need to touch grass, and like, yes, I
• 34:17
  Speaker 3: fully comprehend that that situation exists as well, and it's
• 34:20
  Speaker 3: bloody hard, Like that is so hard, But there are
• 34:24
  Speaker 3: also people who have hire incomes who are also struggling
• 34:27
  Speaker 3: to get it together in just because one struggle is
• 34:29
  Speaker 3: quote worse than another doesn't mean that we can't feel
• 34:32
  Speaker 3: the struggle still, Yes, And I think that that's worth
• 34:34
  Speaker 3: putting on the table as well, because you know, I
• 34:37
  Speaker 3: don't want people to go, oh, well, they wouldn't get
• 34:39
  Speaker 3: it they've got a higher income. But anyone is going
• 34:43
  Speaker 3: to budget from understanding where every single dollar is coming
• 34:46
  Speaker 3: from and where every single dollar is going so that
• 34:48
  Speaker 3: they can feel more in control of it.
• 34:51
  Speaker 2: Yep. Absolutely, yep.
• 34:52
  Speaker 3: So it kind of just happened, which is so nice.
• 34:56
  Speaker 3: And what does that project out to be is the
• 34:58
  Speaker 3: plan to retire early? Is the plan to just be
• 35:01
  Speaker 3: financially comfortable? You, like v I have no idea. We
• 35:04
  Speaker 3: just started what does that look like a.
• 35:06
  Speaker 2: Bit of all of that. Probably not the fire approach necessarily,
• 35:10
  Speaker 2: but I think the idea would be to just pump
• 35:12
  Speaker 2: as much as we can into the portfolio to then
• 35:15
  Speaker 2: be able to draw down when we do get to
• 35:17
  Speaker 2: that age, whatever that age is, like fifty five whatever, yeah, sixty,
• 35:20
  Speaker 2: whatever it is, but just to have security that's not
• 35:24
  Speaker 2: in a property asset. I would say, that's in the
• 35:27
  Speaker 2: portfolio that we can watch and grow and compound, like
• 35:31
  Speaker 2: just yeah, please compound.
• 35:32
  Speaker 3: Do you think totally fair? And can I be really
• 35:35
  Speaker 3: pervy about your personal life and like what you want
• 35:37
  Speaker 3: out of life, because like all of that sounds fantastic
• 35:41
  Speaker 3: If you don't plan on having kids, are you planning
• 35:45
  Speaker 3: for kids in the future.
• 35:46
  Speaker 2: Yes, I would say one hundred percent yeap, So I
• 35:49
  Speaker 2: think the whole story will change again, So that's not.
• 35:52
  Speaker 3: Going to be attainable, But we're making shine exactly.
• 35:55
  Speaker 2: We do want kids, I think, no rush, but I
• 36:00
  Speaker 2: I'm definitely more maternal than what I ever have been
• 36:02
  Speaker 2: in my life, So I don't know what that means,
• 36:04
  Speaker 2: Like I'm in my loose to your face, so maybe
• 36:06
  Speaker 2: something's going on there.
• 36:08
  Speaker 3: Don't I find it? So funny because you know, maybe
• 36:13
  Speaker 3: six years ago I was with my husband. We're talking about,
• 36:16
  Speaker 3: you know, maybe getting married one day, and do we
• 36:18
  Speaker 3: want kids? And like I was the one that was like, oh,
• 36:21
  Speaker 3: in this economy, I don't know, Like I don't know,
• 36:24
  Speaker 3: and would I even be a good mum black all
• 36:27
  Speaker 3: of those questions come up, You're like do I don't?
• 36:29
  Speaker 3: I like our life would significantly change. I really like
• 36:32
  Speaker 3: my sleep all of that other stuff. And now I'm like, girl,
• 36:35
  Speaker 3: give me ten. It's crazy how much you can change.
• 36:40
  Speaker 3: And it might flip back the other way and you'll
• 36:42
  Speaker 3: be like, actually, we don't want this at all.
• 36:44
  Speaker 2: Pop off.
• 36:45
  Speaker 3: I love that for you too, but it's so hard. Yeah,
• 36:48
  Speaker 3: it is.
• 36:49
  Speaker 2: It really is. Like I think the shift has happened, though.
• 36:51
  Speaker 2: I think the warning kids shift is definitely there, Like
• 36:54
  Speaker 2: it's definitely.
• 36:55
  Speaker 3: Want them just don't know when to slippery slope once
• 36:57
  Speaker 3: it starts happening. Yeah, I get it, I get it
• 37:00
  Speaker 3: all right. Talk to me about debt. This apartment was
• 37:03
  Speaker 3: purchased for seven hundred thousand dollars. What kind of debt
• 37:07
  Speaker 3: are you currently carrying on that?
• 37:08
  Speaker 2: So we around, I think it's just over six hundred thousand.
• 37:13
  Speaker 3: Hey, that's pretty good, isn't it.
• 37:14
  Speaker 2: Yeah, yeah, we've done okay at that. So that's obviously
• 37:17
  Speaker 2: a big, big debt that we have. And then I
• 37:19
  Speaker 2: have my hex which is believe it's forty thousand, that's
• 37:23
  Speaker 2: actually come down because.
• 37:24
  Speaker 3: Of the discount that we got, the twenty percent discount.
• 37:27
  Speaker 2: Yeah yeah, yeah, yeah, the discount we've got sets come
• 37:29
  Speaker 2: down a lot, which has been great. But yeah, so
• 37:31
  Speaker 2: they're the two things morbid and.
• 37:33
  Speaker 3: Hell I love that for you. And talk to me
• 37:36
  Speaker 3: about personal insurances. Obviously you've got some responsibilities like your
• 37:40
  Speaker 3: mortgage and having a partner and now a dog. Have
• 37:43
  Speaker 3: you set up your personal insurances? If so, what did
• 37:45
  Speaker 3: you do?
• 37:45
  Speaker 2: If not? Why not? Yes, we have got the personal
• 37:49
  Speaker 2: insurances incorporated with our supers Gorge. I've got mine, the
• 37:52
  Speaker 2: three main ones, and then my partner also has his.
• 37:55
  Speaker 2: And then obviously our dog is insured with pet Your dog.
• 37:58
  Speaker 3: Is insured endurance. Yeah, look at it go to go.
• 38:02
  Speaker 2: So yeah, we are sorted there. And that was genuinely
• 38:06
  Speaker 2: on the back of listening to your podcast about it,
• 38:08
  Speaker 2: because we actually didn't have the personal assurances within our
• 38:11
  Speaker 2: super flipped.
• 38:12
  Speaker 3: On isn't it crazy?
• 38:14
  Speaker 2: Yes, until like twelve months ago and then we're like,
• 38:16
  Speaker 2: oh gosh, we need to do that.
• 38:18
  Speaker 3: So we did. Probably should look into this because I
• 38:20
  Speaker 3: feel like this might be a big deal if something
• 38:22
  Speaker 3: bad happens. Yes, and we have a lot of liabilities exactly,
• 38:26
  Speaker 3: and I feel like your best money habit might be.
• 38:28
  Speaker 3: Now how good you are at budgeting, But tell me
• 38:30
  Speaker 3: a bit more about what you think your best money
• 38:32
  Speaker 3: habit is.
• 38:33
  Speaker 2: Yes, I think budgeting definitely, that's one of my strengths
• 38:37
  Speaker 2: for sure. But I also think researching and hyper focusing
• 38:41
  Speaker 2: and like genuinely just making informed decisions about setting the
• 38:45
  Speaker 2: time aside to be like I need to know about
• 38:48
  Speaker 2: this thing that I don't know, and that's really worked
• 38:51
  Speaker 2: to my advantage over the last Yeah, my whole affit
• 38:54
  Speaker 2: more specifically with this kind of finance piece, it's like
• 38:57
  Speaker 2: if I don't know something, I need to know about it,
• 39:00
  Speaker 2: and that's worked in the terms of investing and whatnot,
• 39:02
  Speaker 2: so it's really helped. I think that's my strong side again.
• 39:05
  Speaker 2: Love that. And then also the dollar cost averaging into
• 39:07
  Speaker 2: our portfolios, like I just don't know it's happening. It
• 39:11
  Speaker 2: just comes out of the rank account and then goes
• 39:14
  Speaker 2: into Chairsi's and it's really easy to start.
• 39:16
  Speaker 3: Oh I love that. So you would say maybe like automation, Yes, automation,
• 39:21
  Speaker 3: she's just like set it all up to work for her.
• 39:23
  Speaker 2: Yep, yep, it's doing it awful for you.
• 39:26
  Speaker 3: And flip side, what do you think the worst money
• 39:28
  Speaker 3: habit is?
• 39:29
  Speaker 2: So I am a sucker for activewear, so clear has
• 39:35
  Speaker 2: me in a choke hold. I seriously like any time
• 39:38
  Speaker 2: I see anything that's like on my emails or I
• 39:41
  Speaker 2: just immediately need it.
• 39:42
  Speaker 3: So that's unsubscribed unsubscribed, Yes, immediately I am.
• 39:45
  Speaker 2: Subscribed, I know. And social media needs just to go
• 39:49
  Speaker 2: because if I see something someone's wearing something, I'm buying
• 39:51
  Speaker 2: it immediately. But I think that's also the dopamine seeking
• 39:54
  Speaker 2: kind of thing as well, So that's definitely my fault
• 39:58
  Speaker 2: for sure. And coffee, Like I'm buying coffee like there's
• 40:00
  Speaker 2: no tomorrow.
• 40:02
  Speaker 3: Yeah, love love. I feel like it's a slippery slope
• 40:05
  Speaker 3: and like, really, if it's built into the budget, it's okay. Yes,
• 40:09
  Speaker 3: Like if it's built in and you're enjoying it, Because
• 40:11
  Speaker 3: I've said this a million times, Like coffee, for me,
• 40:14
  Speaker 3: it's not just the cup, it's not the social it's
• 40:17
  Speaker 3: the you caught me having coffee with my husband along
• 40:20
  Speaker 3: the waterfront, Like I get to go on these walks
• 40:23
  Speaker 3: with my family and have a coffee and it just
• 40:25
  Speaker 3: feels so wholesome. Like, oh, please, don't take that from me.
• 40:29
  Speaker 2: Yeah, please don't.
• 40:30
  Speaker 3: I want that to stay in my budget, dimond cap immediately.
• 40:34
  Speaker 2: Yeah.
• 40:35
  Speaker 3: But I also, now I've got kids, I'm like, Okay, actually,
• 40:39
  Speaker 3: I do really enjoy having a coffee machine at home. Yes,
• 40:42
  Speaker 3: I am saving money because I'm making at home, but like,
• 40:44
  Speaker 3: it's also about the convenience of not having to pack
• 40:47
  Speaker 3: the kids up to get my caffeine hit in the morning,
• 40:49
  Speaker 3: because it turns out I am addicted. You made both
• 40:54
  Speaker 3: not the worst. I think we need to find balance.
• 40:57
  Speaker 3: And that's why for me this like fire mine that
• 41:00
  Speaker 3: doesn't work, Like it just doesn't work for me, and
• 41:03
  Speaker 3: that's so fine. Like you're in the She's on the
• 41:05
  Speaker 3: Money community. You know that one of my team members, Brook,
• 41:07
  Speaker 3: who is an absolute weapon. She is all about the
• 41:11
  Speaker 3: fire life and she's investing so much that she's going
• 41:13
  Speaker 3: to retire by the time she turns thirty five. I
• 41:16
  Speaker 3: turned thirty five in June. Babe, there's no chance.
• 41:21
  Speaker 2: Oh gosh, good on her though. I love that for her.
• 41:23
  Speaker 3: But each to their own, and it's exciting that we
• 41:25
  Speaker 3: get to share these stories so that we can learn
• 41:27
  Speaker 3: from them and be like, Oh, I could take parts
• 41:29
  Speaker 3: of her money story and tips and tricks from this
• 41:31
  Speaker 3: person and all that money Dara said that, and I
• 41:33
  Speaker 3: can just be the best version of myself financially because
• 41:36
  Speaker 3: of it. Really, Oh, I have loved this, But my queen,
• 41:39
  Speaker 3: you bought an apartment. You have the most expansive year
• 41:42
  Speaker 3: of your life last year. The apartment that you said
• 41:45
  Speaker 3: was maybe not the best financial precision is still positive
• 41:48
  Speaker 3: when it comes to rental yield, so not too bad.
• 41:51
  Speaker 3: And you've got your personal insurances set up. You're investing
• 41:53
  Speaker 3: forty percent of your income, but you're a B plus.
• 41:55
  Speaker 3: Well yeah, riddle me that one, queen.
• 41:59
  Speaker 2: Where it is the through it?
• 42:00
  Speaker 4: No.
• 42:00
  Speaker 2: I mentioned earlier that I have a sort of an
• 42:02
  Speaker 2: allocated budget. Yeah, I would like to rain that in
• 42:05
  Speaker 2: potentially in terms of what I'm actually spending that on,
• 42:08
  Speaker 2: Like do I need the things I'm buying within that?
• 42:12
  Speaker 2: If that makes sense? Like, yeah, can I reduce my
• 42:15
  Speaker 2: spending there and put the money somewhere else? Even though
• 42:17
  Speaker 2: it is quite reduced in itself. But yeah, I think
• 42:20
  Speaker 2: for me, I'm just hard on myself in that sense
• 42:22
  Speaker 2: that I would like to be doing better.
• 42:24
  Speaker 3: It's why I don't often like I like to point
• 42:26
  Speaker 3: it out, but I don't want to go, oh, you're
• 42:30
  Speaker 3: not and disagree with you because I think we all
• 42:33
  Speaker 3: have a very different view of what financial freedom actually
• 42:38
  Speaker 3: looks like and what you know that means for us.
• 42:41
  Speaker 3: Because to one person, they could be like, girl, did
• 42:44
  Speaker 3: you hear that that she's on the money episode? She
• 42:47
  Speaker 3: was killing it, Like I don't even understand why she
• 42:49
  Speaker 3: thought she wasn't doing well. And then on the flip side,
• 42:52
  Speaker 3: someone could be like, oh my goodness, I so resonate
• 42:54
  Speaker 3: with that, Like I would feel the same way. So
• 42:56
  Speaker 3: it's like this arbitrary reading that I make you give yourself.
• 43:00
  Speaker 3: Then I'm like, it doesn't matter exactly, but it does.
• 43:04
  Speaker 5: It matters to the community, It matters to me because
• 43:07
  Speaker 5: I think it's so important to be able to reflect
• 43:09
  Speaker 5: and see that you know, one B plus is not
• 43:11
  Speaker 5: the same as another B plus and that is okay
• 43:14
  Speaker 5: for sure.
• 43:14
  Speaker 3: Oh my goodness, what a pleasure I got to hang
• 43:17
  Speaker 3: out with you a second time. Oh love, Oh this
• 43:20
  Speaker 3: has been such a beautiful diary, and I just I'm
• 43:23
  Speaker 3: so glad that I got to share that with the community,
• 43:25
  Speaker 3: because I just know that there are people going to
• 43:27
  Speaker 3: be like, oh, this is like an episode that just
• 43:29
  Speaker 3: called me out. I was like, maybe I do need
• 43:31
  Speaker 3: to look at my budget. And it's not about restriction,
• 43:33
  Speaker 3: but it is about just getting to know what you're
• 43:35
  Speaker 3: actually up to. So thank you so much. What a
• 43:39
  Speaker 3: privilege it's been.
• 43:40
  Speaker 2: Thank you, career.
• 43:46
  Speaker 4: The advice shared on She's on the Money is generally
• 43:48
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• 43:52
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• 43:56
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  Speaker 4: If you do choose to buy a financial product, read
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  Speaker 4: the PDS TMD and obtain appropriate financial.
• 44:04
  Speaker 3: Advice tailored towards your needs.
• 44:07
  Speaker 4: Victoria Divine and She's on the Money are authorized representatives
• 44:11
  Speaker 4: of Money sherper P T y lt D A b
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  Speaker 4: N three two one six four nine two seven seven
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  Speaker 3: Zero eight AFS L four five one two eight nine