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She Didn't Pay Rent for Seven Years. Now She Owns a $1.2 Million Home. · She's On The Money

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  Speaker 1: My name is Satasha Bamblet. I'm a proud First Nations
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  Speaker 1: woman and I'm here to acknowledge country t Glenn youan Ganya, Niana,
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  Speaker 1: Kaka yah y and Binahaka Nian our gay In Nimbini,
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  Speaker 1: yakarum Jar, dominyamiga Umaga Ihowaka, Nile Waman damon Immalan Bumba
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  Speaker 1: bang Gadabomba in and now in Waka ghana on yakarrum
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  Speaker 1: jar Watanadaa. Hello, beautiful friends, we gather on the lands
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  Speaker 1: of the Aboriginal people. We thank acknowledge and respect the
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  Speaker 1: Aberiginal people's land that we're gathering on today. Take pleasure
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  Speaker 1: in all the land and respect all that you see.
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  Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
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  Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
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  Speaker 2: She's on the Money. She's on the Money.
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  Speaker 3: Hello and welcome to She's on the Money. The podcast
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  Speaker 3: let you be pervy about other people's money circumstances for
• 0:58
  Speaker 3: educational purposes of core. Yes, welcome back to another one
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  Speaker 3: of our money diaries, brought to you by our friends
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  Speaker 3: from Sky Wealth, where I get the absolute privilege of
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  Speaker 3: sitting down with one of our incredible She's on the
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  Speaker 3: Money community members and talking to them all about their journey.
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  Speaker 3: Let's jump straight into it, because this week I got
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  Speaker 3: a message and it sounded exactly like this. Hi, She's
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  Speaker 3: on the Money. I come from a working class family.
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  Speaker 3: I had no financial education except for one hairy accounting elective,
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  Speaker 3: and instead taught myself along the way. I now see
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  Speaker 3: what I could have done differently, but remind myself that
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  Speaker 3: I did the best I could with the knowledge I
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  Speaker 3: had at the time. I also did it my way
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  Speaker 3: and by myself. I worked throughout my studies and climbed
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  Speaker 3: the career ladder in corporate while finishing my master's and PhD.
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  Speaker 3: In twenty fifteen, I bought a unit by myself. Looking back,
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  Speaker 3: I'm so lucky that it worked out. If what's happening
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  Speaker 3: to interest rates now happened, then this would be a
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  Speaker 3: very different money diary. I sold at quite a profit
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  Speaker 3: in twenty twenty four and bought my forever home solo again.
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  Speaker 3: I'm now thirty six with more than two hundred and
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  Speaker 3: fifty thousand dollars in super a home worth one point
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  Speaker 3: two million dollars and a small but growing investment portfolio
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  Speaker 3: money diarist.
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  Speaker 2: Hello, hello, be so for real.
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  Speaker 3: That is so so cool. But also you know my
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  Speaker 3: ex boyfriend and this is really weird because we used
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  Speaker 3: to hang out when I was like twenty at house parties.
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  Speaker 2: I know, I know, I've come a long way since then,
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  Speaker 2: and so have you.
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  Speaker 3: Girl, same Like, please put me in that bucket, like
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  Speaker 3: I was saying to you just before. We have to
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  Speaker 3: tell the community this because they need the background law.
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  Speaker 3: But I'm really excited about this because not only did
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  Speaker 3: you know me when I was twenty, I knew you
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  Speaker 3: when you were twenty, And go look at us now.
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  Speaker 2: I know I'm a little bit older than you, but yeah, yeah,
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  Speaker 2: well I.
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  Speaker 3: Am thirty five, you are thirty six. Sit down, all right,
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  Speaker 3: let's dive into a money because I'm just genuinely as
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  Speaker 3: someone who knew baby you getting to know your money dirry.
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  Speaker 3: Now I'm going to be able to like place it
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  Speaker 3: so much better. And I hope that that I don't know,
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  Speaker 3: I hope that translates to the community getting an epic
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  Speaker 3: money diry as well. So let's dive straight in money diaries.
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  Speaker 3: What grade would you give your money habits if I
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  Speaker 3: asked you to give them out a grade from A
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  Speaker 3: through to F.
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  Speaker 2: I think a B, maybe a B plus love.
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  Speaker 3: Let's learn more about it. Can you tell me a
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  Speaker 3: little bit more about your money story and the things
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  Speaker 3: that have impacted it.
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  Speaker 2: Yeah. So, I'm the youngest of four. My dad was
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  Speaker 2: a trade mum was a stay at home mum, so
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  Speaker 2: money was tight, and there was also no financial education.
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  Speaker 2: They didn't know anything. They still don't. They're retired now,
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  Speaker 2: like they're okay, but they're not rich. Dad always says
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  Speaker 2: to me that he doesn't know where I learned this
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  Speaker 2: when I'm telling him what I'm doing with investments, and
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  Speaker 2: every time he comes and walks into my house. I
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  Speaker 2: got my first job at fourteen nine months and I
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  Speaker 2: haven't stopped working nints. I made eight dollars and eight
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  Speaker 2: cents an hour my first job.
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  Speaker 3: Dollars and eight cents. That is so specific.
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  Speaker 2: I love it, still remember it, and it's still my frame.
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  Speaker 2: Like if I buy a jacket, I'm like, ah, is
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  Speaker 2: this worth ten hours of work?
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  Speaker 3: Oh my goodness. I've de faulked to that as well.
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  Speaker 3: I'm always like, oh my god, it's fifty bucks. That's
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  Speaker 3: like three hours of work. And then I'm like, hold on,
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  Speaker 3: hold on your.
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  Speaker 2: Stuff in the past.
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  Speaker 3: Yeah exactly, But also that's still a lot of money.
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  Speaker 2: Yes, I know, right, and so yeah, I've been working
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  Speaker 2: since then, have a pretty hard working ethos. There have
• 4:33
  Speaker 2: been times in my life since then that I've had
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  Speaker 2: no money. I had no money. I get the start
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  Speaker 2: of COVID and then I lost my job. But it's
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  Speaker 2: always been okay. I've always kind of bounced back, and yeah,
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  Speaker 2: worked the whole way through studying. One of the ways
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  Speaker 2: that I guess I saved money back then was and
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  Speaker 2: this is a hack I tell anyone. I don't know
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  Speaker 2: if you remember this. I didn't live anywhere from eighteen
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  Speaker 2: to twenty five. I just house sat really, yeah, I
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  Speaker 2: just looked after dogs and cats.
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  Speaker 3: How did I even notice that?
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  Speaker 2: Yeah, so I saved so much money.
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  Speaker 3: I thought you just lived with your parents in between.
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  Speaker 2: Yeah, so if I wasn't doing a house sit, but
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  Speaker 2: I saved a lot of money that way. And that's
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  Speaker 2: how I bought my first house so young, because I
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  Speaker 2: had never paid rent.
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  Speaker 3: That is so cool, but also just like such hustle, Like, yeah,
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  Speaker 3: I love that for you, But was it a lot
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  Speaker 3: being everywhere and nowhere? At the same time.
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  Speaker 2: Yeah, and I didn't even have a license back then,
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  Speaker 2: so I'd be lugging a suitcase around and going to
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  Speaker 2: work from different places, going to UNI, from different suburbs.
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  Speaker 2: But it means I got to see where I wanted
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  Speaker 2: to live. I got to live all over Melbourne and
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  Speaker 2: figure out what area I like.
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  Speaker 3: That is very cool. So tell me what does it
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  Speaker 3: because I'm just taking a stab in the dark right now. Like,
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  Speaker 3: you've got a house worth one point two mil. You've
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  Speaker 3: got two hundred and fifty grand in super He gave
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  Speaker 3: me a little bit of insight into your parents. What
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  Speaker 3: is it like being in a better financial position than
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  Speaker 3: your parents? Like he's there, Yeah, different dynamic. What does
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  Speaker 3: that look like?
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  Speaker 2: Yeah, it is interesting. I remember a while ago Dad
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  Speaker 2: asked me, he doesn't know exactly what I make, but
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  Speaker 2: he knows how much I've bought my house for.
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  Speaker 3: And he's also like, I've got a daughter. She's the
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  Speaker 3: youngest daughter. She's a hustler and has a master's and
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  Speaker 3: a PhD. So I don't think it's four.
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  Speaker 2: Dollars, Yeah exactly, he said, you know, are you earning
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  Speaker 2: over one hundred thousand dollars? And I was and I
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  Speaker 2: was like yeah, and he said, oh god, it took
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  Speaker 2: me decades to earn that much, which is true. But
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  Speaker 2: also with the you know, the buying power that that
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  Speaker 2: money gets you, I'm like, I have done all of
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  Speaker 2: this by myself. I do have a very big mortgage,
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  Speaker 2: so yeah, some paper to my parents. I make a
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  Speaker 2: lot of money, and I do, but a lot of
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  Speaker 2: it's tied up going off to quite a big mortgage
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  Speaker 2: and you know, all my other living expenses. I don't
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  Speaker 2: have a partner to split the bills with. But yeah,
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  Speaker 2: it can be awkward at times, and I can be
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  Speaker 2: a bit more generous than they are money wise in
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  Speaker 2: terms of presents. But for me, presents are about the thought,
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  Speaker 2: not what it is.
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  Speaker 3: Yeah, that's never bothered me totally, and I really resonate
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  Speaker 3: with that because, like as somebody who's also in a
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  Speaker 3: financial position, where oh, do you know how cool it is?
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  Speaker 3: Like genuinely, I didn't know, Like, you know, when you
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  Speaker 3: don't have money, you don't think about this, but you know,
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  Speaker 3: you might go to Chasden and want to purchase something
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  Speaker 3: for your sister or purchase something for your mum, and
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  Speaker 3: you just go, oh, that'd be so cool. But I
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  Speaker 3: can't do it, Like I never thought that getting into
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  Speaker 3: a financial position like I'm in now, I meant I
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  Speaker 3: can do that, and like it sparks so much joy,
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  Speaker 3: like the idea that if my mom wants something and
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  Speaker 3: it's her birthday, I can just get it, Like it's
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  Speaker 3: so much fun and I forget that. Sometimes people are
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  Speaker 3: like Victoria, are you sure, And I'm like, girl, i
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  Speaker 3: don't know how to tell you this, but I'm almost
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  Speaker 3: certain I'm getting more out of this than you're getting
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  Speaker 3: out of this, Like, and it's such a privilege.
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  Speaker 2: That absolutely is. I do feel so cool bad sometimes
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  Speaker 2: when my siblings are like, that's too much money to
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  Speaker 2: have given child, and I'm like, whoops.
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  Speaker 3: Whoops, I don't have my own. That's so good, all right?
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  Speaker 3: So do your parents know what you were now or
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  Speaker 3: if you kind of always skirted around telling.
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  Speaker 2: Them no, they don't know a dollar figure. They just
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  Speaker 2: say a lot And I'm like, sure.
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  Speaker 3: Oh wow, And is that because in those conversations where
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  Speaker 3: they're like, oh, can you afford that house? Because I
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  Speaker 3: can think that parents kind of sometimes default to money diarist,
• 8:26
  Speaker 3: like we want to make sure that you're not making
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  Speaker 3: a bad financial decision. Are you okay can you afford this?
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  Speaker 3: Like I'm assuming that's where it's coming from. Is that
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  Speaker 3: cause you withhold that number because you're awkward about it?
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  Speaker 3: Or is that because you're just like, oh, I don't
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  Speaker 3: really want that out there, or you know, what's the
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  Speaker 3: thought process?
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  Speaker 2: Yeah? I think originally it was not wanting them to
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  Speaker 2: change anything, feel awkward or I don't know, put more
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  Speaker 2: pressure on me. Not that I thought they'd ask for money,
• 8:51
  Speaker 2: but that maybe they'd treat me different, and you know,
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  Speaker 2: we're going out for dinner, they'd be like, well pay
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  Speaker 2: for everyone except for money. To I was like, I
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  Speaker 2: don't want that. I don't want to spotlighter.
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  Speaker 3: I doubt that they would do that. I tell us,
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  Speaker 3: tell us, what do you do for work? How much
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  Speaker 3: money do you earn?
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  Speaker 2: Yes? So I work in research and development at a
• 9:08
  Speaker 2: not for profit, and I also have a few side
• 9:11
  Speaker 2: hustles where I teach adults to a changing career. I
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  Speaker 2: do a bit of writing. So my taxable income ends
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  Speaker 2: up to be one hundred and seventy seven. OK.
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  Speaker 3: That is a lot more than one hundred grand, isn't it?
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  Speaker 1: It is?
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  Speaker 2: And I work it enough profit right, So I've got
• 9:25
  Speaker 2: not for profit benefits that actually lower my text.
• 9:27
  Speaker 3: And also, like, don't get me wrong, I adore that
• 9:30
  Speaker 3: you work in a not for profit and knowing you
• 9:32
  Speaker 3: you know, not super well, but knowing past you and
• 9:35
  Speaker 3: current you to an extent, I would say that we
• 9:37
  Speaker 3: talk on Instagram at least once a week. I feel
• 9:40
  Speaker 3: like I know that a not for profit suits you.
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  Speaker 3: But hypothetically, if you ever wanted to go into corporate
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  Speaker 3: you could probably double your income exactly.
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  Speaker 2: Yeah, I always say this pesky morals. I can make
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  Speaker 2: a lot of money if I work somewhere else.
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  Speaker 3: Girl, If I turned cheese on the money into a
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  Speaker 3: pyramid scheme for reals, like, I could be at the
• 10:01
  Speaker 3: top of the triangle of opportunity. Yes, all right, so
• 10:07
  Speaker 3: tell me what is your big money goal, because it
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  Speaker 3: looks like you've achieved a lot already.
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  Speaker 2: Yeah. So when I bought the second or my forever home,
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  Speaker 2: I guess my second house one at a time. I
• 10:18
  Speaker 2: don't have an investment property. It needs a bit of work.
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  Speaker 2: So that's been what I've been working away on. I
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  Speaker 2: designed my own suite, which ate most of my savings.
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  Speaker 3: Yes, was that more expensive than you thought it would?
• 10:30
  Speaker 2: Be my god. It was so expensive and I did
• 10:32
  Speaker 2: go bougie for my own suite, but just the cost
• 10:35
  Speaker 2: of the actual labor was surprising. It was a lot
• 10:39
  Speaker 2: higher than I thought. And because Dad was a tradee,
• 10:41
  Speaker 2: he thought I was getting ripped off. But then I
• 10:43
  Speaker 2: got several quotes and I was like, this is the
• 10:45
  Speaker 2: cheapest by ten thousand, Like it's that's crazy. It's expensive
• 10:51
  Speaker 2: and ate. I didn't even have an emergency fund when
• 10:54
  Speaker 2: I moved, which I know wasn't great, but I had
• 10:56
  Speaker 2: a bit of a life loss and a money win.
• 10:58
  Speaker 2: That means I got some money from the victim of
• 11:00
  Speaker 2: crime financial assistance. So that is now my emergency fund
• 11:05
  Speaker 2: and I won't touch it. It won't be used on
• 11:08
  Speaker 2: any of the next home improvements. I'm slowly saving up
• 11:10
  Speaker 2: for them and doing some do it yourself to save
• 11:13
  Speaker 2: some money there too, And so yeah, the goal is
• 11:16
  Speaker 2: to make this my dream house and to pay it
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  Speaker 2: off and keep growing my investments.
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  Speaker 3: That is so cool. So like, your ultimate money goal
• 11:24
  Speaker 3: is basically what you're already working on and the things
• 11:27
  Speaker 3: that you've already achieved, just making them bigger and better. Yeah,
• 11:30
  Speaker 3: I am obsessed. Now you touched on something that I
• 11:33
  Speaker 3: don't want to dive too deep into. But when you
• 11:36
  Speaker 3: said you got some cash from the Victims of Crime Unit, yes,
• 11:40
  Speaker 3: what can you tell me about that? Just because I
• 11:43
  Speaker 3: think we don't have enough conversations about stuff like this.
• 11:46
  Speaker 3: It's something that I think a lot of people have
• 11:48
  Speaker 3: probably I don't know if you've shared this publicly as
• 11:50
  Speaker 3: in with your friends, but a lot of people don't
• 11:53
  Speaker 3: know it's a thing.
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  Speaker 2: Yeah. So the old scheme was really hard, and you
• 11:58
  Speaker 2: had to really prove had happened and fill out all
• 12:01
  Speaker 2: these forms and go to different people. And so I
• 12:03
  Speaker 2: got in about halfway through that installed and then they
• 12:06
  Speaker 2: changed the scheme and so if you've been through a
• 12:09
  Speaker 2: crime in the state of Victoria, you can apply for
• 12:12
  Speaker 2: getting money back for things related to the crime. So
• 12:15
  Speaker 2: I had put cameras around my house because of the
• 12:18
  Speaker 2: crime happened at my house, and I had gone to therapy,
• 12:20
  Speaker 2: and so I was just asking for reimbursements from that.
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  Speaker 2: But then the caseworker assigned to my case was amazing
• 12:28
  Speaker 2: and she said, hey, you can get a financial like
• 12:31
  Speaker 2: lump subsum because this is a Class A crime, which
• 12:35
  Speaker 2: means you can get up to twenty thousand dollars in cash,
• 12:38
  Speaker 2: and so she helped me through that. I just needed
• 12:40
  Speaker 2: a statement from my psychologist. She didn't even have to
• 12:43
  Speaker 2: fill out a form, she just had to like write
• 12:45
  Speaker 2: a paragraph and then it was really quick from there.
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  Speaker 2: So it worked out well.
• 12:51
  Speaker 3: And so that cash does hit your account and it's
• 12:53
  Speaker 3: now your emergency fund. Yes, does that make you feel
• 12:57
  Speaker 3: a lot more just secure in general?
• 13:00
  Speaker 4: Yeah?
• 13:00
  Speaker 2: Absolutely, because with like what the job market's doing at
• 13:02
  Speaker 2: the moment in my sector, I know some people are
• 13:05
  Speaker 2: losing their job and I don't have a safety net.
• 13:09
  Speaker 2: And like I said, I don't have a partner. My
• 13:10
  Speaker 2: parents don't have the financial means to support me. So
• 13:13
  Speaker 2: if I lost my job and it took me a
• 13:14
  Speaker 2: while to find my job, servicing the mortgage would be
• 13:18
  Speaker 2: a big, big stresser. But now I've got a few
• 13:20
  Speaker 2: months or more than a few months in that emergency fund,
• 13:24
  Speaker 2: So that really helps.
• 13:26
  Speaker 3: Can I ask you about being single, because I feel
• 13:28
  Speaker 3: like so many of our shoes on the money friends
• 13:31
  Speaker 3: are single and you're killing it, Like what do you
• 13:35
  Speaker 3: mean You're like, I'm more than one hundred and seventy grand,
• 13:37
  Speaker 3: Like you've got your own house, you just live love
• 13:40
  Speaker 3: laughing like another human being. I'm assuming would have to
• 13:44
  Speaker 3: add significant value to your life for you to be like, yeah,
• 13:48
  Speaker 3: I guess you could tag along. Yeah, tell me what
• 13:51
  Speaker 3: is it like being single at thirty six? Because I
• 13:53
  Speaker 3: can see the benefits, but I can also see that
• 13:56
  Speaker 3: for a lot of our community, they're like, what is
• 13:58
  Speaker 3: wrong with the world? Am I ever going to meet
• 14:00
  Speaker 3: my prayer?
• 14:01
  Speaker 2: Yeah? I mean, look, I feel that, especially if you're
• 14:03
  Speaker 2: ever on the apps, You're like, oh God, is this?
• 14:05
  Speaker 2: This is all this left? I don't want kids, so
• 14:08
  Speaker 2: I don't have a time pressure. Yeah, I don't need
• 14:11
  Speaker 2: to get partnered up. I mean, you can obviously have
• 14:13
  Speaker 2: a kid without a partner, but that has its additional term.
• 14:16
  Speaker 3: That's your choice.
• 14:17
  Speaker 2: That's also not my jose, So I don't really feel
• 14:20
  Speaker 2: a pressure to get a partner. Like you said, someone
• 14:23
  Speaker 2: would have to add to my life rather than detract
• 14:25
  Speaker 2: from it. And I've been through some pretty bad relationships.
• 14:29
  Speaker 2: The class A crime was related to something with a relationship,
• 14:32
  Speaker 2: so it's not really a goal of mine. But then
• 14:36
  Speaker 2: I do know, like, well, financially it would be easier,
• 14:38
  Speaker 2: and sometimes I think I've had a hard date. Would
• 14:41
  Speaker 2: be nice if there was a partner to have a
• 14:42
  Speaker 2: chat too.
• 14:43
  Speaker 3: But call me babe. I'm really good at wine. Yes,
• 14:48
  Speaker 3: you can do that, so tell me a little bit more.
• 14:51
  Speaker 3: I guess about that side of things because we talk
• 14:54
  Speaker 3: a lot about single tax. Yeah, how do you feel
• 14:58
  Speaker 3: about that? Is that unfair? Is it just like the
• 15:00
  Speaker 3: cost of being single in this economy? Is it something
• 15:04
  Speaker 3: that you're like the government should absolutely be helping us
• 15:07
  Speaker 3: a little bit more, because like what you do, you're
• 15:09
  Speaker 3: very intelligent, and I just really want your opinion on this.
• 15:13
  Speaker 2: Yeah, I guess. I mean I have made the choice.
• 15:15
  Speaker 2: I live in a three bedroom house by myself, so
• 15:18
  Speaker 2: me dining her because I wanted to study away from
• 15:21
  Speaker 2: home quite a bit.
• 15:22
  Speaker 3: Oh well, then obviously you need a whole.
• 15:24
  Speaker 2: House with three it's fair bedroom in the study.
• 15:27
  Speaker 3: God forbid, we work from the dining table.
• 15:30
  Speaker 2: Well I used to do that at the unit, but
• 15:32
  Speaker 2: I felt like I lived at work. That's not you know.
• 15:35
  Speaker 2: But so I've made this choice. So sure, I've got
• 15:38
  Speaker 2: an electrical bill that it doesn't half I have lived
• 15:41
  Speaker 2: with a partner before, and when he moved out, it
• 15:43
  Speaker 2: didn't half like the service charges more So I don't
• 15:47
  Speaker 2: know if they could, but I still have made this choice,
• 15:49
  Speaker 2: so I'm into minds about it. I see you know, yes,
• 15:53
  Speaker 2: people are struggling. But then oh, I've made a choice.
• 15:55
  Speaker 2: I could live with housemates. It's more the structural stuff,
• 15:59
  Speaker 2: like I want to go on a holiday, Oh, the
• 16:01
  Speaker 2: price is per person twin share? Oh okay, well do
• 16:05
  Speaker 2: I have to what's the price for one person? Hotels
• 16:08
  Speaker 2: obviously been more expensive. You could never go on a
• 16:11
  Speaker 2: cruise because there's not really like that. Maybe there are
• 16:14
  Speaker 2: are unsom but there's not like bunks, so you can't
• 16:17
  Speaker 2: do it a cheaper way. Those are the things that
• 16:20
  Speaker 2: I'm like, oh, okay, yeah, there's the there's the double
• 16:23
  Speaker 2: cost for me because I don't have someone to split
• 16:25
  Speaker 2: the hotel with or whatever.
• 16:27
  Speaker 3: Yeah. I really feel like it's a bit deceptive when
• 16:32
  Speaker 3: they say, oh, it's like a thousand dollars ahead and
• 16:35
  Speaker 3: you go great, But there was always a built in minimum,
• 16:39
  Speaker 3: Like just say there rooms two thousand dollars and you
• 16:41
  Speaker 3: can share it with two people, and it's an additional
• 16:43
  Speaker 3: fee for one. More like, just brand it to me
• 16:46
  Speaker 3: differently so it doesn't feel like I'm paying for someone
• 16:49
  Speaker 3: to be there when they're not going to use that.
• 16:52
  Speaker 2: Yeah, exactly. Although once I did get too welcome lines,
• 16:55
  Speaker 2: so I was like, okay.
• 16:57
  Speaker 3: Well, you know what, all the conversation and we've just
• 17:00
  Speaker 3: had in the bin and she got two welcome lines.
• 17:03
  Speaker 2: It was worth that one glass of champagne?
• 17:05
  Speaker 3: Is that the money we I don't know, You're already
• 17:08
  Speaker 3: probably paying doubles. They were probably like this woman's paying double,
• 17:12
  Speaker 3: she deserves two wines. Yeah, all right, money direst, let's
• 17:16
  Speaker 3: go to a really quick break because I want to
• 17:18
  Speaker 3: get your thoughts on investment property. I want to talk
• 17:20
  Speaker 3: about debt, insurances and your best and worst money habits.
• 17:23
  Speaker 3: So don't go anywhere. All right, money diarist, we are back,
• 17:30
  Speaker 3: and you said something before that. I was like, oh, interesting,
• 17:34
  Speaker 3: what's your thoughts on investment properties?
• 17:37
  Speaker 2: Yeah, this is definitely something I was thinking about because
• 17:40
  Speaker 2: I only had like two point fifty k remaining on
• 17:43
  Speaker 2: my mortgage at my old house, and I was like, oh,
• 17:46
  Speaker 2: do I keep it as an investment property? Do I
• 17:49
  Speaker 2: stay and try and pay it off? But if I
• 17:52
  Speaker 2: did that, I looked at my borrowing capacity and I
• 17:54
  Speaker 2: was like, oh, well, I'm not going to get into
• 17:56
  Speaker 2: the forever home and then I'd have to make another
• 17:59
  Speaker 2: intrum steps. So I sold that I bought the Forever home.
• 18:03
  Speaker 2: But actually just recently I was showing to a financial
• 18:06
  Speaker 2: advisor and this is the second one who's raised it,
• 18:08
  Speaker 2: who were like, you've got a lot of equity in
• 18:10
  Speaker 2: your home, you could get an investment property. And I
• 18:12
  Speaker 2: was like, oh, but that just seems like more Again
• 18:15
  Speaker 2: for a single person, I'm taking a more risk, and
• 18:19
  Speaker 2: so I kind of said, oh, I don't know if
• 18:21
  Speaker 2: it's for me. Their brokers run some numbers they sounded
• 18:24
  Speaker 2: too good to be true. So I was actually going
• 18:27
  Speaker 2: to book in with Zella Money to be like, what
• 18:30
  Speaker 2: is the like reality here.
• 18:32
  Speaker 3: Well, one of my mortgage brokers did just get put
• 18:35
  Speaker 3: up for Mortgage Broker of the Year again, so amazing
• 18:39
  Speaker 3: she's got it together. But also it is a lot
• 18:41
  Speaker 3: to talk about, and even if something makes sense quote
• 18:44
  Speaker 3: on paper, and even if the numbers, you know, let's
• 18:47
  Speaker 3: pretend they're not too good to be true, they're just
• 18:49
  Speaker 3: really good numbers, and you're like, wow, that could work
• 18:51
  Speaker 3: out for me, Like it does all fall back on you,
• 18:54
  Speaker 3: Like it's not as though if something happened to you,
• 18:57
  Speaker 3: it's all right. We get pie on my partners in calm,
• 19:00
  Speaker 3: and then I get income protection, like if you're getting
• 19:03
  Speaker 3: income protection, And this is something that when I was
• 19:05
  Speaker 3: a financial advisor, I used to talk to my single
• 19:08
  Speaker 3: clients a lot about a lot of that is going
• 19:10
  Speaker 3: to be sooaked up with support for you as opposed
• 19:13
  Speaker 3: to it defaulting to your partner. And I'm not saying
• 19:16
  Speaker 3: that's the right thing, but often it would default to
• 19:18
  Speaker 3: your partner and yet would use that money to pay
• 19:20
  Speaker 3: off your mortgages or you know, live love laugh. But
• 19:23
  Speaker 3: if you're single and you can't lift a finger because
• 19:26
  Speaker 3: you've broken something yesterday, well, what are you going to do?
• 19:31
  Speaker 3: You either have to rely on your parents, which unfortunately
• 19:35
  Speaker 3: right now we're in similar positions. We're in our thirties,
• 19:37
  Speaker 3: our parents are aging. We cannot be relying on them
• 19:41
  Speaker 3: to be like, oh, I'll come over and give money
• 19:43
  Speaker 3: to arrest us spongebath, like we're going to have to
• 19:46
  Speaker 3: pay for these things. So what would that look like?
• 19:49
  Speaker 3: And you're right, it is more risk. It's not something
• 19:51
  Speaker 3: that is super terrifying. It's not to say you shouldn't
• 19:54
  Speaker 3: do it, but it is definitely something to go. Well,
• 19:56
  Speaker 3: if you want to remain completely financially independent, what does
• 19:59
  Speaker 3: that look like? Has a financial adviser brought up the
• 20:03
  Speaker 3: conversation of debt recycling to you.
• 20:05
  Speaker 2: No, so I mentioned it to this personasts by the chair.
• 20:11
  Speaker 2: Yeah exactly. I actually bought my niece your book, even
• 20:14
  Speaker 2: though she's like fourteen, because I was doing this and
• 20:18
  Speaker 2: I bought her shares and stuff. I was like, you're
• 20:20
  Speaker 2: going to be better off than I have been.
• 20:22
  Speaker 3: I love that so much.
• 20:24
  Speaker 2: Yeah, so I haven't looked into it in a lot
• 20:26
  Speaker 2: of detail. I know what it is in theory from
• 20:28
  Speaker 2: your podcast, and that's what I was kind of saying
• 20:30
  Speaker 2: to them, Like, the only exposure I have to property
• 20:33
  Speaker 2: at the moment besides my home, which is my house,
• 20:37
  Speaker 2: is I do have a reate in my share portfolio.
• 20:40
  Speaker 2: So I just feel like that shares and maybe some
• 20:44
  Speaker 2: debt recycling into getting into more shares is safer for
• 20:48
  Speaker 2: me than having this whole other house. Because yeah, like
• 20:52
  Speaker 2: we just said, I don't have a safety net. It
• 20:54
  Speaker 2: would all be on me if something were to go wrong,
• 20:56
  Speaker 2: and I've been through two redundancies, so I'm like, oh,
• 21:00
  Speaker 2: do I ever want to do that again?
• 21:02
  Speaker 3: Like that, you're stressful and you kind of have to
• 21:04
  Speaker 3: role play it out in your mind and be like,
• 21:05
  Speaker 3: if I did this and hypothetically I was made redundant again,
• 21:09
  Speaker 3: how would I feel? And a lot of the time,
• 21:11
  Speaker 3: you know, I'm reading between the lines here, you would go, oh,
• 21:14
  Speaker 3: I'm actually not comfortable with that. That would send me
• 21:17
  Speaker 3: off a cliff. I absolutely don't want to do that.
• 21:20
  Speaker 3: But something like debt recycling could work to your advantage
• 21:23
  Speaker 3: where we're, you know, trying to maximize the fact that
• 21:26
  Speaker 3: you currently don't have deductible debt. We could create some
• 21:30
  Speaker 3: deductible debt, put you in a situation where you are
• 21:33
  Speaker 3: kind of turbocharging your investment. But if you were made redundant,
• 21:37
  Speaker 3: there's not another mortgage repayment and a tenant moving out
• 21:40
  Speaker 3: all at the one time. And I think that that's
• 21:42
  Speaker 3: where our definitions of quote a safe investment need to
• 21:46
  Speaker 3: be very strictly defined, because what does that mean, Like,
• 21:51
  Speaker 3: it actually means most of the time that our money
• 21:55
  Speaker 3: dis just feel safer, not they're on paper one safer
• 21:58
  Speaker 3: than the other. Because you could argue that property is
• 22:01
  Speaker 3: actually a lower risk asset class. But the reality is
• 22:06
  Speaker 3: sometimes we just need to take the option that makes
• 22:09
  Speaker 3: us less money, because ultimately it puts us in the
• 22:12
  Speaker 3: best possible mental and financial position, and I think there's
• 22:15
  Speaker 3: a really good balance there money. Doris, tell me about debt.
• 22:19
  Speaker 3: How much debt are you in? How do you feel
• 22:21
  Speaker 3: about it? Obviously, being made redundant with debt would absolutely suck.
• 22:25
  Speaker 2: What's that like? Yes, so the redundancy was actually really fatuitous,
• 22:29
  Speaker 2: the second one anyway, because I walked straight into another job.
• 22:34
  Speaker 2: So Queen, yeah, I like a recruiter reached out to
• 22:38
  Speaker 2: me that day and I was like, yes. So I
• 22:41
  Speaker 2: ended up just having a lump sum that actually extinguished
• 22:44
  Speaker 2: one of my mortgages, like the split mortgage.
• 22:47
  Speaker 3: Yeah, okay, so now I have.
• 22:48
  Speaker 2: Seven hundred and fifty K debt on my mortgage. I
• 22:52
  Speaker 2: don't have any hex, I don't have any car loan.
• 22:54
  Speaker 2: I do have a credit card for emergencies, but I've
• 22:57
  Speaker 2: never used this one. I did have one that I
• 22:59
  Speaker 2: used frequently ten years ago, and I did have, you know, debt.
• 23:04
  Speaker 2: Sometimes I would carry over, but it never really felt
• 23:06
  Speaker 2: out of control, and I was always like, oh, there'll
• 23:09
  Speaker 2: be more money. But I think now again, looking back
• 23:12
  Speaker 2: on some of the things I did, I'm like, oh,
• 23:13
  Speaker 2: I could have done that better. But I did the
• 23:16
  Speaker 2: best for the information I had at the time, and
• 23:18
  Speaker 2: it's set me up for where I am now, which
• 23:20
  Speaker 2: is a lot more of a structured approach and bill
• 23:24
  Speaker 2: buckets and different savers and everything's automated.
• 23:27
  Speaker 3: And okay, icon, Yeah, can I ask a little bit more?
• 23:31
  Speaker 3: I don't know, what did you buy your last apartment for?
• 23:34
  Speaker 3: What did you sell it for? And then I've got
• 23:36
  Speaker 3: more questions to follow on. I just don't want to
• 23:38
  Speaker 3: overload you because there are manyes.
• 23:40
  Speaker 2: So the place I bought in twenty fifteen, I bought
• 23:42
  Speaker 2: for four hundred and ninety. The market was crazy at
• 23:46
  Speaker 2: that time. So ended up buying like directly on a
• 23:49
  Speaker 2: train line, the only way I could afford to get
• 23:51
  Speaker 2: into the suburb I want it. I was then having
• 23:54
  Speaker 2: the discussions with my real estate agent ten years later
• 23:57
  Speaker 2: about oh do I do I keep it as an
• 24:01
  Speaker 2: investment property, and we were looking at some of the
• 24:03
  Speaker 2: works I had to do because there's some kitty cats
• 24:06
  Speaker 2: and there was just some stains on the carpet, and
• 24:08
  Speaker 2: what kind of stuff do I have to do? We
• 24:11
  Speaker 2: were getting those quotes and then he said, down tools,
• 24:14
  Speaker 2: I've got a tradee who is interested. So I ended
• 24:16
  Speaker 2: up selling it off market. I took into account it
• 24:20
  Speaker 2: was so good, but it happened much quicker than I
• 24:22
  Speaker 2: was expecting, and I was like, oh my god, to
• 24:24
  Speaker 2: go by my house. Yeah, so I took off thirty
• 24:27
  Speaker 2: k from the price because that's how much the improvements
• 24:29
  Speaker 2: I were going to put in was. So I sold
• 24:31
  Speaker 2: it for six seventy.
• 24:32
  Speaker 3: Oh okay, very nice. And how did that off market happen?
• 24:37
  Speaker 3: Did you start any of the improvements and like literally
• 24:40
  Speaker 3: have to put down tools or what did that look like?
• 24:43
  Speaker 2: Yeah, we were still in the quoting phase. So I
• 24:45
  Speaker 2: had a list of things that the real estate agent
• 24:47
  Speaker 2: thought I should do. And he's the one I bought
• 24:49
  Speaker 2: the house off, and I kind of just know him
• 24:51
  Speaker 2: from around the local area, and so I was about
• 24:55
  Speaker 2: to buy the floorboards and about to do this stuff
• 24:58
  Speaker 2: and he was like, stops ups up, we've got He
• 25:01
  Speaker 2: was just yeah, bringing through people. Yeah, it worked out
• 25:05
  Speaker 2: really well.
• 25:06
  Speaker 3: And was it just someone who was like, Noah, oh
• 25:08
  Speaker 3: buy that because the market's obviously crazy and we'd prefer
• 25:11
  Speaker 3: to snap it up now, not wait till it gets
• 25:13
  Speaker 3: on market, or like what happened?
• 25:15
  Speaker 2: Yeah, So it was he wanted to do a bit
• 25:18
  Speaker 2: of a fix it up yourself because he was a
• 25:19
  Speaker 2: trading Oh cool, And it was a young couple, their
• 25:22
  Speaker 2: first place that they were buying, and so they were
• 25:25
  Speaker 2: also seeing how expensive everything was getting, and so yeah,
• 25:28
  Speaker 2: bit of well we'll snap up the one that's not
• 25:31
  Speaker 2: ready because we have the skills to improve.
• 25:33
  Speaker 3: But yeah, yeah, because that means that obviously you would
• 25:36
  Speaker 3: have put thirty grand into it. So you're like, I'm
• 25:38
  Speaker 3: going to knock that off. But then they're probably saving
• 25:40
  Speaker 3: money because he's a trading and it's not going to
• 25:42
  Speaker 3: cost thirty grand to do what he wants to do
• 25:45
  Speaker 3: exactly money win. I love it. So then how much
• 25:48
  Speaker 3: profit did you then take and put into the next property?
• 25:52
  Speaker 2: Yes, so I took pretty much. Everything just became my
• 25:55
  Speaker 2: deposit because I did upsize quite a bit. I did
• 25:58
  Speaker 2: have a partner at this time, which is partly why
• 26:00
  Speaker 2: I upsized to a three bedroom, two story, two lounge
• 26:03
  Speaker 2: room house and then we break up a month after
• 26:06
  Speaker 2: I moved in.
• 26:07
  Speaker 3: Wait, wait, so why do you want it myself?
• 26:09
  Speaker 2: Yeah?
• 26:09
  Speaker 3: Okay, but what did this mean? Did you at any
• 26:11
  Speaker 3: stage go, oh, maybe we should buy together, or did
• 26:14
  Speaker 3: you just the whole time be like you're not invited,
• 26:17
  Speaker 3: you can't, you can't buy this with me. You can
• 26:19
  Speaker 3: live here, old judge, you rent like correct that go.
• 26:22
  Speaker 2: Yeah, it was my house and he would have paid rent,
• 26:25
  Speaker 2: which was the same situation with the other house. The
• 26:28
  Speaker 2: partner then had paid rent. So it's always been my house, queen.
• 26:32
  Speaker 2: And I've predicted myself as much as I could. But yeah,
• 26:36
  Speaker 2: it now means that, oh, I'm going to big house
• 26:38
  Speaker 2: by myself, but against some more cats.
• 26:40
  Speaker 3: I guess absolutely you should like, if there's going to
• 26:43
  Speaker 3: be a stereotype, we should absolutely lean in, you know.
• 26:46
  Speaker 2: Yes, So bought this place for nine fifty even though
• 26:50
  Speaker 2: it was listed at one million, five hundred. Wow, And
• 26:53
  Speaker 2: I don't quite how I did that. Even the real
• 26:55
  Speaker 2: estate agent was like, I don't understand.
• 26:56
  Speaker 3: You deserved it. That's what happened.
• 26:58
  Speaker 2: The universe said, go exactly, and now the street everything's
• 27:03
  Speaker 2: kind of similar in the streets. So other houses with
• 27:05
  Speaker 2: exactly the same way out of mine have sold for
• 27:07
  Speaker 2: one point one and one point two. So I assume
• 27:10
  Speaker 2: I'm sitting on a bit of equity that.
• 27:12
  Speaker 3: Is very nice. And have you spoken to someone about
• 27:15
  Speaker 3: like working out what that equity is or you're like,
• 27:17
  Speaker 3: at this point in time, I don't care. I've just
• 27:18
  Speaker 3: been talking to my financial advisor, and if I make
• 27:21
  Speaker 3: a decisional go and find out the dollar figure.
• 27:23
  Speaker 2: Yeah, I was speaking with someone, but I wanted to
• 27:25
  Speaker 2: finish the bathroom renovation first, and so now that that's done,
• 27:28
  Speaker 2: we will probably get that reevaluated.
• 27:31
  Speaker 3: Yeah, one hundred percent. And when you do get a broker,
• 27:33
  Speaker 3: whether it's one of my brokers or whether it is
• 27:35
  Speaker 3: somebody else, just make sure you ask them for an
• 27:38
  Speaker 3: in person one because often a bank will, especially if
• 27:41
  Speaker 3: you've got a house that didn't sell that long ago,
• 27:43
  Speaker 3: they'll do what's called a desktop review, and that's where
• 27:47
  Speaker 3: they basically just google the house, look at all the specs,
• 27:49
  Speaker 3: and go oh. In this industry, and they do what
• 27:51
  Speaker 3: you did. They look at your neighbors and go oh,
• 27:53
  Speaker 3: they sold for one point two, so she's worth one
• 27:55
  Speaker 3: point two. But you might have the best bathroom on
• 27:58
  Speaker 3: the street and the best everything on the street, and
• 28:00
  Speaker 3: we kind of need the bank to know that.
• 28:02
  Speaker 2: Ye.
• 28:02
  Speaker 3: All right, money darist, talk to me about personal insurance.
• 28:05
  Speaker 3: What does that look like for you?
• 28:07
  Speaker 2: Yes, So when I bought my first place in twenty fifteen,
• 28:10
  Speaker 2: I looked at getting some insurances. My sister had gotten
• 28:14
  Speaker 2: really sick just after she'd bought her apartment, and so
• 28:17
  Speaker 2: that kind of scared me.
• 28:18
  Speaker 3: Yes, absolutely, is she okay?
• 28:20
  Speaker 2: Now? Yes, she's good. Good. I think I actually messaged
• 28:24
  Speaker 2: you at the time because like, I'm a I'm a
• 28:26
  Speaker 2: bigger girl, a bigger woman. And my I call it
• 28:29
  Speaker 2: the fat tex because I got a fifty percent loading
• 28:32
  Speaker 2: on my insurances even though I was three kilos over
• 28:35
  Speaker 2: what they wanted, and I was like, oh, I should
• 28:38
  Speaker 2: have lied. No, I shouldn't know if I shouldn't do
• 28:40
  Speaker 2: insurance for it, but three kilos they wouldn't have known
• 28:43
  Speaker 2: that looking at me.
• 28:45
  Speaker 3: No, they wouldn't have. And like, but that's like it's
• 28:48
  Speaker 3: so important to be transparent as well, because hypothetically, if
• 28:51
  Speaker 3: something did happen and you went to claim and they
• 28:53
  Speaker 3: could prove that you were over, they would have come
• 28:56
  Speaker 3: down on you like a ton of bricks. But yeah,
• 28:59
  Speaker 3: I remember at the time, I was like, Okay, there
• 29:01
  Speaker 3: are actually options here. And a lot of people think, oh, well,
• 29:05
  Speaker 3: maybe I just can't get insurance because of my BMI
• 29:09
  Speaker 3: because that's what insurers default to, right, And I think
• 29:12
  Speaker 3: it is the most outdated system ever, Like we all
• 29:15
  Speaker 3: know that BMI is not reflective of your health anyway,
• 29:19
  Speaker 3: that's a conversation for another day, my friend. But there
• 29:23
  Speaker 3: are some insurers that are far more lenient and have
• 29:27
  Speaker 3: higher BMI, you know, things that they look at as
• 29:30
  Speaker 3: opposed to some insurers where we just go do you
• 29:32
  Speaker 3: know what, don't even go with them because like it's
• 29:34
  Speaker 3: just not going to put you in the best possible position.
• 29:37
  Speaker 3: How did that work out?
• 29:38
  Speaker 2: Yes, so I did end up with we looked at
• 29:40
  Speaker 2: like another one, and so I did still have to
• 29:42
  Speaker 2: play a loading, but I did get the coverage and
• 29:46
  Speaker 2: then I reviewed that a few years ago with Sky.
• 29:48
  Speaker 3: Well, oh she's in the game.
• 29:51
  Speaker 2: She's in the cost or the cross promotions here.
• 29:54
  Speaker 3: But also see, guys, people I know personally even take
• 29:57
  Speaker 3: these recommendations. It's not just podcasting.
• 30:00
  Speaker 2: Yeah, I haven't reviewed them since I moved, and I
• 30:03
  Speaker 2: know that I'm probably slightly under insured with the new house,
• 30:06
  Speaker 2: but I do have income protection. I carried that over
• 30:09
  Speaker 2: from an old employer as well, so that actually didn't
• 30:12
  Speaker 2: have exclusions, which worked out really well. Money. Yeah, I
• 30:16
  Speaker 2: had like six months after I left to take it up,
• 30:19
  Speaker 2: and I was like, yes, yes, please.
• 30:20
  Speaker 3: Thank you, I will take that. Do not ask questions.
• 30:25
  Speaker 2: Exactly and I've got TVD and I've got accident, so
• 30:28
  Speaker 2: you know, and if I died, my family would just
• 30:30
  Speaker 2: sell the house. So it's not like I need to
• 30:33
  Speaker 2: pass money on to dependence. So on paper, i'm probably
• 30:36
  Speaker 2: slightly unendure insured, but I feel fairly comfortable with where
• 30:39
  Speaker 2: I'm at.
• 30:40
  Speaker 3: Yeah, and is you said before? You know, if I
• 30:42
  Speaker 3: was to pass away, my family can just wrap stuff
• 30:45
  Speaker 3: up up. Unfortunately, it's a lot more complicated than that.
• 30:48
  Speaker 3: Do you have a will?
• 30:48
  Speaker 2: Yes? I do, and I've idated it.
• 30:51
  Speaker 3: I was about to say, and do they have access
• 30:53
  Speaker 3: to that will? You didn't write it on a nap
• 30:56
  Speaker 3: and and put it in the back of a cupboard
• 30:58
  Speaker 3: and hope that that would work.
• 31:00
  Speaker 2: Multiple copies and they're dated and this look.
• 31:03
  Speaker 3: At herck go, I'm so proud of you. This is
• 31:05
  Speaker 3: so good. All right, tell me what do you think
• 31:07
  Speaker 3: your best money habit is.
• 31:09
  Speaker 2: I'd say it's still pretty frugal. So I'm doing a
• 31:13
  Speaker 2: ICA do it yourself hack at the moment where I'm
• 31:16
  Speaker 2: building Beauty and the Beast bookshelves and love.
• 31:20
  Speaker 3: You sent me photos and I'm obsessed because i am too.
• 31:23
  Speaker 3: I got some quotes to some customer more drobes and
• 31:25
  Speaker 3: I was like, absolutely not.
• 31:27
  Speaker 2: Yeah, the quote was fifteen thousand dollars, and so I
• 31:30
  Speaker 2: went to an Ikea hack. But then I also got
• 31:33
  Speaker 2: some of the stuff on marketplace because I was like,
• 31:36
  Speaker 2: I'm doing it cheap, but I'm doing it cheap cheap,
• 31:38
  Speaker 2: and the older Ikea stuff is better quality. So if
• 31:41
  Speaker 2: you can get anything on marketplace that you're gonna be
• 31:44
  Speaker 2: drilling into, I think that's better than buying brand new.
• 31:49
  Speaker 2: I also go to a lot of free events locally,
• 31:52
  Speaker 2: and I have I'm a big reader. I've read forty
• 31:55
  Speaker 2: eight books already this year.
• 31:58
  Speaker 3: Like we were recording what are you doing?
• 32:01
  Speaker 2: I can't afford that? Or I can, but it would,
• 32:04
  Speaker 2: you know, but I don't want I don't want to,
• 32:06
  Speaker 2: so I go to the library.
• 32:08
  Speaker 3: I love that soo libraries are so underutilized. I was
• 32:13
  Speaker 3: watching and I'm like, I don't get the opportunity to
• 32:16
  Speaker 3: read a lot. But I do watch a fair few
• 32:18
  Speaker 3: like mini YouTube documentaries because I'm just I'm really cool
• 32:22
  Speaker 3: still okay, And there was one on like libraries dying
• 32:26
  Speaker 3: and you know, maybe this is the last generation of
• 32:29
  Speaker 3: genuine like librarians, and I was like, wait, what, No,
• 32:32
  Speaker 3: that's no. I hate that. I don't want to go
• 32:36
  Speaker 3: to a library and have it just be automated. That's
• 32:40
  Speaker 3: not the point, I know.
• 32:42
  Speaker 2: And they're so lovely there. Like when I moved, I
• 32:44
  Speaker 2: was I'm walking distance from a library and I was like, oh,
• 32:47
  Speaker 2: how novel. They run all these intended no but I
• 32:50
  Speaker 2: love that it worked out that way. They recommend books
• 32:54
  Speaker 2: way better than any algorithm. Like it's just lovely.
• 32:57
  Speaker 3: That's are so good and just it's such a hub
• 33:00
  Speaker 3: of community as well, and I love it. Harvey and
• 33:04
  Speaker 3: I we go to the library, we pick up his books.
• 33:07
  Speaker 3: He asks to go. I bought him a specific bag
• 33:10
  Speaker 3: to take to the library with his books. Like, I
• 33:13
  Speaker 3: just hope that that sticks around all right, flip it.
• 33:17
  Speaker 3: I don't know what it's going to be. This I
• 33:18
  Speaker 3: think is going to be really rogue. What is your
• 33:20
  Speaker 3: worst money habit?
• 33:22
  Speaker 2: I think, you know, we spoke a bit earlier about
• 33:25
  Speaker 2: maybe sometimes we're being a bit too generous, spending too
• 33:27
  Speaker 2: much money without thinking about it on gifts or the cats.
• 33:30
  Speaker 2: A bit of a bleeding when it comes to like,
• 33:33
  Speaker 2: oh you need chemo, okay, so spent goodness, eighteen thousand
• 33:37
  Speaker 2: dollars on one of the cats and he passed.
• 33:40
  Speaker 3: Away eighteen thousand dollars.
• 33:42
  Speaker 2: Yeah, over three years. But yes, what like, I.
• 33:45
  Speaker 3: Can't judge you for that. If my cat got sick,
• 33:48
  Speaker 3: I'm telling you right now, I should not have money, Like,
• 33:51
  Speaker 3: I should not have access to money. If they told
• 33:54
  Speaker 3: me even if I had no money, I think that's
• 33:57
  Speaker 3: one of the things that could send me into debt.
• 33:59
  Speaker 2: Oh yeah, some of them. I would have done a
• 34:01
  Speaker 2: card back then. Yeah, this is a cat that passed
• 34:03
  Speaker 2: away a long time ago. But I just paid up
• 34:05
  Speaker 2: for that credit card debt and then COVID hit and
• 34:07
  Speaker 2: I lost my job and I was like, oh, no,
• 34:09
  Speaker 2: I have zero dollars, so that I get it. So yeah,
• 34:13
  Speaker 2: and probably a little bit too much on uber it's
• 34:16
  Speaker 2: if we're honest. But I've tried to build both of
• 34:19
  Speaker 2: those into my budget. I've got a spreadsheet and it
• 34:23
  Speaker 2: has percentages of where to click put everything out, and
• 34:26
  Speaker 2: so I have tried to build that. Okay, one per
• 34:28
  Speaker 2: cent of my salary goes to gifts, and if you
• 34:30
  Speaker 2: run out of money, then you're making the gifts.
• 34:32
  Speaker 3: So I kind of like that. Now, tell me, now
• 34:37
  Speaker 3: that we've had a chat, what grade would you give
• 34:39
  Speaker 3: your money? Habits from a three to F because you
• 34:41
  Speaker 3: gave yourself a B and I'm really struggling with the B. Like, sorry,
• 34:45
  Speaker 3: it's twenty twenty six. You have a one point two
• 34:49
  Speaker 3: million dollar house, more than to your own fifty grand
• 34:51
  Speaker 3: and througher, you make more than one hundred and seventy
• 34:53
  Speaker 3: thousand dollars. You're single, you don't need no other person,
• 34:56
  Speaker 3: Like what would take you to an A?
• 35:00
  Speaker 2: I think for me it's just having that outstanding debt
• 35:03
  Speaker 2: and I know it's going to take me, at my
• 35:05
  Speaker 2: current rates, depending on what the interest rates do nineteen
• 35:08
  Speaker 2: years to pay off my house. Oh she done all
• 35:12
  Speaker 2: the math. There's spreadsheets, everything's ruled by a spreadsheet, and
• 35:15
  Speaker 2: that's just a long time to be having this hanging
• 35:18
  Speaker 2: over my head. It didn't feel as stressed in my
• 35:21
  Speaker 2: last house because once the payments were a lot smaller
• 35:24
  Speaker 2: and I was still overpaying it, but what was due was,
• 35:27
  Speaker 2: you know, a lot less. So I think once that
• 35:30
  Speaker 2: goes down a bit, I'll just feel a bit more
• 35:33
  Speaker 2: safe and then I'll be like, oh, I'm in a
• 35:36
  Speaker 2: but yeah, that's the main thing. And my investment portfolio
• 35:39
  Speaker 2: it's not much. It's only like five grands, so if
• 35:42
  Speaker 2: I have more in there as well. I think those
• 35:44
  Speaker 2: two would bring me up to an A.
• 35:45
  Speaker 3: But I think that you're killing it anyway, Like, be
• 35:48
  Speaker 3: so for real, you are still in the grand scheme
• 35:52
  Speaker 3: of wealth creation a baby, and you're so far ahead
• 35:56
  Speaker 3: of so many people in our community, and like we
• 35:58
  Speaker 3: don't compare. But like, I just feel like you're pretty
• 36:02
  Speaker 3: harsh on yourself.
• 36:04
  Speaker 2: Yeah, And I think some of it is that, right.
• 36:06
  Speaker 2: The comparison is the thief of joy, for sure. And
• 36:09
  Speaker 2: I try and go, no, I did the best with
• 36:12
  Speaker 2: what I had at the time, But then I go, oh,
• 36:14
  Speaker 2: but I could have been here, I could have done this.
• 36:16
  Speaker 2: So I do try, and you know, keep those negative
• 36:18
  Speaker 2: filt patterns at Bay.
• 36:20
  Speaker 3: Yeah, and I feel like we're so good at comparing
• 36:23
  Speaker 3: ourselves to our peers. And like, I'm assuming that your
• 36:27
  Speaker 3: comparison's given. You have a master's, you have a PhD.
• 36:30
  Speaker 3: You've got a pretty damn impressive job. I would assume
• 36:34
  Speaker 3: that the people you're surrounded by are like, ah, we
• 36:36
  Speaker 3: went and looked at another investment property on the weekend,
• 36:39
  Speaker 3: or that's crazy. I bought my wife and you car,
• 36:41
  Speaker 3: I wish I should have got an opinion on that, like,
• 36:44
  Speaker 3: I'm sure that there's a lot of like frivolous spending,
• 36:47
  Speaker 3: but also just more wealth, and I feel like that's
• 36:50
  Speaker 3: something that we should also point out quite regularly as well,
• 36:53
  Speaker 3: because the circles that you transacting become the point of
• 36:59
  Speaker 3: reference for parison, and that doesn't mean that that's the
• 37:02
  Speaker 3: normal the average. Yeah, that's okay, because that's like your normal.
• 37:07
  Speaker 3: But like you're killing it, Like I want to fight
• 37:10
  Speaker 3: with you on the b but like, honestly, you're much
• 37:13
  Speaker 3: smarter than me, and I'm not willing to start that argument.
• 37:16
  Speaker 3: Money Diarist, thank you so much for having a child.
• 37:19
  Speaker 3: I feel like we've been here, there and everywhere across
• 37:22
  Speaker 3: this episode, but like, what a good episode to share
• 37:25
  Speaker 3: with the community. Thank you so much for spending so
• 37:27
  Speaker 3: much time with me and just yeah, being so open
• 37:30
  Speaker 3: with the community. I love it.
• 37:32
  Speaker 2: Thank you.
• 37:38
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• 37:40
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• 37:44
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• 37:48
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• 37:51
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• 37:54
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• 37:57
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• 38:03
  Speaker 4: money sherper P, T Y L t D A b
• 38:05
  Speaker 4: N three two one six four nine two seven seven
• 38:09
  Speaker 4: zero eight a F s L four five
• 38:11
  Speaker 3: One two eight nine