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MONEY DIARIES: A Tale of Remote Work, Rental Assistance & Hard Yakka · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming
0:22
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
0:30
Speaker 1: today and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello, and welcome to She's the Money, the podcast for
1:01
Speaker 4: millennials who want financial freedom. Welcome back to another one
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Speaker 4: of our money diaries where I get the absolute pleasure
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Speaker 4: of sitting down with one of our beautiful She's on
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Speaker 4: the Money community members and learning all about their journey.
1:14
Speaker 4: This week, I got a message and it sounded exactly like.
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Speaker 2: This, because I'm going to read it to you.
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Speaker 4: Hi, Victoria, I finished school by age sixteen, I had
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Speaker 4: my degree by twenty and an investment property by twenty
1:27
Speaker 4: twenty two.
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Speaker 2: What the heck?
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Speaker 4: I want to share how negotiating rental assistance in my
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Speaker 4: remote placement and working really hard allowed me to buy
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Speaker 4: my first home and get ahead financially in my twenties.
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Speaker 4: Money darist, what you finished school at sixteen had a
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Speaker 4: whole last degree by twenty That's unheard of.
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Speaker 5: I know, I finished school quite early and went straight
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Speaker 5: to the university, so I feel like I'm quite early
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Speaker 5: into the full time workspace. But yeah, it's definitely allowed
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Speaker 5: me to get ahead before.
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Speaker 2: We dive into it.
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Speaker 4: I've obviously got questions, my friend, how on earth did
2:02
Speaker 4: you finish at sixteen? Were you like one of those
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Speaker 4: super nerdy smart kids that just got accelerated?
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Speaker 2: Like that didn't happen to me.
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Speaker 4: So unrelatable content, but like, how do you finish at
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Speaker 4: sixteen and still go for a degree, Like I'm going
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Speaker 4: to need to know.
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Speaker 5: I'm so sorry for the unrelatable content, but yeah, I
2:20
Speaker 5: did work quite hard through school. I finished year eight
2:24
Speaker 5: and then I was accelerated into year ten, so I
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Speaker 5: didn't do year nine through high school, so I only
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Speaker 5: did four years and then yeah, I was fifteen all
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Speaker 5: three year twelve, and yeah, when I was end of
2:37
Speaker 5: year twelve, I finished school.
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Speaker 2: Oh gosh.
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Speaker 5: Yeah, yeah, it's definitely hard socially, but I think it
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Speaker 5: was great. Yeah, don't regret it.
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Speaker 4: They obviously would have thought deeply about this decision for you.
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Speaker 4: So I am assuming that you were probably just not
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Speaker 4: challenged enough with the curriculum that was currently being given
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Speaker 4: to you.
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Speaker 2: Is that right?
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Speaker 4: Like, is it literally just I was quite intelligent? Like
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Speaker 4: it's she's on the money. We call it for what
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Speaker 4: it is.
3:01
Speaker 5: Yeah, look, I feel like, hey, I'm quite smart and
3:03
Speaker 5: I do work really hard. So I put in a
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Speaker 5: lot of effort, you know, in that first year of school,
3:07
Speaker 5: and I think the school saw that, so, you know,
3:10
Speaker 5: they thought that it would be good for me to
3:12
Speaker 5: move ahead. And the start of year ten was a
3:15
Speaker 5: little bit of a struggle. Obviously I missed a lot
3:16
Speaker 5: of maths, but yeah, it worked out really fine by
3:19
Speaker 5: the end of year ten, and yeah, I started my
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Speaker 5: senior years off with a bang and did really well.
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Speaker 2: So how cool? Congrats? All right, let's jump into it.
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Speaker 4: I want to know, this, smart cookie, what grade would
3:31
Speaker 4: you give your money habits if I asked you to
3:33
Speaker 4: give them a grade from A three to F.
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Speaker 5: Oh, I think I'd have to give myself a B plus.
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Speaker 2: Oh okay, let's learn more about that.
3:41
Speaker 4: I obviously dove into it a little bit early because
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Speaker 4: I'm just excited about this money diary. If we're being honest,
3:46
Speaker 4: but talk to me the juiciest question of all. Can
3:50
Speaker 4: you tell us a little bit more about your money story?
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Speaker 5: Of course, So I grew up in a fairly privileged household.
3:57
Speaker 5: My parents never really talked about money, but everything was
4:01
Speaker 5: always provided for me, So yeah, I was really lucky
4:04
Speaker 5: in that regard. My mum worked casually since my brother
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Speaker 5: and I were born, so we were living off my
4:09
Speaker 5: dad's single income for as long as I can remember,
4:12
Speaker 5: but we always went out to nice dinners. We had
4:15
Speaker 5: the family holidays that everyone dreams of. And you know,
4:18
Speaker 5: they paid my way through schooling, so I really had
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Speaker 5: no concept of what things cost when I was younger.
4:26
Speaker 5: I kind of yeah, I just had no idea how
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Speaker 5: the world works. So when I finished school at sixteen,
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Speaker 5: I went straight to university and I couldn't drive my
4:35
Speaker 5: first year of UNI, so my poor mum was driving
4:38
Speaker 5: me to UNI every day. Bless HER's so sweet, though,
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Speaker 5: I know. And then when I was able to drive,
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Speaker 5: my parents gave me like a hand me down car
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Speaker 5: to use, and yeah, I was using that up until
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Speaker 5: I bought my own car. So in my second year
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Speaker 5: of UNI, I applied for a scholarship and I was
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Speaker 5: I watered a scholarship that was five thousand dollars.
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Speaker 4: I was going to say, you're a little smart cookie,
5:05
Speaker 4: so you obviously got it five grand.
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Speaker 2: What'd you do with it?
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Speaker 5: Five grand a semester?
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Speaker 2: Oh my gosh, what for the whole degree?
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Speaker 5: For the last three years of my degree?
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Speaker 4: Yeah, Oh my gosh, that's nearly an entire unit each
5:17
Speaker 4: semester for free.
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Speaker 5: Yeah. So I had a total of thirty thousand dollars
5:20
Speaker 5: tax free what put straight into my bank account by
5:23
Speaker 5: the end of my degree. So that really helped me
5:25
Speaker 5: get ahead.
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Speaker 2: That's very attractive. I like that.
5:28
Speaker 5: Of course. In my final year of UNI, my dad
5:31
Speaker 5: we spoke about, you know, the potential idea of me
5:33
Speaker 5: moving out, and he kind of said to me, look,
5:36
Speaker 5: you need a bit of a reality check. You have
5:38
Speaker 5: no idea how the world works, and you need to
5:42
Speaker 5: be a bit more financially independent. So I took that
5:46
Speaker 5: and I went to the bank and I organized car
5:50
Speaker 5: loan for myself. I put ten thousand dollars of my
5:52
Speaker 5: scholarship money on the car and then put I think
5:55
Speaker 5: eight grand on a car loan. And yeah, I didn't
5:57
Speaker 5: tell my parents and I came home with the new
6:00
Speaker 5: car and the driveway the next week. And I think
6:02
Speaker 5: that that kind of showed them that I was able
6:04
Speaker 5: to take some sort of responsibility for what things cost.
6:08
Speaker 5: And you know how the world works. So yeah, I
6:11
Speaker 5: like that.
6:11
Speaker 4: You were like, I'm a toa show them with a
6:13
Speaker 4: car loan, And now you've probably listened to a lot
6:15
Speaker 4: of sheese on the money content. You're like, probably could
6:17
Speaker 4: have shown them in another way.
6:18
Speaker 2: But that's a good Yep.
6:21
Speaker 5: The car loans paid off now, so I feel like
6:23
Speaker 5: it did its purpose. And then, yeah, I moved out
6:25
Speaker 5: of home and I decided to kind of take a
6:28
Speaker 5: big move and I moved up to North Queensland.
6:31
Speaker 2: And mum and dad aren't near there. That's a big
6:32
Speaker 2: move for you.
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Speaker 5: My parents live on the Gold Coast and I, yeah,
6:37
Speaker 5: moved up to rural North Queensland for my internship for
6:40
Speaker 5: my job, and as a part of that, they provided
6:43
Speaker 5: free accommodation for that year.
6:45
Speaker 2: Oh my gosh, money win.
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Speaker 5: Yeah, money wins. And I was able to negotiate that
6:49
Speaker 5: as a continuation of my role. So I'm still living
6:52
Speaker 5: up here.
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Speaker 2: Oh how cool.
6:54
Speaker 5: Congrats, Yeah, thank you.
6:57
Speaker 2: I want to know and I love this level of insight.
6:59
Speaker 2: I love the look.
7:00
Speaker 4: I did grow up in a relatively privileged household. Mom
7:03
Speaker 4: and dad didn't talk about money. But was pocket money
7:06
Speaker 4: a thing? If so, how did that work for you?
7:09
Speaker 1: Not?
7:09
Speaker 5: Really? No. When I say I had no concept, like,
7:12
Speaker 5: I really feel like I had no concept. My parents
7:15
Speaker 5: were really passionate about kind of bringing us kids up
7:18
Speaker 5: not having to worry financially, and you know, everything was
7:23
Speaker 5: provided for me, my food, my school, you know, they
7:26
Speaker 5: gave me a car to use until I bought my own. Like,
7:29
Speaker 5: I was definitely very privileged, and I'm very grateful to
7:32
Speaker 5: have that experience. But yeah, we didn't get pocket money,
7:35
Speaker 5: you know, anything that my brother and I needed. We
7:38
Speaker 5: just voiced that to our parents and they either yeah,
7:42
Speaker 5: said no, you don't need that, or you know, well
7:44
Speaker 5: that's a reasonable request. So yeah, no, I was. I
7:47
Speaker 5: was very grateful to have that experience. I know a
7:49
Speaker 5: lot of people don't have that same privilege.
7:51
Speaker 4: So yeah, and that's okay. I think it's just important
7:54
Speaker 4: that we're aware of it. Like, I don't think it
7:55
Speaker 4: changes from being a good or a bad thing. It's
7:58
Speaker 4: like it is what it is. We can't change it
7:59
Speaker 4: up bringings. But I think it just makes me go, well,
8:02
Speaker 4: how did you learn about money?
8:04
Speaker 2: Like what did that look like?
8:05
Speaker 4: Obviously going to UNI, you ended up and I'm assuming
8:08
Speaker 4: you didn't work, because if you're turbocharging, you know, high
8:13
Speaker 4: school and finishing at sixteen, you probably don't have time
8:16
Speaker 4: for a part time job, is that right?
8:18
Speaker 5: I had just a casual job. I think during my
8:21
Speaker 5: last two years of high school. It was really only
8:25
Speaker 5: like loose change type of money, Like I wasn't paying
8:27
Speaker 5: for anything substantial. And then through UNI, I had a
8:30
Speaker 5: couple of jobs, so I worked in hospitality, and then
8:33
Speaker 5: I had a part time pharmacy job as well for
8:36
Speaker 5: the last couple of years, so I was still living
8:39
Speaker 5: at home, so I was just using that money to
8:42
Speaker 5: pay for my fuel and you know, my food and
8:44
Speaker 5: that type of thing.
8:45
Speaker 2: Yeah, yeah, yeah, And what was it like.
8:47
Speaker 4: I suppose having come from a family where you know,
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Speaker 4: money's not a problem, it doesn't hinder you, which is
8:52
Speaker 4: very cool, But what was it like then earning an
8:55
Speaker 4: income where you're like, Oh, I just get to do
8:57
Speaker 4: what I want with this.
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Speaker 2: Was it, you know, a.
8:59
Speaker 4: Conversation about, oh, you probably should save this, or was
9:02
Speaker 4: there just no conversation, Wow, you're earning money, got our
9:05
Speaker 4: new full stop end of store.
9:06
Speaker 5: Yeah. I think my parents always spoke to me about
9:09
Speaker 5: saving my money. But like I said, I think it
9:14
Speaker 5: was a bit of a shock for me coming out
9:17
Speaker 5: of that type of upbringing and then having to pay
9:21
Speaker 5: for things and knowing what things cost. And I did
9:24
Speaker 5: get into a bit of an after pay spiral as
9:26
Speaker 5: soon as I started working and have only just gotten
9:29
Speaker 5: out of that having bought my house. That's been going
9:32
Speaker 5: on for years. So it was definitely a struggle kind
9:35
Speaker 5: of knowing what to spend my money on and when
9:38
Speaker 5: to save it, because, yeah, I was so used to
9:41
Speaker 5: not having that kind of education about money. So it
9:44
Speaker 5: was definitely good having a bit of income coming in.
9:47
Speaker 5: And I did save a little bit, but probably not
9:49
Speaker 5: as much as I could have.
9:50
Speaker 4: That's kind of what I was like, So how did
9:52
Speaker 4: that work? I get to see lots of financial stories
9:54
Speaker 4: and I get to, you know, see lots of money diaries,
9:57
Speaker 4: and it's my favorite thing in the world. But you
9:59
Speaker 4: often find that people who come from privileged backgrounds where
10:02
Speaker 4: money was never an issue sometimes struggle with money going
10:06
Speaker 4: into quote the real world, because they're like, well, I.
10:08
Speaker 2: Actually don't know how to manage this.
10:09
Speaker 4: Like no one's ever really sat me down and been like, hey,
10:11
Speaker 4: here's a budget, babe, Like here's what you need to do.
10:14
Speaker 4: And I guess that's why I'm so passionate about financial
10:17
Speaker 4: literacy regardless of what your financial circumstances are, because you know,
10:22
Speaker 4: financial literacy is important when you don't have enough, but
10:24
Speaker 4: when you have heaps and you know you are well
10:27
Speaker 4: looked after, you also need to know how to thrive
10:29
Speaker 4: on your own, you know, like we actually need to
10:32
Speaker 4: be taught these things irrespective of you know, how easy
10:34
Speaker 4: it is to get resources.
10:36
Speaker 2: I'm just a little bit pervy, so I'm like, well,
10:38
Speaker 2: how did that work? What did that look like?
10:39
Speaker 4: So I'm not surprised that you struggled a bit with
10:42
Speaker 4: after pay, but obviously it's worked out for the better
10:44
Speaker 4: because you're a homeowner, So slay talk to me about
10:48
Speaker 4: what you do for work.
10:49
Speaker 2: How much money do you earn?
10:51
Speaker 5: Yeah, so I'm a registered pharmacist working in the community,
10:55
Speaker 5: so just your local pharmacy. You'd walk in there and.
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Speaker 2: That's me and she's just a baby.
11:02
Speaker 5: I earn about eighty five thousand dollars a year. That's
11:06
Speaker 5: looking to increase. I'm currently doing extra studies to expand
11:09
Speaker 5: my scope and I'm looking to see yeah, a six
11:13
Speaker 5: figures once that study is done.
11:15
Speaker 2: Very nice. How long does it take to become a pharmacist.
11:18
Speaker 5: It's four years at university and then it's a one
11:21
Speaker 5: year internship, so it's about a total of five years.
11:24
Speaker 5: The internship's paid though, so that's where I moved to
11:26
Speaker 5: North Queensland to do that. Years have paid internship that's
11:30
Speaker 5: just a minimum wage type job, and then once you're
11:33
Speaker 5: fully registered, that's when, yeah, your pay goes up and
11:36
Speaker 5: you're able to negotiate your salary and that type of thing.
11:39
Speaker 4: Yeah, very cool. And what's the plan for your career?
11:43
Speaker 4: Like are you going to be a pharmacist? Like I
11:46
Speaker 4: used to have a lot of clients who are pharmacists
11:48
Speaker 4: who also owned their own pharmacies. Is business something that
11:51
Speaker 4: you want to get involved with? Like what are your
11:53
Speaker 4: thoughts on your future career?
11:55
Speaker 5: The ownership of pharmacy is definitely something that I've considered,
11:59
Speaker 5: but I think I've decided that I don't really want
12:01
Speaker 5: to go down that pathway. My current plan is to
12:04
Speaker 5: keep working in North Queensland for a bit, just to
12:07
Speaker 5: save some more money and hopefully buy some more investments,
12:10
Speaker 5: and then I'm hoping to move down south again with
12:14
Speaker 5: my partner and possibly go back to Union do some research.
12:17
Speaker 5: So that's kind of what I'm looking into doing at
12:19
Speaker 5: the moment. Maybe some teaching and research back at the
12:21
Speaker 5: university that I was studying at.
12:23
Speaker 2: Yeah, very cool.
12:24
Speaker 4: So at those your big money goals, what are you
12:26
Speaker 4: currently working towards.
12:28
Speaker 5: Yeah, I've got a couple of money goals. I think
12:31
Speaker 5: my short term goals would be to buy another investment
12:34
Speaker 5: property by the end of the year.
12:37
Speaker 4: So you're going to be young and still have two
12:39
Speaker 4: properties by the end of this year.
12:41
Speaker 2: That's wild.
12:42
Speaker 5: Yeah. So I'm currently in the stages of contract signing
12:46
Speaker 5: for my first property now, so that's what's happening. It's
12:49
Speaker 5: actually really only happened this week. It's been quite fast paced.
12:52
Speaker 2: That's so exciting.
12:54
Speaker 5: I know my goal is to have a second investment
12:56
Speaker 5: property by the end of the year, and I'd also
12:59
Speaker 5: like to build my emergency fund, which I'm really bad
13:02
Speaker 5: at Yeah, and I think my long term goals are
13:06
Speaker 5: definitely to become financially free through investing. And then another
13:11
Speaker 5: random goal of mine is I really want to be pilot,
13:14
Speaker 5: like as a hobby.
13:15
Speaker 4: Be a pilot. I did not see that coming. That
13:17
Speaker 4: is very cool.
13:19
Speaker 5: Yeah, I'm really passionate about flying, so I would really
13:22
Speaker 5: like to buy a pilot's license. But that's a very
13:24
Speaker 5: expensive hobby. So I think that's going to be a
13:26
Speaker 5: long term goal of mine.
13:28
Speaker 2: Yeah, that is very very expensive and very time consuming.
13:32
Speaker 2: And even just.
13:33
Speaker 4: The hours needed. I used to have again clients who
13:36
Speaker 4: were polay lifts. Not that anyone cares, but this is
13:39
Speaker 4: where all my random bits of knowledge come from. And
13:41
Speaker 4: the amount of money it costs to even just like
13:44
Speaker 4: go up and get the hours that you need to
13:47
Speaker 4: become a pilot, Like is that something that you budget
13:50
Speaker 4: for each week?
13:50
Speaker 2: Like, and how much does it cost you to fly?
13:52
Speaker 2: Are you flying at the moment and.
13:54
Speaker 5: Not flying at the moment. I've done a trial flight
13:58
Speaker 5: and even that was almost five hundred dollars just for
14:01
Speaker 5: the hour. But it does cost about yeah, two hundred
14:04
Speaker 5: two fifty dollars to just go up for the hour
14:07
Speaker 5: in fuel and maintenance costs in a small aircraft, so
14:11
Speaker 5: it's very expensive hobby. It's definitely not something that's going
14:13
Speaker 5: to be a short term goal. It's going to be
14:15
Speaker 5: something that I hopefully work towards after I've bought a
14:18
Speaker 5: few properties. I think yeah.
14:19
Speaker 4: And then for everyone following along at home, you actually
14:22
Speaker 4: need hundreds of hours to become a licensed individual pilot
14:26
Speaker 4: in addition to like just paying for the license.
14:29
Speaker 2: Like it's wild but also very cool hobby.
14:32
Speaker 4: Like I want to see more women pilots, so like
14:34
Speaker 4: this is very good for me.
14:36
Speaker 2: I love this for us. Let's go to a really
14:39
Speaker 2: quick break on the flip side.
14:40
Speaker 4: I want to talk to you a little bit more
14:42
Speaker 4: about like this property that you're purchasing, how you got there,
14:45
Speaker 4: about your view on investments and what the future holds.
14:48
Speaker 4: So guys don't go anywhere, all right, money diarist, we
14:55
Speaker 4: are back, and I'm so excited about this. I still
14:57
Speaker 4: can't believe that you're twenty two. You're a fully qualified pharmacist.
15:02
Speaker 4: You're just living your best life. You're vibing. You are
15:05
Speaker 4: buying your first property, which is currently happening as we speak,
15:09
Speaker 4: which is very cool because it means that by the
15:11
Speaker 4: time this episode goes live, you're officially a homeowner, like
15:14
Speaker 4: you will have a mortgage. So talk to me about investments.
15:18
Speaker 4: So you mentioned before that this property that you're purchasing
15:21
Speaker 4: is an investment property. How did that come about and
15:24
Speaker 4: how have you been saving for the deposit and like
15:26
Speaker 4: making that decision.
15:28
Speaker 5: Yeah, so buying property is definitely not something that I
15:31
Speaker 5: always saw myself doing. But I think last year, when
15:36
Speaker 5: I started reading your books, I had a bit of
15:38
Speaker 5: a moment and thought to myself, like, what am I
15:43
Speaker 5: going to do in retirement. I know that's such a
15:45
Speaker 5: long term thought, but I know it's a bit of
15:48
Speaker 5: a stress and in a lot of people's minds to
15:50
Speaker 5: think about what we're going to be doing in retirement
15:52
Speaker 5: and are we going to have enough money? And I
15:54
Speaker 5: just sat down and decided that I needed a plan,
15:57
Speaker 5: and that my plan was going to be to start
15:59
Speaker 5: investing in property. So I did a little bit of research,
16:03
Speaker 5: and I also got a buyer's agent on board, which
16:06
Speaker 5: is another expense.
16:07
Speaker 2: Oh smart cookie.
16:08
Speaker 5: Yes, I've got the buyer's agent, and I just decided
16:12
Speaker 5: that I was going to fully entrust them in making
16:15
Speaker 5: this decision, because no one teaches you how to buy
16:18
Speaker 5: a house in school, even just the process of you
16:22
Speaker 5: know that you need someone to look over the contract
16:24
Speaker 5: and you know the insurances. No one tells you anything
16:27
Speaker 5: about this in school, so it's just such a big
16:29
Speaker 5: learning journey. And I just decided to fully entrust them
16:31
Speaker 5: with the decision. They've presented me with a property this week,
16:35
Speaker 5: and I signed the contract and off we went.
16:37
Speaker 2: How did you find your buyer's agent?
16:39
Speaker 4: Because I feel like a lot of people go, that's
16:41
Speaker 4: a really good idea and then they see the price
16:43
Speaker 4: and they're like, oh, like it's expensive.
16:45
Speaker 2: Is it worth it? Am I? You know?
16:47
Speaker 4: Picking the right agent? How did you pick? What did
16:49
Speaker 4: that process look like?
16:51
Speaker 5: Yeah, there was a few different aspects that went into
16:54
Speaker 5: my decision on how to pick the buyer's agent. So
16:57
Speaker 5: the first thing is they have a podcast. She's on
17:00
Speaker 5: the Money is definitely my favorite podcast.
17:03
Speaker 2: You do not need to be a suck up. That
17:05
Speaker 2: is okay.
17:07
Speaker 5: I do listen to another podcast. They run their own podcast,
17:10
Speaker 5: so I'm definitely able to get a bit of an
17:11
Speaker 5: insight into the personalities of the team through listening to that.
17:15
Speaker 5: I read a lot of reviews and I also have
17:19
Speaker 5: a friend that went through the same buyers agent, so
17:22
Speaker 5: I was able to get a bit of an insight
17:23
Speaker 5: into them through that. Yeah.
17:25
Speaker 2: Yeah, very cool. So do you have any other investments.
17:29
Speaker 5: I've got my super and I think there's about twenty
17:32
Speaker 5: three thousand dollars in my super.
17:35
Speaker 2: Oh very nice.
17:36
Speaker 4: I have.
17:38
Speaker 5: Twelve thousand dollars in shares.
17:41
Speaker 2: Oh.
17:41
Speaker 4: I did not see that coming, Not because I didn't
17:44
Speaker 4: believe that you could do it. I'm just like, you know,
17:47
Speaker 4: you're buying house. This is a really big financial decision.
17:49
Speaker 2: You're so young.
17:50
Speaker 4: Sure you haven't had time to get into this. How
17:52
Speaker 4: did you get into share investing?
17:54
Speaker 5: The share investing was definitely before the idea of property.
17:58
Speaker 5: So when I was eighteen nineteen, you know, I was
18:01
Speaker 5: listening to the podcast and listening to your advice about
18:04
Speaker 5: investing and definitely wanted to get into shares. So I
18:08
Speaker 5: just opened up a Comset account and brought some random shares.
18:12
Speaker 5: There was no thought whatsoever that.
18:15
Speaker 2: Went, no rhyme or reason. You were just like that
18:17
Speaker 2: sounds good.
18:18
Speaker 5: Yeah, bought some concert shares because I liked planes like.
18:22
Speaker 5: There was no kind of tactic to it.
18:24
Speaker 2: No, that's aligned to your values. I like it.
18:27
Speaker 5: Yeah, since then, I've put some money into ETF so
18:31
Speaker 5: I think the majority of that share portfolio is just
18:33
Speaker 5: made up of Vanguard ETFs, which I buy through Comsec.
18:37
Speaker 5: And then I've just got like a thousand dollars in
18:39
Speaker 5: chaz eas that I put a little bit of money
18:41
Speaker 5: into every fortnight.
18:42
Speaker 2: Oh when you're in Chazea's as well.
18:45
Speaker 5: Yeah, only recently. I think I put fifty dollars a
18:47
Speaker 5: fortnite from my pay into chairs EA's and then I
18:50
Speaker 5: guess when that builds up, I can always invest that
18:53
Speaker 5: into my concept or invest that into something else when
18:56
Speaker 5: I see fit.
18:57
Speaker 2: Yeah, I'm obsessed.
18:59
Speaker 4: I still can't get over the fact that I get
19:01
Speaker 4: the privilege of talking to people like you, who you
19:03
Speaker 4: know obviously killing it, and then something comes up and
19:06
Speaker 4: you go no, no, no.
19:07
Speaker 2: Like I got into shares because I was listening to
19:09
Speaker 2: your content.
19:09
Speaker 4: I'm like really like I was part of that, Like
19:11
Speaker 4: I got to be part of that journey.
19:13
Speaker 2: I just think it is so wild that, you know.
19:16
Speaker 4: One people take my I don't know if it's advice,
19:19
Speaker 4: it's just like content that we put online, but people
19:22
Speaker 4: care and then they also just they're putting themselves in
19:26
Speaker 4: the best possible positions and then they give.
19:27
Speaker 2: Me credit for being in that. I'm like, what, this
19:29
Speaker 2: is the best?
19:30
Speaker 4: Like it makes my heart so full, So thank you
19:32
Speaker 4: for doing that and stroking my ego.
19:34
Speaker 5: Yeah, you definitely have credit.
19:36
Speaker 4: You mentioned before you had a carloan completely paid off now,
19:39
Speaker 4: which is all good.
19:39
Speaker 2: But do you have any other debts? If so, what
19:42
Speaker 2: are they and if not, like, how are you feeling
19:44
Speaker 2: about debt now?
19:45
Speaker 5: So have my hex debt which is thirty seven thousand
19:50
Speaker 5: dollars at the moment, hasn't really gone down at all
19:54
Speaker 5: because of the indexation on it, So I think I'm
19:57
Speaker 5: going to have to start making a plan to put
19:59
Speaker 5: some money into that if it just keeps going up.
20:03
Speaker 5: I don't have any other debt. I've only just canceled
20:06
Speaker 5: my after pay account probably three months ago when I
20:10
Speaker 5: started the journey to get my pre approval for my
20:13
Speaker 5: home loans.
20:13
Speaker 2: So get it, Queen. I love this for you.
20:16
Speaker 5: That was a big thing for me because I opened
20:19
Speaker 5: my af pay when I was eighteen, and I think
20:21
Speaker 5: I constantly had money in there up until yeah, I
20:24
Speaker 5: was twenty two and bought my house, and every pay
20:27
Speaker 5: I was paying money off that after pay, so it
20:30
Speaker 5: was a big thing to cancel. It was really hard.
20:32
Speaker 4: It's definitely a cycle. I'm proud of you. How good
20:35
Speaker 4: is that? Tell me about this mortgage. I know that
20:38
Speaker 4: it hasn't settled yet, but how much deposit did you
20:41
Speaker 4: have to save?
20:42
Speaker 1: Like?
20:42
Speaker 4: Tell me about the house too. Can we have the
20:44
Speaker 4: pervy beats like what are you paying for it?
20:46
Speaker 2: What's your mortgage going to? Look like? You're in the
20:48
Speaker 2: midst of it. So I'm hoping it's all fresh.
20:51
Speaker 5: Of course. So the house that I'm looking to buy
20:54
Speaker 5: is around three hundred thousand dollars and that was picked
20:58
Speaker 5: me from the buyers agent. I think I gave them
21:00
Speaker 5: a budget of four hundred thousand and said that I'd
21:03
Speaker 5: really like to kind of stick at the conservative end
21:06
Speaker 5: of that. So they made that happen.
21:09
Speaker 2: Oh I like that they really have huh.
21:11
Speaker 5: Yeah. So the total deposit I had to have to
21:14
Speaker 5: put down on that was sixty five thousand dollars. That's
21:19
Speaker 5: inclusive of my deposit, stamp duty, the bias agent fees,
21:23
Speaker 5: kind of everything. So I was able to put some
21:28
Speaker 5: of that scholarship money that I'd saved from UNI into that.
21:31
Speaker 5: I put quite a big chunk of my own savings,
21:34
Speaker 5: and then my parents had a little bit of inheritance
21:37
Speaker 5: that they were happy to contribute as well. So that's
21:39
Speaker 5: all gone into the deposit.
21:41
Speaker 2: Oh that's so exciting.
21:43
Speaker 4: So you've got sixty five thousand dollars and then the
21:46
Speaker 4: house is about three hundred So what's your mortgage going
21:48
Speaker 4: to look like?
21:49
Speaker 5: Yeah, the numbers are still being crunched, but I think
21:53
Speaker 5: this house will be slightly negatively geared with the interest
21:56
Speaker 5: rates at the moment, not by much, but maybe by
21:59
Speaker 5: a couple of grand a year. But yeah, I'm still
22:02
Speaker 5: in the midst of organizing what the mortgage structure is
22:05
Speaker 5: going to look like and that type of thing if
22:07
Speaker 5: I'm going interest only or principal and interest. So hopefully
22:10
Speaker 5: I can shed some more light on that when it settles.
22:13
Speaker 4: No, that totally makes sense, and I'll hit you up
22:15
Speaker 4: for that, but you're probably looking at what like a
22:17
Speaker 4: two hundred and thirty five thousand dollars mortgage ish in total.
22:21
Speaker 5: I've put twelve percent deposit on the property, so three
22:25
Speaker 5: hundred thousand less twelve percent.
22:29
Speaker 2: Very cool?
22:29
Speaker 4: How exciting. I honestly get so excited when people are like,
22:32
Speaker 4: I'm finally buying my first property. And so obviously you
22:35
Speaker 4: said this is going to be an investment property. Have
22:38
Speaker 4: you talked to your bias agent about like rental yield?
22:41
Speaker 4: Obviously you just mentioned it's going to be negatively good,
22:43
Speaker 4: which for everybody else it just means that money Diaris
22:46
Speaker 4: is going to have to tip in some more cash
22:48
Speaker 4: each year because the mortgage is not going to be
22:50
Speaker 4: covered by the rent. But what type of rental yield
22:53
Speaker 4: are you expecting on this property?
22:55
Speaker 5: Yeah, so the rental year is actually really good. I
22:58
Speaker 5: think it's just the interest rate it's kind of making
23:01
Speaker 5: it a little bit negatively good at the moment. And
23:04
Speaker 5: there also is room to increase the rent in the area.
23:07
Speaker 5: The rent is quite low for the standard rent in
23:10
Speaker 5: that area, so there's room to kind of move a
23:13
Speaker 5: little bit there. So the rental yield on the property
23:17
Speaker 5: currently is six point nine percent.
23:21
Speaker 2: Oh, very nice, Yeah, which is.
23:23
Speaker 5: Quite nice, and then there's room to kind of move
23:26
Speaker 5: that to around seven point three seven point five depending
23:29
Speaker 5: on increases in rent, which I'd like to not increase
23:33
Speaker 5: the rent significantly. We've already got tenants that are in there,
23:37
Speaker 5: so I'd like to keep them as long as possible.
23:40
Speaker 2: Oh, it's already tenanted in everything.
23:42
Speaker 5: Yeah, it's already tenanted until October at the current rent,
23:46
Speaker 5: which is three hundred and sixty dollars a week, and
23:49
Speaker 5: there's room to move that closer to four hundred if
23:52
Speaker 5: we're able to. But yeah, we'll see how we go.
23:54
Speaker 4: Oh my gosh, I love this, and I really love
23:56
Speaker 4: that when I asked you about rental yield you actually
23:58
Speaker 4: led with a percentage. Not oh yeah, I get like
24:01
Speaker 4: X amount per week in rent. You were like, no, no, na, SI,
24:04
Speaker 4: sit down, it's six point nine. Like I've done my numbers.
24:06
Speaker 4: I know what this is going to look like. It's
24:08
Speaker 4: just it's so exciting talking about this stuff because I
24:12
Speaker 4: just know what it means for your future financial security
24:15
Speaker 4: and it makes me, honestly so happy.
24:17
Speaker 5: So I've got so much to learn. But yeah, oh
24:20
Speaker 5: my gosh.
24:20
Speaker 4: And you've got so much time to learn it in
24:22
Speaker 4: like you do not need to rush, my friend. You
24:25
Speaker 4: are going to have some money habits that I think
24:27
Speaker 4: we want to know about. You don't just fly through
24:30
Speaker 4: school and become you know, property mogul by twenty two
24:33
Speaker 4: in the way that you have.
24:35
Speaker 2: What do you think of your best money habits?
24:38
Speaker 5: Think My best money habit is that I put away
24:41
Speaker 5: fake rent every week.
24:43
Speaker 2: Fake rent.
24:44
Speaker 5: Yeah, no, I love it. I love it. So I
24:46
Speaker 5: don't pay rent at the moment. So my accommodation is
24:50
Speaker 5: all provided for by my employer. So really lucky to
24:53
Speaker 5: have that. But I kind of thought, you know, I
24:56
Speaker 5: should put away fake rent and then try and save
24:58
Speaker 5: on top of that. So I put away two hundred
25:01
Speaker 5: and fifty dollars a week in fake rent and then
25:04
Speaker 5: I save on top of that as my savings. Obviously
25:07
Speaker 5: it's all going to savings, but it's just a nice
25:09
Speaker 5: way to kind of get into the budgeting for if
25:12
Speaker 5: I decide to move and have to pay rent.
25:15
Speaker 4: It's all about mindset, right Like when it comes to money,
25:18
Speaker 4: money is inherently psychological. So if you can go, all right, well,
25:22
Speaker 4: I don't pay rent, hahaha, I can do whatever I
25:24
Speaker 4: want in the future. When you do have to pay rent,
25:27
Speaker 4: or you do have to pay a mortgage, that's going
25:29
Speaker 4: to bite you in the bottom because you don't have
25:31
Speaker 4: that habit behind you. But what you've done is kind
25:33
Speaker 4: of game the system. You're like, I'm not paying rent,
25:35
Speaker 4: but what I can do is pretend to pay rent.
25:37
Speaker 4: Keep the money, but then I'm in the habit of it,
25:39
Speaker 4: if ever that changes. So that makes me genuinely so
25:43
Speaker 4: excited because I can tell that you're setting yourself up
25:45
Speaker 4: for success. Was that something that you learned? Was it
25:49
Speaker 4: something that you just went, oh right, I think this
25:51
Speaker 4: might be good for me. Like, how do you get
25:53
Speaker 4: into this situation? Because, as you said, as much as
25:56
Speaker 4: you grew up in a really privileged household, there wasn't
25:59
Speaker 4: a lot of financial literacy flying around.
26:01
Speaker 2: Like have you just self taught yourself all this stuff?
26:04
Speaker 5: Yeah? I think I have done a lot of kind
26:07
Speaker 5: of self education. I listen to a lot of podcasts,
26:10
Speaker 5: I read a lot of books. So yeah, it's all
26:13
Speaker 5: just kind of been me trying to figure out how
26:15
Speaker 5: the world works and how money works, which has been
26:18
Speaker 5: really hard. Like I said, I've been in that I
26:19
Speaker 5: have to pay spiral for so long and I've only
26:22
Speaker 5: just gotten out of it. Feels so freeing to pee
26:24
Speaker 5: out of that as well. But yeah, I think I
26:28
Speaker 5: just realized that I'm in a really good situation where
26:30
Speaker 5: I am not paying rent and that I really need
26:33
Speaker 5: to be taking advantage of that to try and save
26:35
Speaker 5: as much as I can. So yeah, I just wanted
26:38
Speaker 5: to kind of maximize that.
26:39
Speaker 4: While I'm in this situation, I have so many questions still,
26:42
Speaker 4: I'm so sorry. Like, as I told you before we
26:44
Speaker 4: start recording Money direst I'm just pervy at heart. What
26:47
Speaker 4: prompted you to care more about your finances? Like did
26:51
Speaker 4: you just fall into this idea of going, well, actually
26:54
Speaker 4: I want to be wealthy, or I really want to
26:56
Speaker 4: buy property, or you know, what do I do.
26:58
Speaker 2: With my cash? Like what was that start point for you.
27:01
Speaker 4: Where you were like, I actually do want to learn
27:03
Speaker 4: a bit more about financial literacy because I feel like
27:06
Speaker 4: for a lot of people in our community and outside
27:08
Speaker 4: our community, it's such a big hurdle like actually going
27:12
Speaker 4: you know, I'm going to start consuming this content, it
27:14
Speaker 4: can be overwhelming.
27:15
Speaker 2: So how did you do it?
27:17
Speaker 5: Yeah? I think just not knowing a lot about money
27:21
Speaker 5: growing up, I kind of just saw my parents as
27:25
Speaker 5: being quite well off and just assumed that, you know,
27:29
Speaker 5: that's the kind of path that I would follow, which
27:31
Speaker 5: obviously I was very shocked when I left home and
27:34
Speaker 5: had to manage everything for myself. So I forced myself
27:38
Speaker 5: to learn because you know, I've moved out of home
27:41
Speaker 5: quite quickly and lost that dependency with my parents, so
27:46
Speaker 5: I had to learn about how to budget and how
27:49
Speaker 5: to save. And I also, I guess, have the idea
27:52
Speaker 5: of the kind of lifestyle that I want to live
27:54
Speaker 5: and that you know, my partner and I want to live.
27:56
Speaker 5: So yeah, you know, I'd like to have that you know,
27:59
Speaker 5: nice else on the waterfront and eventually have kids, and
28:03
Speaker 5: obviously I want a pilot's license, and that's a big expense.
28:05
Speaker 5: So I just decided that my nine to five job
28:09
Speaker 5: wasn't going to be enough to sustain those goals and
28:13
Speaker 5: aspirations that I have. So yeah, I decided that I
28:16
Speaker 5: needed to save and invest my money into something that's
28:20
Speaker 5: eventually going to get me there, because, like you've spoken
28:24
Speaker 5: about on the podcast, you can only save so much
28:26
Speaker 5: money with your nine to five income and then you're
28:29
Speaker 5: relying on you know, investment and that type of thing
28:32
Speaker 5: to get you through. So yeah, I think after listening
28:36
Speaker 5: and reading, I definitely realized that I needed to do
28:38
Speaker 5: something extra and then spent some time learning about it
28:42
Speaker 5: and just dived in head first.
28:44
Speaker 4: I love this, It's actually my favorite thing ever. Going back,
28:48
Speaker 4: you said before you were really shocked when you left
28:51
Speaker 4: home about budgeting, and I feel like this happens to
28:53
Speaker 4: so many of us, right, Like I think I've said
28:55
Speaker 4: before on the podcast, I was shocked when I left
28:58
Speaker 4: home and I moved straight into a sharehouse.
29:01
Speaker 1: Right.
29:01
Speaker 4: There were like four of us so split costs, and
29:04
Speaker 4: I just remember being like, it'll be fine, Like surely
29:06
Speaker 4: groceries aren't that expensive in my head, Like a whole
29:09
Speaker 4: trolley of groceries, which was like two thousand and nine
29:11
Speaker 4: was like one hundred dollars. One hundred and twenty was
29:14
Speaker 4: like a big shop, right, But I remember being horrified
29:17
Speaker 4: because in my head, dishwasher tablets just existed, like I
29:22
Speaker 4: don't think I'd ever looked at the price, like you know,
29:24
Speaker 4: that was something that my mum had organized for home.
29:26
Speaker 2: And I remember being.
29:27
Speaker 4: Shook at how expensive dish washer tablets were, and I
29:30
Speaker 4: was like, this real life thing, it's legit.
29:32
Speaker 5: Like why are they eighty dollars for no reason?
29:35
Speaker 2: Exactly?
29:36
Speaker 4: So what shocked you the most when you moved out
29:39
Speaker 4: of home and had to start paying your own way, I.
29:42
Speaker 5: Think it's genuinely just the things that pop up that
29:46
Speaker 5: I didn't realize I had to budget for, so things
29:50
Speaker 5: like my red jo and you know, my car insurance
29:54
Speaker 5: and getting my head done and tires, and my pharmacist
29:58
Speaker 5: registration fees. In my first year of working, I kind
30:02
Speaker 5: of just paid them out of my fortnightly pay when
30:05
Speaker 5: they popped up, but obviously that left a big dint
30:08
Speaker 5: in the rest of my budget, so I kind of
30:10
Speaker 5: had to learn to save for those. Now I've got
30:14
Speaker 5: like separate accounts for those things that I put money
30:17
Speaker 5: in every fortnight, so that when it gets to the
30:19
Speaker 5: car insurance, I've got an accumulating amount of money sitting
30:23
Speaker 5: there ready to go. But I think, yeah, just the
30:26
Speaker 5: fact that random things pop up that you have to
30:29
Speaker 5: pay for and needing to have money there in those
30:33
Speaker 5: situations to be able to cover you in times like
30:35
Speaker 5: that is really important.
30:37
Speaker 4: I totally agree. That's why I'm so passionate about budgeting
30:39
Speaker 4: and cash flow. So, now, do you have a really
30:42
Speaker 4: good budget that you're using and kind of implementing or
30:45
Speaker 4: is this something they're like, look, I just work it
30:47
Speaker 4: out as we go.
30:48
Speaker 5: I've gotten better. My emergency fund is dismal, and it
30:54
Speaker 5: has been for a while because I just cannot get
30:57
Speaker 5: into the flow of putting money away for an emergence.
31:00
Speaker 5: I think it's probably one of my worst money habits.
31:04
Speaker 5: But in terms of my budget, it's going okay. I
31:08
Speaker 5: do have like an Excel spreadsheet that I can type
31:11
Speaker 5: my fortnightly income in at the top, and it kind
31:14
Speaker 5: of calculates how much money I'm putting away for everything else.
31:17
Speaker 5: So that's working quite well. I'm still really unsure about
31:21
Speaker 5: how it's going to work with the mortgage coming in.
31:25
Speaker 5: I think I need to learn a little bit more
31:27
Speaker 5: about what that's going to look like in my bank accounts,
31:30
Speaker 5: especially since I'm opening up new accounts for the mortgage
31:33
Speaker 5: as well. I'm really not sure kind of what that
31:35
Speaker 5: looks like and what to do with that, and what's
31:38
Speaker 5: the best account to have the mortgage come out of
31:40
Speaker 5: and that type of thing.
31:42
Speaker 2: Are you going to have offset accounts to your mortgage.
31:45
Speaker 5: I believe so. Yes. I'm in the stages of speaking
31:49
Speaker 5: to them about like the structure of the loan at
31:51
Speaker 5: the moment, so I'm assuming I'll have an offset account.
31:54
Speaker 5: But yeah, just learning about you know, where the mortgage
31:57
Speaker 5: comes out of, and where do I put the rent
31:59
Speaker 5: when it comes in, you know, just that kind of cash.
32:01
Speaker 5: Flower really don't know how that works and what that
32:03
Speaker 5: looks like, So I think that's one of my goals
32:05
Speaker 5: as well, to learn more about that.
32:07
Speaker 4: Oh I can say to you when you said I
32:09
Speaker 4: have a spreadsheet, I was like, okay, so she doesn't
32:11
Speaker 4: need me. And then you're like, oh, I really need
32:12
Speaker 4: to work out how to integrate the mortgage.
32:14
Speaker 2: I'm like, aha, I win.
32:15
Speaker 4: I'm going to gift you my Money Masterclass, which is
32:17
Speaker 4: basically a really comprehensive budget and cash flow tool where
32:20
Speaker 4: you kind of plug in all of your expenses and
32:22
Speaker 4: then you plug in all of your outgoings and you
32:26
Speaker 4: know your income and where it's coming from, and then
32:28
Speaker 4: it like spits out a banking system and says, all right, well,
32:32
Speaker 4: this bank account needs X, and this bank account needs Y,
32:34
Speaker 4: and you need to save X, Y and Z here
32:36
Speaker 4: and here's how much fun money you have access to.
32:39
Speaker 4: So I'm going to give that to you because I
32:41
Speaker 4: think it will change the way that you manage money
32:43
Speaker 4: and really really help Also low key, I'm biased.
32:46
Speaker 2: I made it.
32:47
Speaker 4: I think it's really good, but it's also very esthetically pleasing.
32:50
Speaker 5: Thank you so much, Bee. That's going to change so
32:54
Speaker 5: many things. That's going to be so helpful. Thank you
32:56
Speaker 5: so much.
32:57
Speaker 2: It'll take a bit of a weight off your shoulders.
32:59
Speaker 4: I remember so when we got our mortgage and I
33:01
Speaker 4: was like, well, how does this fit in? And like
33:03
Speaker 4: I have a whole page on debt in there, so
33:06
Speaker 4: like it all integrates. You don't have to do anything yourself,
33:09
Speaker 4: Like it will automatically tell you what goes in and
33:11
Speaker 4: what comes out if you just put in the figures
33:13
Speaker 4: that you've got. But you can change the interest rate,
33:16
Speaker 4: you can change the term on it, and you can
33:19
Speaker 4: actually play with it in a way. And this is
33:20
Speaker 4: not even me trying to sell you on this, I
33:22
Speaker 4: promise you. It's just me being impressed with my own work.
33:24
Speaker 4: So let me have this, you know.
33:26
Speaker 2: But in the mortgage section, you can like play with
33:30
Speaker 2: the years and go, oh, actually, what if I contributed
33:33
Speaker 2: an extra one hundred dollars a month? How would that
33:35
Speaker 2: impact how quickly the loan is paid off? And it
33:36
Speaker 2: will tell you.
33:37
Speaker 4: And I just think that that's where it kind of
33:39
Speaker 4: provides a heap of extra value above and beyond you know,
33:42
Speaker 4: day to day, because it's really about pushing for wealth creation,
33:45
Speaker 4: which I can tell you're on board for given your
33:48
Speaker 4: plans to buy another investment property by the end of
33:51
Speaker 4: the year.
33:51
Speaker 5: Thank you so much. That's amazing. Yes, I do have
33:54
Speaker 5: big plans. I think that that is going to really
33:56
Speaker 5: help me at least get on track for the first one.
33:59
Speaker 5: And yeah, even just learning about once you have multiple properties,
34:02
Speaker 5: what does that cash flow look like? So that's going
34:04
Speaker 5: to be really really helpful. Thank you so much.
34:06
Speaker 2: I love it.
34:07
Speaker 4: For those of you following along at home, I'll obviously
34:09
Speaker 4: put a cheeky little discount code in the show notes
34:11
Speaker 4: because I can't say all that nice stuff and they're
34:13
Speaker 4: not give you like a little bonus as well. All right,
34:16
Speaker 4: money diros, let's like bring the mood back down. What
34:18
Speaker 4: is your worst money habit?
34:20
Speaker 5: I think my worst money habit is definitely my emergency fund.
34:25
Speaker 5: I have a goal set for my emergency fund for
34:28
Speaker 5: my three months worth of expenses, and I just seem
34:32
Speaker 5: to consider everything an emergency, So.
34:37
Speaker 4: Like, what is it a genuine emergency or is this
34:39
Speaker 4: like a oh my gosh, those shoes are so cute.
34:41
Speaker 2: This is an emergency I need them?
34:44
Speaker 5: Definitely not genuine emergency. It just seems to be that
34:48
Speaker 5: in my brain, I can take money out of the account,
34:51
Speaker 5: so why can't I take money out of the account
34:53
Speaker 5: to buy new shoes type thing. You know, when you're
34:55
Speaker 5: savings account, they sit there and you don't touch them.
34:58
Speaker 5: You know, you've never taken out of them. But the
35:01
Speaker 5: emergency account, I don't know. I just can't seem to
35:03
Speaker 5: get on top of it.
35:04
Speaker 2: We need to change that.
35:06
Speaker 4: Is your emergency account in the same banking system as
35:10
Speaker 4: all of your other cash, Like if you log into
35:12
Speaker 4: your banking app, is it right there?
35:14
Speaker 5: Yeah, I guess so, probably not very helpful to have
35:17
Speaker 5: it with everything.
35:17
Speaker 2: Else so you can see it.
35:19
Speaker 5: Yeah, I can see it.
35:20
Speaker 4: I am a very impulsive kind of gal. And one
35:22
Speaker 4: thing that's really helped me personally is like putting it
35:25
Speaker 4: with another bank. So I had to put it over
35:28
Speaker 4: with another bank, and like they obviously still have access
35:31
Speaker 4: to it because we need access to our emergency fund.
35:34
Speaker 4: But I don't log into my main banking system and go, oh,
35:37
Speaker 4: that's just sitting there.
35:38
Speaker 2: That's nice.
35:39
Speaker 4: Like I literally have to go out of sight, out
35:41
Speaker 4: of mind if I can't see it.
35:43
Speaker 2: And then if an emergency pops up, I'm like, oh,
35:45
Speaker 2: what am I going to do? I don't have enough money?
35:47
Speaker 2: And the I'm like, oh I do, Actually, I have
35:49
Speaker 2: a whole emergency fund for this specific purpose, I can
35:51
Speaker 2: go over the fence.
35:53
Speaker 5: Yeah, I think that'd be really helpful. I think I
35:55
Speaker 5: should change that because yeah, out of sight, out of
35:57
Speaker 5: mind for sure. And I think the other thing is
36:00
Speaker 5: just I really enjoy eating out. I think my partner
36:02
Speaker 5: and I eat out probably too much. Food is definitely
36:05
Speaker 5: our love language, So I'll easily drop any amount of
36:08
Speaker 5: money on a good fee. So that's probably not the
36:11
Speaker 5: best money habit.
36:12
Speaker 2: I'm the same.
36:13
Speaker 4: But as I was saying to a couple of money
36:15
Speaker 4: diarists a few weeks ago, like life's about the journey
36:17
Speaker 4: and enjoying it as well. Like you can't just be
36:20
Speaker 4: always aggressively saving or aggressively investing or just getting buy
36:24
Speaker 4: Sometimes we need a little bit of you know, fun
36:26
Speaker 4: in our lives and enjoyment in our lives. Because I
36:29
Speaker 4: just think that so many of us need to enjoy
36:31
Speaker 4: the journey as much as the destination. Like, yes, buying
36:33
Speaker 4: a house is super sexy and it's something that you
36:36
Speaker 4: really value, but also like, let's just enjoy time with
36:40
Speaker 4: our partner and create a life that we deserve, you know.
36:42
Speaker 5: Yeah, I think eating out is definitely in my value,
36:45
Speaker 5: So maybe we'll keep that there.
36:47
Speaker 4: We can keep that there because if I tell you, oh,
36:50
Speaker 4: you need to cut back on that, which one I
36:52
Speaker 4: never would Can you imagine me fighting with you of
36:54
Speaker 4: your own values just wouldn't happen. But also I would
36:57
Speaker 4: have to then have a good hard chat with myself
36:59
Speaker 4: because that's where I spend most of my money. So anyway,
37:03
Speaker 4: moving on, this has been a beautiful money diary. I'm
37:07
Speaker 4: just so inspired by you. You are twenty two and
37:10
Speaker 4: absolutely killing it. I love the way you talk about
37:12
Speaker 4: your upbringing and you really understand that one that was
37:15
Speaker 4: a privilege, but also you've just taught yourself so much
37:18
Speaker 4: and been so tenacious about this. And I am sure
37:21
Speaker 4: that during your life you're going to have a lot
37:23
Speaker 4: of people that go, oh, yeah, her parents probably really
37:25
Speaker 4: helped her out there. But when you get to know
37:27
Speaker 4: stories like this, you're like, well, no, Like, look at
37:30
Speaker 4: what she's doing for her own budget and her own
37:32
Speaker 4: cash flow, and you know, you're seeking out buyers agents
37:35
Speaker 4: to purchase properties for yourself at twenty two and you're
37:39
Speaker 4: paying fake rent like.
37:40
Speaker 2: This is just wild to me.
37:42
Speaker 4: At the start of the episode, though, you did say, hey, there,
37:45
Speaker 4: I reckon I'm a B plus. What would it take
37:48
Speaker 4: to get you to an A plus?
37:49
Speaker 5: I think definitely learning more about how the cash flow
37:53
Speaker 5: will work with the property and having multiple properties. So
37:58
Speaker 5: I think just having a little bit more education that
38:00
Speaker 5: I'd be happy to move myself to an A.
38:03
Speaker 4: I think you can do it. I know that the
38:05
Speaker 4: money master class is coming your way. And then the
38:07
Speaker 4: other thing I'd say about having investment properties, something that
38:11
Speaker 4: has helped a lot of my historical clients has always
38:14
Speaker 4: been treating your investment property like a business. So like
38:18
Speaker 4: if you started a small business, you would get a
38:21
Speaker 4: clean bank account for all of the money to come
38:23
Speaker 4: into and go out of that you didn't touch and
38:27
Speaker 4: didn't use for anything else. Because then when it comes
38:30
Speaker 4: to tax time, you have a really clean list of Okay,
38:34
Speaker 4: well the rent came in here, here and here, here
38:37
Speaker 4: are the expenses that came out because you're going to
38:39
Speaker 4: have property management fees, you're going to have you property
38:42
Speaker 4: maintenance fees, and things come out and just having one clean,
38:45
Speaker 4: clear record really helps. And I think that some of
38:48
Speaker 4: us find ourselves in a bit of a pickle. We're like, oh,
38:51
Speaker 4: I already have a bank account. Maybe I'll just nominate
38:53
Speaker 4: that one and it can come in there. But then
38:55
Speaker 4: things get a little bit messy. So for me, I
38:58
Speaker 4: guess if I was to be getting an investment property tomorrow,
39:01
Speaker 4: I would be separating out another brand new bank account.
39:06
Speaker 4: Maybe it could be a little offset to your mortgage
39:08
Speaker 4: so that at least the money's working as hard as
39:10
Speaker 4: you do for it, so that you can actually cleanly
39:14
Speaker 4: see it. And a lot of the times when I
39:16
Speaker 4: had clients who had multiple properties that were investment properties,
39:20
Speaker 4: they would have a bank account for each of those properties,
39:24
Speaker 4: because you want to be able to quickly and cleanly
39:26
Speaker 4: see what's coming in from where and when and how
39:29
Speaker 4: what's going out. And obviously, as you grow and you
39:32
Speaker 4: grow your wealth having a clean banking system, I promise
39:36
Speaker 4: you will thank your past self because she's going to
39:38
Speaker 4: be like, oh, thank god, I did that.
39:40
Speaker 5: Yeah, that's so true. I think that's really good advice.
39:42
Speaker 5: So I'll definitely be taking that on board. Thank you.
39:45
Speaker 4: B We just want clean, crispy finances, you know, like
39:48
Speaker 4: I just want to know where my money is at
39:49
Speaker 4: and making sure it's working for me.
39:51
Speaker 2: So turn out of ten for that money, Dorist.
39:53
Speaker 4: I've loved getting to know you, but unfortunately that's all
39:56
Speaker 4: we have time for today. Thank you so much for
39:59
Speaker 4: sharing your journey with me and with the community. It's
40:02
Speaker 4: so generous and I'm really grateful for it, so thank
40:05
Speaker 4: you so much.
40:06
Speaker 2: I know that the community is going to love this
40:08
Speaker 2: just as much as I have.
40:09
Speaker 5: Thanks b.
40:17
Speaker 2: The advice shared.
40:18
Speaker 4: On She's on the Money is general in nature and
40:20
Speaker 4: does not consider your individual circumstances. She's on the Money
40:24
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40:28
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40:31
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40:34
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