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MONEY DIARIES: saving 70% of their income and just purchased their first investment property · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello, and welcome to She's on the Money, the podcast
• 0:26
  Speaker 2: for millennials who want financial freedom. Welcome back to another
• 0:29
  Speaker 2: one of our shopback money Diary mondays, where we get
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  Speaker 2: to chat to someone from our community and hear all
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  Speaker 2: about them, their story, their journey, and all the juicy
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  Speaker 2: details about how their finances got to be the way
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  Speaker 2: that they are.
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  Speaker 3: Oh my gosh, money diaries are literally my favorite, and
• 0:45
  Speaker 3: I feel like we should come up with a better
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  Speaker 3: intro for this episode, Jess, because it was like, oh
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  Speaker 3: my gosh.
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  Speaker 4: These are my favorite.
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  Speaker 3: Let's get into it.
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  Speaker 4: You're gonna love this one.
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  Speaker 3: But it's true because we love them all and reading
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  Speaker 3: through them in our emails is so overwhelmingly special, Like
• 0:57
  Speaker 3: we read them all. Oh my gosh, how do you
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  Speaker 3: even pick who gets an actual episode because there are
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  Speaker 3: so many of them that come in. So, Jess, without
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  Speaker 3: further ado, do you want to read out this week's
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  Speaker 3: Money direst email for me and we will jump straight in?
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  Speaker 2: I sure can so. This week Stara said, I'm twenty
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  Speaker 2: six years old and have just purchased my first investment
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  Speaker 2: property with instant equity, working three jobs, living out of
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  Speaker 2: home and saving seventy percent of my income for eight
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  Speaker 2: months while still building my ship portfolio and enjoying my
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  Speaker 2: life the way I want to.
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  Speaker 3: You are still a child, she said.
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  Speaker 2: I also only earn a below average income at a
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  Speaker 2: hiccups every step of the buying process. So I'm super
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  Speaker 2: excited to hear all about that because it sounds like
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  Speaker 2: she's done everything.
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  Speaker 3: Oh my gosh, yes, who what?
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  Speaker 5: Why?
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  Speaker 3: When we're in how at the age of twenty six,
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  Speaker 3: Crazy Money Diarist, you are joining us as always, Hello
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  Speaker 3: and welcome to the show.
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  Speaker 4: Thank you for having me. It's great.
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  Speaker 3: Oh my gosh, what a story. Oh I want to
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  Speaker 3: jump straight in and ask cow, but we're not going
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  Speaker 3: to do that because that's not how this works. So
• 2:02
  Speaker 3: let's dive straight into the first question, which is what
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  Speaker 3: is your attitude towards money? If we can't already.
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  Speaker 5: Tell Jess, it's pretty strong, like I like to work
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  Speaker 5: hard for what I want. I think it's quite a
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  Speaker 5: positive attitude, and I want to have it positive.
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  Speaker 4: I can't say I had a.
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  Speaker 5: Strong money environment growing up, so I sort of had
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  Speaker 5: to make sure that when I do grow up, it's
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  Speaker 5: what I've earned.
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  Speaker 4: And you know, I've worked hard for what I want.
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  Speaker 3: I feel like that is very evident in what you've
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  Speaker 3: achieved because of your email. Not to draw any conclusions,
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  Speaker 3: but listening to your email that just just read out,
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  Speaker 3: I was like, ah, yeah, all of that definitely is true.
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  Speaker 3: So money, darist, what do you do for work and
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  Speaker 3: how much money do you exactly earn?
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  Speaker 4: I work three jobs at the moment.
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  Speaker 5: My main role or career is an exercise physiologist, so
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  Speaker 5: it's essentially using exercise to help and treat manage credit conditions.
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  Speaker 5: One of my jobs is working with veterans inside a
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  Speaker 5: JYP again them moving, yeah, which is quite interesting for them.
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  Speaker 4: It's more the social and mental health that's really special.
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  Speaker 5: Yeah, they are really special for me. And then another
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  Speaker 5: job that I work is working with kids on the
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  Speaker 5: NBAS so like neurosensory disorders and autism.
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  Speaker 4: So that's also a very rewarding job as well.
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  Speaker 5: And then I work part time at COHLS just to
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  Speaker 5: make that extra bit of money on side.
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  Speaker 3: Oh my gosh, you are literally a special human. And
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  Speaker 3: how much money do you earn from each of these jobs?
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  Speaker 5: So one job I earn fifteen hundred a fortnite. Then
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  Speaker 5: there's six hundred a fortnite and seven fifty a fortnite, So.
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  Speaker 3: Gosh, you are a hustler. I love just one of
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  Speaker 3: those jobs often would be enough for someone, but you're like, Nope,
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  Speaker 3: I'm going to work three and I am going to
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  Speaker 3: smash it out of the park. So next question is,
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  Speaker 3: and I feel like you might have achieved some of
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  Speaker 3: these already, but what is your big money goal?
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  Speaker 5: Eventually to sort of retire at a reasonable age, but
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  Speaker 5: also to live life how I want to so however
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  Speaker 5: I get there, that's pretty.
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  Speaker 4: Much what I want to do.
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  Speaker 3: What does that look like to you? So retire at
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  Speaker 3: a reasonable age, what does that mean? Is that like
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  Speaker 3: sixty five like the standard or what are we thinking?
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  Speaker 4: Oh, definitely not sixty five.
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  Speaker 5: I think I want to sort of retire about fifty
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  Speaker 5: to fifty five so it can sort of still enjoy
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  Speaker 5: the world and what I can experience and go and
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  Speaker 5: enjoy without having to worry about money and still working.
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  Speaker 5: I know my parents were a little bit older. My
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  Speaker 5: pop was working till he was seventy five. So I'm like,
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  Speaker 5: I don't really want to do that myself, so I'll
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  Speaker 5: try and get there before that hope.
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  Speaker 3: Oh my gosh, I want to ask so many questions
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  Speaker 3: about that. But next question, do you currently have any
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  Speaker 3: investments money diarist?
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  Speaker 4: I do.
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  Speaker 5: I have been with Rays for about two years now,
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  Speaker 5: so that sort of got put on hold into progressing
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  Speaker 5: my shares even more just because I had to save
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  Speaker 5: money for a deposit. But in the next month or
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  Speaker 5: so I will be going to the Big Bucks and
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  Speaker 5: buying more shares outside of Rays.
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  Speaker 3: Oh my gosh. Exciting. And when you say buy shares
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  Speaker 3: out of raise, how have you thought about that? How
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  Speaker 3: have you made a decision about where you might invest in?
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  Speaker 3: What does that look like?
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  Speaker 5: So they say that if you surround yourself with money
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  Speaker 5: smart people, you become money smart. And I have a
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  Speaker 5: few friends that are in cryptocurrency, and I have a
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  Speaker 5: few friends that just buy shares through comsek and other
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  Speaker 5: external platforms, and I want to sort of indulge in those.
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  Speaker 5: So I've got friends at day trade and friends.
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  Speaker 3: Oh my gosh, realty friends.
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  Speaker 4: Yeah, very risky, but risky.
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  Speaker 3: So next question is money dires. Do you have any debts?
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  Speaker 3: If so, what are they?
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  Speaker 5: Well, I have my head's debts, which is slowly going
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  Speaker 5: down each year, which is nice. I don't put anything
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  Speaker 5: extra towards that. I have also just got my first mortgage.
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  Speaker 3: Check you out.
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  Speaker 4: That is the only debt I have at the moment.
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  Speaker 5: So I did have to pay off my car loan
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  Speaker 5: and I paid that off in eighteen months out of
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  Speaker 5: seven years, so that had to clear.
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  Speaker 4: For the finance for the more you used to go through.
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  Speaker 4: But I've met no debt at all.
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  Speaker 3: Oh my gosh. And when you say mortgage, how much
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  Speaker 3: of a mortgage.
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  Speaker 5: Do you have?
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  Speaker 3: When did you get it? And how are you dealing
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  Speaker 3: with your first mortgage? My friend?
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  Speaker 4: So we settled one week ago today.
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  Speaker 3: Congratulations, that's so exciting, Thank you.
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  Speaker 4: It's being stressful.
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  Speaker 5: So I then picked up a three hundred four thousand
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  Speaker 5: dollars loan.
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  Speaker 4: So that's the mortgage for that one.
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  Speaker 3: And how much does that cost you each week or month?
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  Speaker 3: Or how are you paying for that?
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  Speaker 5: So it will be done through an investment property, so
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  Speaker 5: the rental income for that one will cover the mortgage
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  Speaker 5: repayments for now. I do have to do some renovations
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  Speaker 5: for the property, so once all of that's done, I'll
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  Speaker 5: be able to get more more value out of the
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  Speaker 5: property as well as more income.
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  Speaker 3: From the rental, So how much are you leasing it
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  Speaker 3: out for?
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  Speaker 5: I am currently leasing it out for three hundred and
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  Speaker 5: thirty five dollars a week, which covers base mortgage repayments.
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  Speaker 3: Oh my gosh, so good.
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  Speaker 5: Yeah, which the market rental is about three fifty to
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  Speaker 5: four hundred. So I'm hoping I can bump it up
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  Speaker 5: once all the renovations are done, which will put me
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  Speaker 5: in a positive year.
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  Speaker 4: Yeah.
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  Speaker 3: Of course. And when you buy a property, obviously you'd
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  Speaker 3: thought about that, and that was something that you were
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  Speaker 3: planning on investing in, and it makes sense. Like, I'm
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  Speaker 3: just impressed that straight off the bat you're like, nope,
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  Speaker 3: the rent yield is going to cover my mortgage repayments.
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  Speaker 3: That is epic. I'm so proud of you. Like, I
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  Speaker 3: love hearing stories like that, because it's not often nowadays
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  Speaker 3: that you can actually find lots of properties where that
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  Speaker 3: does break even because the rental market is so crazy
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  Speaker 3: at the moment that a lot of people aspire to
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  Speaker 3: have that, but it's more often than not that you
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  Speaker 3: just don't get that. And I guess to sidetrack a
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  Speaker 3: little bit, not meant to be doing this, but it's
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  Speaker 3: really exciting. When you were looking to purchase. Was that
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  Speaker 3: something you took into consideration. You're like, Okay, this house
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  Speaker 3: I know will rent for three thirty a week and
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  Speaker 3: that's my plan and this will be my mortgage. And
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  Speaker 3: how did you look into that? How did you know
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  Speaker 3: what you were doing? My friend?
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  Speaker 4: Very crazily.
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  Speaker 5: It didn't really solidify what I was going to get
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  Speaker 5: from the rent until about a month before that I settled,
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  Speaker 5: and it was just keeping on top of the rental.
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  Speaker 4: Market around the area, what kind of heavity I have?
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  Speaker 5: So it was along by process, but also along like
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  Speaker 5: figuring out the logistics of all of it. So yeah,
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  Speaker 5: and a lot of help from my mum, who has
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  Speaker 5: got some investment property.
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  Speaker 4: So I looked in her and be like, what can
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  Speaker 4: I do? Mom?
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  Speaker 5: I'm sorry about the music in the background. I'm just
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  Speaker 5: next to your child minding center, so the kids are playing.
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  Speaker 3: Oh my gosh, No, no, we love the music. That
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  Speaker 3: is fine, all right, money direst Next question, and I
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  Speaker 3: have a sneaky suspicion because of how savvy you are.
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  Speaker 3: The answer might be yes, but do you currently use
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  Speaker 3: shop back?
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  Speaker 4: I do, yes. I think we knew it. We were
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  Speaker 4: onto you.
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  Speaker 5: I've been using it for about eighteen months as well,
• 9:36
  Speaker 5: so pretty much my life changed about any months ago
• 9:38
  Speaker 5: thanks to COVID. So I had a reshuffle of all
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  Speaker 5: my life goals found shot back through you guys, and
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  Speaker 5: I have used it since I reckon.
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  Speaker 4: I've earned about eight hundred dollars.
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  Speaker 5: Yeah.
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  Speaker 3: Yeah, have you pulled the cash out or is that
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  Speaker 3: all just sitting in your account?
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  Speaker 5: I strangely enough had to pull out five hundred dollars
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  Speaker 5: just to get me over the line with a couple
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  Speaker 5: of bills.
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  Speaker 4: But how good's that though?
• 10:03
  Speaker 3: It's like a little baby emergency fund.
• 10:05
  Speaker 4: Yeah, yeah it was.
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  Speaker 5: It's so goods every now and then I'm like, oh look,
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  Speaker 5: I'll pull out thirty dollars because it's sitting there and
• 10:11
  Speaker 5: go buy lunch.
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  Speaker 3: Oh my gosh, it's the brunch fund.
• 10:15
  Speaker 4: Yeah, I we'll use it on the side for that.
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  Speaker 3: I love it. I love hearing what people use it for,
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  Speaker 3: like you've used it as a little emergency fund or
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  Speaker 3: pulling money out for brunch, and other people like, oh no,
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  Speaker 3: when it gets up, I like invest that money. I'm like,
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  Speaker 3: I love how everybody's making use of the money instead
• 10:30
  Speaker 3: of just like I think your bank up and being like, Oh,
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  Speaker 3: it's sitting there, might get it out one day, Like no,
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  Speaker 3: it's legit money, so cool.
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  Speaker 4: Yeah.
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  Speaker 3: Anyway, next question is, and I feel like you've got
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  Speaker 3: some hot tips for us money diarist, what is your
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  Speaker 3: best money habit?
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  Speaker 4: Oh, definitely saving that was obvious.
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  Speaker 5: Pretty strong on that one, and understanding, learning, researching different
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  Speaker 5: ways I can sort of get something a little bit
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  Speaker 5: cheaper to just say.
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  Speaker 3: That you ex me that money diarist, Why are you
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  Speaker 3: good at saving?
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  Speaker 2: Like?
• 11:03
  Speaker 3: Why is that your best money habit? Like how can
• 11:06
  Speaker 3: we learn from you? Like tell us your secrets, because
• 11:08
  Speaker 3: I guarantee someone listening right now is like, how do
• 11:11
  Speaker 3: you be good at saving? Guys?
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  Speaker 5: Suck? Growing up actually helped that. I came from a
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  Speaker 5: working class family. We didn't always have a lot of money.
• 11:20
  Speaker 5: Dad always traveled for work, so when we wanted something,
• 11:25
  Speaker 5: we ended up getting it, but maybe after the face
• 11:28
  Speaker 5: had already passed through all my friends. So it's not
• 11:31
  Speaker 5: like we didn't get the toy that everybody else had,
• 11:33
  Speaker 5: but we had to save up to make sure that
• 11:35
  Speaker 5: we did get the toy. And that's definitely pushed through
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  Speaker 5: into my adult life and being like Okay, if I
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  Speaker 5: want that, I have to work hard and save the
• 11:43
  Speaker 5: extra money and then go out and buy it.
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  Speaker 4: So that's definitely helped in my savings goals.
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  Speaker 3: And has that been something that's stuck with you for
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  Speaker 3: the whole time, because I know, if I look at
• 11:52
  Speaker 3: my money story personally, my dad was always talking about
• 11:56
  Speaker 3: being good at saving, and like he would hound it
• 11:58
  Speaker 3: into us and like literally he would always talk about
• 12:02
  Speaker 3: paying yourself first and all of these things. Now as
• 12:05
  Speaker 3: an adult stuck, but sixteen to maybe twenty three year
• 12:08
  Speaker 3: old Victoria, Oh, she wasn't having a bar of that.
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  Speaker 3: So have you always just listened to that advice and
• 12:14
  Speaker 3: been a goodie two shoes?
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  Speaker 4: No.
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  Speaker 5: When I got my first job at fourteen and nine months,
• 12:19
  Speaker 5: my parents said, you can get a phone when you
• 12:22
  Speaker 5: start getting when you start earning money, and I was like, Okay,
• 12:25
  Speaker 5: I've got my job. A month later, I've got a
• 12:26
  Speaker 5: brand new phone. So it hasn't always been like that,
• 12:29
  Speaker 5: but definitely, being in the workfield, it's sort of reiterated
• 12:33
  Speaker 5: that saving is going.
• 12:34
  Speaker 4: To get what you want.
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  Speaker 3: And I think a lot of us go through that
• 12:38
  Speaker 3: period of not actually fully respecting our money or ourselves
• 12:43
  Speaker 3: in the best possible way and then getting our quote
• 12:46
  Speaker 3: real job or having something in our lives that changes
• 12:49
  Speaker 3: our mindset and we go, oh, we probably should get
• 12:52
  Speaker 3: it together now. And it doesn't matter if that happens
• 12:54
  Speaker 3: at sixteen, or it happens at twenty six, or it
• 12:57
  Speaker 3: happens at fifty six. As long as it happens, we
• 13:00
  Speaker 3: don't care.
• 13:01
  Speaker 5: Well, Look, I definitely go off the rails for a
• 13:02
  Speaker 5: couple of weeks every now and then I'm like, I'll
• 13:05
  Speaker 5: just go spending. I've been doing doing the hard yards
• 13:07
  Speaker 5: for now. I just treat myself for a little bit.
• 13:09
  Speaker 5: So it definitely happens, and it's not always consistent.
• 13:11
  Speaker 3: We all do. And someone messaged me the other day,
• 13:14
  Speaker 3: So if this was you, love you, thank you. But
• 13:17
  Speaker 3: someone messaged me the other day mal like Victoria, I've
• 13:19
  Speaker 3: fallen off the rails, like I just don't know what
• 13:21
  Speaker 3: I'm doing. I'm spiraling out of control with my money.
• 13:24
  Speaker 3: We had a really good chat about it, but it's
• 13:27
  Speaker 3: really important to remember that it's a journey. It's not
• 13:29
  Speaker 3: actually a destination. Like being good at money is not
• 13:32
  Speaker 3: something that you are one hundred percent of the time,
• 13:35
  Speaker 3: because I don't think anyone can be. Because our emotions
• 13:38
  Speaker 3: are a lot stronger than our ability to save. So
• 13:41
  Speaker 3: sometimes we make decisions that we're like, ah, I wish
• 13:43
  Speaker 3: I didn't do that, but it doesn't matter. You just
• 13:46
  Speaker 3: get back on track and it's the journey. Let's enjoy it.
• 13:50
  Speaker 3: Let's enjoy the extra dinner or the extra bunch or
• 13:52
  Speaker 3: whatever it was, and go, you know what, I just
• 13:54
  Speaker 3: I can't do that next month. But that's okay. Let's
• 13:56
  Speaker 3: not beat ourselves up about it. Yeah, absolutely, onto the
• 14:00
  Speaker 3: next question, money Diarist in stock contrast to your good
• 14:03
  Speaker 3: money behaviors, what is your worst money habit?
• 14:07
  Speaker 5: It definitely goes back to savings, so I do spend
• 14:10
  Speaker 5: that extra time going oh how much is that?
• 14:13
  Speaker 4: Where can I get it cheaper?
• 14:14
  Speaker 5: So, although it's really good to say good money, it's
• 14:18
  Speaker 5: also a really bad habit because I do go out
• 14:20
  Speaker 5: for dinner and I'm like, oh, what's the cheapest option
• 14:22
  Speaker 5: that's suitable for me? And then it has changed a
• 14:25
  Speaker 5: little bit recently with the new relationship.
• 14:28
  Speaker 4: And they're sort of living life large and doing.
• 14:30
  Speaker 5: Whatever they want to do, and I'm like, okay, I
• 14:32
  Speaker 5: can feed off this, this is all right, And then
• 14:35
  Speaker 5: we go out for dinner, I'm like, oh, I can
• 14:37
  Speaker 5: have that now I don't have to think about it.
• 14:40
  Speaker 5: What three dollars extra on a mere is okay, that's
• 14:44
  Speaker 5: not going to sacrifice anywhere largely in my gross like
• 14:48
  Speaker 5: big goals.
• 14:49
  Speaker 3: I love that growth, I really really love that growth.
• 14:53
  Speaker 3: Money diarist. Before I get to deep dive into asking
• 14:56
  Speaker 3: you some more questions, especially about retirement, I know that's
• 14:59
  Speaker 3: not going to be sexy, but I promise we'll have
• 15:00
  Speaker 3: a good chat about it. If we forced you to
• 15:03
  Speaker 3: give yourself a money grade, what would grade your money habits?
• 15:08
  Speaker 4: I want to say like a B plus A maybe?
• 15:14
  Speaker 3: Oh yes, I love that conviction important.
• 15:19
  Speaker 5: It's very hard to sort of pinpoint where you do sit.
• 15:22
  Speaker 5: I'm very much all over the place in general. I
• 15:25
  Speaker 5: do have a direction that I want to go, but
• 15:27
  Speaker 5: I think my grades in school we're always a little
• 15:30
  Speaker 5: bit up and a little bit down. So I think
• 15:32
  Speaker 5: I sort of sit in the middle there. Giving myself
• 15:35
  Speaker 5: a B plus, I've got a direction. I know what
• 15:37
  Speaker 5: I want to do, but there are definitely things that
• 15:39
  Speaker 5: I would like to focus on and learn more about.
• 15:43
  Speaker 4: You can never stop learning and learning about money.
• 15:45
  Speaker 5: And getting to what my financial goal is is something
• 15:50
  Speaker 5: that's definitely workable.
• 15:51
  Speaker 3: Oh, I love that we have so many questions and
• 15:54
  Speaker 3: we are going to get to them in a very
• 15:55
  Speaker 3: hot minute. All right, diving straight back in money Dires.
• 16:00
  Speaker 3: You mentioned early on in our questions that you wanted
• 16:02
  Speaker 3: to retire early, and you said I want to retire
• 16:05
  Speaker 3: hopefully by fifty, so I can live my best life.
• 16:07
  Speaker 3: And that is genuinely so exciting. But it is not
• 16:11
  Speaker 3: common to have a twenty six year old turn around
• 16:13
  Speaker 3: to be like, I am planning for retirement already. Why
• 16:17
  Speaker 3: are you planning for retirement? How did this become a
• 16:19
  Speaker 3: priority for you?
• 16:21
  Speaker 5: Came of a priority when my godparents could retire at fifty
• 16:26
  Speaker 5: and then wanted to go on a twelve month two
• 16:31
  Speaker 5: year traveling overseas, exploring the world, getting to know what
• 16:36
  Speaker 5: everything does in different cultures, and that's something that aspired
• 16:41
  Speaker 5: to me. I've done a fair bit of travel myself already,
• 16:43
  Speaker 5: and it's just something that I want to keep doing.
• 16:45
  Speaker 5: And for the meantime, I went through a UNI for
• 16:47
  Speaker 5: five years, so there's a bit of a career that
• 16:49
  Speaker 5: I have to focus on for now, and I can
• 16:51
  Speaker 5: work hard for the most part, I then can enjoy work.
• 16:55
  Speaker 4: And living life doing what I want to do. When
• 16:59
  Speaker 4: I'm done with work in my prime. So that's why.
• 17:02
  Speaker 3: And how have you made that plan? Is that a
• 17:05
  Speaker 3: set in the stone plan? Is that something that's just
• 17:07
  Speaker 3: aspirational or what do you, from your perspective, need to
• 17:12
  Speaker 3: achieve to be able to retire at fifty?
• 17:15
  Speaker 5: The general goal is to retire at fifty. How I
• 17:17
  Speaker 5: get there is forever changing. I had it two years ago.
• 17:20
  Speaker 5: It was I'm going to do it this way, and
• 17:22
  Speaker 5: then now it's sort of like, oh, I'll go this
• 17:25
  Speaker 5: way a little bit more. Yeah, that's track a little bit.
• 17:27
  Speaker 5: So I'm learning to adjust, which is really good. So
• 17:31
  Speaker 5: figuring out the path how I get there it's sort
• 17:34
  Speaker 5: of generalized and focusing on the property market. That's a
• 17:37
  Speaker 5: little bit more harder to do, but I know becomes
• 17:41
  Speaker 5: a little bit more beneficial in the long run.
• 17:43
  Speaker 3: Money Diarist, I want to ask you about two different areas,
• 17:47
  Speaker 3: and I don't know which one I want to do.
• 17:49
  Speaker 3: It's property or relationships. But let's talk about relationships because
• 17:53
  Speaker 3: then it might lead into property. You are in a
• 17:56
  Speaker 3: newish relationship you mentioned before. How are you managing money
• 18:01
  Speaker 3: and money conversations in this brand new relationship pretty well?
• 18:05
  Speaker 5: I think where six months in Also, it's gone pretty quickly,
• 18:10
  Speaker 5: so it's sort of been like down to the business.
• 18:12
  Speaker 5: But it is a long distance relationship. We probably will
• 18:16
  Speaker 5: move in together in the next year or so, and
• 18:20
  Speaker 5: that's when we will really sit down and have the
• 18:22
  Speaker 5: money chats. He's already been really supportive in me buying
• 18:26
  Speaker 5: this property myself. I had the goal before he came
• 18:29
  Speaker 5: along and telling him about the story.
• 18:31
  Speaker 4: He's all about it. And I've told him about the
• 18:33
  Speaker 4: podcast that I listened to. H I love that.
• 18:37
  Speaker 5: And We've got a fair bit of a drive coming up,
• 18:39
  Speaker 5: so I'm like, all right, we're listening to Sheese on
• 18:40
  Speaker 5: the Money driving up.
• 18:42
  Speaker 3: This episode might be one of them.
• 18:45
  Speaker 4: Yeah, absolutely, it's going to be one of them.
• 18:48
  Speaker 5: So gosh, it's been a brief chat about money so far,
• 18:52
  Speaker 5: but we will delvedba once we sort of move in together.
• 18:55
  Speaker 5: And he's pretty adaptive, so I think it'll go pretty
• 18:58
  Speaker 5: well once we get to the knuckles it.
• 19:00
  Speaker 3: That's so exciting. The first six months of any new
• 19:03
  Speaker 3: relationship is always the most exciting part when it comes
• 19:08
  Speaker 3: to property. Obviously, you guys don't live together yet, so
• 19:11
  Speaker 3: that makes it quite clean cut in terms of your
• 19:14
  Speaker 3: assets versus his assets. However, I want to ask a
• 19:18
  Speaker 3: bit more perfect questions about your relationship. So maybe you
• 19:20
  Speaker 3: don't want to play this one in the car on
• 19:22
  Speaker 3: the way up, because he'll be like, oh, she's really
• 19:25
  Speaker 3: thinking about binding financial agreements, and if she's not, Victoria's
• 19:28
  Speaker 3: telling her to. So how are you going to potentially
• 19:32
  Speaker 3: think about or have you been thinking about how to
• 19:34
  Speaker 3: protect this house that you've just purchased and worked your
• 19:37
  Speaker 3: little butt off to own in the event that maybe
• 19:40
  Speaker 3: it doesn't work out, even though we really want it to.
• 19:43
  Speaker 4: I haven't really thought about it.
• 19:45
  Speaker 5: We are still fresh, so that kind of thing doesn't
• 19:48
  Speaker 5: really come No, of.
• 19:49
  Speaker 3: Course it doesn't, and no one wants to hear. Hey,
• 19:52
  Speaker 3: just it's Auntie Victoria. She wants to know if you've
• 19:54
  Speaker 3: thought about your relationship ending and how you're going to
• 19:57
  Speaker 3: protect yourself. No one wants that in the first six months.
• 20:00
  Speaker 3: But here I am being like, it's actually kind of important.
• 20:03
  Speaker 5: Yeah, absolutely, And it actually did cross my mind when
• 20:06
  Speaker 5: I settled. I'm like, wait, eventually we'll live together, then
• 20:10
  Speaker 5: everything sort of becomes combined.
• 20:12
  Speaker 4: So we did briefly think about it, but it didn't
• 20:17
  Speaker 4: delve in any deeper than that.
• 20:19
  Speaker 5: But it is something that's crossed my mind, and I
• 20:21
  Speaker 5: think we'll both be able to even if we were
• 20:24
  Speaker 5: to separate, it would be amicable because we communicate really well,
• 20:27
  Speaker 5: so we should be able to find even ground somewhere
• 20:29
  Speaker 5: along now.
• 20:30
  Speaker 3: Of course, And then segueing into property, my friend, you
• 20:34
  Speaker 3: are twenty six. You have just purchased your first property.
• 20:36
  Speaker 3: I want to know how, So when did you start
• 20:39
  Speaker 3: saving your deposit? How much was your deposit did you
• 20:42
  Speaker 3: pay LM? I like, how are we doing this? We
• 20:44
  Speaker 3: need to learn from you because there are so many
• 20:46
  Speaker 3: people in our community at the moment who are your
• 20:49
  Speaker 3: age feeling like, oh, it's never going to happen, and
• 20:52
  Speaker 3: watching the news and seeing that the property market over
• 20:55
  Speaker 3: the last twelve months has increased by twenty percent kind
• 20:58
  Speaker 3: of makes you sick in the bottom of your se stomach.
• 21:00
  Speaker 3: If you're on that journey to buying a property, how
• 21:02
  Speaker 3: have you done it? Please share as many tips and
• 21:05
  Speaker 3: tricks with us as possible.
• 21:07
  Speaker 4: I got very, very lucky.
• 21:09
  Speaker 5: So my stepdad inherited a unit from when his mum
• 21:13
  Speaker 5: passed away, and he didn't want to hold onto that,
• 21:16
  Speaker 5: and I said, the markt is crazy. Right now, if
• 21:20
  Speaker 5: I don't get in soon. I sort of don't really
• 21:23
  Speaker 5: have an option and need to sort of rethink how
• 21:25
  Speaker 5: I'm going to do it. I already had a strong
• 21:28
  Speaker 5: savings behind me, and then he was like.
• 21:31
  Speaker 4: Sure, no worries, we can sell it to you. That's fine.
• 21:35
  Speaker 3: So money, Doris, You've bought a property from a family member,
• 21:38
  Speaker 3: but you'd saved before. How much had you saved in
• 21:41
  Speaker 3: terms of deposit for that?
• 21:43
  Speaker 5: In terms of the deposit saving for the unit specifically,
• 21:46
  Speaker 5: I think I only had about ten thousand dollars on
• 21:49
  Speaker 5: the side. I did have a long term deposit sitting there.
• 21:55
  Speaker 5: I actually completely forgot about for two years.
• 21:58
  Speaker 3: So mucha being in that position getting cyber term deposit.
• 22:04
  Speaker 5: So then when I got that back, I split half
• 22:07
  Speaker 5: of the term deposit into my car loan and then
• 22:10
  Speaker 5: half of the deposit or my long term deposit back into.
• 22:14
  Speaker 4: My savings deposit.
• 22:16
  Speaker 5: Then, speaking to my stepdad about the unit, I was like, Okay,
• 22:19
  Speaker 5: what do I need for this? Then I got onto
• 22:21
  Speaker 5: a broker, like how much money do I need? And
• 22:23
  Speaker 5: I'm like, you need this much and this much. They
• 22:26
  Speaker 5: ended up saying that I needed to save an extra
• 22:27
  Speaker 5: sixty grand and I was like that's so far away, like,
• 22:33
  Speaker 5: I don't know how I'm going to do that. So
• 22:35
  Speaker 5: speaking with my friends who's pretty money illiterate or literate, sorry,
• 22:40
  Speaker 5: he was able to go, Okay, you're going to potentially
• 22:43
  Speaker 5: earn this.
• 22:44
  Speaker 4: This is how much you can save. I'm like, okay.
• 22:47
  Speaker 5: So we trialed it for about a month or two
• 22:49
  Speaker 5: and I was able to save just as much. I
• 22:51
  Speaker 5: then picked up more hours to save money, and then
• 22:55
  Speaker 5: I'm working six or five days a week and long days,
• 23:00
  Speaker 5: so able to save lots of money. I ended up
• 23:03
  Speaker 5: living on about six hundred dollars a fortnight, So out
• 23:07
  Speaker 5: of all of that money, that's pretty good. Six hundred
• 23:10
  Speaker 5: dollars a fortnight, and that covered my rent, my bills,
• 23:13
  Speaker 5: all my groceries, any other extras that I needed for petrol.
• 23:18
  Speaker 5: So I didn't really have much leftover to sort of
• 23:22
  Speaker 5: live with. But the saving side of it definitely helped
• 23:25
  Speaker 5: build up the deposit.
• 23:26
  Speaker 3: So what deposit did you get to? In the end, I.
• 23:30
  Speaker 5: Ended up saving myself sixty two thousand dollars.
• 23:34
  Speaker 3: What here I am thinking and this is not a
• 23:36
  Speaker 3: good mind frame, and I know everybody else was thinking
• 23:39
  Speaker 3: it as well, like Okay, she's buying it from a
• 23:41
  Speaker 3: family member. Maybe they gave her some cash or like,
• 23:43
  Speaker 3: is that the plant? No, you saved it yourself. Yeah, yes, queen,
• 23:47
  Speaker 3: I love this.
• 23:48
  Speaker 5: I started with about eighteen thousand dollars in my account
• 23:52
  Speaker 5: already and then I said, Brian, I'm going to buy
• 23:54
  Speaker 5: this house. And then in about nine or ten months
• 23:59
  Speaker 5: I was able to stay that much money. So it
• 24:01
  Speaker 5: was an extra fifty grand or so.
• 24:03
  Speaker 3: It was a massive hustle though.
• 24:04
  Speaker 4: Hey, yeah, it was stressful. And then it got to
• 24:09
  Speaker 4: the broker.
• 24:10
  Speaker 5: I was like, okay, we just need that little buffer,
• 24:12
  Speaker 5: and had had a.
• 24:13
  Speaker 4: Brief chat with my partner.
• 24:15
  Speaker 5: It was still really new and I still am not
• 24:17
  Speaker 5: comfortable with it because it is borrowing money and I'm
• 24:20
  Speaker 5: not overly confident in that. And he was like, no,
• 24:23
  Speaker 5: I've got a tax return that's nice and healthy. It's
• 24:26
  Speaker 5: not technically my money. I haven't seen it yet. Here
• 24:29
  Speaker 5: you go, and gifted me that last little part to
• 24:31
  Speaker 5: make up.
• 24:32
  Speaker 4: The full deposit. Money win, get a hundred cent of money.
• 24:35
  Speaker 2: Win.
• 24:35
  Speaker 5: But yeah, so able to make the full seventy thousand
• 24:39
  Speaker 5: dollars dollar deposit, which upon the settlement, I am I
• 24:43
  Speaker 5: only needed sixty four, which was really nice.
• 24:45
  Speaker 3: Oh my gosh, you can just take pay back and
• 24:47
  Speaker 3: be really comfortable. I love that. Yeah, it's interesting understanding
• 24:52
  Speaker 3: people's money journeys around property because to say, okay, well
• 24:56
  Speaker 3: I started with ten grand then you know, I had
• 24:58
  Speaker 3: a term deposit, so that took me up to age.
• 25:00
  Speaker 3: I assumed that in that period of time maybe there
• 25:04
  Speaker 3: was like something else going on, or you came into
• 25:06
  Speaker 3: an inheritance. But when you mentioned the inheritance of the property,
• 25:10
  Speaker 3: it was just because someone wanted to sell it, not
• 25:12
  Speaker 3: because the inheritance quote benefited you. It was just nice
• 25:14
  Speaker 3: because you didn't have to go through that formal property
• 25:18
  Speaker 3: purchasing journey of like auctions and going and looking. You
• 25:20
  Speaker 3: were just like, no, that works, and that's really lucky.
• 25:23
  Speaker 3: But like, it's not that lucky, my friend. It sounds
• 25:25
  Speaker 3: like you actually worked your butt off to get where
• 25:28
  Speaker 3: you are today.
• 25:29
  Speaker 5: Yeah, we had a strict timeline and we bet it
• 25:31
  Speaker 5: by two months, which was really cool.
• 25:33
  Speaker 4: Yay. Yeah, but the property does need a lot of work.
• 25:37
  Speaker 5: I need to do some major renovations and to get
• 25:41
  Speaker 5: it even up to sort of a living standard.
• 25:43
  Speaker 4: But in saying that, it's yeah, it's.
• 25:46
  Speaker 5: Been a long well, lend of a time, and even
• 25:48
  Speaker 5: the broker I was like, yeah, that was quite an
• 25:50
  Speaker 5: adventure to get there, but yeah.
• 25:52
  Speaker 3: But you did it, and are you proud of yourself?
• 25:54
  Speaker 5: Yeah? Yeah, it's still quite overwhelming, but definitely the support
• 25:58
  Speaker 5: around me from my family and my friends, it's been
• 26:01
  Speaker 5: really like heartwarming to know that this is such a
• 26:04
  Speaker 5: big achievement.
• 26:05
  Speaker 4: So yeah, it is. It's nice to feel for out
• 26:08
  Speaker 4: sometimes and.
• 26:09
  Speaker 3: You definitely should Yes, exactly, you should be so proud.
• 26:13
  Speaker 2: I'm just so impressed by everything that you do. You've
• 26:15
  Speaker 2: done an incredible job. As someone who's like going through
• 26:18
  Speaker 2: or starting to go through that process right now, it's
• 26:21
  Speaker 2: very inspirational to her how hard you hustled and how
• 26:24
  Speaker 2: much you were able to do in such a short
• 26:26
  Speaker 2: period of time.
• 26:27
  Speaker 5: Yeah, it's been full on, Like even down to the
• 26:30
  Speaker 5: whole credit report. I had a default on there which
• 26:33
  Speaker 5: was insane, so trying to deal with that and then
• 26:37
  Speaker 5: saving money and driving so much and working so much.
• 26:41
  Speaker 3: I was like, but it sounds like the thing that
• 26:44
  Speaker 3: got you there was actually your tenacity, and you're putting
• 26:47
  Speaker 3: your head down and going, no, I'm going to make
• 26:49
  Speaker 3: it happen. I'm going to work my butt off. It
• 26:51
  Speaker 3: doesn't matter if I have to have three jobs. This
• 26:52
  Speaker 3: is my goal and we are achieving it. Whether it
• 26:55
  Speaker 3: is rain halo shine. I love that, and I love
• 26:58
  Speaker 3: that you've wanted to share that story with us, So
• 27:00
  Speaker 3: thank you so much.
• 27:02
  Speaker 4: You're welcome.
• 27:02
  Speaker 5: It's been a pleasure to talk to you and then
• 27:04
  Speaker 5: talk to you about my story as well.
• 27:06
  Speaker 3: Again, thank you so much for joining us. But as always, guys,
• 27:10
  Speaker 3: that is all we have time for today. So just
• 27:13
  Speaker 3: before we head off, we'd like to acknowledge and pay
• 27:15
  Speaker 3: respect to Australia's Aboriginal and Torri Straight islander peoples. They're
• 27:18
  Speaker 3: the traditional custodians of the lands, the waterways and the
• 27:21
  Speaker 3: skies all across Australia. We thank you for sharing and
• 27:25
  Speaker 3: for caring for the land on which we are able
• 27:27
  Speaker 3: to learn. We pay respects to elders past and present,
• 27:30
  Speaker 3: and we share our friendship and our kindness.
• 27:32
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• 27:35
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• 27:39
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• 27:41
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• 27:45
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• 27:52
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• 27:57
  Speaker 3: See you next week, guys, b