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MONEY DIARIES: 25, a lawyer and has bought three properties with no guarantor · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello, and welcome to She's on the Money, the podcast
• 0:26
  Speaker 2: Millennials who want Financial Freedom. Welcome back to another shot
• 0:29
  Speaker 2: back money Diary Monday, where Victoria and I get to
• 0:32
  Speaker 2: chat to one about gorgeous community members and learn about
• 0:35
  Speaker 2: their story and their journey and their struggles and everything
• 0:38
  Speaker 2: that happened in between. Victoria, I've got a good one
• 0:41
  Speaker 2: for you this week. I feel like I say that
• 0:42
  Speaker 2: every week, but I really.
• 0:44
  Speaker 3: Need to get a better introduction because every week we're like,
• 0:47
  Speaker 3: we've got a good one, and it's like, well, Jesse,
• 0:49
  Speaker 3: of course you do. You picked this on the show,
• 0:52
  Speaker 3: but you've been hyping this one up saying that I'm
• 0:54
  Speaker 3: really going to enjoy it before we actually started recording,
• 0:57
  Speaker 3: which is always a good sign. So without further do
• 1:00
  Speaker 3: Jess let me know what your money darist had written
• 1:03
  Speaker 3: into us.
• 1:04
  Speaker 2: So she said, She's on the Money. Helped me build
• 1:07
  Speaker 2: my first home completely on my own with some help
• 1:10
  Speaker 2: from some government schemes. I helped my partner build his
• 1:13
  Speaker 2: own home right around the corner, and then we also
• 1:16
  Speaker 2: purchased an investment property together in Adelaide at the end
• 1:18
  Speaker 2: of last year and we're able to take sixty thousand
• 1:21
  Speaker 2: dollars each inequity on our bills. So what Yeah, exactly right,
• 1:27
  Speaker 2: little property mogul over here. I'm very excited as someone
• 1:29
  Speaker 2: who's going through the God, I love that to hear
• 1:31
  Speaker 2: about it. Money Diarist, Hello.
• 1:34
  Speaker 3: Hi, Rick and Jess.
• 1:36
  Speaker 4: Lovely to meet you.
• 1:37
  Speaker 3: Lovely to meet you as well, and thank you for
• 1:40
  Speaker 3: coming on the show. I'm so excited about this. You're
• 1:44
  Speaker 3: like a property mogul and you're like twelve years old.
• 1:46
  Speaker 3: It's great. Let's get straight into it. Can you tell
• 1:50
  Speaker 3: us a little bit about your money story?
• 1:53
  Speaker 4: So my money story growing up, there wasn't really anything.
• 1:57
  Speaker 4: I grew up in a family where they didn't discuss
• 2:00
  Speaker 4: finances or anything like that. And my parents separated when
• 2:06
  Speaker 4: I was eighteen, so it wasn't like it was difficult.
• 2:08
  Speaker 4: While I was growing up, we'd go on holidays every
• 2:10
  Speaker 4: year and we'd always travel, and they didn't really have
• 2:13
  Speaker 4: any investments. They never spoke about shares because they didn't
• 2:16
  Speaker 4: invest in any. But then, yeah, I went through a
• 2:20
  Speaker 4: breakup at one point and I thought, let's start listening
• 2:23
  Speaker 4: to podcasts to spice up our life. And I remember
• 2:26
  Speaker 4: listening to the first episode or She's on the Money.
• 2:29
  Speaker 4: I was like around summer twenty nineteen from memory, and yeah,
• 2:34
  Speaker 4: I just was really distracted by the podcast and I've
• 2:39
  Speaker 4: dedicated my whole life to listening to it.
• 2:42
  Speaker 3: So then, oh, my god, what it's really sad?
• 2:47
  Speaker 4: Sad say that to.
• 2:48
  Speaker 3: Me, Like, oh, it was really fad. I heard of
• 2:50
  Speaker 3: this podcast, She's on the Money.
• 2:53
  Speaker 4: I will tell everyone about it, and I would like
• 2:55
  Speaker 4: count down the hours to like listen to it, like
• 2:58
  Speaker 4: She's on the Money episode tomorrow. So I'm like, yeah,
• 3:01
  Speaker 4: it really just changed my perspective on everything, and I
• 3:06
  Speaker 4: started being really savvy with saving. And you know, I'd
• 3:09
  Speaker 4: always been like I'm Greek, so I am naturally a
• 3:13
  Speaker 4: savor and I'm kind of stingy, but you know, she's
• 3:17
  Speaker 4: on the money. She's on the money, like just encouraged
• 3:21
  Speaker 4: me to do something about that and actually learn what
• 3:23
  Speaker 4: investing was and how to do it, which was really helpful.
• 3:28
  Speaker 3: I can't tell you how much that means. Honestly, obviously
• 3:32
  Speaker 3: I'm quite biased. I also tell everybody about and She's
• 3:35
  Speaker 3: on the Money, but it is for different reasons. But
• 3:37
  Speaker 3: it honestly makes me so happy when I find out
• 3:40
  Speaker 3: that our community genuinely gets a lot out of it personally.
• 3:44
  Speaker 3: It's not just like, oh, hey, ve really love listening
• 3:46
  Speaker 3: to the podcast and I'd be like great, but like
• 3:48
  Speaker 3: the fact that it has impacted your life so significantly, Like, oh,
• 3:52
  Speaker 3: I love it anyway, let's stop talking about that. I
• 3:56
  Speaker 3: want to know the more pervy details. So, my friend,
• 3:59
  Speaker 3: what do you do for work? And how much money
• 4:01
  Speaker 3: do you earn?
• 4:02
  Speaker 4: So I'm a lawyer. I was just recently. Yeah, it
• 4:07
  Speaker 4: was around the end of last year, so I'm still
• 4:10
  Speaker 4: coming to terms with the salary. I'm on ninety thousand
• 4:13
  Speaker 4: plus super so it's still, you know, a first year
• 4:17
  Speaker 4: lawyer position. But I think that's great.
• 4:19
  Speaker 3: Men plus is a good inning.
• 4:23
  Speaker 4: I'm pinching myself every day, like how do I deserve this? No?
• 4:27
  Speaker 3: You, you don't have to pinch yourself over that. Can
• 4:30
  Speaker 3: you remind us how old you are? Money diarist, I'm
• 4:33
  Speaker 3: twenty five? No, see exactly, she's like twelve, yess. I
• 4:38
  Speaker 3: was like, and she has investment properties and she's a lawyer.
• 4:41
  Speaker 3: Like if this isn't badass energy, I don't know what
• 4:44
  Speaker 3: it is.
• 4:44
  Speaker 2: I've been thinking as well that as a lawyer you
• 4:48
  Speaker 2: are you get incremental increases annually right to your salary.
• 4:52
  Speaker 3: Yeah.
• 4:52
  Speaker 4: Correct. Because of COVID it kind of dropped to around
• 4:55
  Speaker 4: two percent, but yeah, yeah it's around that mark.
• 4:59
  Speaker 3: Incredible And are you happy with that? Like, I know
• 5:02
  Speaker 3: a lot of people like, oh, I only get X
• 5:04
  Speaker 3: y Z, Like, how does that make you feel knowing
• 5:07
  Speaker 3: that that's part of the agreement.
• 5:09
  Speaker 4: I love that because I know my salary is going
• 5:12
  Speaker 4: to increase even if I stay in the same position
• 5:15
  Speaker 4: i'm in, So it's really nice to know.
• 5:18
  Speaker 3: It's nice to know that you're not going to be
• 5:20
  Speaker 3: behind even if you stay in the same role, because
• 5:23
  Speaker 3: obviously with indexation, everything over time is going to get
• 5:27
  Speaker 3: more expensive. So yeah, I absolutely love it. I feel
• 5:31
  Speaker 3: like it is fair, Like I feel like everyone should
• 5:34
  Speaker 3: be doing that. Yeah, I would go on about that
• 5:37
  Speaker 3: too much money, Darist. It sounds like you've already achieved
• 5:40
  Speaker 3: a number of really big goals. But what are your
• 5:44
  Speaker 3: big money goals at the moment and how are you
• 5:46
  Speaker 3: planning to achieve them?
• 5:49
  Speaker 4: So I have small money goals at the moment. I
• 5:51
  Speaker 4: think I really need to buy a car. I'm like you, Victoria,
• 5:55
  Speaker 4: I just drive the worst car ever. The sunarof won't close.
• 5:59
  Speaker 3: Excuse me, my car is not the worst car ever.
• 6:01
  Speaker 3: She is a tried and true and a sturdy beast.
• 6:06
  Speaker 4: Okay, mine's not good. So using the equity that I've
• 6:13
  Speaker 4: just taken out, I'm going to buy a car and
• 6:15
  Speaker 4: then I live in Geelong at the moment, so I'm
• 6:19
  Speaker 4: hoping to move back to Melbourne and buy a house
• 6:21
  Speaker 4: at the end of the year.
• 6:22
  Speaker 3: Oh my gosh. Exciting. Will you be doing that with
• 6:24
  Speaker 3: your partner? Yes, very very exciting. So next question, and
• 6:29
  Speaker 3: I feel like we know some of the answer to this,
• 6:31
  Speaker 3: but you can answer it a little bit more holistically
• 6:34
  Speaker 3: for us. Do you currently have any investments?
• 6:37
  Speaker 4: Yes? So I have a property in my own name
• 6:41
  Speaker 4: in July, like, not shared.
• 6:43
  Speaker 3: With your partner at all. No, and you're twenty five. Yes,
• 6:48
  Speaker 3: so you have a property in your name?
• 6:50
  Speaker 4: Any other investments, joint property with my partner, an investment
• 6:55
  Speaker 4: and just super Oh my gosh.
• 6:59
  Speaker 3: Can you tell us a little bit about the property
• 7:01
  Speaker 3: that you have in your own name? How did you
• 7:04
  Speaker 3: save for it, how did you get into the market,
• 7:06
  Speaker 3: how have you done it? Please tell us the steps.
• 7:09
  Speaker 4: So all the grants that you can possibly think of
• 7:12
  Speaker 4: available to a first home buyer I have used them,
• 7:14
  Speaker 4: so First Home Super Saver I was putting my money
• 7:18
  Speaker 4: into their own salary, sacrificing smart woman.
• 7:23
  Speaker 3: The grants.
• 7:25
  Speaker 4: So not only did I receive twenty thousand for building regionally,
• 7:30
  Speaker 4: I also organized it at the time that they were
• 7:33
  Speaker 4: having the COVID grant where you could get twenty thousand
• 7:37
  Speaker 4: dollars for building, so that happened no stamp duty. And
• 7:41
  Speaker 4: then also the five percent deposit that I only needed
• 7:45
  Speaker 4: to put in five percent.
• 7:47
  Speaker 3: Oh my gosh, so how did you also tell us
• 7:50
  Speaker 3: the deeds? I need to know. How did you save
• 7:52
  Speaker 3: the five percent? Yeah?
• 7:54
  Speaker 4: So it was really all in the First Home Super Saver,
• 7:58
  Speaker 4: So I think I took out thirty thousand, but then
• 8:02
  Speaker 4: after tax it became around twenty four or twenty six thousand,
• 8:06
  Speaker 4: I can't remember exactly. So that was pretty much enough
• 8:09
  Speaker 4: for my deposit, and I think I had on top
• 8:11
  Speaker 4: of that a ten grand leeway as well.
• 8:14
  Speaker 3: Oh awesome, and more pervy details. Please, I do apologize,
• 8:19
  Speaker 3: but I know everybody is desperate to know how much
• 8:23
  Speaker 3: did your property cost and what type of mortgage you
• 8:26
  Speaker 3: sitting on? Now I have this, Oh my gosh, do
• 8:28
  Speaker 3: you actually have it already? As of course, she looks
• 8:32
  Speaker 3: like she's one of those people that would be super
• 8:34
  Speaker 3: prepared for everything. I love it.
• 8:36
  Speaker 4: So I built my house for four hundred and fifteen
• 8:40
  Speaker 4: thousand dollars.
• 8:41
  Speaker 3: Oh cool.
• 8:42
  Speaker 4: Yeah, it was a really cheap It's a four bedroom.
• 8:45
  Speaker 4: But the area is an it's a new growing area,
• 8:51
  Speaker 4: so not many houses around, so the land.
• 8:53
  Speaker 3: Was pretty cheap. That's okay.
• 8:54
  Speaker 4: Yeah, And it finished in November twenty twenty one. If
• 8:59
  Speaker 4: you count the flooring and fencing and landscaping that I
• 9:02
  Speaker 4: did on my own, i'd probably say I spent all
• 9:04
  Speaker 4: up four hundred and twenty five thousand.
• 9:06
  Speaker 2: That's horenible. That is such a good price for a
• 9:10
  Speaker 2: property that.
• 9:10
  Speaker 3: Is really a peag deal.
• 9:12
  Speaker 4: And this was paused just in July twenty twenty, so
• 9:14
  Speaker 4: I think it was when people weren't really buying anything
• 9:18
  Speaker 4: yet and the market hadn't kind of risen. And my
• 9:23
  Speaker 4: mortgage currently is three hundred and ninety eight thousand, but
• 9:27
  Speaker 4: I'm about to take out some equity.
• 9:30
  Speaker 3: Very cool. Oh my gosh, you sound like a hustler.
• 9:34
  Speaker 3: I love this. And the reason I ask all these
• 9:37
  Speaker 3: questions is because I think a lot of people make
• 9:39
  Speaker 3: these grand assumptions and I'm sure you would get this
• 9:42
  Speaker 3: as well, like, oh my gosh, well she's twenty five
• 9:45
  Speaker 3: and has a property. Therefore her parents must have just
• 9:47
  Speaker 3: guaranteed that and like bankralled it. And so I really
• 9:50
  Speaker 3: like knowing those pervy details because property feels so far
• 9:54
  Speaker 3: off for so many of us, but we really need
• 9:56
  Speaker 3: to see it nowadays as stepping stones, like you're not. Unfortunately,
• 10:00
  Speaker 3: I'm sorry to you know, burst the bubble for anyone listening.
• 10:03
  Speaker 3: But you're not going to get into your family home first,
• 10:06
  Speaker 3: Like I remember talking to my dad about his first
• 10:09
  Speaker 3: property and how cheap it was and what they bought
• 10:11
  Speaker 3: it for and what the mortgage on it was, and
• 10:14
  Speaker 3: that it was basically a family home, like it bought
• 10:17
  Speaker 3: this big, three bedroom place with two laundrooms and it
• 10:19
  Speaker 3: was stunning. And I'm looking at it, going Dad, like,
• 10:23
  Speaker 3: no one can afford that nowadays, Like that's not the expectation.
• 10:26
  Speaker 3: Can you tell us a little bit, you know, I'm
• 10:28
  Speaker 3: going a bit rogue at the moment, But did you
• 10:30
  Speaker 3: purchase that with the intention of leasing it out the
• 10:33
  Speaker 3: whole time or were you planning on moving it in
• 10:35
  Speaker 3: or was it always Okay, I'm going to get an
• 10:37
  Speaker 3: investment property, and then I'll get another one, and at
• 10:40
  Speaker 3: one point in the future maybe you'll buy a family home.
• 10:42
  Speaker 3: Like what's the strategy in your head when it comes
• 10:45
  Speaker 3: to property.
• 10:45
  Speaker 4: So I always went into it with the intention it
• 10:48
  Speaker 4: would be an investment. I didn't plan on living in
• 10:50
  Speaker 4: Geelong forever because I love Melbourne. So it was just
• 10:54
  Speaker 4: the forty five thousand that really I was attracted to,
• 10:59
  Speaker 4: and I got paid that in cash. So I literally
• 11:02
  Speaker 4: had forty five thousand in the bank after buying a property.
• 11:06
  Speaker 4: So I think a boyage intended to rent it out,
• 11:10
  Speaker 4: and you know, we've been fixing it and living there
• 11:12
  Speaker 4: and styling it and making it look nice, so then
• 11:14
  Speaker 4: we can rent it out at the end of the
• 11:16
  Speaker 4: year because we have received all the grants, I do
• 11:19
  Speaker 4: need to live there for the year before it can
• 11:21
  Speaker 4: become a rental.
• 11:22
  Speaker 3: Yeah, and that's totally okay, and that makes sense. And
• 11:25
  Speaker 3: I actually think that a lot of people don't consider
• 11:28
  Speaker 3: the tax benefits associated with doing that either. Like, if
• 11:32
  Speaker 3: you make a property a primary residence to begin with,
• 11:35
  Speaker 3: there is every possibility that you're not going to have
• 11:38
  Speaker 3: to pay capital gains tax on that property for the
• 11:41
  Speaker 3: next seven years. If you purchase it and then you know,
• 11:44
  Speaker 3: decide to sell it for some reason, which is very
• 11:47
  Speaker 3: sexy if you ask me, because I'm making a grand
• 11:50
  Speaker 3: assumption money diarist, that that property is already worth more
• 11:53
  Speaker 3: than what you paid for it. Is that a fair
• 11:55
  Speaker 3: assumption to make, given you disclosed the location to me
• 11:59
  Speaker 3: and I know what and Geelong is looking like at
• 12:01
  Speaker 3: the moment.
• 12:02
  Speaker 4: That is a fair assumption to make, Victoria. So it
• 12:05
  Speaker 4: was just valued by the bank, which usually they're quite
• 12:09
  Speaker 4: low in their valuations. At five hundred and seventy five thousand, Wow.
• 12:15
  Speaker 3: You're basically making money and you haven't even lived very year,
• 12:19
  Speaker 3: which she doesn't even need to lease it out for
• 12:21
  Speaker 3: that to be a good investment.
• 12:22
  Speaker 2: Jess. Yeah, that's incredible. Just goes to show what the
• 12:25
  Speaker 2: market has done over the last couple of years, doesn't
• 12:27
  Speaker 2: it so wild?
• 12:29
  Speaker 3: Oh my gosh, I'm so proud of you. And then,
• 12:31
  Speaker 3: oh my gosh, the property with your partner. Tell us
• 12:34
  Speaker 3: a little bit. How did that happen? How did you
• 12:36
  Speaker 3: save for that one? Did you use equity? Please just
• 12:38
  Speaker 3: give us the pervy details.
• 12:40
  Speaker 4: So the equity for this property, we're stealing the process
• 12:44
  Speaker 4: of getting it out, so I think it's coming in
• 12:46
  Speaker 4: my bank tomorrow sixty thousand. But with the Adelaine property,
• 12:50
  Speaker 4: I use the forty five thousand I received from the
• 12:52
  Speaker 4: grants to purchase that one, and he used the same.
• 12:56
  Speaker 4: So we both combined the grants we had received. He
• 12:59
  Speaker 4: received life and me because he's property was more expensive
• 13:03
  Speaker 4: than mine. And yeah, we combine that and we used
• 13:06
  Speaker 4: it to purchase the property in Adelaide.
• 13:08
  Speaker 3: My gosh, yes, they're rich millennial. I love it. It
• 13:13
  Speaker 3: makes me so happy to have these conversations with people
• 13:16
  Speaker 3: that are like No, I saved up and I learned
• 13:18
  Speaker 3: about the grants, and I worked out how this was
• 13:20
  Speaker 3: going to work for me and work for my situation, because,
• 13:23
  Speaker 3: as I said before, I think a lot of us
• 13:25
  Speaker 3: just make the grand assumption that property is unachievable and
• 13:28
  Speaker 3: it's not going to happen, or we need a parent
• 13:30
  Speaker 3: or a guaranty to make these things happen, and it's
• 13:32
  Speaker 3: just not the reality. Like, we just need to put
• 13:34
  Speaker 3: our heads down, and sometimes this is going to sound
• 13:37
  Speaker 3: a little bit mean, sometimes really lower our expectations to
• 13:41
  Speaker 3: what we can actually afford and view it as that
• 13:44
  Speaker 3: stepping stone home as opposed to your future family home.
• 13:48
  Speaker 3: That you see you having three kids and a dog,
• 13:50
  Speaker 3: in which you know what we all want that I
• 13:53
  Speaker 3: get it. Next question and we know the answer to
• 13:56
  Speaker 3: this when it comes to mortgages, but do you have
• 13:59
  Speaker 3: any debts?
• 14:00
  Speaker 4: Yes, so two mortgages at the moment, and then we'll
• 14:04
  Speaker 4: have the third. That's the equity that I'm releasing, so
• 14:07
  Speaker 4: that will be in the form of the mortgage as well.
• 14:09
  Speaker 3: How exciting. Yeah, it's not bad debt though, none of
• 14:12
  Speaker 3: your debts are bad debt because they're all creating wealth
• 14:15
  Speaker 3: for you, which is very, very exciting. The next question
• 14:18
  Speaker 3: to pivot away from debt and to pivot away from
• 14:21
  Speaker 3: property to one of my favorite topics. Do you shop back?
• 14:26
  Speaker 4: I haven't downloaded on my phone. I know the Money
• 14:28
  Speaker 4: Diarist recently said that as well, but I just I'd
• 14:32
  Speaker 4: never shop to be honest.
• 14:33
  Speaker 3: Who is she?
• 14:35
  Speaker 2: She's spending money on houses.
• 14:38
  Speaker 3: That's why I couldn't afford a house at twenty five,
• 14:41
  Speaker 3: because I absolutely was shopping online and she's like, I'm sorry,
• 14:44
  Speaker 3: you're crazy, Victoria.
• 14:46
  Speaker 4: So my partner works at a head office where he
• 14:50
  Speaker 4: gets fifty percent off their clothing, So I shop there sometimes, yes,
• 14:54
  Speaker 4: but please mainly op shopping. So everything I wear is
• 14:57
  Speaker 4: pretty much from an upshop.
• 14:58
  Speaker 3: Oh my god, I.
• 14:59
  Speaker 2: Love and no one can see you, but you look
• 15:01
  Speaker 2: very cute.
• 15:03
  Speaker 3: Thank you. No, she's very chic. I would never have
• 15:05
  Speaker 3: guessed give us your hold on. No, no, no, I
• 15:08
  Speaker 3: was gonna ask you for your best op shopping tips.
• 15:10
  Speaker 3: But we'll do that after the break because Jess is
• 15:11
  Speaker 3: looking at me like Victoria's still going rogue. Next question
• 15:15
  Speaker 3: is what is your best money habit? Please share it
• 15:18
  Speaker 3: with us. I feel like we can learn a lot.
• 15:20
  Speaker 4: So I think opshopping is probably my best money habit.
• 15:23
  Speaker 4: So everything I own, like I said, it's from an
• 15:26
  Speaker 4: opshop and just being really frugal and saving where.
• 15:30
  Speaker 3: I can genius. I love it to bring it down
• 15:34
  Speaker 3: a notch a little bit, to make this money dry
• 15:37
  Speaker 3: slightly more relatable because I think everyone's looking at you going,
• 15:40
  Speaker 3: she's genius, she's perfect. What's your worst money habit?
• 15:44
  Speaker 4: So there's actually two one of them. I'm terrible with
• 15:47
  Speaker 4: budgeting and I'm no, you're.
• 15:49
  Speaker 3: Not not believing that I don't bought a house.
• 15:55
  Speaker 4: At the moment. I can't save anything, so I haven't
• 15:58
  Speaker 4: really reevaluated what's coming in and what's going out and
• 16:02
  Speaker 4: that's something I need to do like right.
• 16:04
  Speaker 3: Now, and yeah, okay, yeah.
• 16:07
  Speaker 4: So that's one. And then my partner is also my
• 16:11
  Speaker 4: worst money habit because he encourages takeaway all the time
• 16:16
  Speaker 4: and it's terrible. He'll be like, don't you feel like
• 16:20
  Speaker 4: getting dominates tonight? And it's like, not really, but you'll
• 16:24
  Speaker 4: talk me into it somehow.
• 16:26
  Speaker 3: Oh my gosh, a man after my own heart. I
• 16:29
  Speaker 3: can always be talked in to Takeaway. It's really really bad.
• 16:34
  Speaker 3: Next money question and final one before we go to
• 16:36
  Speaker 3: a quick break. If we asked you to give yourself
• 16:39
  Speaker 3: a grade when it comes to your money habits, what
• 16:41
  Speaker 3: would you grade yourself?
• 16:44
  Speaker 4: I would say an A, because even though I'm not
• 16:47
  Speaker 4: the best at saving and budgeting, I'm constantly thinking about
• 16:51
  Speaker 4: ways to improve investments and just talking about money and
• 16:55
  Speaker 4: listening to the podcast. So I think my money attitude
• 17:00
  Speaker 4: is really positive and that's made me get an A
• 17:02
  Speaker 4: just by just constantly finding out what grants are out
• 17:07
  Speaker 4: there and how I can get ahead.
• 17:08
  Speaker 3: I love that. All right, let's go to a quick break.
• 17:11
  Speaker 3: I want to know all about op shopping right after this.
• 17:14
  Speaker 3: All right, we are back money direst you mentioned before
• 17:17
  Speaker 3: that you are really good at op shopping and you
• 17:20
  Speaker 3: look incredibly chee. So I want you to give us
• 17:22
  Speaker 3: your top tips for finding good quality, awesome items at
• 17:27
  Speaker 3: op shops, because I feel like sometimes when I go
• 17:30
  Speaker 3: op shopping, I'm like there's nothing here that I like
• 17:32
  Speaker 3: or there's nothing appropriate, Like there's some cute stuff that
• 17:34
  Speaker 3: I want, but it's not you know, what I need
• 17:37
  Speaker 3: for work. So tell me how you approach this and
• 17:40
  Speaker 3: how everybody else in our community should be as well.
• 17:42
  Speaker 4: Yes, so I only opshop at one. It's called Savers.
• 17:47
  Speaker 3: If you've had Yes, my mum is the biggest fan
• 17:51
  Speaker 3: of Savers in the entire universe, and I'm pretty sure
• 17:55
  Speaker 3: her entire world shattered when the one closest to her
• 17:58
  Speaker 3: house shut.
• 17:59
  Speaker 4: Yeah, which I think I know about that.
• 18:01
  Speaker 3: It was the one in Frankston. Yeah, okay, Yeah, the
• 18:04
  Speaker 3: one in Frankston closed and she was not happy about
• 18:07
  Speaker 3: it because Mum and Dad, you know, just to get
• 18:10
  Speaker 3: a little bit pervy on the podcast Live on the
• 18:12
  Speaker 3: Morning to Peninsula and she'd have to drive up to that.
• 18:14
  Speaker 3: Now if she wants to go to a Saver, she
• 18:16
  Speaker 3: has to drive even further.
• 18:19
  Speaker 4: Yeah, Well, personally, I go to the Brunswick Lan that's
• 18:22
  Speaker 4: like the closest to me, I suppose, And I find
• 18:25
  Speaker 4: that their clothes are really good, and I think it's
• 18:28
  Speaker 4: quantity over quality. So they just have so many clothes
• 18:31
  Speaker 4: in there, You're bound to find something that you like.
• 18:34
  Speaker 4: And I always find, you know, pretty little thing and
• 18:38
  Speaker 4: she for some reason, everyone just takes their clothes there.
• 18:41
  Speaker 4: So I've just been really lucky going there and finding
• 18:44
  Speaker 4: things that are actually in fashion as well.
• 18:46
  Speaker 3: Oh my gosh, that is so good. And to add
• 18:49
  Speaker 3: my own I guess little tip to this and maybe
• 18:51
  Speaker 3: money doors you will agree with this, But I feel
• 18:55
  Speaker 3: like op shopping isn't something that you can just pop into,
• 18:58
  Speaker 3: like you actually have to go and have a look
• 19:00
  Speaker 3: through all the items. Like you can't just like pop
• 19:03
  Speaker 3: into the shop, have a quick brow, see nothing, walk
• 19:05
  Speaker 3: straight out, like you actually have to sift through all
• 19:07
  Speaker 3: of the clothes and see if anything really takes your
• 19:09
  Speaker 3: fancy and try things on. Like it's not like a
• 19:12
  Speaker 3: five minute pop into the shop's kind of adventure, is it? No?
• 19:15
  Speaker 4: And I'm even more frugal in that I go when
• 19:18
  Speaker 4: it's fifty percent off, like.
• 19:20
  Speaker 3: Oh, she's family is me for it?
• 19:23
  Speaker 4: I'm like, what is wrong with you. They're already cheap,
• 19:26
  Speaker 4: and you're going when they're fifty percent off. But Savers
• 19:28
  Speaker 4: have regular days where it's fifty percent off. We just
• 19:31
  Speaker 4: missed it on the Tuesday that passed.
• 19:32
  Speaker 3: I couldn't go.
• 19:34
  Speaker 4: But yeah, and I feel like a professional sifting through
• 19:37
  Speaker 4: every single aisle because I know that I might miss
• 19:40
  Speaker 4: something if I don't go through every aisle. So you
• 19:42
  Speaker 4: literally have to spend hours there going through every bit
• 19:45
  Speaker 4: of clothing.
• 19:46
  Speaker 3: Oh my gosh, she's committed, but she's chic and she's
• 19:49
  Speaker 3: very very cute guys, so it is absolutely worth checking
• 19:52
  Speaker 3: out Savers. I this isn't sponsored by Savers either. We're
• 19:56
  Speaker 3: just fucking passionate about this store.
• 19:58
  Speaker 2: Speaking of I want to talk a little bit because,
• 20:02
  Speaker 2: like I said, I'm going through this process right now.
• 20:04
  Speaker 2: You said you made the most of like every government
• 20:07
  Speaker 2: grant that is out there, and the timing for you
• 20:09
  Speaker 2: things like was really well aligned. Did you do all
• 20:12
  Speaker 2: the research for that by yourself or did you go
• 20:14
  Speaker 2: through a broker who helped you access and figure out
• 20:17
  Speaker 2: which of those you were eligible for.
• 20:19
  Speaker 4: That's a great question. So she's on the money. Obviously,
• 20:21
  Speaker 4: had so much content out there at the time as well,
• 20:24
  Speaker 4: and just doing my own research. To be honest, I
• 20:28
  Speaker 4: spoke to I think five brokers, and most of them
• 20:32
  Speaker 4: had no idea what I was talking about. I've had
• 20:35
  Speaker 4: a lot of bad experiences with brokers, like most recently
• 20:38
  Speaker 4: with the Adelaide property. We wanted to pay five percent
• 20:40
  Speaker 4: deposit because I'm a lawyer now, but there was a
• 20:45
  Speaker 4: mix up and they still made us pay ten percent.
• 20:48
  Speaker 4: Oh so yeah, I have had bad experiences with them.
• 20:53
  Speaker 4: But yeah, I had a few brokers tell me you
• 20:55
  Speaker 4: can't do this on your own. A few of them said,
• 20:59
  Speaker 4: you know, you'll need your partner to help out, and
• 21:00
  Speaker 4: I said, no, I really just want to do it myself.
• 21:03
  Speaker 4: So yeah, the research was really just done by me only.
• 21:07
  Speaker 3: I actually hate that so much. It makes me so angry.
• 21:12
  Speaker 3: And I'm probably even more triggered by this conversation because
• 21:15
  Speaker 3: I literally was speaking to Jess about this yesterday. Jess,
• 21:18
  Speaker 3: what did the brokers say to you yesterday that you
• 21:21
  Speaker 3: were working with?
• 21:22
  Speaker 2: Yeah, look, it was not he didn't mean to be rude.
• 21:26
  Speaker 2: I think it's just definitely an example of people being
• 21:29
  Speaker 2: ignorant of the impact that their words have. But I
• 21:31
  Speaker 2: got some not so great use in my little property
• 21:34
  Speaker 2: journey at the moment, and the broker couldn't get me
• 21:35
  Speaker 2: what I was asking for, which is fine, but he
• 21:38
  Speaker 2: did make the comment of maybe it's time to get
• 21:40
  Speaker 2: a partner haha, and I was like, my dude, I
• 21:43
  Speaker 2: already have one. That's not the point, Like, I don't
• 21:45
  Speaker 2: want to leverage a partner. I want to do it
• 21:47
  Speaker 2: by myself. And you can do it. I can do it.
• 21:50
  Speaker 2: Any female out there can do it. It's just really
• 21:52
  Speaker 2: frustrating when we have to beat our head against those stereotypes.
• 21:56
  Speaker 2: And I think you're right. I've spoken to a couple
• 21:58
  Speaker 2: of brokers in my journey so far, and we talk
• 22:01
  Speaker 2: about them all the time. A good broker is worth
• 22:03
  Speaker 2: their weight in gold, but a bad broker can be
• 22:07
  Speaker 2: really painful to deal with, which is it's so hard
• 22:09
  Speaker 2: because how do you know? Right?
• 22:11
  Speaker 3: I just really want to disclaimed this guys, that Jess
• 22:14
  Speaker 3: went through a broker that one of her girlfriends used,
• 22:16
  Speaker 3: not a broker that she's on the money recommended, because
• 22:19
  Speaker 3: we obviously have a panel of brokers that I love
• 22:21
  Speaker 3: and adore that Jess is now going to speak to.
• 22:25
  Speaker 3: But you went through someone that was recommended, which totally
• 22:27
  Speaker 3: made sense because Jess, you're buying in an area that
• 22:29
  Speaker 3: one of your girlfriends has already bought, and so that
• 22:31
  Speaker 3: broker absolutely knew the area. It just didn't work out
• 22:34
  Speaker 3: for the best. And I think that that's why I'm
• 22:37
  Speaker 3: so passionate about it. Like I remember you setting it up, Jess,
• 22:40
  Speaker 3: and you're like, yep, I've got this broker. And I
• 22:41
  Speaker 3: was like, great, Like what's he like? Let me stalk him,
• 22:44
  Speaker 3: like I was an overprotective mother to you, and I
• 22:46
  Speaker 3: was like, tell me about him, what are his credentials,
• 22:49
  Speaker 3: what type of broking does he do? Show me his website?
• 22:51
  Speaker 3: And you were like, Petrea, I love my mother. And
• 22:53
  Speaker 3: I was like, okay, I get it. I'll step back.
• 22:55
  Speaker 3: I'm so sorry, but now it hasn't worked out so well.
• 22:58
  Speaker 3: I just know that I would hate anyone in now
• 23:00
  Speaker 3: she's on the money community to have that experience, because
• 23:02
  Speaker 3: we all deserve respect. And if you've said I want
• 23:04
  Speaker 3: to do this on my own, for someone to then
• 23:06
  Speaker 3: suggest maybe you should do it with someone else, it's like, well,
• 23:09
  Speaker 3: I came to you because I thought that you'd respect
• 23:11
  Speaker 3: where I was and help me and my personal situation,
• 23:14
  Speaker 3: not try and change my personal situation, so it's easier
• 23:18
  Speaker 3: for you, Like that's just to me, not on And
• 23:20
  Speaker 3: it really frustrates me because there are so many young
• 23:23
  Speaker 3: women who want to purchase on their own and who
• 23:25
  Speaker 3: have saved for so long and sacrificed so much that
• 23:28
  Speaker 3: it's just to kick in the guts when someone's like,
• 23:30
  Speaker 3: maybe you could consider buying with a partner. Yeah, no, Ondred, no,
• 23:35
  Speaker 3: get in your box.
• 23:36
  Speaker 2: And money jis when you did all of that research
• 23:38
  Speaker 2: by yourself, Like outside of the pod which you said
• 23:40
  Speaker 2: you listened to, which we obviously love, where were you
• 23:42
  Speaker 2: looking for that information to figure it out on your own?
• 23:45
  Speaker 3: Yeah.
• 23:45
  Speaker 4: So it's a combination of the money Smart website and
• 23:49
  Speaker 4: the atiro so, a lot of government websites explaining what
• 23:52
  Speaker 4: the first home super savor is and the new COVID
• 23:56
  Speaker 4: grant and just keeping up to date with those updates
• 23:59
  Speaker 4: and then all so a lot of Facebook groups and
• 24:01
  Speaker 4: communities as well. I would sometimes read the content that
• 24:04
  Speaker 4: they were posting and like search fkhss in the search
• 24:09
  Speaker 4: for the group, just so I can understand a bit
• 24:11
  Speaker 4: more about it.
• 24:12
  Speaker 2: Incredible And yeah, for anyone who is in a Facebook group,
• 24:14
  Speaker 2: particularly ours, if you're not there, come join us. But
• 24:17
  Speaker 2: the search bar is a great tool because if you
• 24:19
  Speaker 2: have a question, chances are somebody else has had that question.
• 24:22
  Speaker 2: So whether it's our group or somebody else's doing exactly
• 24:26
  Speaker 2: what you've done. Getting in there searching for keywords or questions,
• 24:29
  Speaker 2: you're probably going to turn up a wealth of knowledge.
• 24:32
  Speaker 3: And also just to shamelessly plug our other community that
• 24:35
  Speaker 3: I feel like is lesser well known but very relevant
• 24:38
  Speaker 3: in this conversation, our property playbook community ask property questions
• 24:43
  Speaker 3: all the time and are a wealth of knowledge and resources.
• 24:47
  Speaker 3: And there are actually a whole heap of brokers in
• 24:49
  Speaker 3: there who are answering questions and going, hey, I'm a
• 24:51
  Speaker 3: broke up not trying to get your business, but this
• 24:53
  Speaker 3: is how this works, which I adore and I feel
• 24:56
  Speaker 3: like is just so powerful because we're just trying to
• 24:58
  Speaker 3: help each other eve success. Like it just from my perspective,
• 25:02
  Speaker 3: makes sense.
• 25:03
  Speaker 2: My friends, you also said that you're looking to purchase
• 25:06
  Speaker 2: a car, which is super exciting, very fun. The car
• 25:09
  Speaker 2: market right now is hectic, Like I've seen a lot
• 25:13
  Speaker 2: of people talking about the fact that you know, depending
• 25:16
  Speaker 2: obviously on make and model and my legion, you know,
• 25:18
  Speaker 2: there's lots of nuance to it. But a lot of
• 25:20
  Speaker 2: people are finding that it's almost as expensive to buy
• 25:22
  Speaker 2: a secondan car as it is to buy a brand
• 25:25
  Speaker 2: new one. Have you done a lot of research, like
• 25:27
  Speaker 2: what's that looking like for you?
• 25:29
  Speaker 4: I have, And look, I'm not one hundred percent decided yet,
• 25:33
  Speaker 4: but I am leaning more towards buying a brand new car.
• 25:36
  Speaker 4: And that's a Volkswagen Polo, and they're about twenty five grand,
• 25:41
  Speaker 4: and then secondhand they're around twenty one twenty two grand,
• 25:45
  Speaker 4: So I'm just thinking I may as well just buy
• 25:47
  Speaker 4: a brand new one, have that five year warranty, try
• 25:50
  Speaker 4: and get a few thousand dollars off it. And I'm
• 25:53
  Speaker 4: also looking to trade in my current car, which is
• 25:55
  Speaker 4: also a Volkswagen, and although it's a convertible and the
• 25:58
  Speaker 4: roof doesn't even work and everything's kind of messed up,
• 26:01
  Speaker 4: I'm hoping I can at least get a few thousand
• 26:03
  Speaker 4: knocked off as well to make it twenty thousand, Whereas
• 26:06
  Speaker 4: privately I'm not getting anything for the car.
• 26:10
  Speaker 2: That's super smart And I think you're right, like I
• 26:12
  Speaker 2: think when you go, oh, for what is it five
• 26:15
  Speaker 2: thousand dollars? Yes, it's a lot of money, but in
• 26:17
  Speaker 2: the scheme of things also for the reliability and the warranty,
• 26:21
  Speaker 2: and you know, usually when you go to a dealership
• 26:23
  Speaker 2: you can negotiate some sick little extras, lack a tint
• 26:26
  Speaker 2: or you know, all these different bits and pieces that
• 26:29
  Speaker 2: they have the ability to throw in. Yeah, it's right now,
• 26:32
  Speaker 2: it almost feels like it might be more worth doing that,
• 26:34
  Speaker 2: dependent again on what people are looking at purchasing.
• 26:37
  Speaker 3: Yeah, I used to be so of the opinion secondhand cars,
• 26:40
  Speaker 3: and you guys know that I've even done an episode
• 26:42
  Speaker 3: on it. But the car market right now, just because
• 26:45
  Speaker 3: of supply and demand, means that the secondhand car market
• 26:48
  Speaker 3: is absolutely booming. And it's quite funny because my partner
• 26:52
  Speaker 3: has an older car and we've recently replaced it, and
• 26:55
  Speaker 3: the amount that we can sell his older car for
• 26:58
  Speaker 3: is insane, absolutely insane in comparison to what it would
• 27:03
  Speaker 3: have been worth three or four years ago. He's just
• 27:05
  Speaker 3: been like, look, it doesn't really matter. Like it's a
• 27:08
  Speaker 3: car that I'm driving around, it's worth next to nothing.
• 27:10
  Speaker 3: And we spoke to a mechanic because we got it
• 27:12
  Speaker 3: checked out before we put it up for sale, and
• 27:14
  Speaker 3: the mechanic was like, oh, yeah, you can sell it
• 27:16
  Speaker 3: for like X and we're like, what the hell, that's
• 27:18
  Speaker 3: like more than double what we anticipated to sell it for.
• 27:21
  Speaker 3: He was like, oh yeah, chuck it online. This one
• 27:23
  Speaker 3: will sell. It's a really good one. And because it's
• 27:25
  Speaker 3: got like LPG, it's obviously very cheap to run as well.
• 27:28
  Speaker 3: And we're like, ahh, maybe we should keep this. This
• 27:32
  Speaker 3: is a good car. So it's one of those things that, yeah,
• 27:36
  Speaker 3: I'm a bit of a rock in a hard place
• 27:38
  Speaker 3: when it comes to purchasing new, because I think my
• 27:41
  Speaker 3: apprehension when buying new is when you drive it off
• 27:44
  Speaker 3: that parking lot, it loses a lot of value. But
• 27:46
  Speaker 3: right now it's not nearly losing nearly as much as
• 27:48
  Speaker 3: what it used to do.
• 27:49
  Speaker 2: Well, do you remember someone posted in a sheet on
• 27:51
  Speaker 2: Loney Community. It was a little while back now, but
• 27:53
  Speaker 2: they purchased a car. I can't remember how long it was,
• 27:56
  Speaker 2: I want to say between five and ten years ago,
• 27:58
  Speaker 2: and they sold it for a profit now, which.
• 28:01
  Speaker 3: I remember that that was saying.
• 28:03
  Speaker 2: Almost one hundred thousand kilometers on it. They made a
• 28:06
  Speaker 2: proper on it. So it just goes to show, doesn't It.
• 28:08
  Speaker 3: Just got to be smart. You've got to do your
• 28:10
  Speaker 3: research and make sure that you're making the best decision
• 28:12
  Speaker 3: for you, not just the decision that you think is
• 28:14
  Speaker 3: the most fun or the easiest.
• 28:17
  Speaker 2: Yeah, the last question I have before we head off
• 28:19
  Speaker 2: thee unless you have anything else, is you mentioned money
• 28:22
  Speaker 2: diarist you want to move to Melbourne from Geelong, which
• 28:25
  Speaker 2: obviously is a bit of a huge meal with us
• 28:27
  Speaker 2: for anyone who's not familiar. It's probably about an hour
• 28:30
  Speaker 2: hour and a half kind of distance wise, but costing
• 28:34
  Speaker 2: in Melbourne versus Gilong is very different. You guys are
• 28:37
  Speaker 2: planning on buying, how do you feel like it's going
• 28:40
  Speaker 2: to go Because I think even just the cost of living,
• 28:42
  Speaker 2: I've noticed as someone who grew up well outside of Melbourne,
• 28:46
  Speaker 2: it's just more expensive to be here in general. So
• 28:50
  Speaker 2: how have you thought about that in terms of your budgeting?
• 28:52
  Speaker 2: Like what are you doing to prepare? And then also
• 28:55
  Speaker 2: I guess with your purchase, how's that all going to
• 28:58
  Speaker 2: work out for you?
• 28:59
  Speaker 4: Yes, So hopefully by the time we're ready to move
• 29:02
  Speaker 4: back to Melbourne at the end of this year, prices
• 29:05
  Speaker 4: have kind of stabilized. I don't know if that's going
• 29:07
  Speaker 4: to happen. We can't predict and then all three of
• 29:10
  Speaker 4: our properties will be rented out, so we'll be receiving
• 29:13
  Speaker 4: that income. If we need to rent for a period
• 29:15
  Speaker 4: of time, that's fine, We're happy to.
• 29:17
  Speaker 3: Do that as well.
• 29:18
  Speaker 4: And then yeah, hopefully with the equity we've taken out,
• 29:22
  Speaker 4: we can use that to purchase a new home.
• 29:24
  Speaker 3: Hopefully.
• 29:25
  Speaker 4: I just need to spend the five percent deposit this
• 29:27
  Speaker 4: time because I'm a lawyer, and yeah, just living day
• 29:31
  Speaker 4: to day, I hope that the investments will be generating
• 29:35
  Speaker 4: some income so we're at least not having to worry
• 29:37
  Speaker 4: about those mortgages. And then it's just you know, starting
• 29:40
  Speaker 4: from scratch and having just the mortgage of the property
• 29:43
  Speaker 4: we're living in because right now with the Adelaide property,
• 29:46
  Speaker 4: it's being rented out and we're paying about one hundred
• 29:49
  Speaker 4: dollars each per month, so then it's being paid off,
• 29:53
  Speaker 4: so it's pretty much paying itself of and then our
• 29:56
  Speaker 4: properties in Julong will definitely be paying off mortgage and
• 30:00
  Speaker 4: we won't have to worry about that either.
• 30:02
  Speaker 2: Yeah. Incredible. Actually, no, one more question, sorry, I laid.
• 30:05
  Speaker 2: Do you guys handle your the management of your investments
• 30:08
  Speaker 2: yourself or do you lease that out to a business.
• 30:11
  Speaker 4: In terms of the financial side of things, my partner's
• 30:14
  Speaker 4: actually an accountant, so that really helps.
• 30:17
  Speaker 3: Of course, we've got a lawyer and an accountant together,
• 30:19
  Speaker 3: they're gonna take over the world.
• 30:21
  Speaker 4: I love that he's still studying so but he is
• 30:25
  Speaker 4: working as an accountant, so that's really good. And we
• 30:30
  Speaker 4: are getting real estate agents to manage the property, especially
• 30:33
  Speaker 4: the one in Adelaide. We just went with the agent
• 30:36
  Speaker 4: that sold the property to us, and in Geelong we'll
• 30:40
  Speaker 4: just go with an agent that we've been speaking to
• 30:42
  Speaker 4: about evaluation at the moment, incredible, very Coorey.
• 30:47
  Speaker 3: Thank you for being so open with us and sharing
• 30:49
  Speaker 3: so much of your story. I feel like I've learned
• 30:52
  Speaker 3: a lot at the same time as just listening on
• 30:54
  Speaker 3: in or like you are so impressive for twenty five
• 30:57
  Speaker 3: Like what.
• 30:58
  Speaker 2: Yeah, I'm so envious. You've done incredible things.
• 31:02
  Speaker 4: Thank you so much.
• 31:04
  Speaker 3: Oh my gosh, you are a wizard. But as always,
• 31:07
  Speaker 3: I do think that that is all we have time
• 31:09
  Speaker 3: for today. Just before we head off, we'd like to
• 31:11
  Speaker 3: acknowledge and pay respect to Australia's Aboriginal and Torres Strait
• 31:15
  Speaker 3: islander peoples. They're the traditional cust audience of the lands
• 31:19
  Speaker 3: the waterways and the skies all across Australia. We thank
• 31:22
  Speaker 3: you for sharing and for caring for the land on
• 31:24
  Speaker 3: which we are able to learn. We pay respects to
• 31:27
  Speaker 3: elders past and present, and we share our friendship and
• 31:30
  Speaker 3: our kindness.
• 31:31
  Speaker 2: And remember the advice shared on She's on the Money
• 31:33
  Speaker 2: is generally nature and does not consider your individual circumstances.
• 31:36
  Speaker 2: She's on the money existecurely for educational purposes and should
• 31:40
  Speaker 2: not be relied upon to make an investment or a
• 31:42
  Speaker 2: financial decision, And we promise Victoria Divine is an authorized
• 31:45
  Speaker 2: representative of Infocused Securities Australia Proprietary Limited ABN four seven
• 31:50
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• 31:53
  Speaker 2: two three six five two three.
• 31:54
  Speaker 3: See you next week.
• 31:55
  Speaker 2: Guys, didn't a