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Transcript

“I Had No Plan B”... Now She’s Building Wealth Like a Boss · She's On The Money

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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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Speaker 1: woman and I'm here to acknowledge country t Glenn Young
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Speaker 1: Ganya nianar Kaka yah y and beIN Ahaka nian our
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Speaker 1: gay In Nimbina, yakarum jar dominyamiga Umagahawakaman damon Imlan Bomba
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Speaker 1: ban Gadabomba in and now in wakah ghana on yakarrum
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Speaker 1: jar Watnadaa. Hello, beautiful friends, we gather on the lands
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Speaker 1: of the Aboriginal people. We thank acknowledge and respect the
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Speaker 1: Abiginal people's land that we're gathering on today. Take pleasure
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Speaker 1: in all the land and respect all that you see.
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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
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Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
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Speaker 2: She's on the Money.
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Speaker 3: She's on the Money.
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Speaker 4: Hello, and welcome to She's on the Money, the podcast
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Speaker 4: that led you be pervy about other people's money habits
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Speaker 4: for educational purposes of course. Welcome back to another one
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Speaker 4: of our money daries where I get the absolute privilege
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Speaker 4: of talking to one of our incredible She's on the
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Speaker 4: Money community members all about their journey. Now, let's jump
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Speaker 4: straight into it, because this week I got a message
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Speaker 4: and it sounded exactly like this, dear, she's on the money.
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Speaker 4: Two years ago, I embarked on a career in defense,
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Speaker 4: packed up my life and moved to Canberra. It didn't
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Speaker 4: go as planned. I got a back injury and was
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Speaker 4: medically discharged, so I moved back to Melbourne with no
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Speaker 4: job and was burning through my savings. Even though I
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Speaker 4: had completed my psychology honors degree the year prior, I
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Speaker 4: had no work experience in the sector. Fast forward to today,
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Speaker 4: I'm in an incredible job, living with my boyfriend and
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Speaker 4: we've just bought our first investment property together money jars.
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Speaker 4: That would have been so stressful, very very very stressful.
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Speaker 4: Oh my goodness, being like I'm going to move my
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Speaker 4: whole life and then being injured to the point where
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Speaker 4: you're not allowed to work, like heartbreaking. I'm so sorry.
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Speaker 2: That's okay, Yeah it was my dream, but I think
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Speaker 2: the main thing I learn is things don't always go
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Speaker 2: to plan. So it worked out in the end, but
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Speaker 2: in the moments, yeah, very very overwhelming.
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Speaker 4: Oh I want to learn more about that before we
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Speaker 4: get there. What grade would you give your money habits.
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Speaker 4: If I asked you to give them a grade from
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Speaker 4: A through to F.
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Speaker 2: I'd probably say an as.
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Speaker 4: Now, oh okay, queen, I want to know more about this,
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Speaker 4: but can you tell me before we get into all
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Speaker 4: of that, tell me a bit more about your money story.
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Speaker 2: Yeah. Sure. So I grew up in a very military family.
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Speaker 2: So my dad was an intelligence analyst in the Air
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Speaker 2: Force and my mum was a nurse in the Navy.
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Speaker 4: So this is why defense made sense for you, Yes.
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Speaker 2: And I was like, well, we may as well go
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Speaker 2: for the trifecta. I'll do Army, which arguably is probably
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Speaker 2: the hut artist force, no disrespect, but yeah. So I
3:02
Speaker 2: was like, awesome. They both got called through UNI before
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Speaker 2: they started, so I was like, awesome, I'm going to
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Speaker 2: get a qualification and then go pursue that through Defense.
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Speaker 2: But obviously, yeah, it didn't work out. So I was
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Speaker 2: in there for about two years. But ultimately when I
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Speaker 2: went to get my scans, there wasn't any hard evidence
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Speaker 2: of a proper diagnosis. So I didn't actually get any
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Speaker 2: sort of I guess support in the transition out because
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Speaker 2: I couldn't find an actual problem. What. Yeah, so I
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Speaker 2: got a bit, but not as much as you'd expect,
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Speaker 2: so it was pretty awful.
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Speaker 4: Oh my goodness, that would have been even more stressful
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Speaker 4: because you're like, guys, I want to be here, but
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Speaker 4: you're not letting me be here. So what happened? How
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Speaker 4: did you end up with a back injury?
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Speaker 2: So it's just tumultive training because the training over there
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Speaker 2: is eighteen months in Canberra at the Royal Military College.
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Speaker 2: So I finished training, but ultimately after training, I couldn't
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Speaker 2: go on to pursue an actual proper career because I
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Speaker 2: just it's just overtime and back injuries the most common
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Speaker 2: in military. Same with like lower limb injuries because you're
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Speaker 2: carrying packs about maybe like sixty kilos, like at least,
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Speaker 2: my goodness, and you've got your weapons and everything, so
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Speaker 2: it's definitely something that your body has to get used to,
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Speaker 2: and ultimately sometimes it doesn't and you don't realize until
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Speaker 2: you've finished, and then you're like, okay, well I've actually
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Speaker 2: am seriously hurt and I can't go on with this.
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Speaker 4: That's heartbreaking. So and especially because you grew up in
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Speaker 4: like a defense family, I'm assuming this was a dream
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Speaker 4: that you had since you were like little. You weren't like, oh,
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Speaker 4: one day I went into like a school fair and
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Speaker 4: I saw that this was a good idea. You literally
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Speaker 4: grew up, Like what's an intelligence analyst do? Sorry side
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Speaker 4: note that sounds so bougie. Can you tell me about
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Speaker 4: your dad's job?
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Speaker 2: Yeah, basically just following up on intelligence that you receive,
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Speaker 2: So it might be from external sources, internal sources, and
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Speaker 2: it's obviously very confidential. But yeah, and then using that
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Speaker 2: to protect and defend.
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Speaker 4: I'm obsessed. And then your mum was a nurse in
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Speaker 4: the navy or a woman, so you wanted to go
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Speaker 4: into the army. You were like, you know what, I'm
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Speaker 4: going to go for the hardest one. We're going into
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Speaker 4: the army. What was the dream? What was the goal?
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Speaker 4: Where did we want to go?
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Speaker 2: To do psychology? Yeah?
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Speaker 4: Very cool, So like just become a psychologist in the
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Speaker 4: army hopefully Yeah.
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Speaker 2: So to do psychology through the army with veterans.
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Speaker 4: Wow, so obviously bloody heartbreaking finding out that you couldn't
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Speaker 4: do that. What was that like being like okay, cool,
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Speaker 4: I'm being medically discharged and I have to move back
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Speaker 4: to Melbourne. What the heck?
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Speaker 2: Like?
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Speaker 4: Where were you at in life at that point was
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Speaker 4: what was going on.
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Speaker 2: Nothing like I'd packed up my entire life to move there.
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Speaker 2: So because I grew up on the mornings in Peninsula
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Speaker 2: and I have only one sister.
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Speaker 4: Oh same queen.
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Speaker 2: Oh love that. Yeah it's gorgeous there, But yeah, I
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Speaker 2: grew up there, so it was like a huge move.
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Speaker 2: I'd never kind of lived outside of home because it'd
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Speaker 2: just always been my sister and I. So then I
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Speaker 2: was just like, well, I'm just going to go. And
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Speaker 2: I I never had a contingency plan. I don't know
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Speaker 2: why I didn't.
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Speaker 4: You don't need one. You didn't think that you did.
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Speaker 2: Yeah, And and like taught me not to put all
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Speaker 2: my eggs in one basket because I did not foresee
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Speaker 2: this happening. So yeah, and it was super overwhelming, and
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Speaker 2: I guess also kind of embarrassing because my parents had
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Speaker 2: both done really really well through defense and there was
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Speaker 2: me who finished training but then couldn't continue with it.
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Speaker 4: That's not embarrassing at all. That is not do you
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Speaker 4: know what would have been embarrassing if you'd like lied
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Speaker 4: about it and stayed in the army and injured yourself
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Speaker 4: even further and like made it even work, like that's
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Speaker 4: not no, You've done a really good job, Like I
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Speaker 4: don't think that's and I know that you like it's
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Speaker 4: so funny the way we see it individually, we go, oh,
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Speaker 4: that was so embarrassing, and then from the outwood see
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Speaker 4: and everyone's like, what the hell what do you mean, babe?
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Speaker 4: Like that's not embarrassing, but I get that that's exactly
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Speaker 4: how you felt. So you moved home, I'm assuming, back
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Speaker 4: in with mum and dad because you were like, what
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Speaker 4: the hell do I do?
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Speaker 2: Yeah? Yeah, so I moved back in with them because
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Speaker 2: the plan was to buy a house through defense, because
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Speaker 2: you can once you've worked a certain amount of years
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Speaker 2: and they help you with housing. So I moved back in.
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Speaker 2: And yeah, like I said, I didn't have a job,
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Speaker 2: but I think I was lucky that I was qualified
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Speaker 2: prior to that and had my degree so then I
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Speaker 2: could actually try and find something, which I did eventually.
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Speaker 2: But I was out of a job for about five months,
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Speaker 2: which was quite stressful. What was that like?
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Speaker 4: Because I would have been like, I don't know, I
7:19
Speaker 4: feel like that hits your ego too, because you're like,
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Speaker 4: these were all my grand plans and like, as you
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Speaker 4: said you felt embarrassed, like you don't want to really
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Speaker 4: like rekindle with all your friends once your back, because
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Speaker 4: you're like, I don't want to, like I feel like
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Speaker 4: I'm going to go to lunch not have an update
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Speaker 4: for you or whatever. Like what was that like? And
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Speaker 4: tell me about the job that you did get.
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Speaker 2: Yeah. I literally was just like saying to them, oh, like,
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Speaker 2: I'm just applying for jobs, and they were all like, oh, well,
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Speaker 2: I've just been promoted, I've done this, I've done that.
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Speaker 2: So it was just very Yeah, it definitely hit the
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Speaker 2: ego a bit, but you kind of have to put
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Speaker 2: that aside and be like, that can be me. I've
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Speaker 2: just got to find the right pathway and I know
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Speaker 2: I'm capable of it. It's just getting that opportunity.
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Speaker 4: Yeah, one hundred. So after five months you found role.
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Speaker 4: What were you doing and are you still doing it?
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Speaker 4: Tell me?
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Speaker 2: I am so I got a job in child protection.
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Speaker 2: Oh you are so special, which is what I've always
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Speaker 2: wanted to do, working with children and young people and families.
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Speaker 2: So I've been doing that for yeah, over two years now,
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Speaker 2: and it's been amazing. It's obviously challenging work, but very rewarding.
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Speaker 4: Yeah, I can't imagine that anyone would ever say, oh,
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Speaker 4: it's really easy, But like I can see that as
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Speaker 4: being like super super rewarding and low key glad that,
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Speaker 4: like your defense career didn't work out, because I know
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Speaker 4: that was your dream. But like, it takes such a
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Speaker 4: special person to be able to work in child protection.
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Speaker 4: They're like, I'm glad they have you because they need you.
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Speaker 4: They need like empathetic humans who want to care about
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Speaker 4: other people. Like, but how are you looking after yourself?
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Speaker 4: Because I feel like I have had the pleasure of
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Speaker 4: talking to a lot of people who work in child protection,
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Speaker 4: and you can so easily burn out or be overwhelmed,
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Speaker 4: Like what are you doing to look to yourself?
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Speaker 2: I hate this question because I don't do self care.
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Speaker 5: Sorry, but well maybe I can kick you up the
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Speaker 5: button get you to do it, Like how many of
9:09
Speaker 5: you do you need to experience burnout before you take
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Speaker 5: it seriously and learn from one another.
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Speaker 2: I know I recently had a couple of weeks off
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Speaker 2: because I was burnt out, And yeah, yeah, so now
9:21
Speaker 2: I'm like, maybe I should just start using some annual
9:23
Speaker 2: leave and using some mental health days and having baths
9:27
Speaker 2: but yeah, it's also you feel bad for your clients though,
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Speaker 2: And even though you should be able to put work
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Speaker 2: aside and still prioritize yourself, I can't. I hate thinking
9:37
Speaker 2: about what my clients are doing when I'm not there
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Speaker 2: to provide support.
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Speaker 4: And I think that while in a perfect world, yeah, okay,
9:44
Speaker 4: we'll switch off and go home, like, people don't go
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Speaker 4: into that space, like you don't work in child protection
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Speaker 4: if you don't have a really high level of empathy,
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Speaker 4: like and then to expect somebody who has a high
9:55
Speaker 4: level of empathy to be able to turn that off,
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Speaker 4: like absolutely not, which is why I'm always like, cool,
10:00
Speaker 4: what are you doing for self care? Because like you
10:02
Speaker 4: can't just turn off and say it'll be fine, Like
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Speaker 4: I feel like that's such a nineteen fifties way of working,
10:07
Speaker 4: Like yep, you just do this and that, Like sorry,
10:10
Speaker 4: you do take work home, and I'm sure you're like
10:11
Speaker 4: going home to your partner being like oh my god,
10:13
Speaker 4: today was rough or today was amazing or whatever, Like
10:16
Speaker 4: we feel the highs with our clients as well as
10:18
Speaker 4: the lows, like and you don't just get to get
10:20
Speaker 4: out of your car and be like, right, well, what
10:22
Speaker 4: am I cooking for dinner, like it impacts the rest
10:25
Speaker 4: of your day, right.
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Speaker 2: Yeah, one hundred percent. And like sometimes I might have
10:29
Speaker 2: to go to court and prepare a court report within
10:31
Speaker 2: like an hour, and then I'm presenting a court the
10:34
Speaker 2: end of the day. I might have to pick up
10:36
Speaker 2: a client from no, like three hours away to remove
10:39
Speaker 2: them from a placement. So sometimes you get home at
10:42
Speaker 2: like ten o'clock at night and then you're back there
10:44
Speaker 2: at like seven o'clock the next morning. So yeah, it
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Speaker 2: is hectic, but it's good.
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Speaker 4: See you're an icon, Like it just sounds like such
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Speaker 4: a rewarding career, Like I'm such a kids person as well,
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Speaker 4: Like I genuinely like I look at your role in
10:57
Speaker 4: and go, do you know, I don't think I could
10:59
Speaker 4: do it. I think I would get so invested in
11:02
Speaker 4: it that it would break me so quickly. And like
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Speaker 4: I wish I had that tenacity and that ability. I
11:08
Speaker 4: always look at roles like this and I'm like, you
11:10
Speaker 4: are such a special human being. Like I did psychology
11:13
Speaker 4: as well, and like the child stuff killed me, Like
11:16
Speaker 4: I just, oh my lord, I was like, what do
11:19
Speaker 4: you mean we have to do family studies? What do
11:21
Speaker 4: you mean families do this absolutely, not like I'm so
11:24
Speaker 4: privileged to have been very sheltered growing up in that respect,
11:28
Speaker 4: but I just I'm very in awe. So talk to me.
11:32
Speaker 4: What do you get paid if you work in child protection?
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Speaker 2: So it starts at different salaries based on your qualifications
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Speaker 2: and your experience, but I'm currently on about one hundred
11:41
Speaker 2: and two thousand dollars a year.
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Speaker 4: Oh, that's pretty good, especially if you've only been in
11:46
Speaker 4: it for like I would say, relatively short period of time.
11:49
Speaker 4: And what does your I guess career trajectory look like
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Speaker 4: longer term?
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Speaker 2: So it depends, Like if you've become like a deputy
11:55
Speaker 2: area operations manager, you're looking at about one hundred and
11:58
Speaker 2: eighty thousand dollars a year.
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Speaker 4: Hey, that that's a good ink, I mean deserved for
12:02
Speaker 4: that space. I would argue that it needs to be
12:04
Speaker 4: even better paid, but like, that's a good salary.
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Speaker 2: Yeah, and it's state GUB so it's very secure as well.
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Speaker 4: Yeah, and talk to me about stupranuation. Is that like
12:13
Speaker 4: at standard rates or is it more because it's government.
12:16
Speaker 4: I don't know how that part of government works.
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Speaker 2: Yeah, so it's slightly more. I believe I'm at like
12:21
Speaker 2: about twelve point four percent. Oh, very nice, which is
12:24
Speaker 2: pretty good. Yeah.
12:25
Speaker 4: I mean we're not going to be upset about that,
12:27
Speaker 4: So talk to me now, because like, I feel like
12:30
Speaker 4: your whole career and like your life plan has like changed, right,
12:35
Speaker 4: So You've gone from being like, this is my career
12:37
Speaker 4: I moving to Canberra in the bottom of your letter
12:39
Speaker 4: in you actually said I'm now living with my boyfriend
12:42
Speaker 4: and we just bought our first investment property. I need
12:44
Speaker 4: to know. Did you have this boyfriend when you moved
12:46
Speaker 4: to Canberra.
12:47
Speaker 2: No?
12:47
Speaker 4: I did not, So then you like moved home and
12:50
Speaker 4: your entire life is completely different to what your career
12:52
Speaker 4: was meant to be in camera. Within literally one week,
12:55
Speaker 4: you came home and you were like, well, hello, so
12:57
Speaker 4: tell me how did you meet?
12:59
Speaker 2: Yeah?
12:59
Speaker 4: So we met on Yeah cute. I met my husband
13:01
Speaker 4: on Tinder. So I'm all about the online dating.
13:03
Speaker 2: I was very much against dating apps. Why it works,
13:08
Speaker 2: I know, but I'd never been on one before. This
13:10
Speaker 2: is the first time I ever used it, so now
13:12
Speaker 2: I can't really diss them because it worked for me.
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Speaker 4: It's annoying, isn't it? And like I met my husband
13:17
Speaker 4: more than ten years ago now on Tinder and back
13:20
Speaker 4: then that was not cool, Like that was that was
13:22
Speaker 4: loser behavior Victoria to Vine And now I'm like, no,
13:25
Speaker 4: it's cool. Everyone should be on it. But like there
13:27
Speaker 4: still seems to be this massive stigma. But I'm sorry.
13:30
Speaker 4: I found somebody who wanted exactly what I wanted out
13:32
Speaker 4: of life, and I'm the winner here.
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Speaker 2: Yeah. No, it worked out very, very well. But he
13:37
Speaker 2: lived in the Yarra Valley and I was in the
13:39
Speaker 2: Moynton Peninsula, so it was quite a drive.
13:41
Speaker 4: Oh that's a hike.
13:43
Speaker 2: Yeah, so we made it work. I'd be doing that
13:46
Speaker 2: drive like three times a week and vice versa, just
13:48
Speaker 2: to see each other. But we'd literally been talking for
13:51
Speaker 2: twenty four hours and then I met him the following
13:55
Speaker 2: day and then he asked me out straight away.
13:57
Speaker 4: I mean he knew what he wanted. Yeah, that's very
14:00
Speaker 4: So talk to me, now, what are your big money goals?
14:03
Speaker 4: What are you working towards? Because you did say that
14:04
Speaker 4: you've just bought your first ever investment property, which is
14:07
Speaker 4: really cool, but like financially, what are you working towards?
14:10
Speaker 4: Because I feel like maybe this relationship went pretty hard
14:13
Speaker 4: pretty fast and we might be talking about long term stuff.
14:16
Speaker 2: Yes, So we want to look at getting our family
14:19
Speaker 2: home within the next couple of years, so whether we
14:22
Speaker 2: build or buy still undecided. And my boyfriend would also
14:27
Speaker 2: like to start a business, so yeah, we're probably going
14:30
Speaker 2: to be looking at doing that. So he's a physiotherapist.
14:32
Speaker 4: Oh, very cool. So both in like caring types of roles.
14:36
Speaker 4: I love this. So family home. Is that what you're
14:39
Speaker 4: currently saving towards? Or are there any other financial goals
14:43
Speaker 4: like in the works.
14:44
Speaker 2: Probably just the family home at this point in time
14:46
Speaker 2: because obviously now we've already got a mortgage, so we're
14:49
Speaker 2: going to have to save up even more to get.
14:51
Speaker 4: You a bit strapped in. I totally get that, all right,
14:54
Speaker 4: I have so many questions. Let's go to a really
14:56
Speaker 4: quick break because on the flip side, I'm going to
14:58
Speaker 4: be asking you so much more about that investment property. Guys,
15:01
Speaker 4: don't go anywhere, all right, money dis We are back
15:07
Speaker 4: and I want to talk about investments, but specifically I
15:09
Speaker 4: want to talk about your investment property. First. How did
15:13
Speaker 4: you guys decide, all right, we're going to buy an
15:15
Speaker 4: investment property instead of a you know, like a house
15:17
Speaker 4: to move into or an apartment you could have lived
15:20
Speaker 4: in or even just saved and traveled. Like where did
15:23
Speaker 4: that come from?
15:24
Speaker 2: Yeah? So we were initially wanting to buy our own house,
15:28
Speaker 2: but when we were looking at what was available because
15:31
Speaker 2: we are living in the Ara Valley, we didn't really
15:34
Speaker 2: like what was on the market at the time, and
15:37
Speaker 2: there was always some things that we'd want to change.
15:39
Speaker 2: And my partner ran the numbers and he was like, well,
15:42
Speaker 2: it's actually cheaper for us to rent them buy and
15:45
Speaker 2: I'd rather invest it and then we can build or
15:47
Speaker 2: buy something that we really love later. Yeah.
15:50
Speaker 4: No, it's actually I feel like for a lot of
15:53
Speaker 4: people in your age demographic, a decision that so many
15:56
Speaker 4: more people are making. And is the plan to hold
15:59
Speaker 4: that property for a long period of time or is
16:01
Speaker 4: it to like increase in value, sell that, get into
16:04
Speaker 4: your family home, or like what's the or do you
16:06
Speaker 4: have an idea of long term plans?
16:07
Speaker 2: Yet it would be to hold that would be the
16:09
Speaker 2: ideal situation. So if we can hold that and then
16:12
Speaker 2: build and use equity that we accumulate through that property,
16:15
Speaker 2: then we'd do that.
16:16
Speaker 4: Yeah. Love, and talk to me about any other investment.
16:19
Speaker 4: Are you investing in any way, shape or form at
16:22
Speaker 4: the moment?
16:22
Speaker 2: Yeah, So I've got some shares in the S and
16:24
Speaker 2: P five hundred, and then I also use the Raise app,
16:28
Speaker 2: which I love. I've been using that for a long
16:30
Speaker 2: long time, and I've got a really nice portfolio there.
16:34
Speaker 2: I've got a balanced across like ASX two hundred, SMP
16:37
Speaker 2: five hundred and all the rest of it. So that's good.
16:40
Speaker 2: My partner also invests in Chersias, so he's a key week.
16:43
Speaker 4: A friend from across the ditch.
16:45
Speaker 2: Yes he is. So Yeah, between us, we've got a
16:49
Speaker 2: decent amount, I would say for our age, which is good.
16:52
Speaker 4: I love that. What's that look like though, because what's
16:54
Speaker 4: a decent amount for a twenty six year old? I
16:56
Speaker 4: feel like you're a hustler. I feel like I'm about
16:58
Speaker 4: to be surprised you have an investment property is twenty six.
17:01
Speaker 4: I shouldn't be surprised.
17:03
Speaker 2: Well, I guess with me. In investments, I've got about
17:07
Speaker 2: seventy thousand.
17:08
Speaker 4: Jeez, Luise, look at you go, and.
17:12
Speaker 2: My boyfriend has about fifty thousand.
17:15
Speaker 4: Oh my goodness, you guys are going to be financially set.
17:18
Speaker 4: I'm sorry, can we just take a step back? How
17:20
Speaker 4: did you get to seventy thousand dollars? At twenty six
17:23
Speaker 4: and also like not have to dispose of all of
17:26
Speaker 4: that to buy an investment property, Like that's the Lulu,
17:29
Speaker 4: that's very cool.
17:30
Speaker 2: Yeah, So in COVID we bought a lot while everything
17:35
Speaker 2: was down and this obviously we didn't know each other then,
17:37
Speaker 2: but we just did it because I was like, I
17:39
Speaker 2: think this will work out. And then also we did
17:42
Speaker 2: sell some assets as well recently, Like I had some
17:45
Speaker 2: gold which I sold and put it into S and
17:47
Speaker 2: P five hundred just because I've still got some So
17:50
Speaker 2: I was like, look at this point in case we
17:53
Speaker 2: need to pull it out, I've got it there ready
17:54
Speaker 2: to go.
17:55
Speaker 4: I'm obsessed.
17:56
Speaker 2: And also salary packaging was really really helpful, which I
18:00
Speaker 2: think a lot of people realize how much you can
18:02
Speaker 2: actually gain. Like through salary packaging, I get an extra
18:05
Speaker 2: about twenty grand a year.
18:06
Speaker 4: Yeah that's so early. And salary packaging just for everyone listening.
18:09
Speaker 4: Isn't available to everybody, but it would be to you
18:12
Speaker 4: because you work in a government based role. So tell
18:15
Speaker 4: me a bit about how that worked. What are you
18:17
Speaker 4: salary packaging?
18:18
Speaker 2: So I put a certain amount towards the mortgage, so
18:22
Speaker 2: that gets put back into my account the day after payday,
18:26
Speaker 2: so then that will go straight onto in our offset account.
18:29
Speaker 2: And then I've also got like a living expenses card
18:31
Speaker 2: which the other half goes on to. So it saves
18:34
Speaker 2: me about eight hundred dollars in tax per pay cycle,
18:37
Speaker 2: which is like adds up to be a significant amount.
18:40
Speaker 2: And then each week I live off that pay wise card,
18:43
Speaker 2: that one card, so I don't touch my other accounts.
18:45
Speaker 2: I just live off whatever's put there.
18:47
Speaker 4: She's built to become an investor. You're going to be
18:49
Speaker 4: really rich.
18:50
Speaker 2: I love it.
18:50
Speaker 4: Please don't forget me when you're really rich, So talk
18:53
Speaker 4: to me about debts. So you bought your first investment
18:56
Speaker 4: property together. I want the juicy details. How much did
18:59
Speaker 4: it cost? Is your mortgage all of that?
19:02
Speaker 2: Yeah? So it cost six hundred and fifty thousand dollars
19:05
Speaker 2: per house and land package. So that was really quite
19:09
Speaker 2: reasonable for us because obviously joint.
19:11
Speaker 4: Income, yeah to get land.
19:14
Speaker 2: Yeah, house and land. Yeah, we got a really good deal.
19:16
Speaker 2: So that was awesome. So repayments are about three thousand
19:20
Speaker 2: a month?
19:20
Speaker 4: And what kind of deposit did you have to get started?
19:23
Speaker 2: We put down one hundred thousand dollars.
19:24
Speaker 4: Very cool, and you saved that together I'm assuming yep, yes, yeah,
19:28
Speaker 4: very cool. So one hundred grand that means is your
19:30
Speaker 4: mortgage sitting at about five point fifty or have you
19:33
Speaker 4: smashed some down?
19:34
Speaker 2: No, we only just settled, so we haven't really made
19:37
Speaker 2: any payments yet. Oh exciting.
19:40
Speaker 4: So a five point fifty mortgage that is very reasonable,
19:43
Speaker 4: and like with your financial habits, I think you guys
19:45
Speaker 4: are going to be just fine. Tell me about the
19:48
Speaker 4: plan for that. Are you then leasing that property out?
19:52
Speaker 2: Yes, we will, so that should be ready Q one
19:55
Speaker 2: next year latest. So yeah, we'll just rent that out immediately.
19:59
Speaker 4: And if you worked out like what kind of rent
20:01
Speaker 4: you can get on that before you even like signed
20:03
Speaker 4: the contract or is that something that you're like, No,
20:05
Speaker 4: we just know that that property is fine and we'll
20:07
Speaker 4: take whatever rent. Like, what's the thought pattern there?
20:09
Speaker 2: Yeah? No, we went through a real estate firm and
20:13
Speaker 2: also with our mortgage broker, so it works out like
20:16
Speaker 2: minimum six fifty a week.
20:17
Speaker 4: Oh, how good. That's pretty good rental yield. I'm so
20:22
Speaker 4: excited for you guys. Talk to me about any other debts.
20:25
Speaker 4: Is that something that I feel like you're going to say? No,
20:28
Speaker 4: I just feel like you're good at money.
20:30
Speaker 2: I don't personally have any debts. I actually ended up
20:33
Speaker 2: getting a scholarship for UNI, so I was very lucky.
20:36
Speaker 2: I never had a hex sit. I love that for you.
20:38
Speaker 2: And my boyfriend has paid off his hex stet as well.
20:41
Speaker 4: Oh how good. So talk to me about where did
20:44
Speaker 4: you get so good at money? Like, I mean, you've
20:46
Speaker 4: got a military based family, so I feel like they
20:49
Speaker 4: were probably pretty like this is how it's going This
20:51
Speaker 4: is what's going on. But tell me about growing up, Like,
20:54
Speaker 4: is money something you guys spoke about a lot, because
20:56
Speaker 4: like you're twenty six, and the way that you're talking
20:59
Speaker 4: about money, you are so articulate. You are clearly incredibly intelligent.
21:02
Speaker 4: But like the fact that you're like, look, this is
21:04
Speaker 4: what I do. I'm investing in the SMP like top
21:07
Speaker 4: five hundred, like salary package for my mortgage and my
21:10
Speaker 4: living expenses. Like please stop, like you're crazy, Like in
21:13
Speaker 4: the best possible way. How did you get here babe?
21:16
Speaker 2: Through a lot of mistakes? Oh?
21:18
Speaker 4: I love that honesty is the best policy.
21:20
Speaker 2: Like if you asked me like three years ago, I
21:22
Speaker 2: would have given myself like a D minus.
21:24
Speaker 4: Really, so tell me how do you turn it around
21:27
Speaker 4: so quick? Well?
21:28
Speaker 2: Growing up, my mum never really spoke about money, not
21:31
Speaker 2: because she didn't want to. She's just always she kind
21:34
Speaker 2: of grew up in that time where it was just
21:36
Speaker 2: like guys who did it. So my dad was really good.
21:38
Speaker 2: He's got accounting finance degree, so he was always the
21:41
Speaker 2: go to. But we wouldn't just talk about it for
21:44
Speaker 2: the sake of it. If I had a question, I
21:46
Speaker 2: could definitely ask them and they tell me because they
21:48
Speaker 2: had investment properties and everything, which is why I kind
21:51
Speaker 2: of learned about them, But it wasn't something we'd discuss
21:54
Speaker 2: over dinner. And Dad was always kind of like, oh,
21:56
Speaker 2: it's fine, you'll learn it, but you don't. And then
22:00
Speaker 2: you get your first paycheck and you're like, oh my god,
22:02
Speaker 2: I'm so rich. I'm going to go buy some lubatons
22:04
Speaker 2: and then all of a sudden, you have no money.
22:08
Speaker 2: The next week.
22:09
Speaker 4: You're like, what the hell? I thought this was endless?
22:11
Speaker 2: Yeah, And then you I remember when I was little,
22:14
Speaker 2: like we used to go feel like petrol and I
22:15
Speaker 2: was like, oh my god, a dollar eighty that is
22:17
Speaker 2: so cheap. And now I see a dollar eighty and
22:19
Speaker 2: I have a heart attack. It's like you just don't
22:21
Speaker 2: realize until you're living it.
22:23
Speaker 4: One hundred percent.
22:24
Speaker 2: Yeah, But I would just spend id just go shopping
22:26
Speaker 2: all the time. I just would not care because I'm like,
22:28
Speaker 2: I'm young, it doesn't matter. I can just do what
22:30
Speaker 2: I want. It's still coming in. But then once that
22:34
Speaker 2: happened with the military, I was like, something needs to change,
22:38
Speaker 2: Like I should have way more savings than I do,
22:41
Speaker 2: because I got down to like maybe like twenty thousand
22:45
Speaker 2: dollars from having over fifty.
22:47
Speaker 4: Yeah, and like that's stressful.
22:49
Speaker 2: So in that short amount of time, I'd spend like
22:51
Speaker 2: thirty grand.
22:52
Speaker 4: Because you were probably still spending, and like, we know
22:54
Speaker 4: that you're going to continue spending to make yourself feel
22:57
Speaker 4: better as well. So I'm assuming that there were a
22:59
Speaker 4: few like let's call it therapy purchase is in there
23:02
Speaker 4: as well, because you're like I feel like trash, I'm
23:04
Speaker 4: going to go shopping today or I'm going to do
23:06
Speaker 4: this all that. I'm like you kind of go, oh,
23:08
Speaker 4: I've got fifty grand in the bank. I'm fine, But
23:10
Speaker 4: like all those small decisions, you start to go, hold on,
23:13
Speaker 4: hold on, hold on, where's my money filtering too?
23:15
Speaker 2: Yeah, and still wanting to see friends, like still going
23:17
Speaker 2: out for really nice dinners, still paying for petrol, still
23:20
Speaker 2: paying for car services, like it doesn't stop. And even
23:23
Speaker 2: though I was living at home, which is luckier than
23:26
Speaker 2: most people, it was still like really hit my bank account.
23:29
Speaker 2: Oh and I kind of just flipped. I was like,
23:31
Speaker 2: I need to fix this entire thing. So then I
23:33
Speaker 2: kind of just got really frugal and locked down, made
23:37
Speaker 2: up my old spreadsheet and budgeted.
23:39
Speaker 5: Yeah.
23:39
Speaker 4: And that's how you've gone from being like, hey, I'm
23:41
Speaker 4: actually not that and I mean you were pretty good
23:43
Speaker 4: at savings before. I don't want people listening to this
23:45
Speaker 4: and being like, oh, she was fine, she had twenty
23:48
Speaker 4: thousand in the back. Yeah totally, but like for someone
23:50
Speaker 4: who had fifty, it's so stressful watching your money go down.
23:54
Speaker 4: And yes, some people don't even have twenty and that's fine,
23:57
Speaker 4: But we're just talking about one individual's personal story. And
24:01
Speaker 4: I think that's what's so beautiful about money diaries, right,
24:03
Speaker 4: I just go, how cool you're sharing all of this
24:06
Speaker 4: with us so that we can learn. But to go
24:08
Speaker 4: from that to having seventy granding chares to them being
24:12
Speaker 4: able to buy your first home or your first investment property,
24:15
Speaker 4: like that is a flip my friend like, that is
24:19
Speaker 4: very cool. What do you think is like your best
24:22
Speaker 4: money habit, Like what helped you lock in the best.
24:25
Speaker 2: I would say definitely paying myself first and automating all
24:30
Speaker 2: my finances when I get paid, so making sure I've
24:34
Speaker 2: got because I've got my different accounts. I've got a
24:35
Speaker 2: joint account when my partner, I've got the account my
24:38
Speaker 2: salary goes into, and then I've got my savings account,
24:41
Speaker 2: so making sure it's really equally divided. I always use
24:44
Speaker 2: like shop back raise as I said as well, I'm
24:47
Speaker 2: really good at discount codes. I'll always find a discount
24:49
Speaker 2: code for something. I just never pay full price unless
24:51
Speaker 2: I absolutely have to. And I think something really interesting
24:54
Speaker 2: that I learned, especially in the buying process, is that
24:57
Speaker 2: some professions don't have to pay lender's mortgage insurance.
25:00
Speaker 4: They don't.
25:00
Speaker 2: I never knew, and then I found out that my
25:03
Speaker 2: boyfriend could get it as a physio, and I was like,
25:05
Speaker 2: this is great. So we paid no LMI.
25:07
Speaker 4: A lot of health professionals get to have like a
25:09
Speaker 4: ten percent deposit and then we can wave the LMI.
25:12
Speaker 4: So if you're listening and you're like, oh, that could
25:14
Speaker 4: be me, like check with a broker because we can
25:17
Speaker 4: tell you, like it's something that you're like, oh my goodness,
25:20
Speaker 4: I didn't realize that banks would be so lenient. But
25:23
Speaker 4: it's nice, isn't it.
25:24
Speaker 2: Yeah, it was amazing because that saved us.
25:26
Speaker 4: Yeah, a decent amount of money exactly. And like I
25:29
Speaker 4: feel like LMI sometimes gets a bad rap because if
25:32
Speaker 4: you need to pay it, I think sometimes when we
25:34
Speaker 4: do the numbers, it can be better to pay l
25:37
Speaker 4: AM I then to wait until you have the amount
25:39
Speaker 4: of savings in your bank account to buy at the
25:42
Speaker 4: higher deposit amount because the market has increased, like whatever.
25:46
Speaker 4: But if you can just skip that whole thing and
25:48
Speaker 4: not have to pay any of it, that's a good
25:50
Speaker 4: money win.
25:51
Speaker 2: Yeah, No, it was great. So that helped a lot
25:53
Speaker 2: as well.
25:54
Speaker 4: And what else do you think is keeping you at this?
25:56
Speaker 4: Like you said you were like an amus, Like what
25:59
Speaker 4: other good money habits? If you've got like are you
26:01
Speaker 4: automating all of your spending? Like what happens on the
26:03
Speaker 4: day that your salary hits your bank account? I want
26:06
Speaker 4: to know. I just need to know the pervy details
26:07
Speaker 4: because you are literally so good at this.
26:09
Speaker 2: So basically we put in five hundred dollars into our
26:14
Speaker 2: joint account each because we both earn pretty similar amount
26:16
Speaker 2: of money, so it's much of a muchness. And then
26:19
Speaker 2: the rest of it will put just into our savings
26:22
Speaker 2: because we don't go over that five hundred dollars for
26:26
Speaker 2: I guess like maybe each week we only use one
26:30
Speaker 2: thousand dollars max. And that's like groceries, petrol, any other expenses,
26:35
Speaker 2: and usually it's more than enough. Sometimes we don't even
26:37
Speaker 2: touch it, so we kind of just don't take anything
26:41
Speaker 2: out of that account and just let it sit there.
26:42
Speaker 2: So then we don't have to put as much every
26:44
Speaker 2: pay cycle because sometimes we might have an unexpected expense
26:48
Speaker 2: of the house, we might need to buy something, so
26:50
Speaker 2: then we can use that money, but we just don't
26:52
Speaker 2: touch that. We don't touch our savings, and we've just
26:55
Speaker 2: got our emergency fund as well, so we build that
26:58
Speaker 2: up and then the rest of it will just go
27:00
Speaker 2: to shares or to our investments or in offset account.
27:03
Speaker 2: So and like I said, because I live off that
27:06
Speaker 2: living expenses card, I'm not touching my bank account at all.
27:09
Speaker 2: I only touch the joint account when I'm paying bills.
27:11
Speaker 4: Do you think it helps that they're kind of completely separate,
27:15
Speaker 4: like they sit differently. Do you feel like having it
27:17
Speaker 4: a little bit further away means that you're less likely
27:19
Speaker 4: to even be tempted to dip into it.
27:21
Speaker 2: One hundred percent. One hundred percent because it doesn't feel.
27:24
Speaker 4: Like your money anymore. You're kind of like, oh, that's
27:26
Speaker 4: over there, I'm not meant to touch that.
27:28
Speaker 2: Yeah, one hundred percent. It's so much easy when you've
27:30
Speaker 2: got different bank accounts. And I think, also weirdly being
27:33
Speaker 2: with someone else as well, I feel like I have
27:35
Speaker 2: to be more responsible because it's not just my money,
27:37
Speaker 2: it's also his money.
27:38
Speaker 4: So yeah, that's the worst part.
27:42
Speaker 2: I'm not going to go on a shopping spring. Would
27:43
Speaker 2: I join credit card? Yeah?
27:45
Speaker 4: That's how I got into so much consumer debt because
27:47
Speaker 4: I was just yollow on my own and then I
27:49
Speaker 4: have my partner and I'm like, now I feel like
27:51
Speaker 4: I'm financially responsible. This is rude, So tell me a
27:56
Speaker 4: little bit more. You surely have some bad money habits.
27:59
Speaker 4: What do you I think your worst twenty how it is?
28:01
Speaker 2: I love buying gifts for people.
28:04
Speaker 4: Me too, Queen, me too.
28:06
Speaker 2: I'm really bad.
28:07
Speaker 4: It's so good though, Are you bad? But like you
28:11
Speaker 4: can't be that bad. You got seventy grand in investment,
28:13
Speaker 4: so I don't believe you, I.
28:14
Speaker 2: Know, but still like, for example, for my boyfriend's birthday,
28:17
Speaker 2: I brought us plane tickets to Europe.
28:19
Speaker 4: It's a good present. Do you want to be my friend?
28:23
Speaker 2: But then, like, if I had to turn around and
28:25
Speaker 2: spend like four thousand dollars out of my savings, can't
28:28
Speaker 2: be like, no way, I don't need that. Because it
28:30
Speaker 2: was for him, I was like, yeah, one hundred percent,
28:31
Speaker 2: let's just go.
28:32
Speaker 4: But that just tells me a lot more about you
28:35
Speaker 4: as well, which is quite sweet. So talk to me,
28:38
Speaker 4: what does the future look like? Because you're already an
28:40
Speaker 4: A minus? Why minus not plus? What would it take
28:43
Speaker 4: to be like an A plus? Because I just feel
28:45
Speaker 4: like you are already an A plus. I have no notes.
28:49
Speaker 2: Probably build out our investment portfolio. I would say, get
28:54
Speaker 2: a more diverse portfolio and obviously get our dream home
28:57
Speaker 2: and maybe a couple more investments. But yeah, it would
29:00
Speaker 2: probably just be diversifying.
29:01
Speaker 4: I love that so much. I feel like this is
29:03
Speaker 4: like so refreshing. You're you know, I mean this in
29:06
Speaker 4: the nicest way possible. You're still such a baby, like
29:09
Speaker 4: You've just got so much time on your side, and
29:11
Speaker 4: you're just like so well set up and obviously so
29:14
Speaker 4: like you've got your shit together. I can tell, like
29:17
Speaker 4: you are so intelligent. I'm just like, yeah, of course
29:19
Speaker 4: she has a psychology on his degree and got a
29:21
Speaker 4: full scholarship for it. Of course she does. Like that
29:24
Speaker 4: just makes sense. But I'm just I'm so excited. I
29:26
Speaker 4: love that it wasn't and I don't love that it
29:28
Speaker 4: didn't work out. That's heartbreaking, but I love that when
29:31
Speaker 4: it didn't work out, you moved home. You're like, oh,
29:33
Speaker 4: I'm bored, I'm going to go and bumble and then whoops,
29:35
Speaker 4: run into the love of my life. And now we
29:37
Speaker 4: own property together, when we're planning our entire lives and
29:39
Speaker 4: we're both really good at money. Now like that's cool.
29:43
Speaker 2: Yeah, No, it definitely waked out for the better.
29:45
Speaker 4: I adore it, Money, Dice, this has been a pleasure.
29:47
Speaker 4: Unfortunately we've run out of time, but it has been
29:49
Speaker 4: so fun chatting to you. I feel like you are
29:52
Speaker 4: so savvy and so cool, and I just know I'm
29:55
Speaker 4: hoping that we get to cross parts in person at
29:57
Speaker 4: some point because I think we'll get along that couse,
29:59
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