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The $60k Debt Wake-Up Call That Changed Everything · 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 youan
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  Speaker 1: Ganya Niana, kaka ya ya bin ahaka nian ar gay
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  Speaker 1: In Nimbina, yakarum jar dominyamiga Umagahawakaman damon imlan Wima bang
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  Speaker 1: gadabomba in and now in wakah ghana on yakraum jar Watnadaa. Hello,
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  Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
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  Speaker 1: We thank acknowledge and respect the Aberiginal people's land that
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  Speaker 1: we're gathering on today. Take pleasure in all the land
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  Speaker 1: and respect all that you see. She's on the Money
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  Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,
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  Speaker 1: 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. Hello, and welcome to She's on
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  Speaker 3: the Money, the podcast of les you be pervy about
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  Speaker 3: other people's money habits for educational purposes, of course, welcome
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  Speaker 3: back to another one of our money diaries, brought to
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  Speaker 3: you by sky Wealth, where we get to talk with
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  Speaker 3: one of our incredible She's on the Money community members
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  Speaker 3: all about their journey. Let's jump straight into it, because
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  Speaker 3: this week I got an email and it sounded exactly
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  Speaker 3: like this, dear, she's on the money. I went from
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  Speaker 3: zero financial literacy and around sixty thousand dollars of personal
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  Speaker 3: debt to a complete money makeover and getting my life together.
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  Speaker 3: I paid off all of my debt, built a healthy
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  Speaker 3: emergency fund, and started investing. I even moved to a
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  Speaker 3: rural location to meet my money goals. I thought I
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  Speaker 3: had everything sorted and was excited for a long and
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  Speaker 3: financially comfortable maternity leave until my baby's unexpected metas costs
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  Speaker 3: completely decimated my savings and emergency funds. I had to pivot,
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  Speaker 3: but I am currently clawing my way back to getting
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  Speaker 3: our finances under control again. Money Diarist, Hello, that sounds
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  Speaker 3: elite but also just so stressful. Are you okay? Is
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  Speaker 3: baby okay?
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  Speaker 2: She is now. She's doing amazing now. But it was
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  Speaker 2: a scary twelve months, that's for sure. But yeah, it's
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  Speaker 2: been a whirlwind. But yeah, hearing it back, it sounds
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  Speaker 2: like a lot.
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  Speaker 3: Yeah, it sounds iconic. Sorry, and I know that you're like, oh, like,
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  Speaker 3: I've had to pivot, currently clawing my way back and
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  Speaker 3: that's exactly how it feels. But like you had the
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  Speaker 3: emergency fund and the savings to get you through that,
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  Speaker 3: and that's what they're for. As much as we don't
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  Speaker 3: like having to rebuild because we feel like, oh my goodness,
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  Speaker 3: I'm starting from scratch, but like that's that's the point,
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  Speaker 3: Like that's what they're for. You didn't go into debt,
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  Speaker 3: and that's so exciting.
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  Speaker 2: I know, it is such a privilege to have had
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  Speaker 2: that there so that I could look after her in
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  Speaker 2: the best way possible and give her the best up life.
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  Speaker 2: So yeah, I'm just very very thankful that I had
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  Speaker 2: an emergency fund.
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  Speaker 3: All right, So let's dive into it a little bit
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  Speaker 3: more Before I get to ask you about your money story.
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  Speaker 3: I want to know what grade would you give your
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  Speaker 3: money habits from A through to AIRF if I asked
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  Speaker 3: you to give them a grade.
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  Speaker 2: I'm going to go with a B, which feels very safe.
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  Speaker 2: But I'm starting from an absolute f. Okay.
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  Speaker 3: I mean I could see that when you said I'm
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  Speaker 3: from zero financial literacy and had sixty thousand dollars worth
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  Speaker 3: of personal debt, which I can't wait to get into.
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  Speaker 3: Like I love the nitty gritty of where people have
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  Speaker 3: come but like, I can see why you feel that.
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  Speaker 3: I can see why you feel that, and I do
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  Speaker 3: feel like b is safe. But we're going to learn
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  Speaker 3: a little bit more about it. So my favorite question
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  Speaker 3: in the entire world, money diarist, Can you tell me
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  Speaker 3: a little bit more about your money story?
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  Speaker 2: Sure? So, I guess we'll start with my childhood. My
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  Speaker 2: parents didn't come from money. They would have come from
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  Speaker 2: very firmly working class families, but they worked really hard
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  Speaker 2: and ensured that when I was growing up we were
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  Speaker 2: in a very comfortable, middle class family. I had somewhat
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  Speaker 2: of a sense that money might be tight, but we
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  Speaker 2: were never stressed about money. My parents made us feel comfortable.
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  Speaker 2: They sent us to good schools, and you know, we
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  Speaker 2: didn't have a fancy house or anything. But if there
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  Speaker 2: was ever anything we wanted in terms of hobbies or interests,
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  Speaker 2: they would make that work. Like, for example, I was
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  Speaker 2: an elite athlete growing up, and I know now as
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  Speaker 2: an adult that would have been a huge cost to
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  Speaker 2: go through training and travel around Australia to compete. But
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  Speaker 2: they never once made that feel like a financial burden.
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  Speaker 2: So they were amazing in that aspect.
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  Speaker 3: And you literally never know, like when you're a kid,
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  Speaker 3: you're like, oh, I'll go to training or do x YZ.
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  Speaker 3: You just you've got no idea. And also, sorry, your
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  Speaker 3: parents must love you so much because that's such a
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  Speaker 3: sacrifice in terms of time, not just money, like you
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  Speaker 3: can throw money at stuff like that, but like, sorry,
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  Speaker 3: you're a teenager. I'm assuming at this point the fact
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  Speaker 3: that they probably had to go to every training. You're
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  Speaker 3: not driving yourself there.
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  Speaker 2: They did, though, five o'clock starts at the pool were
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  Speaker 2: a lot, but yet they were amazing. And my childhood
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  Speaker 2: was a bit different in the fact as well that
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  Speaker 2: my mum took on the breadwinner role in my family
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  Speaker 2: and my dad took on those more traditional caregiving roles.
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  Speaker 2: So I was always modeled really strong female leadership and yeah,
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  Speaker 2: my mum's pretty amazing. So that was really cool growing
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  Speaker 2: up that way, which was very different from my friends
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  Speaker 2: who all had just a very different family set up.
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  Speaker 2: But yeah, so we never went without. But my parents
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  Speaker 2: were also very traditional in the fact we didn't talk
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  Speaker 2: about money. They didn't teach us anything about finances. So
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  Speaker 2: when I became an adult and went to UNI and
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  Speaker 2: started working casually as UNI students do. I had no
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  Speaker 2: idea what to do with money, and I spent every
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  Speaker 2: single cent I earned and lived paycheck to paycheck, which
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  Speaker 2: was same quitely fun like I had a great time.
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  Speaker 3: Yeah, same, but it I guess.
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  Speaker 2: I always had the sense that I wasn't earning enough
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  Speaker 2: to save, so what was the point. I think I
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  Speaker 2: was very all or nothing, Like if I can't put
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  Speaker 2: five hundred dollars away this week, why would I bother? Yeah?
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  Speaker 2: So I didn't learn anything. And I always thought when
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  Speaker 2: I started my career and earned more, I would save more.
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  Speaker 2: But as I learned that saving doesn't just magically happen
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  Speaker 2: suddenly because you grow up something you actually have to learn,
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  Speaker 2: which I didn't know at the time. So when I
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  Speaker 2: started working full time, I just spent all that money too.
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  Speaker 2: And I think I was a very typical post a
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  Speaker 2: child of lifestyle creep. I just bought more things, I
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  Speaker 2: went out more. I very much fell into that statistic
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  Speaker 2: that you talk about that most Australians don't have access
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  Speaker 2: to five hundred dollars, And despite having an okay wage,
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  Speaker 2: there was no way I would ever have access to
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  Speaker 2: five hundred dollars just at the job of a hat.
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  Speaker 2: So that's just how I lived paycheck to paycheck with
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  Speaker 2: no savings.
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  Speaker 3: I feel like that's so relatable, literally just to me,
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  Speaker 3: because that's what I did. I feel like I had
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  Speaker 3: this idea that when you become an adult, your shit
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  Speaker 3: gets together, right, I just know, yeah, well yeah, yeah, yeah,
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  Speaker 3: Like I won't have any day. It would be fine.
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  Speaker 3: I'm probably gonna like find Prince Charmie, we're getting married. Well,
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  Speaker 3: just buy a house somehow. It's all going to work
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  Speaker 3: out because a big girl's salary, like your full time salary,
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  Speaker 3: it's going to be heaps of money. That'll be fine.
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  Speaker 2: And it was for my impulse spending and shopping and
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  Speaker 2: convenient time. It was great. It's fantastic. But my husband
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  Speaker 2: is much the same. Unfortunately, he's pretty textbook ADHD and
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  Speaker 2: he's very spendy. So we had a great time together.
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  Speaker 3: Oh good, Well, at least you had someone to enjoy
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  Speaker 3: it with, you know, yeah yeah, shared hobbies and all that.
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  Speaker 2: So it got to the point in twenty eighteen my
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  Speaker 2: husband was still at UNI and I was working full time,
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  Speaker 2: and we bought our first home together, which was great.
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  Speaker 2: Despite having tried to save up a house deposit. We
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  Speaker 2: really had very minimal savings. We were just lucky that
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  Speaker 2: we came across this amazing mortgage broker who really knew
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  Speaker 2: her stuff and was able to do all the things
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  Speaker 2: to get us into our first home as quickly as possible,
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  Speaker 2: which was amazing. But again I didn't really learn a
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  Speaker 2: lesson from that, did I. And I think in hindsight,
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  Speaker 2: we did make a good choice in the fact that
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  Speaker 2: back then the interest rates were really low and the
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  Speaker 2: bank was willing to offer us quite a bit more
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  Speaker 2: than what we took, so we were very cautious and
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  Speaker 2: took well under what they offered us.
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  Speaker 3: Okay, so she had some level of financial literacy, yeah,
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  Speaker 3: but more like a gut feeling, more like I feel
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  Speaker 3: like that might be biting off more than we can choot.
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  Speaker 3: Were you in personal debt at that point? Like, at
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  Speaker 3: what point did the sixty thousand dollars kicking? Because I
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  Speaker 3: not yet. I was about to say, you can't have
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  Speaker 3: been in personal debt to the amount of sixty grand
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  Speaker 3: and get a mortgage.
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  Speaker 2: No, no, no, this is where we head downhill a bit.
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  Speaker 2: So I was just lucky that I earned enough to
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  Speaker 2: get by. So No, in hindsight, I'm glad we borrowed
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  Speaker 2: a lot less because when the interest rates rose, we
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  Speaker 2: would have been in a fair bit of trouble because
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  Speaker 2: it's at this point that my financial decisions got much worse.
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  Speaker 2: So we had the house, and then I decided that
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  Speaker 2: I absolutely needed a new car.
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  Speaker 3: Oh yeah, well, I mean new house, new car. It
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  Speaker 3: just makes sense, makes sense. You're an adult now, you've
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  Speaker 3: got a mortgage. Yeah, I'll help you justify any bad
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  Speaker 3: money decision, honestly, Like, I'm very much adoer as I say,
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  Speaker 3: not as I do. You're not asking me for advice
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  Speaker 3: right now, so I'll just help you validate that, because
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  Speaker 3: that's exactly what I used to be.
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  Speaker 1: Like.
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  Speaker 3: Is it a good idea? Absolutely not, but you know
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  Speaker 3: what in our brains, like, I get it, Queen, I
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  Speaker 3: did the same thing.
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  Speaker 2: Absolute girls girl, Thank you, Victoria.
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  Speaker 3: Yes, so got the new car.
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  Speaker 2: So twenty four thousand dollars on a car that I
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  Speaker 2: didn't need. And then me and my husband, well fiance
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  Speaker 2: at the time, decided to plan our wedding and that
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  Speaker 2: seemed like a really big financial goal. Again, I didn't
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  Speaker 2: know how to save, so I thought I would do
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  Speaker 2: what everyone else seems to do. And I applied for
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  Speaker 2: a credit card.
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  Speaker 3: Perfect.
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  Speaker 2: Perfect. I didn't know anything about credit cards. I knew
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  Speaker 2: they were vaguely bad. My parents never had them growing up,
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  Speaker 2: but all my friends had them. They didn't really talk
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  Speaker 2: about what their limits were or how they used them.
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  Speaker 2: I just knew that they had them, so I thought
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  Speaker 2: it couldn't be that bad. So I applied for a
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  Speaker 2: credit card, again not knowing anything. When you apply, there
• 10:24
  Speaker 2: were two boxes that you could have checked. One was
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  Speaker 2: to set a limit for your credit card, and the
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  Speaker 2: other was to let the bank assess and decide on
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  Speaker 2: the limit. And so I just ticked that one, not
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  Speaker 2: thinking much about it. And I think I very naively
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  Speaker 2: thought the bank would have my best interests at heart
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  Speaker 2: and they would never lend me money that I couldn't handle.
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  Speaker 3: No, why would they do that. That would be irresponsible lending.
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  Speaker 2: Yeah. Never. And this just before all the Royal Commission stuff.
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  Speaker 2: So the whole process of getting that credit card was
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  Speaker 2: alarmingly easy. And it came in the mail a few
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  Speaker 2: weeks later with a thirty thousand dollar limit on it.
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  Speaker 3: Oh money, whim like, look how good that is? You
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  Speaker 3: probably went, Wow, that's so nice that's so helpful. This
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  Speaker 3: is going to be perfect for our wedding.
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  Speaker 2: I literally did that. I like, it's so terrifying to
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  Speaker 2: me how little I understood when I saw that. I
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  Speaker 2: actually thought it was so awesome. I was like, look,
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  Speaker 2: how good the bank thinks I am at money. That's incredible.
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  Speaker 2: And I just went a bit mad with my credit card.
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  Speaker 2: So I ended up putting an entire wedding on a
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  Speaker 2: credit card. And our wedding was overseas, so we did
• 11:32
  Speaker 2: six weeks of travel, so that went on there too,
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  Speaker 2: did some stuff for the house, and very very easily
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  Speaker 2: and quickly maxed out that limit.
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  Speaker 3: Oh good, So where were we shopping? Like I need
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  Speaker 3: to know, like, if you're going to tell me that
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  Speaker 3: we've got thirty thousand dollars worth of personal credit, wheen
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  Speaker 3: didn't we go?
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  Speaker 2: Like?
• 11:50
  Speaker 3: Were we shopping at Ikea? Were we? Because I feel
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  Speaker 3: like the second you have a thirty thousand dollars limit,
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  Speaker 3: you're like, Juna, what we should actually get quality items
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  Speaker 3: because this is our first home. You did that, didn't
• 12:00
  Speaker 3: you a little bit?
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  Speaker 2: I definitely had a very luxury holiday for six weeks
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  Speaker 2: all my wedding, so that was good. But yeah, I
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  Speaker 2: did buy things I wouldn't have bought normally because I
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  Speaker 2: was just happy to tap that and didn't feel like
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  Speaker 2: my money. And the scary thing was I knew so
• 12:19
  Speaker 2: little about money it didn't even stress me out. Like
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  Speaker 2: if someone handed me that credit card now with that
• 12:23
  Speaker 2: limit on it, I would be sweating, like absolutely not.
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  Speaker 2: But at the time, I just I just went for
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  Speaker 2: it because I thought that was normal because all my
• 12:31
  Speaker 2: friends had credit cards and I assumed that's probably what
• 12:34
  Speaker 2: they were working with too. For then after that, I
• 12:39
  Speaker 2: did some house reno stuff and we got solar panels
• 12:43
  Speaker 2: which they let me put on like an after pay
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  Speaker 2: platform for ten thousand dollars.
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  Speaker 3: How good. You didn't even need to use a credit
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  Speaker 3: card for that one. So great. Yeah, so we can
• 12:52
  Speaker 3: just add that on the side. Now at forty.
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  Speaker 2: Thirty thousand plus twenty four thousand plus a ten thousand,
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  Speaker 2: so up to sixty four thousand.
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  Speaker 3: You know what, why stop there? Why did you stop there? Crazy?
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  Speaker 2: Crazy? Yeah, So at this point my debt repayments were
• 13:06
  Speaker 2: pretty hefty.
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  Speaker 3: Was this a conversation that you were having with your husband?
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  Speaker 3: So you've got this credit card and like we're setting
• 13:13
  Speaker 3: up the house, how involved. Was your at the time
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  Speaker 3: fiance slash husband in these conversations. Was he aware of
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  Speaker 3: the debt, how did he feel about it? Or were
• 13:21
  Speaker 3: you just both two pieces in a pod and you
• 13:23
  Speaker 3: were like, let's just set up our lives.
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  Speaker 2: This is great, just two pieces in a pod.
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  Speaker 3: Really. Yeah, it happens that way, doesn't it. Yeah.
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  Speaker 2: Again, I'm looking back, I am so alarmed and stressed
• 13:34
  Speaker 2: out by at how little we were bothered by it.
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  Speaker 2: It just seemed very normal and okay, but.
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  Speaker 3: You don't know what you don't know like, and you
• 13:41
  Speaker 3: don't know what's coming either. And I'm about to probably
• 13:44
  Speaker 3: hear that there was a chaos moment or a come
• 13:47
  Speaker 3: to Jesus moment, or like a moment where you're like, actually,
• 13:50
  Speaker 3: what the hell have we done? Oh?
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  Speaker 2: Yes, yes, it came in a big way. So I
• 13:56
  Speaker 2: had my first child, my son, in twenty twenty one,
• 13:59
  Speaker 2: and a really big value of mine is that I
• 14:02
  Speaker 2: wanted to be home with him for at least the
• 14:04
  Speaker 2: first twelve months, and I had these visions of, you know,
• 14:11
  Speaker 2: just being at home with him and having great time
• 14:13
  Speaker 2: and not spending any money because we'll just hang out
• 14:14
  Speaker 2: at home. Again. So naive, I think you think matt
• 14:19
  Speaker 2: leave is going to be one thing, and then actually
• 14:22
  Speaker 2: it turns out that maternity leave just really magnifies any
• 14:25
  Speaker 2: tendencies or habits that you already have just so much
• 14:29
  Speaker 2: more Like, I love my son so much, but he
• 14:31
  Speaker 2: looking back, I understand he was not an easy baby.
• 14:34
  Speaker 2: He cried a lot, He needed to be held by
• 14:37
  Speaker 2: only me twenty four to seven. He didn't sleep. I
• 14:41
  Speaker 2: wanted to be out of the house all the time.
• 14:42
  Speaker 2: I went shopping all the time. I needed coffee dates
• 14:46
  Speaker 2: for my mental health.
• 14:47
  Speaker 3: You know, oh, I know, I at thousand percent agree
• 14:50
  Speaker 3: with those coffee dates. I think that those are a
• 14:52
  Speaker 3: mental health investment.
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  Speaker 2: You just need to So I can't even be mad
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  Speaker 2: at myself because there's no way I could have stayed
• 14:58
  Speaker 2: at home with this child who only stopped screaming when
• 15:01
  Speaker 2: we were walking around a shopping center. And it's really
• 15:03
  Speaker 2: easy to justify buying things for your children.
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  Speaker 3: Oh, don't even I thought I was the Do you
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  Speaker 3: know who I was before I had a baby. I
• 15:11
  Speaker 3: was the perfect parent. I was the perfect parent before
• 15:14
  Speaker 3: I became a parent. And I was like, no, I'm
• 15:16
  Speaker 3: not going to spoil my child with too many things.
• 15:19
  Speaker 3: I'm not going to like spend more than necessary. And
• 15:22
  Speaker 3: then Harvey points at one thing and I'm like, oh,
• 15:24
  Speaker 3: it's all yours, bab, you can have it. Yep, worries,
• 15:27
  Speaker 3: Well am I becoming I'm teaching him nothing.
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  Speaker 2: I'm the exact same and again, perfect parent beforehand. And
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  Speaker 2: then oh yeah, I just I blew through our money
• 15:37
  Speaker 2: so fast, so fast, so I had to return to
• 15:40
  Speaker 2: work much earlier than I ever wanted to, which was
• 15:44
  Speaker 2: devastating for me. And I sort of looked at my
• 15:49
  Speaker 2: son and I thought, I have no money, and I
• 15:53
  Speaker 2: can't give you the childhood that my parents gave me,
• 15:55
  Speaker 2: where they could let me do anything I wanted to
• 15:59
  Speaker 2: do or be I wanted to be. Because I just
• 16:01
  Speaker 2: don't have the money, then I don't have the freedom
• 16:03
  Speaker 2: to do that. And that was really shocking to me.
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  Speaker 2: And that's not the life that I wanted for him.
• 16:08
  Speaker 2: And I also looked around at all my friends who
• 16:10
  Speaker 2: were achieving these big life goals and that seems so
• 16:14
  Speaker 2: unachievable to me too. And I'm very lucky I've managed
• 16:17
  Speaker 2: to surround myself with amazing women, Like they're so smart,
• 16:21
  Speaker 2: they're so empowered, and they're so driven and they're doing
• 16:24
  Speaker 2: all these really cool things. So I sort of asked them.
• 16:27
  Speaker 2: I was like, how are you doing this? And my
• 16:29
  Speaker 2: friend's really good at money, so she put me onto
• 16:32
  Speaker 2: She's on the money.
• 16:33
  Speaker 3: Oh really, is that where it started? Yes, it is.
• 16:37
  Speaker 2: I'm not your typical barefoot investor into other things. I
• 16:40
  Speaker 2: went straight to you, guys.
• 16:41
  Speaker 3: I feel like lots of people went barefoot and then
• 16:45
  Speaker 3: straight into this, or they were introduced by a friend.
• 16:49
  Speaker 3: Like complete side note, but I often so in our
• 16:52
  Speaker 3: Facebook group when people join, I can see how they've joined,
• 16:56
  Speaker 3: and I'll see their application and it will say like
• 16:59
  Speaker 3: their email or whatever, and like I still go through
• 17:02
  Speaker 3: it and often says referred by, and it'll say like
• 17:06
  Speaker 3: someone else has been int like your friend invited you
• 17:08
  Speaker 3: to the group and then you like popp your email
• 17:10
  Speaker 3: in and you're waiting for access. And I'm like, it's
• 17:12
  Speaker 3: literally the cutest part of it, because I'm like, it's
• 17:14
  Speaker 3: not just you've looked it up and you've come to
• 17:16
  Speaker 3: find sheese on the money. It's like one of your
• 17:18
  Speaker 3: mates has been join this here. I'll just send it
• 17:20
  Speaker 3: to you and then that it tells me, which is
• 17:22
  Speaker 3: so cute. But I would say most people join our
• 17:25
  Speaker 3: group because a friend has been like, have you seen
• 17:27
  Speaker 3: this group? Do you want to do money with me?
• 17:29
  Speaker 2: That is so cool. That must be so exciting for
• 17:31
  Speaker 2: you to see this little like empire that you've built.
• 17:33
  Speaker 3: It's the coolest thing ever.
• 17:35
  Speaker 2: I'm like such a convert as well. I know I've
• 17:37
  Speaker 2: done the same to friends. I'm like, you need to
• 17:39
  Speaker 2: get on this. So yeah, I'm like Sad spreading the
• 17:42
  Speaker 2: word of Victoria.
• 17:43
  Speaker 3: Spreading the good word. I love this And one day,
• 17:46
  Speaker 3: when I work out how to make it a proper cult,
• 17:49
  Speaker 3: I'll let you know. But till then, we'll just work
• 17:51
  Speaker 3: on our financial literacy. Yeah, but yeah, no.
• 17:54
  Speaker 2: So I just obsessively consumed all of the podcasts from
• 17:58
  Speaker 2: the very beginning. The books did all that, and I
• 18:01
  Speaker 2: started just putting all your tips into practice, and it
• 18:06
  Speaker 2: was so like liberating, so eye opening. I always had
• 18:10
  Speaker 2: thought I was bad at money, but I'm not bad
• 18:13
  Speaker 2: at money. I just didn't know. It's like I don't
• 18:15
  Speaker 2: know how to fly a plane. I would never tell
• 18:18
  Speaker 2: someone I'm bad at flying a plane. I would say
• 18:20
  Speaker 2: I actually don't know how to do that. So I
• 18:21
  Speaker 2: don't know why I'm so hard on myself about money,
• 18:24
  Speaker 2: because I'm not bad at money, I just didn't know exactly.
• 18:28
  Speaker 3: And for those of you listening along, please skip back
• 18:31
  Speaker 3: fifteen seconds and then listen to that again, because that
• 18:34
  Speaker 3: is exactly what I'm trying to teach you. And it's
• 18:37
  Speaker 3: kind of like, why are we crucifying our past selves?
• 18:40
  Speaker 3: Like you're in sixty four thousand dollars worth of debt.
• 18:42
  Speaker 3: I didn't get close to that. I got forty, So like,
• 18:45
  Speaker 3: you've blown me out of the water, queen, but by cheap. Yeah,
• 18:48
  Speaker 3: I can tell. I really respect that about you. But
• 18:52
  Speaker 3: when you look at it, it's like, well, why would
• 18:53
  Speaker 3: I crucify her? Like she was trying to do the
• 18:56
  Speaker 3: best thing at the time, and yes it wasn't the
• 18:59
  Speaker 3: right thing, but she didn't have the tools and resources
• 19:02
  Speaker 3: that I have now. And anytime spent feeling guilty or
• 19:06
  Speaker 3: feeling like crap about these things that we do is
• 19:08
  Speaker 3: literally wasted. So that why bother ruminating on something like
• 19:12
  Speaker 3: that when we can go, wow, I know better, and
• 19:15
  Speaker 3: when you know better, you can do better and that's
• 19:17
  Speaker 3: pretty cool.
• 19:18
  Speaker 2: Absolutely. Yeah, So it was life changing, honestly, So thank you,
• 19:22
  Speaker 2: welcome to the family. But yeah, so at that point
• 19:25
  Speaker 2: I hustled, and I hustled hard. I did anything I
• 19:29
  Speaker 2: could to increase my income. So I returned to work
• 19:33
  Speaker 2: and I got a promotion at work to earn more money.
• 19:36
  Speaker 2: I got another role sort of adjacent to my current
• 19:40
  Speaker 2: role that I'm bringing more money and also increase my
• 19:44
  Speaker 2: career progression pathway. I picked up other casual work, so
• 19:48
  Speaker 2: casual like academic work at the university. I opened my
• 19:52
  Speaker 2: own private practice so I could earn more money on
• 19:54
  Speaker 2: the day off and on my weekend. Winded up working
• 19:57
  Speaker 2: six days a week, which was lot with a young
• 20:01
  Speaker 2: child at home.
• 20:02
  Speaker 3: That's chaos. And so did you take that twelve months
• 20:04
  Speaker 3: of leave or was your maternity leave cut short because
• 20:07
  Speaker 3: of the dimas.
• 20:08
  Speaker 2: Cut short because I needed to earn some money.
• 20:11
  Speaker 3: To get stuff done. You're like, hold on, hold on,
• 20:14
  Speaker 3: hold on to give my child the best possible life,
• 20:17
  Speaker 3: it doesn't necessarily mean I have to be home for
• 20:19
  Speaker 3: twelve months exactly.
• 20:20
  Speaker 2: And like with all those debt repayments, I just had to,
• 20:24
  Speaker 2: like there was no other way forward. Really, I couldn't
• 20:27
  Speaker 2: budget my way out of that. And then in my
• 20:30
  Speaker 2: spare time, I started doing things like any spad minute
• 20:32
  Speaker 2: I had, I was doing online surveys.
• 20:35
  Speaker 3: My she's a real convert. I love this.
• 20:39
  Speaker 2: I was doing transcriptions and things that you could listen
• 20:42
  Speaker 2: to and type away what that was, and like everything
• 20:45
  Speaker 2: through shot back, so any dollars I could squeeze, and
• 20:47
  Speaker 2: everything was just going straight into debt repayments, and I
• 20:51
  Speaker 2: was able to smash down that debt probably within twelve
• 20:55
  Speaker 2: months or so.
• 20:57
  Speaker 3: I'm so proud of you. I am so excited. That
• 21:01
  Speaker 3: is so cool.
• 21:02
  Speaker 2: Yeah, it was. It was really cool to see that,
• 21:05
  Speaker 2: like the power of small things. In the past, I
• 21:08
  Speaker 2: thought I could there's no point saving a dollar or
• 21:10
  Speaker 2: two here and there, And look what it did. It
• 21:12
  Speaker 2: all sort of snowballed and cleared my death that she
• 21:16
  Speaker 2: was amazing. And then through that it's almost like I
• 21:18
  Speaker 2: was forced to learn how to save. So I was
• 21:21
  Speaker 2: really careful that once the debt was cleared, I was
• 21:23
  Speaker 2: putting all of that into savings to grow. And it grew,
• 21:27
  Speaker 2: and I got to the point where I had my
• 21:30
  Speaker 2: own personal emergency fund. I had set one up for
• 21:32
  Speaker 2: our family. We had a decent amount of savings, and
• 21:37
  Speaker 2: it got to the point where we could start investing too,
• 21:39
  Speaker 2: So we started investing in shares. We leveraged some equity
• 21:45
  Speaker 2: in our house and got an investment property.
• 21:47
  Speaker 3: Who are you? I know? Past? You was like, I
• 21:50
  Speaker 3: don't know her, I've never met her.
• 21:53
  Speaker 2: I just never thought that would be possible. And that's
• 21:56
  Speaker 2: all just been since twenty twenty one, you know, after two?
• 22:01
  Speaker 3: Can I be really pervy and ask how was your
• 22:04
  Speaker 3: relationship with your husband during this journey? Because you mentioned
• 22:08
  Speaker 3: before he's like as impulsive as you were, Like you
• 22:11
  Speaker 3: both had the same spending habits, and he's a bit
• 22:13
  Speaker 3: adhd from what you've said. That can be a really
• 22:16
  Speaker 3: confronting conversation to have when one of you has kind
• 22:19
  Speaker 3: of like gone down the money rabbit hole, but maybe
• 22:22
  Speaker 3: the other's not ready to join or like, this is
• 22:24
  Speaker 3: a confronting conversation because it can be really challenging to
• 22:27
  Speaker 3: be like, hey, husband, so we're actually not doing as
• 22:30
  Speaker 3: well as we thought we were. It can feel like
• 22:32
  Speaker 3: a personal attack. How did that go?
• 22:35
  Speaker 2: I actually laughed because when I told him I was
• 22:37
  Speaker 2: doing this, he groaned and was like, oh, no, you're
• 22:39
  Speaker 2: gonna say I'm your worst money habit.
• 22:41
  Speaker 3: But he's not no king, no king, we know we
• 22:45
  Speaker 3: won't say that though.
• 22:45
  Speaker 2: It's all rude, No he's so open to talk about
• 22:49
  Speaker 2: these things. And I think we've never shied away from
• 22:52
  Speaker 2: money talk or how any stress about it. Like I said,
• 22:55
  Speaker 2: I've sort of inherited that from my parents, that abundance mindset,
• 22:58
  Speaker 2: And even though we were in this tricky place, it
• 23:00
  Speaker 2: wasn't that stressful because I could see possibility in it too,
• 23:06
  Speaker 2: And so me and my husband are really opened to
• 23:08
  Speaker 2: talking about these things, and we set up our money
• 23:10
  Speaker 2: dates and we did all that, and we still do
• 23:12
  Speaker 2: that just to realign because sometimes, like I said, he
• 23:15
  Speaker 2: is a bit spendye and he line if he don't
• 23:18
  Speaker 2: ever think to check the bank account, which is tap
• 23:20
  Speaker 2: away and have fun. And he's very open for us
• 23:24
  Speaker 2: to sort of readjust and realign and recalibrate what we're
• 23:27
  Speaker 2: doing with our money, just as a little check in.
• 23:30
  Speaker 2: So yeah, it was never a strain on a relationship,
• 23:32
  Speaker 2: which I think. I'm just so lucky to have him
• 23:34
  Speaker 2: be as supportive as he is. And he saw that
• 23:38
  Speaker 2: I was on my way with this thing and he
• 23:40
  Speaker 2: sort of just handed over the reins and he's like,
• 23:43
  Speaker 2: you get it, get it clean, do it.
• 23:44
  Speaker 3: I love that because sometimes you hear, oh, yeah, I
• 23:47
  Speaker 3: was hustling really hard, and my partner really wasn't on board,
• 23:50
  Speaker 3: so he was still spending. Well, I'm like trying to
• 23:52
  Speaker 3: get ahead, and that can create massive amounts of friction.
• 23:55
  Speaker 3: Like the number one reason people get divorced is because
• 23:57
  Speaker 3: of money, and that doesn't mean that was your reality.
• 24:01
  Speaker 3: But I was like, let's just bring this up because
• 24:03
  Speaker 3: it is so refreshing to hear. No, my husband was
• 24:06
  Speaker 3: so about it doesn't mean he has to change who
• 24:08
  Speaker 3: he is. He just has to be open to the
• 24:10
  Speaker 3: conversations and well, what are we going to do to
• 24:13
  Speaker 3: put ourselves in a better position. And I'm assuming he
• 24:15
  Speaker 3: wants the best for your kids as well, so like,
• 24:17
  Speaker 3: good deal, Yeah he does.
• 24:20
  Speaker 2: Now I'm very lucky to have him. I think he's
• 24:23
  Speaker 2: pretty a pretty rare breed in terms of how supportive
• 24:26
  Speaker 2: he is of me and our family. So very lucky.
• 24:30
  Speaker 2: So I knew our next goal was we wanted to
• 24:32
  Speaker 2: grow our family, and we were in a really good
• 24:34
  Speaker 2: financial position to do that. And I knew this time around,
• 24:37
  Speaker 2: I was going to reach my goal. I wasn't just
• 24:39
  Speaker 2: going to have twelve months off of my next mat leave.
• 24:41
  Speaker 2: I was going to take the full two years I
• 24:43
  Speaker 2: can't which was very exciting. But so my daughter arrived
• 24:49
  Speaker 2: in twenty twenty four. Yeah, and at that same time, actually,
• 24:53
  Speaker 2: my husband was offered this new role and I sat
• 24:57
  Speaker 2: down and did the numbers, and I realized if he
• 25:00
  Speaker 2: took this role, the increase in his salary would actually
• 25:03
  Speaker 2: offset my reduction in salary over my map.
• 25:06
  Speaker 3: How good, yep, yep.
• 25:08
  Speaker 2: So I could use half pay to get us through
• 25:11
  Speaker 2: most of the way in our savings and it would
• 25:13
  Speaker 2: be covered and we wouldn't have any change to our lifestyle.
• 25:16
  Speaker 2: The catch was that his new job was in a
• 25:19
  Speaker 2: rural town. We live in a major city, so it
• 25:21
  Speaker 2: was a big lifestyle change. And I realized that that
• 25:26
  Speaker 2: meant we could also rent our house out in the
• 25:28
  Speaker 2: city for an additional income stream you could, which seemed
• 25:32
  Speaker 2: very clever to me, and so we decided to go
• 25:35
  Speaker 2: for it. And the great thing is we hadn't even
• 25:38
  Speaker 2: accounted for our cost of living in a rural town
• 25:43
  Speaker 2: is so much lower.
• 25:44
  Speaker 3: Yep.
• 25:44
  Speaker 2: Absolutely, we're living teacher housing, so our rent is one
• 25:48
  Speaker 2: hundred and forty dollars a week. Stop it. We don't
• 25:52
  Speaker 2: pay for some of our bills, and there's no shopping
• 25:54
  Speaker 2: center here, there's no Uber eats. There's nothing. You know,
• 25:58
  Speaker 2: our days consist of playing at the path, going for
• 26:00
  Speaker 2: walks and splashing in the river. And that is so.
• 26:05
  Speaker 3: And at that point in time, I'm just assuming some
• 26:08
  Speaker 3: of these things, so please correct me. But like you've
• 26:11
  Speaker 3: got a three year old at that point and a newborn,
• 26:13
  Speaker 3: you're kind of like, well, it's about quality time anyway,
• 26:17
  Speaker 3: Like we can spend all of this time together and
• 26:20
  Speaker 3: my husband's going to be making way more money and
• 26:22
  Speaker 3: we'll be more financially secure. Like that's a win for everybody.
• 26:25
  Speaker 2: It was amazing. It came at the best time, and
• 26:27
  Speaker 2: we realized if we did this yet, it's such a magical,
• 26:30
  Speaker 2: idyllic season with the children in slow paced life, that
• 26:33
  Speaker 2: we would actually come back to the city and be
• 26:37
  Speaker 2: in a better financial situation and we could actually make
• 26:40
  Speaker 2: it into our forever home. Like I said, we bought
• 26:43
  Speaker 2: our first home. My husband was still a student. We're
• 26:45
  Speaker 2: out growing it pretty fast, so we took the leap,
• 26:49
  Speaker 2: and when my daughter was eight weeks old, we moved
• 26:51
  Speaker 2: to a rural town.
• 26:53
  Speaker 3: Perfect no, no, I know what's coming now, and tell me.
• 26:58
  Speaker 2: So she was ten weeks old when we start to
• 27:00
  Speaker 2: have some issues and we just moved six hours away
• 27:03
  Speaker 2: from health service, and she had these episodes which looked
• 27:08
  Speaker 2: like seizures. And she had some developmental issues, so she
• 27:14
  Speaker 2: had low muscle tone, she was very floppy and very sleepy.
• 27:17
  Speaker 2: She had problems with her eyes, she wasn't interactive, she
• 27:21
  Speaker 2: didn't smile, and it turns out she was actually classed
• 27:26
  Speaker 2: as a high risk for cerebral palsy. So she's got
• 27:29
  Speaker 2: muscle tone issues, she has vision difficulties, and a few
• 27:34
  Speaker 2: months later, when we started solids, it turns out she
• 27:36
  Speaker 2: also had several severe food allergies.
• 27:38
  Speaker 3: Oh no, that's same.
• 27:40
  Speaker 2: Do you do what?
• 27:40
  Speaker 3: You didn't deserve that? On top of all of these.
• 27:42
  Speaker 2: It was a lot. So we spent a lot of
• 27:45
  Speaker 2: time having to travel between our small town and our
• 27:48
  Speaker 2: major city six hours away for all of her appointments pediatrician, allogist, ophthalmologist,
• 27:54
  Speaker 2: physioot dietitian, and we had applied for NDAs, but there
• 27:59
  Speaker 2: was a so it took over twelve months to receive
• 28:02
  Speaker 2: a package for her. So everything we had to do
• 28:05
  Speaker 2: for her, all her therapies, all her you know, any
• 28:08
  Speaker 2: equipment she needed, paid for out of pocket.
• 28:11
  Speaker 3: Yeah, and at that point they're always saying the earlier
• 28:14
  Speaker 3: the intervention, the better, Like you need to get on this,
• 28:17
  Speaker 3: like we cannot wait. And so you, as a parent,
• 28:20
  Speaker 3: you're like, great, well, I'm just going to have to
• 28:22
  Speaker 3: fund this. I can't wait until funding comes in or
• 28:25
  Speaker 3: when the NDIS is ready for this, like because the
• 28:27
  Speaker 3: earlier the intervention, the better the outcomes. So what else
• 28:30
  Speaker 3: are you meant to do?
• 28:32
  Speaker 2: Absolutely, And like I said, it was just such a
• 28:34
  Speaker 2: privilege to have that money sitting there, and so I
• 28:36
  Speaker 2: could give that to her and give her those crucial
• 28:39
  Speaker 2: first twelve months of early intervention. I just feel so
• 28:43
  Speaker 2: sad for parents that were at the mercy of NDIS
• 28:46
  Speaker 2: and had to wait, because I honestly don't know what
• 28:49
  Speaker 2: her life would be like now had we missed those
• 28:51
  Speaker 2: crucial months of early intervention. And she she's amazing. Now,
• 28:55
  Speaker 2: she's doing so great, to the point where she responded
• 28:58
  Speaker 2: so well to her therapies they took her off the
• 29:00
  Speaker 2: at risk category and now she's just being monitored.
• 29:04
  Speaker 3: But for now she's so she doesn't have CP. Like
• 29:07
  Speaker 3: we're just hanging out. She was just joking, she was
• 29:11
  Speaker 3: just having a little bit of a drama time.
• 29:13
  Speaker 2: Yeah, yeah, So I just feel so lucky because my
• 29:16
  Speaker 2: therapist had explained to me that those children who don't
• 29:19
  Speaker 2: get the early intervention can get much worse over time,
• 29:22
  Speaker 2: whereas if you get in early sort of rewire the
• 29:25
  Speaker 2: pathways to the brain, it sort of overcomes that difficulty.
• 29:29
  Speaker 2: So yeah, I'm just so grateful.
• 29:31
  Speaker 3: Oh a little icon. I'm so happy. I was like,
• 29:34
  Speaker 3: where's this gonna go? Like, you know so hard?
• 29:38
  Speaker 2: She's incredible.
• 29:39
  Speaker 3: Oh I love that for you guys. That makes me
• 29:42
  Speaker 3: so so happy. And so now you guys are back
• 29:46
  Speaker 3: to not square one because like we have a heap
• 29:48
  Speaker 3: more financial literacy. But tell me about where that emergency
• 29:52
  Speaker 3: fund is and how you're getting your finances under control again.
• 29:56
  Speaker 2: So yeah, I had to think of how to get
• 29:58
  Speaker 2: an income. We weren't finished with living in our rural town.
• 30:01
  Speaker 2: We do love it here, and I can't do my
• 30:03
  Speaker 2: job here. I need to be in a major city
• 30:06
  Speaker 2: to do my job. So I got a bit creative
• 30:09
  Speaker 2: with what to do because I didn't want to have
• 30:11
  Speaker 2: to put my children in care and spend money on
• 30:13
  Speaker 2: childcare and then work. So I wanted to do something
• 30:16
  Speaker 2: I could do from home, and that's when I joined
• 30:18
  Speaker 2: in mlam I don't think.
• 30:21
  Speaker 3: Oh my gosh, I was like, this is going to
• 30:24
  Speaker 3: be so good. Sorry, how dare you like tempt me
• 30:30
  Speaker 3: with a good time? I know.
• 30:32
  Speaker 2: Sorry. I've always wanted to be a teacher actually growing
• 30:36
  Speaker 2: up and in my career I sort of gravitate towards
• 30:40
  Speaker 2: teaching and training. And at the minute, there's a teacher shortage,
• 30:43
  Speaker 2: so the government is pouring a lot of money into
• 30:45
  Speaker 2: getting people through a teaching qualification into the classroom. So
• 30:50
  Speaker 2: I started my Masters of Teaching and I applied for
• 30:53
  Speaker 2: all the scholarships, all the grants, all of that. So
• 30:56
  Speaker 2: I'm essentially getting paid to study now and I get
• 31:00
  Speaker 2: to stay home with my kids. I'm going to make
• 31:02
  Speaker 2: it through my two years of that leave and I
• 31:04
  Speaker 2: get a qualification at the end, and I just study
• 31:06
  Speaker 2: at night. And it's working really well. I'm enjoying it
• 31:10
  Speaker 2: so much.
• 31:10
  Speaker 3: Stop it, stop it, stop it. That is so strategic. Like, sorry,
• 31:16
  Speaker 3: and you said you were a bee. Sit down. I
• 31:19
  Speaker 3: haven't even finished asking you a questions.
• 31:21
  Speaker 2: I even thought about because of the hex and stuff
• 31:24
  Speaker 2: and the considerations. But the courses are heavily subsidized at
• 31:27
  Speaker 2: the minute, and like ticket to masters is really cheap. Yeah,
• 31:31
  Speaker 2: what a master's for what it is, which is my
• 31:33
  Speaker 2: previous master's course. And I knew my HEX reduction would
• 31:37
  Speaker 2: likely come in in the future, so it's going to
• 31:39
  Speaker 2: drop down any way. May as well just top it
• 31:41
  Speaker 2: up a little bit. I'll still be in a better
• 31:42
  Speaker 2: off HEX position, but with this additional qualification, and then
• 31:46
  Speaker 2: I end up in a career that has a lot
• 31:48
  Speaker 2: of career progression opportunity, and in future I get to
• 31:52
  Speaker 2: have school holidays with my children, which I'm obsessed with.
• 31:54
  Speaker 2: Stop it.
• 31:56
  Speaker 3: This is so exciting, and I just wish I could
• 31:59
  Speaker 3: go back to pre and like the day that you
• 32:02
  Speaker 3: got your thirty thousand dollar credit card and just be like, Hey,
• 32:04
  Speaker 3: did you know the one day you're going to be
• 32:06
  Speaker 3: like investing, you're going to move rurally, like you'll be
• 32:08
  Speaker 3: getting a second master's degree, and you're going to be
• 32:11
  Speaker 3: slaying at life. You'd be like, No, that's not my journey?
• 32:13
  Speaker 2: Who is she?
• 32:15
  Speaker 1: I love it.
• 32:15
  Speaker 2: Like you said, we are sort of starting from scratch,
• 32:18
  Speaker 2: but this time I know what I'm doing, so I
• 32:20
  Speaker 2: can see the pathway forward and it's not as overwhelming
• 32:23
  Speaker 2: as it was, and I know we'll get there. We've
• 32:25
  Speaker 2: just got to adjust some timelines.
• 32:27
  Speaker 3: I this is so iconic.
• 32:28
  Speaker 2: I love it.
• 32:29
  Speaker 3: So at the moment, you're not earning an income because
• 32:31
  Speaker 3: you're on your two years of maternity leave. What does
• 32:34
  Speaker 3: your husband do for work and how much does he earn?
• 32:37
  Speaker 2: So he is an assistant principle and he's on one
• 32:40
  Speaker 2: hundred and sixty thousand dollars.
• 32:42
  Speaker 3: Perfect, And then tell me a little bit more about
• 32:46
  Speaker 3: like your big money goals. Obviously it's to increase your
• 32:48
  Speaker 3: education and get back into the workforce at some point.
• 32:51
  Speaker 3: But I feel like we've already ticked off a number
• 32:53
  Speaker 3: of goals. We've got our first home, it's currently being
• 32:56
  Speaker 3: rented out. You also have an investment property you started investing,
• 32:59
  Speaker 3: like what the plan financially, So we've got a few
• 33:03
  Speaker 3: I guess in the short term.
• 33:04
  Speaker 2: Next year we want to take our first big overseas
• 33:08
  Speaker 2: holiday as a family. My husband's from overseas, so we
• 33:11
  Speaker 2: would love for our children to meet their great grandma
• 33:14
  Speaker 2: before she's too old and just sort of reconnect with
• 33:18
  Speaker 2: their heritage a little bit. I would love to grow
• 33:21
  Speaker 2: at our share portfolio, and our big one is to
• 33:24
  Speaker 2: get into our forever home, so that's sort of a
• 33:26
  Speaker 2: longer term goal.
• 33:27
  Speaker 3: Totally. And is that something that you're prioritizing right now?
• 33:30
  Speaker 3: You're like, Okay, we're going to get our emergency fund
• 33:32
  Speaker 3: and all of these like short term things sorted, but
• 33:35
  Speaker 3: one day we will step up into a bigger property.
• 33:38
  Speaker 2: Yeah exactly right. Yeah, we just focus on getting back
• 33:40
  Speaker 2: to where we were, and then there are goals moving forward.
• 33:43
  Speaker 3: Yeah, and when I'm just like so pervy about all
• 33:45
  Speaker 3: of this stuff, so I do apologize. But when it
• 33:49
  Speaker 3: comes to that next home, is that something where you'll
• 33:51
  Speaker 3: probably sit down and start saving another deposit or do
• 33:54
  Speaker 3: you think that there might be enough equity in your
• 33:57
  Speaker 3: first home and your investment property to hopefully leverage you
• 34:00
  Speaker 3: into a situation where you don't have to like start
• 34:02
  Speaker 3: start from scratch when it comes to the property ladder.
• 34:05
  Speaker 2: Yeah, I definitely think we could leverage some equity, but
• 34:08
  Speaker 2: I would like.
• 34:08
  Speaker 3: To save a bit as well. Yeah, safety, I feel
• 34:12
  Speaker 3: like it's a good idea. All right, you have worked
• 34:14
  Speaker 3: so hard to achieve everything that you guys have achieved,
• 34:17
  Speaker 3: but I need to know how are you protecting it?
• 34:19
  Speaker 3: Do you have personal insurances set up?
• 34:22
  Speaker 2: I do, Actually I only got them sorted a couple
• 34:25
  Speaker 2: of weeks ago. But yeah, given that I had to
• 34:27
  Speaker 2: put all my other financial goals on the back burner
• 34:30
  Speaker 2: while I built up my emergency fund, I thought, I
• 34:33
  Speaker 2: may as well get my insurances sorted, and that way,
• 34:36
  Speaker 2: I'm putting myself in a better financial position through that way.
• 34:40
  Speaker 3: Why did you decide, all right, well, I need to
• 34:42
  Speaker 3: set up my personal insurances.
• 34:43
  Speaker 2: I just felt like it would give me more stability
• 34:47
  Speaker 2: and more comfort, and the fact that I have children
• 34:49
  Speaker 2: and more assets now compared to when I was younger
• 34:52
  Speaker 2: just felt like the right time to sort of square
• 34:55
  Speaker 2: that away and make sure that everything's protected and everyone.
• 34:58
  Speaker 3: Is safe totally. But also so I'm like always talking
• 35:01
  Speaker 3: to people who are like Victoria, I have assets and
• 35:03
  Speaker 3: children now, life is so expensive. Where did you start?
• 35:07
  Speaker 3: Did you just do your insurances yourself? Did you just
• 35:10
  Speaker 3: like go online and set them up? Or did you
• 35:11
  Speaker 3: see someone? What was the process?
• 35:14
  Speaker 2: I went through Skywealth?
• 35:15
  Speaker 3: Oh okay, Queen, just like a little plug for Phil's team.
• 35:19
  Speaker 2: Absolutely, they were incredible. They made everything so easy. I'm
• 35:23
  Speaker 2: not very good at like paperwork and returning forms and
• 35:26
  Speaker 2: things I get a bit needy atable, but they were
• 35:28
  Speaker 2: super helpful and they made the whole process really easy.
• 35:31
  Speaker 3: I'm obsessed. All right. Well, I mean that's really great
• 35:33
  Speaker 3: because this episode was brought to you by sky Wealth,
• 35:35
  Speaker 3: which is kind of hilarious. And I'm with sky Wealth,
• 35:39
  Speaker 3: as is I feel like most of our community because
• 35:41
  Speaker 3: we talk about them and love them. But I was
• 35:43
  Speaker 3: not expecting you to say I'm with sky Wealth. I
• 35:46
  Speaker 3: didn't know that at all. So what a perfect outcome.
• 35:49
  Speaker 3: I know it wasn't planned at all. No, it actually wasn't.
• 35:53
  Speaker 3: But moving on, I want to know, all right, let's
• 35:57
  Speaker 3: go to a really quick break because I want to
• 35:58
  Speaker 3: ask you more about your share port folio, more about
• 36:01
  Speaker 3: like maybe existing debts and what those mortgages actually look like,
• 36:05
  Speaker 3: and then best and worst money habits that are not yours, buch.
• 36:08
  Speaker 3: So let's go to a break and we'll see you
• 36:10
  Speaker 3: on the flip side. All right, guys, we are back,
• 36:17
  Speaker 3: and I want to talk about your share portfolio. So
• 36:20
  Speaker 3: you said I've started investing, and that is so flipping exciting.
• 36:24
  Speaker 3: How how did you jump into your first investment? Because
• 36:28
  Speaker 3: I feel like investing is overwhelming, but the hardest part
• 36:32
  Speaker 3: is doing your first trade. How did you do it?
• 36:35
  Speaker 2: Well? Being a shoes on the money, a convert I
• 36:38
  Speaker 2: signed up for Chasy's got my free ten dollars, popped
• 36:41
  Speaker 2: that in and just sat with that for a couple
• 36:43
  Speaker 2: of weeks, and then slowly added a little bit more
• 36:47
  Speaker 2: and just sort of built up wherever I could find
• 36:50
  Speaker 2: a bit of money until now it's not scary, it's exciting.
• 36:53
  Speaker 3: That is so fun. And what type of level of
• 36:56
  Speaker 3: investment have we got in our portfolio at this point
• 36:58
  Speaker 3: in time.
• 36:58
  Speaker 2: It's not very biger than in it, so to met
• 37:01
  Speaker 2: We've got five one hundred and ninety nine dollars.
• 37:04
  Speaker 3: Do you mean not big? At the moment?
• 37:07
  Speaker 2: I'd like, you know, you hear money stories where they've
• 37:09
  Speaker 2: got these amazing portfolios.
• 37:10
  Speaker 3: So that's my goal one totally, Like you could have
• 37:13
  Speaker 3: one hundred grand dinner share portfolio, but like sis, sit down,
• 37:15
  Speaker 3: you've got your first home, you've got an investment property,
• 37:18
  Speaker 3: you've got two children, your husband's and assistant principal. I
• 37:21
  Speaker 3: think you're doing fine to have five grand in shares.
• 37:24
  Speaker 3: That queen step back because like, yeah, I will enable
• 37:27
  Speaker 3: your purchases, but I won't let you bring yourself down
• 37:30
  Speaker 3: and that's not going to happen. That's not going to happen,
• 37:32
  Speaker 3: thank you. That is very exciting. So did you once
• 37:35
  Speaker 3: you had your first ten dollars and you're making your
• 37:37
  Speaker 3: first trade, did you pick an ETF? Did you pick
• 37:39
  Speaker 3: a direct share? If so, how did you make that decision?
• 37:43
  Speaker 2: I picked an ETF Again, I just sort of went
• 37:46
  Speaker 2: with things that had been discussed on the podcast in
• 37:49
  Speaker 2: terms of having a core satellite approach.
• 37:51
  Speaker 3: Do you want to be on the podcast because it
• 37:53
  Speaker 3: sounds like you could like literally run.
• 37:54
  Speaker 2: It for me.
• 37:55
  Speaker 3: At this point, I just be quoting you all day.
• 37:57
  Speaker 3: It's good. That's what I do all day. I just
• 37:59
  Speaker 3: repeat myself. So why not?
• 38:01
  Speaker 2: So? Yeah, I picked an Australian ETF, like an ASX
• 38:05
  Speaker 2: two hundred, and then an American ETF as well.
• 38:10
  Speaker 3: In tech fun. So we've got a little bit of
• 38:12
  Speaker 3: diversification there, which is really exciting. Now, tell me about debts.
• 38:17
  Speaker 3: We know of two debts that you currently have, but
• 38:19
  Speaker 3: they are good debts, not bad debts. The first one
• 38:22
  Speaker 3: you took on was your first home with your husband.
• 38:25
  Speaker 3: How much did you purchase that property for? Tell me
• 38:27
  Speaker 3: all of the nitty gritty.
• 38:28
  Speaker 2: Yes, so our house we bought for five hundred thousand
• 38:33
  Speaker 2: dollars in twenty eighteen. That mortgage is currently sitting at
• 38:37
  Speaker 2: five hundred and forty eight thousand, nine hundred and twelve,
• 38:40
  Speaker 2: just because we pulled some of that equity out. But
• 38:43
  Speaker 2: it's currently worth seven hundred and twenty nine thousand dollars.
• 38:47
  Speaker 2: Very nice, And it's been rented at the minute for
• 38:51
  Speaker 2: five hundred dollars a week.
• 38:52
  Speaker 3: Oh good rental yield on a five hundred and forty
• 38:55
  Speaker 3: eight thousand dollars mortgage. That's nice. Yeah, it is nice.
• 38:58
  Speaker 2: Yeah, I think the yield is four point seventy five percent.
• 39:01
  Speaker 3: Yeah on that. In my head, I was like, that's
• 39:03
  Speaker 3: about five percent. That's a good deal. Yeah.
• 39:05
  Speaker 2: And then so our other house, our investment property, we
• 39:08
  Speaker 2: bought that in twenty twenty three for four hundred and
• 39:11
  Speaker 2: fifty six thousand, five hundred and fifteen dollars.
• 39:14
  Speaker 3: Five hundred and fifteen dollars. That's very specific.
• 39:17
  Speaker 2: I love that we have only been paying the interest
• 39:20
  Speaker 2: on that mortgage at the minute, so that's still sitting
• 39:21
  Speaker 2: as it is, but that is now worth seven hundred
• 39:24
  Speaker 2: and forty thousand dollars. What and yeah, I know it's
• 39:28
  Speaker 2: it's been amazing. And then the it's rented for six
• 39:32
  Speaker 2: fifty a week.
• 39:33
  Speaker 3: That's even better. Rented yield. Yeah, seven point four to
• 39:36
  Speaker 3: two percent on that sorry, and you're like, oh, yeah,
• 39:39
  Speaker 3: I think I'm a bee. And you're sitting on like
• 39:41
  Speaker 3: basically half a million dollars worth of equity and have
• 39:45
  Speaker 3: really great rental yields on both of these properties, and
• 39:48
  Speaker 3: you're like, oh, no, I wish I had a bigger
• 39:50
  Speaker 3: investment portfolio.
• 39:51
  Speaker 2: You do, I know, but it feels like because there's
• 39:54
  Speaker 2: a lot of debt sitting on those two which.
• 39:56
  Speaker 3: Feels okay, yeah, Like and I mean you're probably in
• 39:58
  Speaker 3: nearly a million dollars worth debt. Fantastic, But if we
• 40:02
  Speaker 3: sold both of those properties, you got five hundred cash.
• 40:05
  Speaker 3: That's a lot, And like, we don't want to do
• 40:07
  Speaker 3: that because we like the rental yield. But with five
• 40:09
  Speaker 3: hundred thousand dollars worth of equity, we could absolutely get
• 40:12
  Speaker 3: you into your forever home. I mean, it's probably not
• 40:14
  Speaker 3: an ideal timing right now. So I'd be like, look,
• 40:17
  Speaker 3: just put that off as long as you possibly can,
• 40:19
  Speaker 3: because the equity is going to grow and your rental
• 40:22
  Speaker 3: yield will start paying off more of those mortgages, be
• 40:26
  Speaker 3: more financially stable. But go, yes, you can save, but
• 40:30
  Speaker 3: I don't think you'll need to for your next property.
• 40:33
  Speaker 2: Yeah, that's exciting to you.
• 40:34
  Speaker 3: That is so cool. Yeah, oh my god, how did
• 40:39
  Speaker 3: you make a decision about that investment property? Because I'm
• 40:43
  Speaker 3: telling you right now, if someone could guarantee me that
• 40:45
  Speaker 3: rental yield, I'd like take my money. That's fine. I'd
• 40:47
  Speaker 3: love that mortgage. So how did you decide, oh, that's
• 40:51
  Speaker 3: a good location to buy. Did you use a bias
• 40:53
  Speaker 3: agent or did you guys make the decision.
• 40:56
  Speaker 2: Actually, we came across a financial advisor that's sort of
• 41:00
  Speaker 2: specializes in property. We actually were going to go ahead
• 41:04
  Speaker 2: with doing it a long time ago and COVID hit
• 41:08
  Speaker 2: and we panicked and pulled out of the deal, and
• 41:10
  Speaker 2: then looking back at the house that we were going
• 41:12
  Speaker 2: to buy, we were like, whoa, that went up a
• 41:15
  Speaker 2: lot as stressful as out. So this time we absolutely
• 41:18
  Speaker 2: just have to pull a trigger on it, even if
• 41:19
  Speaker 2: we feel uncomfortable. And I'm so glad we did, because yeah,
• 41:23
  Speaker 2: the scariest thing is doing it. Now that we'reing it,
• 41:25
  Speaker 2: it feels fine.
• 41:26
  Speaker 3: So yeah, I love that. And how did you know
• 41:30
  Speaker 3: to trust this financial advisor slash buyer's agent? Like where
• 41:33
  Speaker 3: does that coming? Because I feel like this space can
• 41:36
  Speaker 3: be really overwhelming and daunting, especially if you've not come
• 41:38
  Speaker 3: from a position of like high levels of financial literacy.
• 41:42
  Speaker 3: So we sort of found them while I still wasn't
• 41:45
  Speaker 3: very financially literate, which is not great because I probably
• 41:48
  Speaker 3: didn't do my due diligence and check on much at all.
• 41:53
  Speaker 3: So really it's just come down to luck that they
• 41:55
  Speaker 3: were actually legitimate and they worked really well. But in future,
• 42:00
  Speaker 3: would strongly recommend to anyone not to do that approach
• 42:03
  Speaker 3: that I just sort of, you know, let's just do
• 42:05
  Speaker 3: it and it'll all work out fine. I mean, it's
• 42:07
  Speaker 3: not the worst thing in the world, but yes, I
• 42:10
  Speaker 3: get a little bit stressed when people say they've used
• 42:12
  Speaker 3: a buy this agent to buy an investment property, because
• 42:14
  Speaker 3: there's just so many people in the industry who don't
• 42:16
  Speaker 3: know what they're talking about, and like, you don't know
• 42:18
  Speaker 3: what you don't know because these people, especially people in
• 42:21
  Speaker 3: real estate, and like, if you're listening to this and
• 42:23
  Speaker 3: you're in real estate, I'm sure you're a delightful human.
• 42:25
  Speaker 3: But we all know there are many snakes in real estate,
• 42:28
  Speaker 3: and they're so good at talking, and they are so
• 42:31
  Speaker 3: good at selling the dream, and it drives me nuts
• 42:34
  Speaker 3: because they'll promise a brilliant rental yield and then they
• 42:38
  Speaker 3: sell you something in a housing estate that never increases
• 42:41
  Speaker 3: in value. You don't end up with any equity, and
• 42:43
  Speaker 3: your rental yield is dismal, and they go, well, that's
• 42:45
  Speaker 3: the market being off. So sorry, like because there's no
• 42:48
  Speaker 3: real ramifications because like you know, past performance is not
• 42:52
  Speaker 3: a reliable predict or a fusion performance. They can promise
• 42:54
  Speaker 3: you anything exactly.
• 42:56
  Speaker 2: You know, like I said, we've just been incredibly lucky.
• 42:59
  Speaker 3: And I love this. So talk to me.
• 43:02
  Speaker 2: What do you think your best money habit is. I
• 43:05
  Speaker 2: think my best money habits It wasn't a specific habit.
• 43:10
  Speaker 2: I think it's more my attitude and my mindset towards money,
• 43:13
  Speaker 2: so that abundance mindset, because I feel like it's laid
• 43:16
  Speaker 2: a strong foundation to build everything else on top of. Like,
• 43:20
  Speaker 2: my money habits changed depending on where I am with
• 43:23
  Speaker 2: my finances, but at the base of that is always
• 43:25
  Speaker 2: that I view money as this tool that can get
• 43:29
  Speaker 2: me places, or do things for us, or give us freedom.
• 43:32
  Speaker 2: And that's allowed, like I said, me and my husband
• 43:34
  Speaker 2: to speak comfortably about it, or for me to start
• 43:36
  Speaker 2: discussing money with my friends, which has you know, been
• 43:40
  Speaker 2: able to set some of them in the right pathway too.
• 43:43
  Speaker 2: So yeah, I think that's probably my best habit.
• 43:45
  Speaker 3: I couldn't agree more your entire attitude throughout this. I'm like,
• 43:49
  Speaker 3: I wish everybody in the community embraced it in the
• 43:51
  Speaker 3: same way. I also wish everybody in the community had
• 43:54
  Speaker 3: a husband that was as supportive. We're not going to
• 43:57
  Speaker 3: make him our worst money habit, so shout out to him.
• 44:00
  Speaker 3: What is your worst money habit?
• 44:01
  Speaker 2: Though?
• 44:01
  Speaker 3: Oh it's so basic.
• 44:03
  Speaker 2: I still really struggle with my budgeting and cash flow,
• 44:06
  Speaker 2: and I have tried so many different iterations of how
• 44:11
  Speaker 2: to budget or track the money in different ways and
• 44:14
  Speaker 2: like you know, written or in an app, and like,
• 44:18
  Speaker 2: I am not a freak in the sheets. My Excel
• 44:20
  Speaker 2: spreadsheets are very basic and they just don't seem to work.
• 44:24
  Speaker 2: It always gets to the point where I'm shuffling money
• 44:26
  Speaker 2: back and forwards between my savings and my spending, which
• 44:30
  Speaker 2: is really frustrating because then we can't reach our financial
• 44:32
  Speaker 2: goals as well, because we're not consistently putting things away
• 44:36
  Speaker 2: because I just need to shuffle it back and forward
• 44:37
  Speaker 2: a bit too much. But I keep working on that.
• 44:40
  Speaker 3: No, no, no, I can fix that easy. I'll just
• 44:42
  Speaker 3: give you access to my money masterclass. I've literally done
• 44:44
  Speaker 3: it all. I'm a psycho. So like when you said
• 44:47
  Speaker 3: you're not a freaking the sheets, I was like, where
• 44:48
  Speaker 3: are we going with this? And then you're talking about
• 44:50
  Speaker 3: spreadshets and I was like, well, girl, I am, I'm
• 44:52
  Speaker 3: a psycho. I have not just built a spreadsheet that works.
• 44:55
  Speaker 3: I have automated the entire thing. So all you do
• 44:58
  Speaker 3: is put your budget in and then it will tell
• 44:59
  Speaker 3: you what needs to go into which bank account at
• 45:02
  Speaker 3: which time. And if you're like, well, actually, Victoria, our
• 45:05
  Speaker 3: income comes in on a fortnightly basis, don't worry, queen.
• 45:08
  Speaker 3: Just change your setting and it'll be weekly, fortnightly, monthly,
• 45:11
  Speaker 3: like it could even be annually if you want it
• 45:13
  Speaker 3: to be. And I am so proud of that thing
• 45:16
  Speaker 3: and the fact that I coded it for basically nine months,
• 45:19
  Speaker 3: Like let's not talk about how long it took me.
• 45:21
  Speaker 3: Let's just talk about how good the outcome is. But
• 45:24
  Speaker 3: that has literally changed the money story of thousands of people.
• 45:27
  Speaker 3: And it's my favorite thing ever because like it literally
• 45:31
  Speaker 3: automates it for you. So I'm going to send you
• 45:33
  Speaker 3: that and that I can fix that. You don't have
• 45:35
  Speaker 3: that bad money happen anymore. Bam, done, We're done, Thank.
• 45:38
  Speaker 2: You, Thank you so much. That would be incredible, because yeah,
• 45:41
  Speaker 2: I just can't seem to get it together.
• 45:43
  Speaker 3: Now you've got it, I'm so excited. And to be honest,
• 45:45
  Speaker 3: the way it's structured would work really well for you
• 45:48
  Speaker 3: guys as well, because you'd pick the duel version. So
• 45:51
  Speaker 3: I've got two versions of it if you're a single
• 45:53
  Speaker 3: income household and then you've got your duel, but I
• 45:56
  Speaker 3: would use the duel one and just mark yours down
• 45:58
  Speaker 3: as zero just because you're on Matt Lee. But then
• 46:00
  Speaker 3: you don't have to fix it up at another time.
• 46:02
  Speaker 3: But then joint costs like kids and savings goals and
• 46:06
  Speaker 3: infesting goals and budgets for your first home. I even
• 46:09
  Speaker 3: built in And this is like not me trying to
• 46:11
  Speaker 3: blow my own horn. I just think it's a really
• 46:14
  Speaker 3: cool thing to build in a mortgage repayment calculator on
• 46:17
  Speaker 3: one of the tabs. So like if you put your
• 46:19
  Speaker 3: loans in and your interest rate and then like have
• 46:22
  Speaker 3: a bit of a fiddle with it and go, well,
• 46:23
  Speaker 3: what does fifty dollars a week, look like. In addition,
• 46:26
  Speaker 3: it will tell you how many years it cuts off
• 46:28
  Speaker 3: your loan.
• 46:29
  Speaker 2: That's amazing.
• 46:29
  Speaker 3: I'm just excited about that. I'm just a maths girl
• 46:32
  Speaker 3: at heart, and we're going to stop talking about it
• 46:34
  Speaker 3: because you guys might start thinking I'm a nerd and
• 46:36
  Speaker 3: couldn't have that. But that is so exciting money direst
• 46:40
  Speaker 3: And I'm really sad that we're running out of time.
• 46:43
  Speaker 3: If there was one thing that you could say to
• 46:46
  Speaker 3: somebody who's in the position you were in. So they
• 46:48
  Speaker 3: feel like they're drowning in debt. They've just started listening
• 46:51
  Speaker 3: to money story. It's all completely overwhelming. What would you
• 46:54
  Speaker 3: tell them to do?
• 46:55
  Speaker 2: I don't know. I guess starts small, like you say,
• 46:58
  Speaker 2: from little things big things, and that's truly how it started.
• 47:03
  Speaker 2: Being able to put a couple of dollars here and
• 47:04
  Speaker 2: there into things was the way to start, and then
• 47:08
  Speaker 2: and then it just grows from there. So I think
• 47:11
  Speaker 2: everyone can do what I've done. I'm not special.
• 47:13
  Speaker 3: I just I got the.
• 47:14
  Speaker 2: Information I never had and I applied it and anyone
• 47:18
  Speaker 2: can do that. So it's very exciting.
• 47:20
  Speaker 3: I love it. And before we go, I need to
• 47:22
  Speaker 3: revisit your grade. You said you were a B. Queen,
• 47:25
  Speaker 3: Tell me what does it take to get to an A,
• 47:27
  Speaker 3: because I'm just looking at this going I don't know
• 47:30
  Speaker 3: what more she can do. All she said was that
• 47:33
  Speaker 3: she was bad at spreadsheets, and that doesn't make you
• 47:35
  Speaker 3: bad at money. So where's this bee come from? How
• 47:38
  Speaker 3: do we get to an A? Well?
• 47:40
  Speaker 2: Like I said, I would like to fix my budgeting
• 47:42
  Speaker 2: and cash flow, and I think given that we're starting
• 47:45
  Speaker 2: over again, I would feel better about my grade once
• 47:48
  Speaker 2: I've sort of gotten back to a position where I
• 47:51
  Speaker 2: feel more comfortable in and then can grow our finances
• 47:54
  Speaker 2: and grow our goals from there.
• 47:56
  Speaker 3: I won't argue with that. I think that is very
• 47:58
  Speaker 3: fair money, Dirist, It has been an absolute pleasure getting
• 48:01
  Speaker 3: to know you, getting to know more about your family,
• 48:03
  Speaker 3: your money habits, what you've done well and maybe what
• 48:06
  Speaker 3: you haven't done so well. It's been really ie opening.
• 48:08
  Speaker 3: But I know the community is going to love listening
• 48:11
  Speaker 3: to this episode, So thank you so much. Thank you
• 48:14
  Speaker 3: for having me, and also a very huge thank you
• 48:16
  Speaker 3: to skuy Wealth for making this episode possible. I'll chuck
• 48:19
  Speaker 3: a whole heap of information about them how to get
• 48:21
  Speaker 3: in contact, what they do, how they do it in
• 48:23
  Speaker 3: the show notes for you to check out did buy
• 48:31
  Speaker 3: shared on?
• 48:31
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• 48:48
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• 48:49
  Speaker 3: Advice tailored towards your needs.
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