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MONEY DIARIES: 'Rich' Isn't A Dirty Word · 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
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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
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Speaker 1: today and lasting impact for tomorrow.
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 on the Money, the podcast
1:00
Speaker 4: for millennials who want financial freedom. Welcome back to my
1:04
Speaker 4: favorite episode, money Diaries, where we get to talk with
1:07
Speaker 4: one of our incredible She's on the Money community members
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Speaker 4: all about their journey. Let's jump straight into it, because
1:14
Speaker 4: this week I got a message and it sounded quite
1:16
Speaker 4: literally exactly like this. Hi, Victoria. When I was growing up,
1:20
Speaker 4: my parents went bankrupt. Because of this, we hated people
1:24
Speaker 4: with money and I believe that people who were rich
1:27
Speaker 4: were bad in some way. It took me a while
1:30
Speaker 4: to get over my quote money is dirty mindset. But
1:33
Speaker 4: a few years ago I started a business and I
1:35
Speaker 4: now earn over seven figures. I helped support my parents,
1:40
Speaker 4: but was really worried initially how they would feel about.
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Speaker 2: Me being rich.
1:45
Speaker 4: Money Diarist, excuse me, are you a seven figure business owner?
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Speaker 2: I am, Oh, my gosh, how cool?
1:52
Speaker 3: Is that? The real deal?
1:53
Speaker 1: Kind?
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Speaker 4: Oh my gosh, not some MLM just checking, Not some MLM,
1:58
Speaker 4: no multi level marking, not like sold my.
2:01
Speaker 3: House, And in that same year then claimed that it
2:04
Speaker 3: was seven figures in business revenue, none of all, none of that.
2:07
Speaker 4: Oh that's actually genuinely impressive in that case. Congrats, I'm
2:11
Speaker 4: so excited. Let's dive straight in. I asked this at
2:14
Speaker 4: the start of every single episode, money Darist, what grade
2:17
Speaker 4: would you give your money habits from A through to F.
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Speaker 3: I'm going to give myself a B plus.
2:22
Speaker 4: All right, I want to know so much more about that,
2:25
Speaker 4: But let's dive into my favorite question of all time,
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Speaker 4: money Diarist. Can you tell me a little bit more
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Speaker 4: about your money story?
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Speaker 3: Yes? So, growing up I believed that money was dirty,
2:38
Speaker 3: and that people who were rich were assholes, and that
2:43
Speaker 3: anybody who had money was probably sinister in some way
2:47
Speaker 3: because my parents believe those things, and so I have
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Speaker 3: had Really money is dirty. Successful people are evil. Everyone
2:56
Speaker 3: only wants power, and that if you have money, you
2:59
Speaker 3: are selfish. And that has been my money story, honestly.
3:04
Speaker 3: I'm thirty three now, for probably most of my life.
3:08
Speaker 3: I think I really became aware of my money stories
3:10
Speaker 3: at around age twenty nine, and I started to realize
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Speaker 3: that those money stories were really unhelpful in actually earning
3:20
Speaker 3: and receiving money.
3:22
Speaker 4: It is very, very true, and it makes me so
3:25
Speaker 4: happy that you've changed your mindset. I don't know what
3:27
Speaker 4: you do yet because we don't ask a lot of
3:29
Speaker 4: questions of our money dirests. I mean, my producer might have,
3:32
Speaker 4: but I don't because I always like to be really
3:33
Speaker 4: inquisitive and genuine on the show. But I have a
3:36
Speaker 4: sneaky suspicion what you do now because of the way
3:39
Speaker 4: you're talking about mindset and growth. And I don't know
3:41
Speaker 4: I'm going to call it, but I want to know, now,
3:45
Speaker 4: my friend, what do you do for work and how
3:47
Speaker 4: much do you earn? And is there some level of
3:49
Speaker 4: mental ship involved in your role? Now?
3:53
Speaker 3: Did really? Yeah? So I started out business doing events
3:58
Speaker 3: and quickly moved into mental So I am now I'm
4:01
Speaker 3: a bit on online business coach and currently making seven figures,
4:06
Speaker 3: and I think that's really important. Last year we turned
4:08
Speaker 3: over one point twenty five. This year on track to
4:10
Speaker 3: turn over two million.
4:12
Speaker 4: I'm in the wrong business, certainly are not?
4:16
Speaker 2: But well, I didn't make two million dollars off this,
4:18
Speaker 2: did I?
4:20
Speaker 3: Rude? Guys? I've a should pay a bit more. No,
4:22
Speaker 3: to be clear, though, I pay myself one hundred and
4:24
Speaker 3: twenty thousand dollar wage, So I think that's probably really
4:27
Speaker 3: important to be clear on.
4:28
Speaker 4: So tell me how that works, because I'm very similar,
4:31
Speaker 4: Like if you looked at our business revenue, that's very
4:34
Speaker 4: different to what I get paid, and I think it's
4:37
Speaker 4: really important to be clear on that as well. So
4:40
Speaker 4: tell me, one, how did you get to that number?
4:42
Speaker 4: Because obviously, in a business that makes seven figures, you
4:44
Speaker 4: basically could have picked.
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Speaker 2: A lot of other numbers.
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Speaker 4: Why one twenty And what does that look like into
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Speaker 4: the future?
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Speaker 3: Yeah, so that one twenty number mostly was recommended to
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Speaker 3: me initially by my accountant. However, I've done a lot
4:56
Speaker 3: of research since then, and what it really looks like
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Speaker 3: is that once you go over one hundred and twenty
5:01
Speaker 3: thousand dollars a year, you get tax at a higher rate.
5:03
Speaker 3: And so for me at this moment, it is more
5:07
Speaker 3: beneficial for me to let the additional profit that the
5:09
Speaker 3: business earns pile up in the bank account so that
5:12
Speaker 3: we can continue to reinvest it in the business, continue
5:14
Speaker 3: to reinvest it in team, in upgrading our services, in
5:18
Speaker 3: mentorship for ourselves, in those sorts of things. But for
5:23
Speaker 3: the future, what it looks like is that in the
5:25
Speaker 3: next twelve months I will be looking to pay myself
5:27
Speaker 3: quite a lot more because we are looking to purchase
5:30
Speaker 3: some investment properties, which means that I'm going to need
5:33
Speaker 3: to liquidate some of that income well, so that profit
5:35
Speaker 3: that sitting in the business and kind of bring it
5:37
Speaker 3: into my own personal accounts that I can use it.
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Speaker 4: Yeah, but if you do that, and I mean, this
5:41
Speaker 4: is not a business episode, but I'm sure that we
5:43
Speaker 4: will one day collaborate and do a business episode together.
5:46
Speaker 4: But when you work with your accountant, can actually be
5:49
Speaker 4: a lot more efficient than just paying at the highest
5:52
Speaker 4: marginal tax rate. And obviously this is not me telling
5:55
Speaker 4: you how to suck eggs. This is just for context
5:57
Speaker 4: for people listening.
5:58
Speaker 2: To the podcast.
5:59
Speaker 4: But there is a way to take what's called director's drawings,
6:02
Speaker 4: which is taking a significant amount of profit out of
6:04
Speaker 4: the business at a lower tax rate, because there's a
6:07
Speaker 4: plan in place for it, which I think is quite
6:10
Speaker 4: cool to understand as well, because you go, well, why
6:13
Speaker 4: would you know this money? Diar is not pay herself
6:16
Speaker 4: as much as possible, and there's a good reason for it.
6:19
Speaker 4: And I like talking about that because I think a
6:21
Speaker 4: lot of people just assume, if you know, my business
6:25
Speaker 4: is successful, obviously Victoria has a really high income, and
6:28
Speaker 4: I'm like, hmm, that's actually not.
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Speaker 3: The case totally. People are like, oh, seven figure's business
6:33
Speaker 3: and you must be so rich, and I'm like.
6:35
Speaker 2: Well, actually, like my business is doing all right.
6:37
Speaker 3: Liquid cash is like not quite the same, you know.
6:40
Speaker 3: So yeah, it's really important. I love to talk about
6:42
Speaker 3: that publicly because I think that it's not enough people
6:44
Speaker 3: who are in business are speaking about that.
6:47
Speaker 2: I love that.
6:48
Speaker 4: All right, We're going to go off script here because
6:50
Speaker 4: the next question is not working for me right now.
6:52
Speaker 4: I want to know more about your journey into this,
6:54
Speaker 4: Like how on earth do you go from being like, oh,
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Speaker 4: money is so dirty, and I know you don't earn it
6:59
Speaker 4: per but comfortably having a business that turns over seven figures. Like,
7:03
Speaker 4: how do we get there ourselves? How did you even
7:06
Speaker 4: start in business? Like, I don't want to replicate your journey,
7:09
Speaker 4: but how do we have the confidence to go?
7:11
Speaker 2: Actually I can do this?
7:12
Speaker 4: Like what were you doing before? How did this work?
7:14
Speaker 4: You said your parents went bankrupt. I'm making a grand assumption.
7:17
Speaker 4: They weren't business owners.
7:19
Speaker 3: So what happened was my dad he actually did try
7:22
Speaker 3: his hand at entrepreneurship, and so he owned a corner
7:25
Speaker 3: store I guess, like a deli, a milk shop, whatever
7:28
Speaker 3: you want to call them, but a corner store. And
7:30
Speaker 3: he just had no idea what he was doing and
7:31
Speaker 3: eventually just kind of ran into the ground because he
7:33
Speaker 3: just had no idea. And you know, my dad's full
7:35
Speaker 3: of inflated egos, so didn't ask for any help, didn't
7:38
Speaker 3: get any support, and eventually, you know, drove our businesses
7:42
Speaker 3: to the ground and sent us bankrupt. So when we
7:44
Speaker 3: went bankrupt, I was seven. So that really pivotal age
7:46
Speaker 3: group where you.
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Speaker 2: Would remember it.
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Speaker 4: Yeah, that's when your money story starts to form.
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Speaker 3: When you really start to see money as a thing, right,
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Speaker 3: And so we lost our car, we lost our house,
7:57
Speaker 3: and not long after that, my parents got divorced, and
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Speaker 3: so that really created this fear around money for me, Like, wow,
8:04
Speaker 3: if I one could make one mistake and I could
8:07
Speaker 3: mess everything up, and so, you know, going to school,
8:10
Speaker 3: going to university, going into life. I played it really
8:14
Speaker 3: safe for twenty eight years because I was like, I
8:18
Speaker 3: don't want to end up like my dad. I don't
8:20
Speaker 3: want to end up, you know, struggling to get by.
8:22
Speaker 3: I don't want to end up. He couldn't leave the
8:24
Speaker 3: country for seven years. He couldn't get any credit cards,
8:26
Speaker 3: Like when you go bankrupt, you don't have access to
8:29
Speaker 3: so many things, and so we were really limited in
8:32
Speaker 3: what we could do. How I fell into business was
8:34
Speaker 3: I met a lovely man who is now my husband,
8:37
Speaker 3: and here in the gym, and every single morning he
8:40
Speaker 3: would wake up at like four in the morning and
8:41
Speaker 3: he would bounce out of bed and he'd be so
8:43
Speaker 3: excited to go to work. And meanwhile, I had a
8:47
Speaker 3: great job. I worked for a really big international company.
8:50
Speaker 3: I had a really cushy office job that was earning
8:52
Speaker 3: you know, six figures. I had a great job. I'd
8:54
Speaker 3: clawed my way up the corporate ladder. I'd done all
8:56
Speaker 3: the things I thought I needed to do, and I
8:59
Speaker 3: was wake up in the morning and I'm dragging us
9:01
Speaker 3: out of bed because I didn't want to go. Yes,
9:04
Speaker 3: you know, and every morning at four am he was
9:06
Speaker 3: getting up, but he was excited.
9:08
Speaker 4: I mean, four am is a lot. I love my business,
9:10
Speaker 4: I love my life, but four am is still not
9:11
Speaker 4: an option. I'm really sorry.
9:12
Speaker 2: I've just got to put that into context.
9:15
Speaker 4: No, I'll happily get up at six, though, and I
9:17
Speaker 4: do wake up very excited to go to work.
9:19
Speaker 2: Is that where you're at now?
9:21
Speaker 3: Well, you know, I married this man, so we are
9:23
Speaker 3: definitely early rices.
9:25
Speaker 2: But red flag.
9:27
Speaker 3: You're like, we can't be friends. Sorry.
9:29
Speaker 2: Yeah, I'm really sorry. Text me after seven.
9:32
Speaker 3: I'll just schedule an email. We do wake up early.
9:36
Speaker 3: I do get excited to wake up in the morning. Yeah.
9:38
Speaker 3: I do wake up that way now, And you know,
9:40
Speaker 3: not every day. I think there's a lie that says,
9:41
Speaker 3: you know, if you love what you do, you never
9:43
Speaker 3: work a day in your life. And I think anyone
9:44
Speaker 3: who is in business for themselves or runs their own
9:47
Speaker 3: company will tell.
9:47
Speaker 2: You that that's a lie.
9:49
Speaker 3: That's a lie, Like there is definitely work involved, but
9:54
Speaker 3: I was inspired by him. He was so excited every day,
9:58
Speaker 3: and I realized that there was a level of joy
10:01
Speaker 3: that I was missing out on in life, and there
10:03
Speaker 3: was a level of passion that was really missing within me.
10:07
Speaker 3: And so I started going to self development seminars and
10:10
Speaker 3: just really trying to understand, like, what am I passionate about?
10:13
Speaker 3: That's not at the time tinder, yeah, wine, you know,
10:18
Speaker 3: going out with my girlfriends on weekends, Like what is
10:21
Speaker 3: this person actually passionate about? And as I started to
10:25
Speaker 3: peel back the layers, I ended up getting into an
10:27
Speaker 3: event's business and it just rolled from there. Eventually people
10:32
Speaker 3: were asking me for mentorship, and then you know, the
10:35
Speaker 3: big sea, the big COVID happened and we had an
10:37
Speaker 3: event's business that shut down and we just rolled forward
10:40
Speaker 3: and then that's how I kind of got here.
10:42
Speaker 4: I love that, but that's also a story to arguably
10:46
Speaker 4: unpick as well. How do you go through a business
10:50
Speaker 4: basically having to shut during COVID and you go but
10:53
Speaker 4: I can still do a different business, Like was this
10:56
Speaker 4: something that you're already doing? Was this super stressful? Are
10:59
Speaker 4: you just like completely sweeping over the fact that that
11:02
Speaker 4: was arguably relatively traumatic to have to go, oh, I'm
11:05
Speaker 4: getting rid of.
11:05
Speaker 2: My events, because that would have sucked.
11:07
Speaker 4: You just had built this beautiful business up, and if
11:10
Speaker 4: you're business owning, you know that your business is your baby.
11:12
Speaker 2: Like that doesn't sound fun. So what was that actually?
11:16
Speaker 3: Like, Yeah, it was obviously awful. And you know, my
11:20
Speaker 3: husband also had a gym which could no longer operate.
11:23
Speaker 2: Oh, those are two of the worst hit industries.
11:26
Speaker 3: Arguably, we had no idea what was happening. We had
11:29
Speaker 3: no idea when it was going to get better. We
11:30
Speaker 3: had no money coming in, and when it all first happened,
11:34
Speaker 3: there was no government funding and even my husband actually
11:37
Speaker 3: wasn't even eligible for it in the end anyway. And
11:39
Speaker 3: so I just remember sitting down with a piece of
11:42
Speaker 3: paper and going, I need to now start to leverage
11:46
Speaker 3: other skills that I have here. I had been doing
11:49
Speaker 3: some mentoring on the side at that point that very
11:52
Speaker 3: very minimal amounts. It was interesting what happened. I kind
11:55
Speaker 3: of just lit up into passion and I was like,
11:57
Speaker 3: my first ever program was around pivot, and so it
12:00
Speaker 3: was really around like I took them through this activity
12:03
Speaker 3: of business owners what it might look like to pivot
12:06
Speaker 3: in this environment right now, how we can leverage and
12:09
Speaker 3: use other skills. And I priced it really affordably at
12:11
Speaker 3: the time, and you know, I got twenty or thirty
12:14
Speaker 3: people in and they loved it and they raved about it.
12:16
Speaker 2: So cool and compounds after that, right.
12:19
Speaker 3: Yeah, and then I was like, this is what I
12:20
Speaker 3: meant to do.
12:21
Speaker 2: Oh, I love this so much. That makes me so
12:24
Speaker 2: excited for you.
12:24
Speaker 4: I'm glad I asked some more perfect questions before getting
12:27
Speaker 4: back on track. Let's go back on track, because I
12:29
Speaker 4: feel like we're going to go offer fair a few
12:31
Speaker 4: more times. Obviously, we now know what you do for
12:34
Speaker 4: work and how much you earn, and I guess how
12:36
Speaker 4: you got there.
12:37
Speaker 2: But what are your big money goals?
12:39
Speaker 4: You mentioned before you want to buy some investment properties,
12:41
Speaker 4: But what I guess are the top three money goals
12:44
Speaker 4: you're currently working towards.
12:46
Speaker 3: So we want to buy some investment properties, and we
12:49
Speaker 3: want to buy one a year for the next three years.
12:51
Speaker 3: That's the plan. And so we need to be able
12:55
Speaker 3: to ensure that our business is operating at a certain
12:57
Speaker 3: profitability percentage, to make sure that we have the cash
13:00
Speaker 3: flow in the companies to be able to do that.
13:02
Speaker 3: And then we have to work strategically with our accountant
13:04
Speaker 3: to get the cash out at the you know, most
13:07
Speaker 3: minimal tax rate that we can. Of course, that's our
13:09
Speaker 3: number one goal at the moment, to be completely honest.
13:11
Speaker 3: We have a little bit of debt on our current
13:13
Speaker 3: property that we live in at the moment. We are
13:15
Speaker 3: working on paying that down and getting some equity built
13:17
Speaker 3: up in that as well. Our long term money goal
13:20
Speaker 3: is that we would love to have a dream property
13:22
Speaker 3: that we really want to build out on a piece
13:24
Speaker 3: of land, you know, is the dream. So that's going
13:27
Speaker 3: to probably cost us around I would say two million,
13:30
Speaker 3: two and a half million to buy the land, build
13:33
Speaker 3: a property that we want, and so we are working
13:35
Speaker 3: kind of towards what that would look like.
13:37
Speaker 2: That's really exciting though.
13:39
Speaker 4: It feels like you've got a lot of clarity in
13:41
Speaker 4: that vision as well, like this idea of like I
13:44
Speaker 4: want to buy one investment property year. That's kind of cool,
13:47
Speaker 4: but I want to be more pervy. Am I allowed
13:49
Speaker 4: to be more pervy?
13:50
Speaker 3: Go crazy? Perfectly?
13:51
Speaker 1: So?
13:51
Speaker 4: Obviously you have a seven figure business that's very sexy.
13:54
Speaker 4: Your partner is an entrepreneur as well. What kind of
13:57
Speaker 4: income is he generating feel like this is a power
14:00
Speaker 4: couple team sitch. What's going on on the flip side.
14:04
Speaker 3: So he has a gym yeap that is earning high
14:08
Speaker 3: six figures, very cool, And my business is set up
14:11
Speaker 3: as a company. He's a set up as a trust. Yeah,
14:13
Speaker 3: and so we are in the process of reorganizing all
14:17
Speaker 3: of this and restructuring at the moment. Because it's a trust,
14:19
Speaker 3: he gets one hundred percent of the profits that he
14:21
Speaker 3: can diversify how he likes, and so he is arguably
14:25
Speaker 3: more well off than me in terms of how much
14:28
Speaker 3: he actually receives and pays himself. But yeah, power couple
14:32
Speaker 3: in saying that, I think probably in pocket it's one
14:35
Speaker 3: hundred and fifty to two hundred thousand dollars a year
14:37
Speaker 3: that he's pulling in.
14:39
Speaker 4: Yeah, that's quite cool, and it's just nice context to
14:41
Speaker 4: have because sometimes we ask these questions and we go, okay, well,
14:45
Speaker 4: like one investment property a year, that's fantastic, But you've
14:48
Speaker 4: also just said you only pull out one twenty. Yes,
14:50
Speaker 4: you could pull out more for equity and all of that,
14:52
Speaker 4: and you know, deposits, But like, what is on the
14:55
Speaker 4: flip side of this, Like what's your partner contributing because
14:58
Speaker 4: at the end of the day, obviously double income is
15:00
Speaker 4: double power and is going to enable you to be
15:02
Speaker 4: able to achieve these goals. I want to ask a
15:06
Speaker 4: bit more about these investment properties though. Are we buying
15:09
Speaker 4: a million dollar property? Are we buying five hundred thousand
15:11
Speaker 4: dollar properties? What do these investment properties each year kind
15:15
Speaker 4: of look like?
15:16
Speaker 2: What's the budget on those?
15:18
Speaker 3: Yeah, so we're looking around. I mean, it depends on
15:19
Speaker 3: what we're buying. We've actually got some support with this
15:22
Speaker 3: from a company in Australia that helps you to find
15:25
Speaker 3: the right investment properties for your goals. And so we
15:29
Speaker 3: are looking around the five hundred to seven fifty mark
15:32
Speaker 3: for the properties. We're not buying dream properties.
15:34
Speaker 2: You're buying investment properties.
15:36
Speaker 3: Yeah, properties that are set in good areas, that are
15:39
Speaker 3: set to go up, that are set to rise, that
15:40
Speaker 3: have good rental yield.
15:41
Speaker 4: Okay, I was about to say, what are we going for?
15:43
Speaker 4: Are we're going through growth? Are we going for rental yield?
15:46
Speaker 4: But you have nailed both and that's really exciting. Let's
15:48
Speaker 4: go to a really quick break because on the flip side,
15:50
Speaker 4: I want to know about your current investments, your current
15:53
Speaker 4: debt that you mentioned and your best and worst money habits.
15:55
Speaker 4: Because I feel like I've got a lot to learn
15:57
Speaker 4: from you. So guys, do not go anywhere. All right,
16:04
Speaker 4: we are back and I want to dive straight in.
16:07
Speaker 4: You mentioned that you have a very aggressive goal of
16:10
Speaker 4: buying three investment properties over the next three years, which
16:13
Speaker 4: is very very exciting. But you currently invest if so
16:17
Speaker 4: in wash If not?
16:18
Speaker 2: Why not?
16:19
Speaker 3: Yeah, so we do invest. I did the crypto thing
16:22
Speaker 3: for a while and then lost a lot of money.
16:25
Speaker 2: Wow, I'm so surprised.
16:26
Speaker 3: Yeah, how weird.
16:28
Speaker 2: Right, I'm so rude.
16:29
Speaker 3: So sorry, No, you are so fine. It was just
16:32
Speaker 3: one of those things like in the business world, and
16:34
Speaker 3: you will know this Victorian more than anything.
16:36
Speaker 2: Like, there are a lot of males, really yeah, have
16:40
Speaker 2: you had a finance.
16:43
Speaker 3: Very much the same except that probably they're a bit smarter.
16:46
Speaker 2: I don't know about that.
16:47
Speaker 3: So we have a lot of guys and being like, yeah,
16:48
Speaker 3: this is going to go off. You'd be crazy not too.
16:49
Speaker 3: I made eight figures on these blah blah blah whatever. Yeah, yeah,
16:52
Speaker 3: so you know, two good to be Jery. Let's throws
16:53
Speaker 3: of money in there and low and behold, let's get
16:55
Speaker 3: our money out of there before we sink it to zero. Yeah,
16:58
Speaker 3: it would be awesome, So we did that. Now we
17:00
Speaker 3: do have investments, we use Vanguard, so we do just
17:05
Speaker 3: split it up like just across the five hundred top companies.
17:07
Speaker 3: Like it's very much just a low return. I think
17:10
Speaker 3: a seven to eight percent return on investment. We've been
17:13
Speaker 3: doing that for two years.
17:14
Speaker 2: That's pretty good.
17:15
Speaker 3: Yeah, I mean it's better than sitting at.
17:18
Speaker 4: Your bank account one hundred percentity. You mentioned Vanguard. Why Vanguard?
17:22
Speaker 4: What research did you do before making that decision? And
17:25
Speaker 4: I guess why that one?
17:27
Speaker 3: Not a lot? To be honest, I've had some money mentors.
17:29
Speaker 3: So I've had some mentors who, in lots of different
17:32
Speaker 3: ways have been making a lot of money. So we've
17:34
Speaker 3: had some real estate mentorship, We've had some investment mentorship,
17:39
Speaker 3: and we've kind of taken what we've loved from all
17:40
Speaker 3: of them. I don't believe any one way is right,
17:42
Speaker 3: but it's definitely something that I've invested in learning about.
17:44
Speaker 3: I think that with money, you know, when it comes
17:47
Speaker 3: to getting a financial advisor, you can't just put your
17:51
Speaker 3: entire trust in somebody else's knowledge. I think when it
17:54
Speaker 3: comes to your money you really have to take the
17:56
Speaker 3: time to upskill and understand for yourself what it really means.
17:59
Speaker 3: Instead saying that the Vanguard it was a really easy
18:02
Speaker 3: process for us. It seemed to have like really strong
18:04
Speaker 3: brand name, really strong return on investment, Like it was
18:07
Speaker 3: very solid, and it felt very safe for me as
18:10
Speaker 3: a first dip in. So we just took the advice
18:12
Speaker 3: that we were given. I threw five hundred dollars in
18:15
Speaker 3: there a week and so that just over time has
18:18
Speaker 3: just built and built and built and built, and now
18:19
Speaker 3: I think we have about forty or fifty thousand dollars
18:22
Speaker 3: in there, which is really nice.
18:24
Speaker 2: Yeah, that is so cool.
18:26
Speaker 4: I like to be pervy because I'm always like, well,
18:28
Speaker 4: how did you make that decision?
18:29
Speaker 2: What did that look like? Where did that go?
18:31
Speaker 4: Because obviously I've heard of Vanguard before, but I like
18:34
Speaker 4: understanding how our community members come to the decision to
18:37
Speaker 4: invest in a particular asset, because it can be overwhelming,
18:41
Speaker 4: it can be uninspiring, it can just be, you know,
18:44
Speaker 4: something that you put off and I'm so glad you
18:45
Speaker 4: didn't because look how much it's compounded over time and
18:49
Speaker 4: that return on average and that seven to nine percent
18:51
Speaker 4: that you mentioned.
18:53
Speaker 2: That is actually on track.
18:55
Speaker 4: For meaning that your money will double every ten years.
18:58
Speaker 4: That's really sexy. Your money is going to double every
19:01
Speaker 4: ten years if it stays at that interest rate, which
19:04
Speaker 4: historically it has Like sorry, but slay.
19:09
Speaker 3: And I think like the biggest thing for me was
19:12
Speaker 3: like I grew up hoarding money right because I was
19:14
Speaker 3: so scared that it was going to disappear at one stage,
19:17
Speaker 3: and so it had to be a safe investment initially,
19:20
Speaker 3: Like so he invested in bangal before he invested in
19:22
Speaker 3: crypto because I was so scared. I was so so
19:25
Speaker 3: so scared to put my money into something. But I
19:28
Speaker 3: also had done so much research and everything said that
19:31
Speaker 3: if you just leave it in your bank account, with
19:33
Speaker 3: inflation and all of the things, like, it's just going
19:36
Speaker 3: to go backwards. And I truly believed it, understood it
19:39
Speaker 3: from a core level, and I was like, I have
19:40
Speaker 3: to do something with this money.
19:41
Speaker 4: I love this. That makes me so excited. All right,
19:44
Speaker 4: let's move on from investments. I want to know about debt.
19:47
Speaker 4: You mentioned before that you currently have some debt on
19:50
Speaker 4: a property.
19:51
Speaker 2: Talk to me about that.
19:53
Speaker 4: Why does someone who has a seven figure business still
19:56
Speaker 4: have debt on their property? I know why, because I do.
19:58
Speaker 4: But we're just asking for everybody else involved.
20:01
Speaker 3: Our properties a million dollars. I would love to have
20:04
Speaker 3: had a million dollars to sink at this thing.
20:05
Speaker 2: All the same same.
20:07
Speaker 3: Yeah, that would be amazing. Look, I again have done
20:12
Speaker 3: a fair bit of research on this, and you know,
20:14
Speaker 3: I really believe that debt, if structure correctly, is actually
20:19
Speaker 3: a really powerful way to grow your wealth. And so
20:24
Speaker 3: we have been doing a lot of research on the
20:26
Speaker 3: fact that, like, if you can put down the investment
20:29
Speaker 3: and you can pay it down and you can get
20:30
Speaker 3: people in the property the way that debt is structured.
20:33
Speaker 3: And I won't get into it too deeply because I'm
20:35
Speaker 3: sure you know, but it's quite tricky that it feels
20:37
Speaker 3: really safe and really good. So for us to finance
20:39
Speaker 3: the house and still have the cash flow to be
20:41
Speaker 3: able to finance another property was more important to us
20:44
Speaker 3: than just paying down the debt on this one.
20:45
Speaker 4: No, I agree wholeheartedly. And it's interesting because I think
20:50
Speaker 4: that there's this grand assumption that if you have a
20:52
Speaker 4: seven figure business, you wouldn't have any debt, right like
20:56
Speaker 4: you just own all of your assets out right, And
20:58
Speaker 4: to me, that doesn't make a lot of sense when
21:01
Speaker 4: you actually start to do the maths. So let's just
21:04
Speaker 4: go with the averages. So the average mortgage at the
21:07
Speaker 4: moment is about five point six percent, or that's what
21:10
Speaker 4: you know we're looking at at the moment with the
21:12
Speaker 4: current market. And you just mentioned that your investment portfolio
21:16
Speaker 4: is returning seven to nine percent, So you kind of
21:18
Speaker 4: look at the maths and go, if you're making smart
21:21
Speaker 4: money decisions, maybe I would be investing or putting my
21:24
Speaker 4: money in an offset account to my mortgage to bang up.
21:28
Speaker 4: And I like having these conversations because I think that
21:31
Speaker 4: money can be really overwhelming and it can make you
21:34
Speaker 4: feel like.
21:35
Speaker 2: Debt is the absolute devil.
21:37
Speaker 4: And please don't get me wrong, there is a difference
21:39
Speaker 4: between good, bad, and okay debt, and I have been
21:42
Speaker 4: in bad debt and that was the devil.
21:44
Speaker 2: Like, we do not want to be in lots and
21:46
Speaker 2: lots of personal.
21:47
Speaker 4: Debt, but now I am in lots of wealth debt,
21:50
Speaker 4: and I do have a property and last year my
21:53
Speaker 4: husband and I bought our first investment property and we're
21:56
Speaker 4: so excited about that. We're in millions of dollars worth
21:59
Speaker 4: of debt. But once you have that financial security, and
22:03
Speaker 4: that freedom, and you know some money in your offset,
22:05
Speaker 4: and you know that you're using your equity to leverage
22:08
Speaker 4: yourself into the next property. You're not thinking about the
22:10
Speaker 4: next twelve months. You are when it comes to mortgage repayments,
22:13
Speaker 4: because that's terrifying sometimes, but you're actually looking at Okay, well,
22:17
Speaker 4: what does this look like in the next seven to
22:19
Speaker 4: ten years, what does this look like in twenty years?
22:21
Speaker 4: How is this working towards me supplying my family with
22:25
Speaker 4: a level of financial freedom? And they're the decisions that
22:27
Speaker 4: we're making. So if you boiled it down, I mean
22:31
Speaker 4: the debt you're in, the debt I'm in, it's terrifying
22:33
Speaker 4: on paper, but once you have a bigger idea of
22:37
Speaker 4: what your financial freedom looks like and what you're working towards. Unfortunately,
22:41
Speaker 4: and I'm probably preaching to the converted here, because you
22:45
Speaker 4: would know that there is only so many hours in
22:47
Speaker 4: a week that we can work, like, we can only
22:49
Speaker 4: generate income, Like, let's pretend for forty hours a week,
22:52
Speaker 4: and then how is our money working as hard as
22:55
Speaker 4: we do for it? So how do we put it
22:57
Speaker 4: to work so that it's creating wealth for us while
23:00
Speaker 4: we are.
23:01
Speaker 2: Sleeping and that's a privilege.
23:03
Speaker 4: Like, obviously you have to work really damn hard, and
23:06
Speaker 4: sometimes luck comes into it, because there are lots of
23:08
Speaker 4: people out there that work really, really hard and still
23:11
Speaker 4: are like Victoria, There's no way I can run a
23:13
Speaker 4: seven figure business at this point in time.
23:15
Speaker 2: I have three kids, I'm a single mum. Like, this
23:17
Speaker 2: is really overwhelming.
23:18
Speaker 4: I totally get that, and I don't want those people
23:20
Speaker 4: to not feel heard. But I also want you to
23:22
Speaker 4: go wow, like there's options on the table for me
23:25
Speaker 4: to create a different life, and you've done that, and
23:28
Speaker 4: that's so cool to go.
23:30
Speaker 2: Hey, I grew up and.
23:31
Speaker 4: I thought that, you know, people with money were dirty
23:34
Speaker 4: and slimy and icky, and I never wanted to be
23:37
Speaker 4: one of those people. And now you're one of those people,
23:40
Speaker 4: and you know that that's not the reality of the circumstances,
23:43
Speaker 4: Like that's not who you are or what that actually means.
23:47
Speaker 4: So I want to know what do you think your
23:50
Speaker 4: best money habits? I want to learn from you, but
23:53
Speaker 4: also I just want to copy all your best money
23:55
Speaker 4: habits because I feel like you've got lots.
23:58
Speaker 3: So I read ten pages of a book on finance.
24:01
Speaker 2: Do you want to be hired? By ess all the money,
24:03
Speaker 2: because I don't even do that.
24:06
Speaker 3: I have one hundred and twenty caps. So if you
24:08
Speaker 3: can just make sure you meet.
24:09
Speaker 4: That, yeah, easy done. Well, you read ten pages a day.
24:12
Speaker 4: It's small than I do.
24:14
Speaker 3: But I've only recently made that commitment to myself, and
24:16
Speaker 3: I'd be lying if I said it was every day.
24:17
Speaker 3: It's not about three days a week.
24:18
Speaker 2: But that's good. We've got a goal.
24:20
Speaker 3: Yeah, we have a goal. Every day will be ideal.
24:22
Speaker 3: It's also dry.
24:24
Speaker 4: FYI guys, hold on, hold on, hold on, hold on
24:27
Speaker 4: which book you're reading?
24:28
Speaker 2: Is it mine? Because if it is, like we need
24:29
Speaker 2: to cut this out?
24:30
Speaker 3: Oh my gosh, no, it's not yours. I have read
24:33
Speaker 3: yours both.
24:34
Speaker 2: I'm joking.
24:35
Speaker 4: I'm assuming you wouldn't be as silly as calling my
24:37
Speaker 4: book dried to my face? Right, yeah, no, my fashion,
24:43
Speaker 4: I'd be like, Wow, this lady has audacity.
24:45
Speaker 3: I like it. Yeah, she's hired. So I tried three
24:49
Speaker 3: ten pages of a finance book. And the other thing
24:51
Speaker 3: that I think that my best money habit, to be honest,
24:54
Speaker 3: is I track my cash really well. So having a business,
24:56
Speaker 3: you have to understand the numbers, Like, yeah, I have
24:58
Speaker 3: avoided the numbers in business, many men many times, and
25:00
Speaker 3: I have almost lost businesses because of the avoidance of
25:04
Speaker 3: looking at numbers because of fear of money. And so
25:07
Speaker 3: now I have dissociated self from the dollar figure, which
25:13
Speaker 3: I think in Australia we're just so culturally conditioned to
25:16
Speaker 3: our worth is tied up in what we earn or
25:18
Speaker 3: how much money we have, and it's really hard. Like,
25:21
Speaker 3: for example, a lot of people won't start a business
25:22
Speaker 3: because they're terrified that they won't make any money. And
25:25
Speaker 3: what they're really terrified of is you know that people
25:28
Speaker 3: are going to say no to them. They're gonta get rejected,
25:29
Speaker 3: that means something about them if they aren't able to
25:31
Speaker 3: make the money that they want. And so I'm really
25:34
Speaker 3: passionate about making sure that i have dissociated self from
25:40
Speaker 3: dollar figure, and so I'm really good at looking at
25:42
Speaker 3: my numbers, really good at tracking the income, there are
25:44
Speaker 3: goings and those sorts of things.
25:45
Speaker 2: I love that.
25:46
Speaker 4: I think it's really important to make that you aren't
25:48
Speaker 4: the money you earn. I think that that really aligns
25:52
Speaker 4: to that historical belief you have that money is dirty
25:55
Speaker 4: and the people who have money are dirty because the
25:57
Speaker 4: reality of it is. There are slimee bags who are
25:59
Speaker 4: worth nothing, and there are some really really gross people
26:03
Speaker 4: who are really really rich. But there are also some
26:06
Speaker 4: really rich people who do really beautiful things for our world.
26:09
Speaker 4: And it's actually a choice as to who you become.
26:12
Speaker 4: It's not the money's fault. It's actually yours for being
26:15
Speaker 4: all consumed by it. And I think that it's a
26:18
Speaker 4: really nice point. But I mean, you're in mentoring, so
26:21
Speaker 4: it would be naive of me to not try and
26:23
Speaker 4: take this opportunity. What would you say to people who
26:27
Speaker 4: you know are listening to this and going, Wow, she's
26:29
Speaker 4: so inspiring, Like she started her own business. She's gone
26:31
Speaker 4: from having a mindset.
26:32
Speaker 2: That I might have. How can we inspire.
26:35
Speaker 4: Those people to take the next step and maybe just
26:37
Speaker 4: give it a go, Like give it a shot, like
26:39
Speaker 4: work out what they want to do if they want
26:41
Speaker 4: to start a business, or even just add a revenue
26:43
Speaker 4: stream to their lives.
26:44
Speaker 2: Like what would be your advice to them?
26:47
Speaker 3: I'm going to say two things.
26:48
Speaker 2: You can say as many as you like. I'm here
26:50
Speaker 2: for it.
26:50
Speaker 4: If this is basically free coaching, guys, she has a
26:53
Speaker 4: seven figure business. I'm assuming it's not cheap.
26:57
Speaker 3: So The first thing I'll say is like you have
26:59
Speaker 3: to be pasted about it. It has to be something
27:01
Speaker 3: that really lights you up, because it's not always fun
27:03
Speaker 3: running a business, and there are a lot of like,
27:05
Speaker 3: you know, not fun things you have to do. I
27:07
Speaker 3: think in anything in life, anything worth having, isn't always fun.
27:10
Speaker 3: Like if you know, we own a gym, if you
27:12
Speaker 3: want to, you know, get fit or lose five killos
27:15
Speaker 3: or build abs, like or you want to become an athlete,
27:17
Speaker 3: like you have to do the boring work as well
27:19
Speaker 3: as the fun stuff. And so I think that as
27:21
Speaker 3: the case in business as well, Like you have to
27:22
Speaker 3: be okay with the fact that sometimes it's not going
27:24
Speaker 3: to be fun, but if you're passionate about what you do,
27:26
Speaker 3: it will be so much easier. So find the thing
27:28
Speaker 3: that you're passionate about, and then don't quit your day job,
27:32
Speaker 3: Like don't quit your day job, like make sure it's working,
27:35
Speaker 3: like learn like understand the numbers, Like money coming in
27:38
Speaker 3: is not all your money, Like I did believe that
27:40
Speaker 3: when I first started my business.
27:41
Speaker 4: It's sexy though you see it and you're like wow,
27:44
Speaker 4: and then you realize you have to put thirty percent
27:46
Speaker 4: aside for tax, and then when you start making more money,
27:48
Speaker 4: you're putting ten percent aside for GST and it just
27:50
Speaker 4: becomes less and less sexy. And then you hire someone
27:52
Speaker 4: you're like, wow, they actually cost money.
27:54
Speaker 2: That sucks.
27:56
Speaker 3: I work with a lot of startups, and I think
27:58
Speaker 3: that in the very beginning, like oh, oh my god,
28:00
Speaker 3: I mean ten thousand dollars this month.
28:01
Speaker 2: I No, you didn't, Yeah you didn't.
28:03
Speaker 3: And second of all, when we actually look at how
28:06
Speaker 3: much they spent, usually they spent like nine and a
28:07
Speaker 3: half thousand. So if you quit your day job, you're
28:09
Speaker 3: going to find yourself really quickly in some really hot water.
28:12
Speaker 3: And so stay in the day job. Learn to love
28:15
Speaker 3: the day job. For the stepping stone of is like
28:17
Speaker 3: starting a business from scarcity and desperation to get it
28:20
Speaker 3: off the ground and needing the money to come in
28:22
Speaker 3: so you can pay for your food is never going
28:24
Speaker 3: to grow a business. The energy that is poured into that.
28:27
Speaker 3: You can feel it, guys, like if you're on social media,
28:28
Speaker 3: you'll have people sliding into your dms and do a
28:31
Speaker 3: gross stuff right and like it feels duck.
28:33
Speaker 2: Yeah, it totally does. That's such a good point.
28:35
Speaker 3: We don't want that in our business, and so just
28:38
Speaker 3: two things. Find what you're passionate about, staying your dayjob
28:40
Speaker 3: until it's really really working.
28:41
Speaker 4: I love that free advice from a seven figure business owner.
28:44
Speaker 4: Look at me literally giving you guys hot tips. All right,
28:48
Speaker 4: let's bring the mood down.
28:49
Speaker 1: Though.
28:49
Speaker 4: That was fantastic, But we now need to know that
28:51
Speaker 4: you're a real human being. What are your worst money happens.
28:56
Speaker 3: I definitely have a light addiction to online shopping.
29:00
Speaker 2: Oh same, yeah, it's not light though.
29:02
Speaker 3: My husband this week was like, there are parcels coming
29:05
Speaker 3: every day, like you need to stop, but it was
29:07
Speaker 3: on sale, so and also it's just changed seasons. So
29:11
Speaker 3: that is something that I've given for the next month.
29:14
Speaker 3: For all of November, I have made myself the commitment that.
29:16
Speaker 4: I will not buy anymore, no spend November. I like
29:21
Speaker 4: that maybe I should implement that. I feel like it's
29:24
Speaker 4: a good idea.
29:25
Speaker 3: We can do it together if you like, and we
29:26
Speaker 3: could hold each other accountable.
29:28
Speaker 2: I did it last year with the community.
29:30
Speaker 4: Maybe we should do it again because I think so
29:32
Speaker 4: many of us are also prepping for Christmas and everything's
29:34
Speaker 4: overwhelming and I'm very click happy at the moment, like
29:37
Speaker 4: baby stuff like, you wait one day if you decide
29:40
Speaker 4: to have kids, My friend, there are so many cute outfits.
29:44
Speaker 3: And they need all of them.
29:46
Speaker 2: Obviously, they don't even exist yet in this world.
29:49
Speaker 3: They are so worthy.
29:50
Speaker 4: They've got a whole wardrobe, so good. But I totally
29:55
Speaker 4: get that, and I really really like that you feel like, no, actually,
29:58
Speaker 4: I'm just like everybody else. Like some people just don't
30:00
Speaker 4: shop online, but there's always something like I feel like,
30:04
Speaker 4: especially when you're stressed, I feel like going online and
30:08
Speaker 4: I'm ready in front of my computer. Ninety nine percent
30:10
Speaker 4: of the time, I'm like, oh, I'll just have a
30:13
Speaker 4: browse on the Iconic and then next minute there's a
30:16
Speaker 4: parcel at my door.
30:17
Speaker 3: It's the ads. Like I was literally doing work the
30:20
Speaker 3: other day and an ad just popped up on the
30:22
Speaker 3: side and I was like, oh, there's that dress that
30:23
Speaker 3: I forgot to buy.
30:24
Speaker 2: Don't tell them it's working.
30:25
Speaker 3: Stop that.
30:27
Speaker 4: But it's so true. It's like, Oh, I was looking
30:29
Speaker 4: at that last week. You're right, Iconic, I do need that.
30:31
Speaker 4: I do need that. Thanks for the reminder. That was
30:34
Speaker 4: very friendly and definitely not self indulgent of you guys.
30:37
Speaker 3: Thanks for being so helpful.
30:38
Speaker 2: Yeah, so helpful.
30:39
Speaker 4: I love it all right, Well, money direst we have
30:42
Speaker 4: had a really beautiful chap. I'm just obsessed with this
30:45
Speaker 4: idea of people changing their entire money mindset. And this
30:49
Speaker 4: is such a clear story of you going from money
30:53
Speaker 4: is dirty, money is gross, all the way through to
30:56
Speaker 4: money is abundance and money is freedom, and money is
30:59
Speaker 4: going to help me create this financial freedom.
31:01
Speaker 2: You just have this.
31:03
Speaker 4: Clear plan of being like, no, no, no, I'm going to
31:05
Speaker 4: be working with my accountant and basically buy as advocate,
31:07
Speaker 4: and we're going to be buying three houses, and these
31:09
Speaker 4: are the budgets for those houses. And you also have
31:12
Speaker 4: this bigger, I guess long term goal of settling down
31:16
Speaker 4: more with your husband and building this beautiful home on
31:20
Speaker 4: acre region.
31:21
Speaker 2: That's so sexy, like so exciting.
31:24
Speaker 4: Do you think that your b plus is reflective of
31:27
Speaker 4: where you're at and if so, why, But if not,
31:30
Speaker 4: what would you change it to.
31:32
Speaker 3: I do think it is. I think that there is
31:34
Speaker 3: always improvement, and I think that I definitely don't know everything.
31:39
Speaker 3: I really want to start learning a little bit more
31:40
Speaker 3: about superannuation and a few other things, and so I
31:43
Speaker 3: would say that, like, I'm probably doing pretty okay you know,
31:46
Speaker 3: because I have had the commitment to up leveling and
31:49
Speaker 3: up skilling in this area, but at the same time,
31:51
Speaker 3: there's so much that I still don't know, and so
31:54
Speaker 3: I think that there's a lot of room for improvement.
31:58
Speaker 4: I love that, and I love the clarity on that.
32:00
Speaker 4: I think that that's really really important. Money Diarist, I
32:03
Speaker 4: have adored this chat. I've decided we're going to be
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Speaker 4: friends outside of money Doros, like I do with most
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Speaker 4: money dirists. This happens all the time, but unfortunately that
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Speaker 4: is all we have time for today. So thank you
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Speaker 4: so much for being so open and sharing so much
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Speaker 4: and also giving us some like free business tips, like
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Speaker 4: that's really cool of you. But I have adored this chat,
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Speaker 4: and I know our community will too.
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Speaker 3: Thank you for having me.
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Speaker 4: The advice shared on She's on the Money is general
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Speaker 4: in nature and does not consider your individual circumstances. She's
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Speaker 4: on the Money exists purely for educational purposes and should
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Speaker 4: not be relied upon to make an investment or financial decision.
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Speaker 4: If you do choose to buy a financial product, read
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Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards
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Speaker 4: your needs.
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Speaker 2: Victoria Divine and she's on the money.
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Speaker 4: Are authorized representatives of money Shoper pty Ltd ABN three
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Speaker 4: two one is six four nine two seven seven zero
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Speaker 4: nine