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MONEY DIARIES: The Art Of Calculated Risk-taking · She's On The Money

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  Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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  Speaker 1: the Order Kerney Whoalbury and a waddery woman. And before
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  Speaker 1: we get started on She's on the Money podcast, I
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  Speaker 1: would like to acknowledge the traditional custodians of the land
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  Speaker 1: of which this podcast is recorded on a wondery country,
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  Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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  Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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  Speaker 1: and the storytelling of you to make a difference for
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  Speaker 1: today and lasting impact for tomorrow.
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  Speaker 2: Let's get into it.
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  Speaker 3: She's on the Money.
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  Speaker 2: She's on the Money. Hello, and welcome to She's on
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  Speaker 2: the the podcast for millennials who want financial freedom. Welcome
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  Speaker 2: back to another one of our money diaries. What I
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  Speaker 2: get the absolute pleasure of talking to one of our
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  Speaker 2: incredible She's on the Money community members all about their journey.
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  Speaker 2: Let's jump straight into it, because this week I got
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  Speaker 2: a message and it went like this, Hi V, I'd
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  Speaker 2: like to share my property story as in amongst my
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  Speaker 2: friendship group, my partner and I are definitely on the
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  Speaker 2: more risky side of things. We bought our one point
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  Speaker 2: five million dollar home in our dream suburb, then rented
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  Speaker 2: it because we couldn't afford to live in it. Earlier
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  Speaker 2: this year, my partner took a fifty thousand dollar pay cut,
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  Speaker 2: and like everyone else, our repayments are increasing. We're about
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  Speaker 2: to move in, and I want to share my story
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  Speaker 2: of calculated risk taking with the community. Money Diarist. I'm
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  Speaker 2: so excited about this.
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  Speaker 3: That's a really good summary.
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  Speaker 2: Actually, I mean, it's not bad, is it. You wrote it,
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  Speaker 2: so I'm pretty proud of it.
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  Speaker 3: About that.
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  Speaker 2: I'm really excited to hear about your story because I
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  Speaker 2: feel like, in this day and age, with the property
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  Speaker 2: prices increasing in the way that they are, one point
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  Speaker 2: five million dollars is kind of becoming the norm for
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  Speaker 2: a family home, and it's also becoming really overwhelming. Like
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  Speaker 2: to me, that sounds like just so so so much money.
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  Speaker 2: But let's get into it. Are you ready? Yes, I'm ready,
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  Speaker 2: all right, Money direst The first question I always start
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  Speaker 2: with is if I asked you to grade yourself and
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  Speaker 2: your money habits on a scale of eighth through to F,
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  Speaker 2: what would you grade yourself?
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  Speaker 3: I think I would grade myself a B.
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  Speaker 2: Plus B plus. She's got a one point five million
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  Speaker 2: dollar home guys, and she's a B plus. Alright, alright,
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  Speaker 2: I'll sit down. My favorite question as always, let's dive
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  Speaker 2: straight into it, money diarist, Can you tell me a
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  Speaker 2: little bit more about your money story.
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  Speaker 3: So I suppose, like everyone, my money story would go
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  Speaker 3: back all the way to childhood. So I had a
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  Speaker 3: pretty unconventional childhood. My biological parents they split up when
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  Speaker 3: I was around four years old, and my mom remarried
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  Speaker 3: at that time, and she sort of quit her career
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  Speaker 3: and joined my stepdad in a property development business, which,
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  Speaker 3: like many of the property development businesses out that went
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  Speaker 3: pretty much barely up. Everything was in her name and
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  Speaker 3: she declared bankruptcy. She had to pull money out of
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  Speaker 3: super for financial hardship reasons, and we didn't really have
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  Speaker 3: a stable family home. We always lived in the same area,
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  Speaker 3: but we had to move around a lot four or
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  Speaker 3: five times to different rentals. Then my mum had to
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  Speaker 3: go back to work and she completely changed careers at
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  Speaker 3: that point. And my stepdad, he's a bit unconventional. He
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  Speaker 3: never really believed in an honest day's work. Since then,
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  Speaker 3: has been trying to sort of make it in quotes,
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  Speaker 3: in sort of like get rich quick schemes and basically
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  Speaker 3: their situation hasn't really improved. My mum still doesn't really
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  Speaker 3: have any assets. Her rent to this day is going
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  Speaker 3: up one hundred and eighty dollars a week. So I
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  Speaker 3: guess that's where my money story begins because I never
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  Speaker 3: want to be in that situation. I want to create
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  Speaker 3: something for the future, assets for the future, and yeah,
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  Speaker 3: I never want to be left with nothing.
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  Speaker 2: Oh wow, when you started to say, oh, my stepdad
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  Speaker 2: and my mum started this property development company, like my
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  Speaker 2: mind was going one way and it completely went the opposet.
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  Speaker 2: Do you think that this narrative has really, I guess
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  Speaker 2: driven you to want to be in property just because
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  Speaker 2: of the stability and the security, or has it made
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  Speaker 2: you want to shy away? Like what's your thoughts on property,
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  Speaker 2: especially after going through that in childhood.
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  Speaker 3: Yeah, so in terms of property, most of the people
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  Speaker 3: I know have bought a home before I did. It
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  Speaker 3: was never really my goal to get a property as
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  Speaker 3: soon as possible or anything like that. But I think
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  Speaker 3: there was that instability of the business that they were
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  Speaker 3: in that has sort of made me a bit shy
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  Speaker 3: towards debt. But there was also the fact that my
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  Speaker 3: family home when I was young is just gone. That
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  Speaker 3: makes me want to secure something like that, to buy
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  Speaker 3: something like that so that, you know, if I ever
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  Speaker 3: had a kid, I don't have to move my kid
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  Speaker 3: around to lots of various rentals and suffer the consequences,
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  Speaker 3: you know.
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  Speaker 2: Yeah, wow, all right, let's fast forward. You now have
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  Speaker 2: a partner. Can you tell me a little bit about that?
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  Speaker 2: How did you meet your partner? How did you decide
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  Speaker 2: property was the plan? What's going on there?
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  Speaker 3: I want to know meeting my partner. So I met
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  Speaker 3: my partner on a dating app, same Bay then not
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  Speaker 3: the same as your one. I met my partner on
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  Speaker 3: plenty of Fish.
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  Speaker 2: Oh how exciting? And then did you just know you
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  Speaker 2: just matched and you knew or like, what's the story?
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  Speaker 2: Come on, we need the juicy gas.
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  Speaker 3: So we started messaging for a few weeks on Plenty
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  Speaker 3: of Fish and then we had our first date. It
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  Speaker 3: wasn't the sort of date where you just want to
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  Speaker 3: have dinner and then part ways and then leave and
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  Speaker 3: see you next time. We wanted to, you know, keep
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  Speaker 3: going for a walk. We wanted to find coffee and
• 6:33
  Speaker 3: all that. So it was sort of the one.
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  Speaker 2: Where we stretched it out.
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  Speaker 3: Yes, we stretched it out and he dropped me home.
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  Speaker 3: And then I think at first he was a bit
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  Speaker 3: more keen than I was, and he started meeting me
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  Speaker 3: for lunches when I worked in the city, and then
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  Speaker 3: it went really fast from there, basically. But we we
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  Speaker 3: tried to keep it traditional, so to speak, and we
• 6:58
  Speaker 3: waited a whole year before moving in together. But as
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  Speaker 3: soon as that one year mark crossed.
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  Speaker 2: It was a free for all.
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  Speaker 3: Yeah, and then you know a few years later, now
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  Speaker 3: we've got the dog in the house.
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  Speaker 2: So how exciting. I love this so much for you.
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  Speaker 2: It's actually really really fun to hear about I guess
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  Speaker 2: how people met and what's going on. And I think
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  Speaker 2: it's so much more common these days to be like, oh, yeah,
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  Speaker 2: I met my partner on the dating website. I mean
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  Speaker 2: I met my partner years ago, and I remember at
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  Speaker 2: the time being so embarrassed that I'd met him on
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  Speaker 2: a dating website. Now I couldn't care less, but at
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  Speaker 2: the time I remember being like, what am I going
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  Speaker 2: to tell my parents that I was on a dating website? Like, oh, I.
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  Speaker 3: Don't know, yeah, I mean that's the thing. I never
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  Speaker 3: would have met my partner if I didn't go on
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  Speaker 3: this dating website because we lived on different sides of
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  Speaker 3: town at the time. We don't run in the same circle.
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  Speaker 3: So yeah, it was a really good thing that we
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  Speaker 3: both went on this dating app.
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  Speaker 2: I love it all right, Tell me a little bit
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  Speaker 2: more about you. What do you do for work and
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  Speaker 2: how much money do you earn?
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  Speaker 3: Yes, so I'm an accountant, a manager level, and I
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  Speaker 3: worked from home full time and I earn one hundred
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  Speaker 3: and nine thousand plus.
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  Speaker 2: Super very nice. And what are you currently working towards?
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  Speaker 2: Obviously you've already bought your one point five million dollar
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  Speaker 2: dream home in your dream suburb. What's next?
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  Speaker 3: So we're not married yet, we're not engaged yet either.
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  Speaker 3: I think that's what I would like to come next,
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  Speaker 3: and then maybe a little bit down the tracks and children,
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  Speaker 3: But we as a couple, we want to sort out
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  Speaker 3: our finances first. So yeah, at the moment, it's a
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  Speaker 3: little bit hard to try and put aside money for
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  Speaker 3: a wedding and a ring. I mean, I know the
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  Speaker 3: guy is supposed to buy the ring, but in reality,
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  Speaker 3: if he buys the ring, then it comes out of
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  Speaker 3: our shared full of money. You know, at the end
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  Speaker 3: of the day, so it's still something that both of
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  Speaker 3: us have to think about. But yeah, I mean I
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  Speaker 3: think like big, big term, long term goals I'd want,
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  Speaker 3: you know, like the white picket fence, life with the
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  Speaker 3: dog and the house and the two holidays a year,
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  Speaker 3: one's overseas and all that. That's what I want.
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  Speaker 2: I love that. And what is your partner's take on this?
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  Speaker 2: Is he totally on board with the marriage engagement ring
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  Speaker 2: side of things or is this something that you're like,
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  Speaker 2: you know what, I'd really like this, But he has
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  Speaker 2: no idea.
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  Speaker 3: No, we talk about it all the time. We talk
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  Speaker 3: about it all the time. He's on the same page.
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  Speaker 2: Oh good, how exciting. All right, let's go to a
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  Speaker 2: really quick break because I have heaps more questions and
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  Speaker 2: we'll get to them in a hot minute. All right, money, darist,
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  Speaker 2: we are back, and I want to know you've bought
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  Speaker 2: a one point five million dollar property, but do you
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  Speaker 2: have any investments?
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  Speaker 3: I do, so, I have about fifteen thousand dollars worth
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  Speaker 3: of shares and ETFs and I've got my super balance
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  Speaker 3: which is currently eighty three thousand.
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  Speaker 2: Ooh, very nice.
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  Speaker 3: And that's really it for investments. We cleared most of
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  Speaker 3: our investments to pay for the property last year.
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  Speaker 2: Very very fair. Tell me a bit more about the
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  Speaker 2: fifteen thousand dollars you have in shares. How did you
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  Speaker 2: pick the shares and ets that you hold, and like,
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  Speaker 2: what was your kind of like gateway into investing.
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  Speaker 3: So my gateway into investing was probably just talking about
• 10:32
  Speaker 3: it a little bit. So my dad, my biological dad,
• 10:36
  Speaker 3: which he did move overseas when I was little, but
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  Speaker 3: he came back to have a relationship with his daughters
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  Speaker 3: when I was fifteen. Anyway, he has always had an
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  Speaker 3: interest in the share market, so he would talk to
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  Speaker 3: me about it a little bit. Obviously. With my job,
• 10:50
  Speaker 3: because I've worked in tax I am fortunate enough to
• 10:54
  Speaker 3: see what portfolios other people have. So I can see,
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  Speaker 3: you know, ooh, this client has CSL that they bought
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  Speaker 3: way back in the heyday. How do I do something
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  Speaker 3: like that? I can see both the smart and the
• 11:08
  Speaker 3: not so smart on paper decisions that clients have made.
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  Speaker 3: Just in my everyday job. A lot of the shares
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  Speaker 3: as well, I bought during COVID during the low side,
• 11:23
  Speaker 3: so I picked say a bank, a retail, a tech
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  Speaker 3: just trying to sort of diversify my portfolio a little bit,
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  Speaker 3: plus the ETFs I have in you know, I shares
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  Speaker 3: those listed ones, Yes, those ones just traditionally for me,
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  Speaker 3: they've seemed pretty pretty conservative, safe. Yeah, just something you
• 11:50
  Speaker 3: can just buy and then leave.
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  Speaker 2: Very cool. And you mentioned before that you bought some
• 11:55
  Speaker 2: shares during I guess the low point during COVID. Did
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  Speaker 2: this contribute your house deposit? Is this something you've said before, like, oh,
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  Speaker 2: we sold down some of our shares, Like, is this
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  Speaker 2: what contributed to your house deposit? Or tell me how
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  Speaker 2: you got to have a house deposit for a one
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  Speaker 2: point five million dollar house.
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  Speaker 3: So it's a combination of things. So the house purchase
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  Speaker 3: was actually one point four seven five as per the contract,
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  Speaker 3: but then we had to pay around sixty five thousand
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  Speaker 3: of stamp duty.
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  Speaker 2: Yep, ill ill, Yes, I know, ill.
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  Speaker 3: But our loan was for one point two seven five,
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  Speaker 3: So that leaves about two hundred and sixty five thousand
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  Speaker 3: in cash that we had to cough up.
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  Speaker 2: Yeah. Wow, So that.
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  Speaker 3: Was funded by a combination of things. So one thing
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  Speaker 3: I had is back in I think May twenty nineteen,
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  Speaker 3: I started putting money into Colonial First State. I was
• 12:58
  Speaker 3: putting in one thousand each month pretty much up until
• 13:03
  Speaker 3: January twenty twenty two, and then I pulled all that
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  Speaker 3: out and sold it for the house. There was also
• 13:14
  Speaker 3: shares that I had purchased during COVID during the low period,
• 13:18
  Speaker 3: so I've kept some, but I've also sold some. Plus
• 13:22
  Speaker 3: there is just general cash savings. So one thing we
• 13:27
  Speaker 3: did is we negotiated for a ninety day settlement so
• 13:31
  Speaker 3: that wis mark give us three.
• 13:33
  Speaker 2: Months to a bit more flexibility.
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  Speaker 3: Yes, well to live very very cheaply and save all
• 13:39
  Speaker 3: the cash we could. The other thing was that my
• 13:42
  Speaker 3: partner also had about one hundred and twenty thousand in
• 13:47
  Speaker 3: Colonial first State, plus he sold some bitcoin that he
• 13:53
  Speaker 3: had bought back in I think twenty seventeen, twenty sixteen.
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  Speaker 3: That's mainly where the cash came from. So obviously my
• 14:02
  Speaker 3: partner contributed more off the cash, but my borrowing capacity
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  Speaker 3: accounts for most of the loan because he has already
• 14:14
  Speaker 3: got two properties, right, So he's got two properties, the
• 14:18
  Speaker 3: one that we live in currently which is owner occupied,
• 14:21
  Speaker 3: and then another investment property. He bought both of those.
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  Speaker 2: That's a good catch. That's a good man to find
• 14:27
  Speaker 2: on plenty of fish.
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  Speaker 3: I like that, you know, what happened is on our
• 14:31
  Speaker 3: first date, I asked him where are you living? Are
• 14:34
  Speaker 3: you renting somewhere? Because you know, that's what I was doing.
• 14:37
  Speaker 2: I was renting, Yeah, or do you live with your parents?
• 14:40
  Speaker 2: Which one is there?
• 14:41
  Speaker 3: And then he said, actually, I'm living in my own home.
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  Speaker 2: So I was like, wow, that's sexy. Ten out of ten.
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  Speaker 3: And then a few weeks later I met some of
• 14:51
  Speaker 3: his friends and then it just sort of popped up
• 14:54
  Speaker 3: that he owned another property and I was thinking, what,
• 14:58
  Speaker 3: how do you own two and I don't own any?
• 15:01
  Speaker 2: Yeah, the pressure is real. Yes, that's actually really cool
• 15:07
  Speaker 2: though that he was so financially stable when starting to date,
• 15:12
  Speaker 2: because I feel like that's not common.
• 15:13
  Speaker 3: It's not common. But his stad is a financial planner.
• 15:19
  Speaker 2: Oh what a Janiet.
• 15:20
  Speaker 3: He didn't grow up with very much either.
• 15:25
  Speaker 2: Yeah, okay, so it's just a really big priority to him.
• 15:28
  Speaker 3: Yes, he has that, you know that money motivation, you.
• 15:31
  Speaker 2: Know, absolutely, So talk to me about The next question
• 15:34
  Speaker 2: I want to ask is really about debt. So you've
• 15:36
  Speaker 2: taken on a one point two seven five million dollar loan.
• 15:40
  Speaker 2: How does that play into your cash flow? And with
• 15:44
  Speaker 2: current interest rates, how are you feeling about that? Especially
• 15:47
  Speaker 2: because you're about to move into it.
• 15:49
  Speaker 3: Yes, So what we did is we got our loan
• 15:54
  Speaker 3: for the house, and it was at a quite a
• 15:57
  Speaker 3: low interest rate, and we fixed it for twelve months.
• 16:03
  Speaker 3: So the fixed period.
• 16:05
  Speaker 2: Has ended, and now it's painful.
• 16:08
  Speaker 3: Yes. So our repayments were five thousand, six hundred and
• 16:14
  Speaker 3: fifteen and now they are going up to seven thousand,
• 16:19
  Speaker 3: six hundred and eighty six.
• 16:22
  Speaker 2: Wowe. And how is that going to work into the
• 16:25
  Speaker 2: cash flow system each month?
• 16:27
  Speaker 3: So, because we rented it for the first you know,
• 16:34
  Speaker 3: I think it's twelve to fifteen months, we have saved
• 16:37
  Speaker 3: a buffer. So we have about sixty thousand in cash
• 16:48
  Speaker 3: now so that we can cover the difference, the two
• 16:54
  Speaker 3: thousand dollars difference each month. And I am also sort
• 17:03
  Speaker 3: of hoping for or banking on a salary increase this month.
• 17:08
  Speaker 3: It does normally happen in August, it should be the
• 17:13
  Speaker 3: you know, the seven percent yeah, that I'm expecting. And
• 17:17
  Speaker 3: then what will happen is we'll move into our home
• 17:23
  Speaker 3: and our dream suburb, and then the home that we're
• 17:25
  Speaker 3: currently living in we will try and rent out. It
• 17:29
  Speaker 3: won't be the same level of rent, no, of course, yeap,
• 17:33
  Speaker 3: just because we're moving into a better area, but it'll
• 17:36
  Speaker 3: still help.
• 17:37
  Speaker 2: Yeah. Absolutely. I'm feeling like you guys are so financially
• 17:41
  Speaker 2: literate to be like, all right, well, we had shares,
• 17:43
  Speaker 2: we had this, we sold this, and then we've got
• 17:45
  Speaker 2: some cash over here. And my partner here had two
• 17:47
  Speaker 2: properties and you know, we leased it out for twelve
• 17:50
  Speaker 2: to fifteen months and now we've got a sixty thousand
• 17:52
  Speaker 2: dollar cash buffer. How did you do that? Because to say, oh,
• 17:55
  Speaker 2: in twelve to sixteen months, we've organized a sixty thousand
• 17:58
  Speaker 2: dollar cash buffer our money was it? No, I'm not
• 18:05
  Speaker 2: because that's so much money, so.
• 18:09
  Speaker 3: I should discloser. Our rent was nine hundred a week,
• 18:13
  Speaker 3: so there's that. And then we also save each month,
• 18:18
  Speaker 3: so I get paid monthly and I've been saving twenty
• 18:22
  Speaker 3: five hundred a month.
• 18:23
  Speaker 2: How good is that?
• 18:25
  Speaker 3: Yeah? And then my partner's also been saving a little
• 18:27
  Speaker 3: bit each month. But we weren't actually looking for a
• 18:31
  Speaker 3: house to buy until just by chance, my partner saw
• 18:35
  Speaker 3: that there was a property for sale in one of
• 18:39
  Speaker 3: the streets that I used to live in that was
• 18:40
  Speaker 3: a very good suburb. I love it, and I think
• 18:44
  Speaker 3: it was on sale for maybe one point three five,
• 18:48
  Speaker 3: and he looked at it and just conched the numbers
• 18:52
  Speaker 3: one day and said, you know, if we rented it,
• 18:56
  Speaker 3: we could afford a place like that and then we
• 18:58
  Speaker 3: could eventually move in. So that's pretty much where it started.
• 19:03
  Speaker 2: Ah exciting. And then where did you purchase close to
• 19:06
  Speaker 2: where you used to live and where you grew up?
• 19:09
  Speaker 3: So we didn't actually purchase in that area. So the
• 19:13
  Speaker 3: area that I'm talking about was when I first moved
• 19:16
  Speaker 3: out of home. I moved into a suburb in Brisbane
• 19:19
  Speaker 3: that's quite in city. Yeah, and that's where he saw
• 19:22
  Speaker 3: the other house that was for sale, But we were
• 19:24
  Speaker 3: priced out of there very quickly. The market moved so
• 19:28
  Speaker 3: quickly at that time, and you know, houses that could
• 19:31
  Speaker 3: have been like one point four we're going for like
• 19:33
  Speaker 3: one point seven and so crazy. We had a look
• 19:37
  Speaker 3: at another inner city suburb that looks and has like
• 19:41
  Speaker 3: a great sort of neighborhood feel, but it's still in
• 19:43
  Speaker 3: a city, and that's where we bought in the end.
• 19:46
  Speaker 2: Yeah wow, all right, Well tell me about how you
• 19:48
  Speaker 2: purchased your property. Was it off market? Were you just
• 19:52
  Speaker 2: straight sale? Did you purchase it at an option?
• 19:55
  Speaker 3: Like?
• 19:55
  Speaker 2: Was it most stressful thing in the entire world or
• 19:58
  Speaker 2: was it super easy? Like I want to know more
• 20:00
  Speaker 2: about that, because if you're going to spend one point
• 20:03
  Speaker 2: five million dollars, like I feel like you're already nervous.
• 20:06
  Speaker 3: Yep, you're right about that. So we were looking for
• 20:10
  Speaker 3: houses that we're in a good area that we could rent.
• 20:15
  Speaker 3: So that means we couldn't buy some bomb in a
• 20:18
  Speaker 3: good area because then we'd have to spend money fixing
• 20:21
  Speaker 3: it up, which we don't have the cash for. So
• 20:24
  Speaker 3: I did see this property one day and I saw
• 20:28
  Speaker 3: it was listed, and then a couple of days after
• 20:32
  Speaker 3: there was going to be the first open home. It
• 20:35
  Speaker 3: was like a champagne viewing something like that.
• 20:38
  Speaker 2: That's so fancy. Yeah, it sounds fancy, right, it sounds
• 20:41
  Speaker 2: so fancy. They're like, can we have all your money?
• 20:44
  Speaker 3: And so it's a three bedroom, two bathroom, and two
• 20:49
  Speaker 3: garage or two castpays. Sorry. It was after work one
• 20:53
  Speaker 3: day and I told my partner to go to the
• 20:57
  Speaker 3: open home just have a look. It looks like it's
• 21:00
  Speaker 3: out of our price range, but just have a look.
• 21:03
  Speaker 3: And he had a look, showed up to the champagne
• 21:07
  Speaker 3: viewing with his sneakers and his you know, very old
• 21:09
  Speaker 3: white T shirt, and then he came home and he said,
• 21:13
  Speaker 3: it's perfect. It's exactly what we're looking for. And so
• 21:18
  Speaker 3: we called the agent that night and made a verbal
• 21:25
  Speaker 3: offer for a little bit under the one point four
• 21:28
  Speaker 3: seven five. I think we offered one point four to five,
• 21:32
  Speaker 3: and then the agent said, look, I'll talk to the
• 21:35
  Speaker 3: sellers and then i'll give you a call first thing
• 21:38
  Speaker 3: in the morning.
• 21:39
  Speaker 2: And so you didn't sleep at all that night.
• 21:41
  Speaker 3: We were just crunching numbers the whole night how far
• 21:44
  Speaker 3: we could stretch, and one point four seven five was
• 21:48
  Speaker 3: our max. And so the agent called me in the
• 21:51
  Speaker 3: morning and that was my offer, one point four seven five.
• 21:56
  Speaker 3: To try and secure it, I said, we'll do a
• 21:59
  Speaker 3: ten percent deposit, but we need a ninety day settlement.
• 22:03
  Speaker 3: And then it was kind of underwhelming in a way
• 22:07
  Speaker 3: because a few hours later we got the docu sign
• 22:11
  Speaker 3: for the contract, just a docu sign like no call.
• 22:15
  Speaker 2: No champagne, nothing, just like sign here, babe.
• 22:18
  Speaker 3: Yeah, sign your babe, And so we both did sign
• 22:20
  Speaker 3: there and then a couple of hours later we got
• 22:23
  Speaker 3: completed docu sign back via.
• 22:27
  Speaker 2: Email and that was it. That was the wholesales process.
• 22:30
  Speaker 3: And then half an hour later, the agent called and said, congratulations.
• 22:33
  Speaker 3: You guys were super aggressive, but clearly it worked. That
• 22:36
  Speaker 3: was it.
• 22:36
  Speaker 2: Oh my gosh. And you were like, we didn't even realize,
• 22:38
  Speaker 2: Like you didn't call me, you didn't communicate this to me.
• 22:41
  Speaker 2: You just sent a DOCU sign and I thought it
• 22:43
  Speaker 2: might have been a mistake, but I signed it anyway.
• 22:45
  Speaker 3: So I didn't actually see the house.
• 22:47
  Speaker 2: Oh my gosh. You hadn't seen it at this point.
• 22:49
  Speaker 2: You just had to trust your partner.
• 22:52
  Speaker 3: But I did go and see the house because there
• 22:54
  Speaker 3: was another scheduled open home the weekend following.
• 22:57
  Speaker 2: Even though you'd signed the contract.
• 22:59
  Speaker 3: Yes, so I think the agent just kept it open
• 23:03
  Speaker 3: as is for BioResearch opportunities.
• 23:06
  Speaker 2: Jeez, Louise, I would have been like, get out, this
• 23:08
  Speaker 2: is now my house.
• 23:10
  Speaker 3: Well, there was no one else there because it was
• 23:12
  Speaker 3: already marked as under contract. Yeah, but I showed up
• 23:15
  Speaker 3: and I took a friend with me, and I said,
• 23:17
  Speaker 3: this is actually my house. I just bought it.
• 23:20
  Speaker 2: So funny. Yeah, real estate confuses me because like I
• 23:25
  Speaker 2: have no I like, if you are in the market
• 23:27
  Speaker 2: to buy a property, and imagine if somebody else saw
• 23:29
  Speaker 2: that house, like that was your dream property. I'm sure
• 23:30
  Speaker 2: someone else would have looked at it and been like, oh,
• 23:32
  Speaker 2: my gosh, that's also my dream property mugine turning up
• 23:36
  Speaker 2: and then being told, oh, well, this one's actually three
• 23:38
  Speaker 2: years old. We're just doing some research. I would have
• 23:40
  Speaker 2: seen off my head. I would have been so annoyed
• 23:43
  Speaker 2: to be like, don't waste my time, because when it
• 23:46
  Speaker 2: comes to property as well, like often they're only open
• 23:49
  Speaker 2: and like on a Saturday from like eleven to twelve,
• 23:52
  Speaker 2: and you've got to work out which properties you're going
• 23:54
  Speaker 2: to see. I would have been very salty about that situation.
• 23:58
  Speaker 2: But I'm so glad that you got it. That's literally
• 24:01
  Speaker 2: the best. I feel like that's a dreamy story, Like
• 24:03
  Speaker 2: that's just too easy, my friend.
• 24:05
  Speaker 3: I think I'm making it sound easy.
• 24:08
  Speaker 2: But it would have been very stressful.
• 24:09
  Speaker 3: In the background. There's a lot of spreadsheets, you know,
• 24:12
  Speaker 3: we've even to look for the house we wanted. We've
• 24:16
  Speaker 3: got a spreadsheet with all the different factors that we
• 24:18
  Speaker 3: were looking for, like does it have a wide frontage,
• 24:21
  Speaker 3: what are the schools? Like, how many bedrooms and bathrooms?
• 24:24
  Speaker 1: No?
• 24:24
  Speaker 2: I love that that's so smart.
• 24:26
  Speaker 3: Is there a dog park nearby? Is it in the
• 24:29
  Speaker 3: flood zone everything.
• 24:32
  Speaker 2: No, that's really really important, like literally so important. On
• 24:36
  Speaker 2: our podcast, the Property Playbook, I teach that all the time.
• 24:39
  Speaker 2: I'm like, document it, go and do your research, understand
• 24:43
  Speaker 2: what you're looking for, because I'm sure money daris that
• 24:46
  Speaker 2: that was why you were so easily able to say,
• 24:49
  Speaker 2: oh no, no, no, we'll buy this one, and you
• 24:50
  Speaker 2: hadn't even seen it.
• 24:52
  Speaker 3: So I became quite knowledgeable with just the kinds of
• 24:56
  Speaker 3: properties out there. I learned what a character home is,
• 25:00
  Speaker 3: what a pre war versus post war is, so I
• 25:02
  Speaker 3: knew which ones to avoid, which ones would need lots
• 25:06
  Speaker 3: of fix ups and counsel approvals and all that.
• 25:09
  Speaker 2: How good? All right, tell me a bit more about you.
• 25:12
  Speaker 2: I want to know what is your best money habit.
• 25:17
  Speaker 3: So I think my best money habit would be I
• 25:23
  Speaker 3: don't like to buy anything at full price. I will
• 25:27
  Speaker 3: always wait for the.
• 25:29
  Speaker 2: Sale that's fair. I like that. That's a very good
• 25:31
  Speaker 2: money habit.
• 25:32
  Speaker 3: Yes, but just on a monthly basis. What we do
• 25:38
  Speaker 3: is we do have our own everyday accounts and savings
• 25:41
  Speaker 3: accounts and things like that, but we've also got a
• 25:44
  Speaker 3: joint everyday account and we each tip in five hundred
• 25:49
  Speaker 3: and fifty dollars for the month, which we use to
• 25:53
  Speaker 3: spend on internet subscriptions and food. And basically, if there's
• 26:00
  Speaker 3: something extra that we have to pay for that month,
• 26:02
  Speaker 3: like a gift or something, it will come out of
• 26:05
  Speaker 3: that pool as well. But if we find that we
• 26:09
  Speaker 3: don't have enough money left over for the essentials, we
• 26:12
  Speaker 3: will tip more in to compensate for that extra thing.
• 26:16
  Speaker 3: But if we find out we've got extra cash at
• 26:19
  Speaker 3: the end of the month, then that's sort of like
• 26:22
  Speaker 3: a bonus, and we'll either decide to save it or
• 26:26
  Speaker 3: use it to go out for a nice dinner or
• 26:27
  Speaker 3: something all cute.
• 26:29
  Speaker 2: I like that. I feel like that means that you're
• 26:31
  Speaker 2: kind of sticking within budget but still living your best
• 26:34
  Speaker 2: life trying to.
• 26:35
  Speaker 3: So we do live on the cheap in some respects,
• 26:39
  Speaker 3: so we do place limitations on ourself, Like we might
• 26:43
  Speaker 3: go out for brunch on a Sunday, which is probably
• 26:48
  Speaker 3: one of our worst or one of my worst money habits.
• 26:50
  Speaker 3: I just love going out for brunch and sitting in
• 26:52
  Speaker 3: the sun with my dog and a coffee and whatnot.
• 26:56
  Speaker 3: But we limit ourselves to of thirty five dollars so
• 27:01
  Speaker 3: nothing more.
• 27:02
  Speaker 2: I like that. Does that mean you just order coffee,
• 27:05
  Speaker 2: because then you stay and age like you can't get
• 27:07
  Speaker 2: much for thirty five dollars.
• 27:09
  Speaker 3: No, so you can get a basic mane. Yeah, say,
• 27:14
  Speaker 3: eggs and sour dough.
• 27:16
  Speaker 2: Is this thirty five dollars each? Or is this thirty
• 27:18
  Speaker 2: five dollars total?
• 27:20
  Speaker 3: Total?
• 27:20
  Speaker 2: Oh my gosh, I feel like every time I'm going
• 27:23
  Speaker 2: for brunch and this is absolutely showing my privilege. My friend,
• 27:26
  Speaker 2: it's between fifty and sixty dollars easy, okay, so teach
• 27:29
  Speaker 2: me your ways. Two coffees might be ten bucks minimum, No.
• 27:34
  Speaker 3: Six dollars, six dollars each.
• 27:36
  Speaker 2: So oh okay, twelve dollars twelve dollars for coffee.
• 27:39
  Speaker 3: For coffee, plus you can get in some places you
• 27:43
  Speaker 3: can get a maine which is like scrambled eggs and
• 27:47
  Speaker 3: sour dough for like fifteen.
• 27:51
  Speaker 2: Okay, all right, and then you.
• 27:53
  Speaker 3: Can get a banana bread or almond croissan.
• 27:56
  Speaker 2: Oh and you share it. Yeah, oh, I love that.
• 28:00
  Speaker 2: That's actually quite smart. I'm probably not going to do
• 28:03
  Speaker 2: that because I am greedy when it clings to brunch,
• 28:06
  Speaker 2: and I want my own plate, and if I see
• 28:08
  Speaker 2: French toast on the menu, I'm not sharing that. So
• 28:13
  Speaker 2: you have a lot more willpower than I ever will possess.
• 28:16
  Speaker 2: But I think I think that's really smart because that
• 28:19
  Speaker 2: actually makes it so much more budget friendly. Like thirty
• 28:21
  Speaker 2: five dollars is soo much more palatable than fifty bucks
• 28:25
  Speaker 2: or sixty bucks.
• 28:26
  Speaker 3: So the thirty five dollars rule, I don't want to
• 28:30
  Speaker 3: call it a rule, but it.
• 28:31
  Speaker 2: Is a rule, kind of a rule.
• 28:33
  Speaker 3: It's kind of right.
• 28:33
  Speaker 2: Just call it what it is, my friend, it's anonymous.
• 28:36
  Speaker 3: So the thirty five dollars rule came from when we
• 28:39
  Speaker 3: went out for dinner one time and we only spent
• 28:42
  Speaker 3: thirty five dollars total.
• 28:44
  Speaker 2: How where are you going out for dinner? Like, I
• 28:46
  Speaker 2: feel like this shouldn't have been about property, it should
• 28:49
  Speaker 2: have been about your food hacks.
• 28:51
  Speaker 3: So we bought two ramens.
• 28:52
  Speaker 2: Yeah, okay, two.
• 28:53
  Speaker 3: Ramens, which are what seventeen fifty is that right? Yeah?
• 28:58
  Speaker 2: Maybe in Brisbane? In Melbourne they're at least twenty five
• 29:01
  Speaker 2: dollars each.
• 29:01
  Speaker 3: Now we look for things around that price, and it's
• 29:04
  Speaker 3: it's normally going to be Asian food. If you go
• 29:07
  Speaker 3: and get you know, Vietnamese fur, or you get some
• 29:09
  Speaker 3: Malaysian noodles or something like that, and that's how you
• 29:13
  Speaker 3: don't exceed that thirty five limit.
• 29:15
  Speaker 2: But does this become kind of fun? Because I feel like,
• 29:18
  Speaker 2: to you, this might not be limiting at all. It's
• 29:20
  Speaker 2: kind of like fun to kind of like game the
• 29:22
  Speaker 2: menu and work out what you're getting and how that
• 29:24
  Speaker 2: might work. I feel like it's fun.
• 29:26
  Speaker 3: It is fun. You have to go outside the CBD
• 29:29
  Speaker 3: to find these places, but often that's where you can
• 29:32
  Speaker 3: find the authentic foods as well.
• 29:34
  Speaker 2: Yeah, one hundred percent, And like Asian food is much
• 29:36
  Speaker 2: better when it's more authentic. Yes, absolutely, absolutely. Oh my gosh,
• 29:40
  Speaker 2: I kind of love the thirty five dollars rule. I
• 29:42
  Speaker 2: now need to know because like you told me that
• 29:45
  Speaker 2: brunch was your worst money habit, but then you told
• 29:47
  Speaker 2: me it was like a money hack. What is your
• 29:49
  Speaker 2: worst money habit?
• 29:51
  Speaker 3: Well, what I said before about only buying things on sale, Yeah,
• 29:58
  Speaker 3: sometimes I will buy something that I don't need just
• 30:00
  Speaker 3: because it is on sale.
• 30:02
  Speaker 2: Yeah, okay, So like.
• 30:04
  Speaker 3: The other day I bought because we're moving into our
• 30:07
  Speaker 3: new house, I bought a marble coffee table.
• 30:10
  Speaker 2: And stunning it was, but it was probably on sale.
• 30:12
  Speaker 2: You're basically making money by buying that marble coffee table, right,
• 30:16
  Speaker 2: So it was.
• 30:16
  Speaker 3: On sale, but we don't need it. We don't need
• 30:19
  Speaker 3: new furniture. We've obviously got furniture, but it was in sale, so.
• 30:24
  Speaker 2: Yeah, that's fair. That's fair. And a marble coffee table,
• 30:27
  Speaker 2: that's an investment. I'm just trying to enable you, to
• 30:30
  Speaker 2: make you feel better about this decision, my friend. But
• 30:33
  Speaker 2: I totally get that. When I moved, I was basically like,
• 30:36
  Speaker 2: new furniture. Absolutely. Do I already own a couch? Yes?
• 30:39
  Speaker 2: Do we need a new one? I think so it's
• 30:42
  Speaker 2: really toxic. Oh my gosh. All right, now that we've
• 30:47
  Speaker 2: had a good chat, I feel like I know so
• 30:48
  Speaker 2: much more about you, and oh my gosh, I wish
• 30:51
  Speaker 2: we'd learned about the money hack for Brunch earlier because
• 30:54
  Speaker 2: I feel like that's such a good deal. Like I'm
• 30:56
  Speaker 2: going to try that one day and see what we
• 30:58
  Speaker 2: can do.
• 30:59
  Speaker 3: Yeah.
• 30:59
  Speaker 2: Absolutely, But at the very start of this episode, you
• 31:03
  Speaker 2: told me that you're a B plus, and I'm just
• 31:06
  Speaker 2: feeling like you're pretty good at money, Like you're a
• 31:09
  Speaker 2: tax accountant. You've done all of this really cool stuff.
• 31:12
  Speaker 2: You've bought your dream home, like you've managed to save
• 31:15
  Speaker 2: up a sixty thousand dollar buffer, like you've got really
• 31:19
  Speaker 2: really good clarity around your joint account with your partner
• 31:22
  Speaker 2: and how much needs to go into that, like you're
• 31:24
  Speaker 2: even hacking brunch. Do you think that you're still a
• 31:27
  Speaker 2: B plus? And if you are, what's it going to
• 31:30
  Speaker 2: take to get to an A plus?
• 31:32
  Speaker 3: Look? I do still think I'm a B plus because
• 31:35
  Speaker 3: there is so much more that I could do, like
• 31:38
  Speaker 3: full starters.
• 31:39
  Speaker 2: Maybe not buy Marble coffee table.
• 31:41
  Speaker 3: Correct, Yeah, But also, was it the best decision to
• 31:45
  Speaker 3: sell the majority of my investments that I thought were
• 31:49
  Speaker 3: going to be long term investments to buy a owner
• 31:53
  Speaker 3: occupied property. Maybe that's not the best. I could be
• 31:57
  Speaker 3: doing more by starting to do the regular monthly investment
• 32:04
  Speaker 3: plan again, it's just probably going to be very tight
• 32:08
  Speaker 3: right now. I did start putting in two hundred dollars
• 32:13
  Speaker 3: a month, you know, it used to be a thousand.
• 32:15
  Speaker 3: I started putting in two hundred dollars a month. But
• 32:18
  Speaker 3: then obviously we came off our fixed rate, and so
• 32:21
  Speaker 3: I thought, maybe it's not the best idea. There's still
• 32:25
  Speaker 3: lots of things, lots of things that I could do
• 32:28
  Speaker 3: to improve. So I, yeah, I think a B plus
• 32:33
  Speaker 3: is fair.
• 32:33
  Speaker 2: All right, I'll let you have the b plus only
• 32:36
  Speaker 2: because I can see that you're really thinking about it.
• 32:38
  Speaker 2: But oh my gosh, I just think you're doing so well.
• 32:41
  Speaker 2: And I'm so glad that we got to share this
• 32:42
  Speaker 2: story with our community. Like I'm so glad that you
• 32:45
  Speaker 2: wrote in and you were talking about I guess taking
• 32:47
  Speaker 2: calculated risk and it all just it all makes sense.
• 32:50
  Speaker 2: And to create the life that you want to live.
• 32:53
  Speaker 2: Your absolutely doing that, and I'm just I'm in awe.
• 32:56
  Speaker 2: I think it's so cool. So one, congratulations, that's very exciting,
• 33:00
  Speaker 2: but true. Thank you for sharing this story with the community.
• 33:03
  Speaker 2: I know so many people are going to be listening
• 33:05
  Speaker 2: along and then come Saturday, they're all going to be
• 33:07
  Speaker 2: having thirty five dollar brunches, like this is a money
• 33:10
  Speaker 2: win for everybody.
• 33:11
  Speaker 3: Well, I hope some people can relate to the you know,
• 33:14
  Speaker 3: the property story too, because totally, yeah, just in the
• 33:18
  Speaker 3: news and you know, my peers and all that, I
• 33:22
  Speaker 3: read stories about a couple that is struggling because they're
• 33:24
  Speaker 3: on a similar income to us and their mortgage is
• 33:27
  Speaker 3: only eight hundred thousand, and that's the sort of thing
• 33:30
  Speaker 3: that makes me feel bad because I can't I can't
• 33:33
  Speaker 3: relate completely to that. But I'm also not complaining because
• 33:37
  Speaker 3: I chose this so no.
• 33:39
  Speaker 2: I love it. I love it, and I feel like
• 33:41
  Speaker 2: you've set yourself up to be successful regardless, like you're
• 33:45
  Speaker 2: really forward planning what that means to have a buffer,
• 33:48
  Speaker 2: Like I think it's just so intelligent. So thank you.
• 33:52
  Speaker 2: I feel like lots of people are going to get
• 33:53
  Speaker 2: lots out of this story, but unfortunately that is all
• 33:56
  Speaker 2: we have time for today. So I'm just super grateful
• 33:59
  Speaker 2: that I got to have you on the show.
• 34:00
  Speaker 3: Thank you, Thank you so much. Victoria.
• 34:08
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• 34:11
  Speaker 4: in nature and does not consider your individual circumstances. She's
• 34:15
  Speaker 4: on the Money exists purely for educational purposes and should
• 34:18
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• 34:22
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