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The $75k Property Nightmare We Didn’t See Coming · She's On The Money

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  Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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  Speaker 1: woman and I'm here to acknowledge country t Glenn Young
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  Speaker 1: Ganya Niana, kaka ya Ya bin Ahaka nian Ar gay
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  Speaker 1: In Mbina, yakarum jar dominyamiga Umagahawakawaman, damon Imlan Wumba, bang
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  Speaker 1: Gadabomba in and now in wakah ghana on yakraum jar Watnadaa. Hello,
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  Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
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  Speaker 1: We thank acknowledge and respect the Aberiginal people's land that
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  Speaker 1: we're gathering on today. Take pleasure in all the land
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  Speaker 1: and respect all that you see. She's on the Money
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  Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,
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  Speaker 1: knowledge and resources for you to thrive.
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  Speaker 2: She's on the Money.
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  Speaker 3: She's on the Money.
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  Speaker 4: Hello, and welcome to She's on the Money, the podcast
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  Speaker 4: of les you be pervy about other people's money habits
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  Speaker 4: for educational purposes, of course, welcome back to another one
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  Speaker 4: of our money daries, brought to you by sky Wealth,
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  Speaker 4: where we get to talk with one of our incredible
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  Speaker 4: She's on the Money community members all about their journey.
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  Speaker 4: Let's jump straight into it, because this week I got
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  Speaker 4: an email and it sounded exactly like this. Hi, she's
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  Speaker 4: on the money. I've had a pretty wild property journey
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  Speaker 4: over the last five years that I would love to share.
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  Speaker 4: I've bought, renovated, and sold one property and later brought
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  Speaker 4: into a quarter of an investment property. On top of that,
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  Speaker 4: we bought a block of land and chose our dream
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  Speaker 4: floor plan, only for our builder to go under. So
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  Speaker 4: not only did we have to find a new builder,
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  Speaker 4: we had to find an additional seventy five thousand dollars
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  Speaker 4: after taking a loss with our first one. We did
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  Speaker 4: finally receive a VMIA payout, so we invested a bee
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  Speaker 4: chunk of that and it's increased in value. Money Diarist,
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  Speaker 4: This sounds chaotic and a little bit stressful and also
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  Speaker 4: really exciting.
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  Speaker 2: Look, we've come out the other end in a positive
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  Speaker 2: note now, but at the time, not going to lie,
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  Speaker 2: it was pretty stressful and pretty intense.
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  Speaker 4: Did you cry a lot, Because I would have cried
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  Speaker 4: a lot. I would have shed a lot of tears
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  Speaker 4: over this, especially after taking a seventy five thousand dollar loss.
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  Speaker 4: I would have rioted.
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  Speaker 2: Yeah, and on.
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  Speaker 5: Top of that being on one wage predominantly during that
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  Speaker 5: time because we had babies in between all of that.
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  Speaker 4: Oh no, like as in exciting, but yes, also so much.
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  Speaker 2: More stress, so much more financial stress.
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  Speaker 4: Yes, absolutely, So you did all this over the last
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  Speaker 4: five years. And to add that to the mix, you've
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  Speaker 4: also had not baby babies, you've had.
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  Speaker 2: Three three kiars in three and a half years. Is
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  Speaker 2: not wild enough?
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  Speaker 4: Waane, what that's a money story in itself, any of
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  Speaker 4: them twins? Or you did three separate pregnancies back to back. Yep,
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  Speaker 4: I love this for you.
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  Speaker 2: Yeah, we thought, well, being strategic and smart with there,
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  Speaker 2: we sat down, did the numbers, had the conversations, and.
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  Speaker 5: It's still yeah, life happened.
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  Speaker 4: Three in three and a half years. Do you know what?
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  Speaker 4: I love kids, So I'm never going to be like,
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  Speaker 4: oh my god, that's so bad, Like I would love
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  Speaker 4: one day to have at least three children, but just
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  Speaker 4: the idea of doing it in three years.
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  Speaker 2: Not for the faint of heart.
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  Speaker 4: Yeah you okay, that's what people said to.
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  Speaker 2: Us when we were pregnant without third.
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  Speaker 4: Oh no, I did this on purpose, But like, how's
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  Speaker 4: your mental health? Because like, toddlers are a lot like
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  Speaker 4: my toddler this morning, I dropped him off at daycare
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  Speaker 4: and I was like, oh, this is cute, Like he's
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  Speaker 4: not upset, Like this is amazing, because like you never
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  Speaker 4: know what you're going to get when you drop a
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  Speaker 4: kid off at day care. This is just a mixed bag.
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  Speaker 4: He sits down at his little table to have his
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  Speaker 4: toast with his friends, and he points at the door
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  Speaker 4: and says, door to me, you are eighteen months old
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  Speaker 4: and you just kicked me out of your daycare room.
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  Speaker 4: Can we have a cuddle? And he goes, no, but
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  Speaker 4: mummy loves you.
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  Speaker 2: I don't want to go yet.
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  Speaker 4: Okay, I guess I'll see myself out, see your mom
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  Speaker 4: ceo like I'm no longer required here. That is perfect.
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  Speaker 4: Kids humble you in a way I didn't expect. And
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  Speaker 4: you've done that three times over money dost. Before we
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  Speaker 4: get into asking all the juicy questions, I feel like
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  Speaker 4: I'm already starting. I need to know, well, grade would
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  Speaker 4: you give your money habits if I asked you to
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  Speaker 4: give them a grade from A three to F.
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  Speaker 5: I try not to be too hard on myself, and
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  Speaker 5: I think I would aim for a B minus to a.
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  Speaker 4: B A B minus to a be all right, let's
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  Speaker 4: learn a little bit more about that, Like, let's learn
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  Speaker 4: more about your money journey, your money story. Take me
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  Speaker 4: back to where you would like to start, Queen.
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  Speaker 2: I can sert from my growing up.
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  Speaker 5: I suppose that's I suppose forms the basis for your
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  Speaker 5: money attitude.
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  Speaker 4: Yeap.
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  Speaker 5: So I was raised by a single mom of four children,
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  Speaker 5: and I'm the oldest. So in order for us to survive,
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  Speaker 5: I suppose, and to try to flourish throughout life, I
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  Speaker 5: had to pick up a lot of the slack so
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  Speaker 5: mum could work.
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  Speaker 2: So after school would finish, have to come home and
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  Speaker 2: cook dinner and things. Because mom was at work.
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  Speaker 5: I'd have to make sure the house was clean enough
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  Speaker 5: for the next day, get my brothers organized and ready
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  Speaker 5: for bed on my own.
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  Speaker 2: Or Mum worked because she worked in hospitality, so she
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  Speaker 2: wouldn't get home for like nine thirty ten o'clock most nights.
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  Speaker 2: And that was my life growing up really until forever.
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  Speaker 4: I suppose that's iconic of you. But it's also a
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  Speaker 4: lot of pressure on a young person to kind of
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  Speaker 4: have to step up into that parenting role when you're
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  Speaker 4: meant to be the child.
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  Speaker 5: Yeah, yeah, it may be mature very very quickly. And
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  Speaker 5: I suppose, look, it's all on perspective.
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  Speaker 2: The way I look at it, I could have gone
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  Speaker 2: the poor me, this is really hard, this isn't fair route,
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  Speaker 2: or I could have gone this is a lesson. It
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  Speaker 2: is what it is. What can I learn from this?
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  Speaker 2: And what can I do to help my family survive
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  Speaker 2: and get through this chapter? And then what can I
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  Speaker 2: do in my future to help with money and set
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  Speaker 2: myself up and my children up so hopefully we're not
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  Speaker 2: in the same position.
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  Speaker 4: Yeah, love, And so what did that translate into in adulthood?
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  Speaker 5: Obviously, growing up as a female, you go through you
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  Speaker 5: like my friends have this and I don't have that,
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  Speaker 5: and you go through like the materialistic kind of phase.
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  Speaker 5: I suppose it taught me that I don't really need
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  Speaker 5: to have everything all at once.
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  Speaker 2: Just because X, Y and Z has that, and just
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  Speaker 2: because Mum of the bank of mom and dad for
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  Speaker 2: them have that, and they get given this and they
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  Speaker 2: were given a car or they get a new outfit
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  Speaker 2: every weekend.
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  Speaker 5: I don't need that and that's okay, and it's okay
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  Speaker 5: to go without. It doesn't mean that I'm lesser. It
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  Speaker 5: doesn't mean that my mum loves me any less, it's
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  Speaker 5: just the situation we're in, and she gives me everything
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  Speaker 5: that I need anyway, Do I need another pair of shoes?
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  Speaker 2: No?
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  Speaker 4: Be nice though, Yes, yeah, it'd be nice though.
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  Speaker 2: I get it.
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  Speaker 4: I get it, And especially when you're young, it's very
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  Speaker 4: hard to separate those two things, especially when you see
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  Speaker 4: other kids getting it, because as much as you probably
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  Speaker 4: understood there was some pressure, you never fully comprehend what
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  Speaker 4: that actually looks like. So it doesn't feel good.
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  Speaker 2: Yeah, that's right, that's right.
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  Speaker 5: But I suppose we're always just taught to measure your
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  Speaker 5: own wrist, so like, look at what you can afford,
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  Speaker 5: look what you can do, and then look at that
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  Speaker 5: in apos way, and appreciate what you do have, which
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  Speaker 5: is something I've brought into adulthood.
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  Speaker 2: Yeah, love with my own children too.
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  Speaker 5: If you don't need every toy that your friends have,
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  Speaker 5: you don't need everything that you see in the shops,
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  Speaker 5: Look what you do have at home and play with
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  Speaker 5: those things.
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  Speaker 4: You know, How can you be grateful for something new
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  Speaker 4: if you're not grateful for what you already have.
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  Speaker 2: Yeah, that's right. So I think it was a positive experience.
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  Speaker 4: Really, So fast forward. You've got a partner. How did
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  Speaker 4: you meet? What does that all look like?
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  Speaker 2: We met through my brother actually, so they were friends
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  Speaker 2: through work, can you? And yeah, I just met at
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  Speaker 2: an house party one day and there were his history
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  Speaker 2: really with best friends.
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  Speaker 4: Now I love it and talk me through. I guess
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  Speaker 4: that journey because you and your partner have been like, oh,
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  Speaker 4: I've had a pretty wild property journey over the last
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  Speaker 4: five years, which I was like, that's a cool story,
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  Speaker 4: let's talk about it. But then you dropped. I also
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  Speaker 4: had three kids in three and a half years during
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  Speaker 4: this period as well, and I go, girl, are you okay?
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  Speaker 4: Like what is going on? So how did this all culminate?
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  Speaker 4: Thirty seven? Now, how old were you when you met
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  Speaker 4: your partner?
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  Speaker 2: So we met when we were mid twenties and then
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  Speaker 2: we ended up getting engaged in twenty sixteen, and that's
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  Speaker 2: when we bought our first property. And our first property
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  Speaker 2: was with the intention to renovate it and flip it
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  Speaker 2: and seal it within a five year period.
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  Speaker 5: That was our intention. It was really hustle bustle. The
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  Speaker 5: area that we brought in was wonderful for that stage
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  Speaker 5: of our life. Everything was close, but it was an
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  Speaker 5: old property so needed a lot.
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  Speaker 2: Of work, which we knew.
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  Speaker 5: We bought that in twenty sixteen for at four hundred
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  Speaker 5: and forty thousand dollars and then we got engaged. So
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  Speaker 5: we got engaged that same year, and then the renovations
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  Speaker 5: under the house. During that twenty sixteen period, we did
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  Speaker 5: a lot of things, but they.
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  Speaker 2: Were minimal costs so we'd get family held, but we
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  Speaker 2: do it ourselff. So like painting the walls, we painted
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  Speaker 2: the house because it was all different colors. The whole
• 8:50
  Speaker 2: house was lino, so we stripped the entire house gorge
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  Speaker 2: so like we had the original floor boards underneath, so.
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  Speaker 4: Well you did. I was like when you ripped up
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  Speaker 4: the liner was at a like woo moment or a
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  Speaker 4: disappointing moment because.
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  Speaker 2: Now I was beautiful. Yeah, a lot of that. Quite
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  Speaker 2: a job removing those pins though there's nails so the
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  Speaker 2: whole house.
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  Speaker 4: But that's again we didn't Yeah, been there, done that.
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  Speaker 2: And then we got that obviously polished and wax stuff
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  Speaker 2: by professional. Yeah, but we did minim will cost that
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  Speaker 2: year and then the following year, in March twenty seventeen,
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  Speaker 2: we booked our wedding for that coming December, so we
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  Speaker 2: had about nine months.
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  Speaker 5: So we we tried really hard, really hard to say,
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  Speaker 5: for that wedding. So I worked two jobs during that time,
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  Speaker 5: husband worked three, just because it wasn't within our values
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  Speaker 5: to get a loan out for the wedding. We were
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  Speaker 5: we really wanted to be on the dance floor with
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  Speaker 5: everyone and go.
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  Speaker 4: We did this, yeah, one hundred percent. Not tomorrow, we
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  Speaker 4: have to start thinking about the debt we've got to repair.
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  Speaker 2: Yes, exactly. Yeah, after this the next chapter starts. It's fun.
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  Speaker 2: It's all uphill from here. I really worked really hard
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  Speaker 2: during those nine months.
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  Speaker 5: But again we did stuff ourselves, so Trady friends, Trady cousins,
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  Speaker 5: removing chandeliers or facing them with down lives, installing fans.
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  Speaker 2: Again, little things, but.
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  Speaker 4: They have a really big impact. Like even on just
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  Speaker 4: a plane room fresh paint makes a world of difference.
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  Speaker 2: That's right. Then we ended up falling pregnant with our
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  Speaker 2: first little love. Yeah, a few months after the wedding,
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  Speaker 2: which was so exciting, but we hadn't really taken into
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  Speaker 2: account like future plans.
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  Speaker 4: Yeah, you were just but like that's just fun, Like, sorry,
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  Speaker 4: you're freshly married and let's not think about it, well, yes,
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  Speaker 4: and no, like I don't know. You never know how
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  Speaker 4: long it's going to take, and then it's magic anyway.
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  Speaker 4: And if you want kids, like I feel like you
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  Speaker 4: just want kids. Yes, it's nice to plan, but like
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  Speaker 4: it's very hard to.
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  Speaker 2: Yeah, that's right. It's not easy for everyone.
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  Speaker 5: And we don't know what our journey would be like,
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  Speaker 5: so you thought, let's just start trying and see what happens.
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  Speaker 5: We're fortunate that it happened quite quickly for us, which
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  Speaker 5: I don't take for granted.
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  Speaker 4: Yeah, no, and that's okay, But like often it's a
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  Speaker 4: surprise as well, because I feel like, as women, we
• 10:53
  Speaker 4: spend our entire lives trying not to get pregnant, and
• 10:56
  Speaker 4: then people tell you, for whatever reason, it's going to
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  Speaker 4: be hard to get pregnant. So when you start trying
• 11:01
  Speaker 4: and you get pregnant immediately, often you're like wait what, no, no, no,
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  Speaker 4: I thought this would be like a process.
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  Speaker 2: What do I do now? Yeah?
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  Speaker 5: I wanted this, but yeah, what does it mean? So
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  Speaker 5: we'll do that coming Novambuck.
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  Speaker 4: Also twenty eighteen.
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  Speaker 2: But then we had worked so hard for this wedding,
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  Speaker 2: and everything that we had saved for went towards it.
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  Speaker 2: So we were like, Okay, we have this plan of
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  Speaker 2: renovating this house and flipping it within the five years
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  Speaker 2: from when we brought it. Yeah, what are we going
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  Speaker 2: to do? So we had the discussion and we went
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  Speaker 2: to the bank to get the house evaluated to see
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  Speaker 2: if it had increased in value, and it had actually
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  Speaker 2: gone up eighty thousand dollars.
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  Speaker 4: Oh money win.
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  Speaker 5: Yeah, So we decided to borrow the eighty thousand dollars
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  Speaker 5: against the home loan and that was our nest eck.
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  Speaker 2: Towards the renovation. It was exclusively to be used towards
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  Speaker 2: renovating and that's.
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  Speaker 4: It, not to be touched for anything else adding value.
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  Speaker 5: So then again, we're still working full time throughout my pregnancy,
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  Speaker 5: so there was so okay, we could survive, we could
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  Speaker 5: save for upcoming baby.
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  Speaker 2: Nice, not a whole, but we had this little nest egg,
• 12:01
  Speaker 2: which was nice.
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  Speaker 4: Yeah.
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  Speaker 2: September of that year rolls around, so I'm coming up
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  Speaker 2: to my third trimester and my husband's on a bus
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  Speaker 2: night with his cousins and we had to renovate our bathrooms.
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  Speaker 2: We had to shoop them, gut them. Yeah, don't worries,
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  Speaker 2: we'll get it down.
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  Speaker 5: We'll get it done before the baby comes, no worries,
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  Speaker 5: We'll start straight away like I'm during two months.
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  Speaker 2: I'll be sure. Yeah, no, I promise off, we'll get
• 12:22
  Speaker 2: it done. So in they come the banging balls and
• 12:27
  Speaker 2: we're going to quickly choose tiles and this and that,
• 12:28
  Speaker 2: because yeah, it's going to get done.
• 12:30
  Speaker 5: And the lady at Reese says, it's called she does
• 12:32
  Speaker 5: it all the time. It's called extreme nesting. Wouldn't recommend.
• 12:35
  Speaker 4: Yeah, that is extreme nesting. I was just on my
• 12:37
  Speaker 4: hands and knees, like scrubbing skirting boards. So I feel
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  Speaker 4: like you took it to the next level extreme.
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  Speaker 2: So the first time my first little love was born,
• 12:46
  Speaker 2: we had no shower. One wall tiled in the bathroom
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  Speaker 2: which had been completely gutted, and that's so we had.
• 12:51
  Speaker 4: So you came home from the hospital and you were
• 12:54
  Speaker 4: like cool. So the hospital shower was trash, but it
• 12:58
  Speaker 4: was incredible compared to no shower.
• 13:00
  Speaker 2: So we had to travel and pack a bag every
• 13:02
  Speaker 2: day to shower in a family member's house.
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  Speaker 5: Which with a newborn is not with a newborn, and
• 13:07
  Speaker 5: you're healing yourself too.
• 13:08
  Speaker 4: Yeah, like and do you know what, like the shower.
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  Speaker 4: I spent a lot of time in the shower postpartum
• 13:13
  Speaker 4: because I just you feel gross, like you're hormonal, Like
• 13:17
  Speaker 4: it's a place that you can escape to, and you
• 13:19
  Speaker 4: didn't have that. I'm so sorry.
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  Speaker 2: Okay, it was my own fault.
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  Speaker 4: I said, yes, okay, but like they said that they
• 13:25
  Speaker 4: would do it as well.
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  Speaker 5: Yeah, yeah, you know treaties yea. So then any money
• 13:31
  Speaker 5: that we got from our Matt leave we save into account.
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  Speaker 5: So when I stopped working and you get like your
• 13:36
  Speaker 5: payments from work and things like that, we.
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  Speaker 2: Didn't touch it. We called it a baby account. We
• 13:41
  Speaker 2: just try to be purely off my husband's wage, paying
• 13:43
  Speaker 2: the mortgage paying ye good for anything else we had
• 13:45
  Speaker 2: to do that, Yeah, but nothing for the baby was
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  Speaker 2: to be touched. Tell us he needed something. My first
• 13:50
  Speaker 2: all love was nine months old when we got pregnant
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  Speaker 2: with a second, I get planned. So wonderful.
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  Speaker 5: Yeah, choice, We still has some renovation money, so I'm
• 13:58
  Speaker 5: really determined that not to touch it unless we're nevating.
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  Speaker 2: Then lockdown happened for everyone.
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  Speaker 4: Yeah.
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  Speaker 2: So she came in May of twenty twenty.
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  Speaker 5: Yeah, so lockdown happened was wonderful because slow down didn't
• 14:08
  Speaker 5: have to rush to get anything done.
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  Speaker 2: It was out of our hands really.
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  Speaker 5: Then once we could start getting back up and getting
• 14:12
  Speaker 5: trades back in, we eventually gutted the toilet which is
• 14:15
  Speaker 5: a one toilet place, gutted the laundry, and then we
• 14:18
  Speaker 5: started to get the house evaluated. Yeah, so we wanted
• 14:21
  Speaker 5: to ask ourselves the question, do we want to stay
• 14:23
  Speaker 5: in this area that we love so much? We want
• 14:24
  Speaker 5: to move further in further about what do we want
• 14:26
  Speaker 5: to do after lockdown happened, We felt that we really
• 14:30
  Speaker 5: loved the quiet and the slowness of it all.
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  Speaker 2: With kids, it kind of changed our perspective.
• 14:36
  Speaker 4: It did change, you like, it changed and we didn't
• 14:39
  Speaker 4: have kids through that period, but it definitely changed my
• 14:41
  Speaker 4: values and even just like the way we I don't
• 14:44
  Speaker 4: think this is not just me or you. I think
• 14:46
  Speaker 4: it changed society a lot, even just our work life
• 14:48
  Speaker 4: balance expectations. And I think it's been for the better.
• 14:51
  Speaker 2: Absolutely. I think people suffered. I'm not taking away from.
• 14:54
  Speaker 4: That, oh no, no no, But like those of us
• 14:57
  Speaker 4: who just had to go through lockdown and that was
• 14:59
  Speaker 4: not a period, I feel like we had a values shift, yes,
• 15:03
  Speaker 4: and I think that that's okay to say it doesn't
• 15:06
  Speaker 4: take away from the fact that it was a very
• 15:07
  Speaker 4: traumatic period of time for a lot of people. But like, sorry,
• 15:10
  Speaker 4: you're based in Melbourne as well. We had the longest
• 15:13
  Speaker 4: lockdown in the world. Of Course it is going to
• 15:15
  Speaker 4: change you. Of course, it is going to make you
• 15:17
  Speaker 4: question things, like I'm pretty sure we all went up
• 15:18
  Speaker 4: the wall at some point as well.
• 15:20
  Speaker 2: Absolutely so, after assessing the situation and the information that
• 15:24
  Speaker 2: we had at hand, we decided that.
• 15:26
  Speaker 5: We loved the quiet so much now that we had kids,
• 15:28
  Speaker 5: so I thought we might want to go out and
• 15:31
  Speaker 5: off a little bit more so with our two little loves.
• 15:33
  Speaker 5: We went to display homes and eventually found one that
• 15:35
  Speaker 5: we loved, which was great. You know, you sit on
• 15:38
  Speaker 5: it for a while, you discussed it back and forth,
• 15:40
  Speaker 5: and then yeah, yeah, yeah, we do love this floor
• 15:42
  Speaker 5: plan that's going ahead.
• 15:43
  Speaker 2: Yeah. Our property ended up going up for sale and
• 15:46
  Speaker 2: sailing before auction, making a two hundred and fifty thousand
• 15:48
  Speaker 2: dollars profits. Stop it.
• 15:50
  Speaker 4: That's such a good deal. Surprised, but also like you
• 15:53
  Speaker 4: bought for four forty and then you got eighty grand
• 15:56
  Speaker 4: of equity, got to use that to reno the property
• 15:58
  Speaker 4: and then you still made a cleaned profit like money
• 16:01
  Speaker 4: WINGQ we.
• 16:02
  Speaker 2: It was was lovely. It was lovely not to be
• 16:05
  Speaker 2: used for us. It was solely for the house, but
• 16:07
  Speaker 2: our next chapter to begin. So we ended up deciding
• 16:10
  Speaker 2: on an area that we liked, and we.
• 16:11
  Speaker 5: Thought we're going to spend a bit more on a
• 16:13
  Speaker 5: titled block because we've got two kids, we feel like
• 16:17
  Speaker 5: we might want a third. I can't wait for times
• 16:20
  Speaker 5: of blocks to be titled. It's just too much of
• 16:21
  Speaker 5: a long process sometimes. So well, why I block that's
• 16:24
  Speaker 5: already titled paper dextra. We can hopefully start the built
• 16:27
  Speaker 5: as quickly as possible. The contract build was around three
• 16:31
  Speaker 5: hundred and fifty thousand dollars. Yeah, so on the contract
• 16:33
  Speaker 5: for that, that was great.
• 16:35
  Speaker 2: We couldn't get a bridging loan at that point because
• 16:37
  Speaker 2: I wasn't working enough for the bank to give us that.
• 16:40
  Speaker 4: Yeah, that's a pickle of a situation. Is so frustrating,
• 16:43
  Speaker 4: even though you're like, I have a contract and I'm
• 16:46
  Speaker 4: fully employed and they're like no, sorry, you're on maternity leave,
• 16:49
  Speaker 4: your null and void. It is so frustrating.
• 16:52
  Speaker 2: Yeah, and we can prove we could pay it, like anyway.
• 16:54
  Speaker 4: Yeah, it's not the point. It's not the point, is it.
• 16:58
  Speaker 2: It's fine. It is what it is. That's fine.
• 17:00
  Speaker 5: So our builder at the time told us I should
• 17:02
  Speaker 5: take four or five six months for the house to
• 17:05
  Speaker 5: go up, because the boxer retitled great.
• 17:06
  Speaker 2: Yeah, So we thought, we'll save our pennies is five
• 17:09
  Speaker 2: six months, let's move in with family and save some
• 17:12
  Speaker 2: money during that time.
• 17:13
  Speaker 5: So then whatever we make, we'll save to go towards
• 17:15
  Speaker 5: a house. We can buy furniture, you know, do the backyard,
• 17:17
  Speaker 5: whatever else. So we tried to move into his husband's parents.
• 17:21
  Speaker 5: His sister was still living at home at the time.
• 17:23
  Speaker 5: Mom and dad still working full time at that point,
• 17:26
  Speaker 5: has been working full time. I was at home with
• 17:28
  Speaker 5: two kids, perfect, but.
• 17:29
  Speaker 2: It was lockdown. We went back into lockdown, so we
• 17:33
  Speaker 2: had to somehow manage the children to be quiet. Everyone's
• 17:36
  Speaker 2: in their own separate rooms, working full time with their
• 17:38
  Speaker 2: jobs plus two kids. I actually happen to pick up
• 17:42
  Speaker 2: some casual work during that time.
• 17:44
  Speaker 5: So I'm a primary school teacher, so I got to
• 17:46
  Speaker 5: go in to help essential workers children that were still
• 17:50
  Speaker 5: allowed to go into schools at that time. So I
• 17:52
  Speaker 5: went in and did that two days a week, just
• 17:54
  Speaker 5: to help us with some cash. Once we were there
• 17:56
  Speaker 5: for a little bit, we wanted to be strategic and
• 17:58
  Speaker 5: we booked it dinner out, just two of us and
• 18:00
  Speaker 5: took time to discuss what the future might look like
• 18:03
  Speaker 5: and if we did want three children, how was it
• 18:06
  Speaker 5: going to work? And we survived on one away with
• 18:07
  Speaker 5: the upcoming mortgage did all the mass had a really,
• 18:11
  Speaker 5: really in depth discussion about it, and we thought, yep, okay,
• 18:13
  Speaker 5: we can make it work.
• 18:14
  Speaker 2: We felt like there was someone missing, right, let's do it.
• 18:17
  Speaker 4: I love that. That's so sweet.
• 18:18
  Speaker 2: Two's lovely too.
• 18:19
  Speaker 4: It could be enough, but I know someone was missing.
• 18:22
  Speaker 4: We weren't done.
• 18:22
  Speaker 2: That's right. The six months were meant to be living
• 18:25
  Speaker 2: at parents' house turned into seven eight months because the
• 18:28
  Speaker 2: bill kept getting push back and the house next saughted.
• 18:31
  Speaker 5: My mum actually went up for sale. So my mom's
• 18:35
  Speaker 5: going to leave her house to us anyway in her will.
• 18:37
  Speaker 5: So she said to us, why don't you consider it
• 18:39
  Speaker 5: buying the house next door and having their the doserent property.
• 18:43
  Speaker 5: So my brothers and I said, like a trust and
• 18:46
  Speaker 5: we did that and we.
• 18:47
  Speaker 2: Bought that the house for six hundred and sixty ish
• 18:50
  Speaker 2: thousand dollars. So after a thirty day sentiment. Me and
• 18:53
  Speaker 2: my family moved.
• 18:54
  Speaker 4: Into their Oh perfect. You were probably like, I'm going
• 18:57
  Speaker 4: up the wall living within laws. This is a perfect opportunity.
• 19:01
  Speaker 4: I don't even care how it happens, but I was wondering.
• 19:04
  Speaker 4: I was like, how did you buy into a quarter
• 19:06
  Speaker 4: of an investment property? I'm thinking, is this a good idea?
• 19:09
  Speaker 4: It was with your brothers. It makes a lot of sense. Okay, yes, yes,
• 19:13
  Speaker 4: so that is quite strategic, trying to be.
• 19:15
  Speaker 5: Trying to set ourselves up for a better future. So
• 19:18
  Speaker 5: we move into the investment property. So obviously we still
• 19:21
  Speaker 5: need to pay our quarter of the mortgage.
• 19:22
  Speaker 2: Fair is fair. But we also need to pay rent
• 19:24
  Speaker 2: because it's an investment property.
• 19:26
  Speaker 4: Yeah yeah, yeah, because you're the ones using their property.
• 19:28
  Speaker 5: So we're paying rent. We're paying a quarter of that
• 19:30
  Speaker 5: mortgage plus our mortgage of the property.
• 19:33
  Speaker 2: That's being built, which is slowly coming along.
• 19:35
  Speaker 5: So as you go through stages of the builds, the
• 19:38
  Speaker 5: amount increases because you used to pay back the builder
• 19:41
  Speaker 5: for whatever's happened during that time.
• 19:43
  Speaker 2: So that's slowly increasing.
• 19:45
  Speaker 5: Still paying rent our quarter of the mortgage, so it's
• 19:48
  Speaker 5: also going on.
• 19:49
  Speaker 2: But everything.
• 19:49
  Speaker 5: Look, we're surviving at this point, then interest rates satiffice
• 19:53
  Speaker 5: and then they keep rising, they keep.
• 19:55
  Speaker 4: Writing I feel like they didn't stop.
• 19:58
  Speaker 2: No, And then our house it wasn't getting done, and
• 20:02
  Speaker 2: so things were getting tight.
• 20:03
  Speaker 5: So we had to use some of the money from
• 20:04
  Speaker 5: the sale to help us to survive, yeah, to pay rent,
• 20:07
  Speaker 5: to pay the mortgage, to pay our bills.
• 20:09
  Speaker 2: Course, so we're watching our profits slowly disappear.
• 20:12
  Speaker 4: Oh yeah, that would have been so stressful as well,
• 20:14
  Speaker 4: because you're like, no, this is meant to be set
• 20:16
  Speaker 4: aside for this other thing, and you just can't help it. Sometimes.
• 20:20
  Speaker 2: Was that out of that control? Yeah, and we've worked
• 20:22
  Speaker 2: really hard on our first property to earn that money.
• 20:24
  Speaker 2: So yeah, but that's okay.
• 20:26
  Speaker 5: Things happen, that's fine. So then we're up to the
• 20:28
  Speaker 5: last stage of our bill. So the last stage should
• 20:30
  Speaker 5: typically take two to three weeks. It shouldn't take that
• 20:32
  Speaker 5: long from what we're told. So you're paying for a
• 20:35
  Speaker 5: mortgage up until that point pretty much. The time mortgage
• 20:38
  Speaker 5: is owed, minus a couple of thousand dollars, it's final stage,
• 20:42
  Speaker 5: the builder goes under.
• 20:44
  Speaker 4: Could you not have waited a few weeks to go under? Sir? Like,
• 20:47
  Speaker 4: that's very disrespectful.
• 20:48
  Speaker 6: So with four weeks left to go, ish terrible diming.
• 20:54
  Speaker 6: So we had almost a full mortgage, paying full rent,
• 20:57
  Speaker 6: a quarter of another mortgage, and there was no end
• 20:59
  Speaker 6: in the future because there was no one coming to Balacestras.
• 21:02
  Speaker 4: And were you pregnant at this point because you'd done
• 21:05
  Speaker 4: that date with your husband where you'd probably decided we
• 21:07
  Speaker 4: are going to have a third baby. Were you pregnant
• 21:09
  Speaker 4: at this point as well? I'm just putting two and
• 21:11
  Speaker 4: two together and I'm like, the timelines are getting away
• 21:13
  Speaker 4: from me. I think you were knocked up.
• 21:15
  Speaker 2: Yes, I had my third baby in August of twenty
• 21:18
  Speaker 2: twenty two, so he was here five months after we
• 21:22
  Speaker 2: moved into famvestment property.
• 21:23
  Speaker 4: So we now have three kids as well. So like, yes,
• 21:26
  Speaker 4: there was nobody missing at this point. Three kids basically
• 21:30
  Speaker 4: three mortgages.
• 21:31
  Speaker 3: What a delight.
• 21:31
  Speaker 2: Yes, it was lovely. So with a seven month old,
• 21:33
  Speaker 2: a three year old and a four year old, it
• 21:35
  Speaker 2: was tight.
• 21:36
  Speaker 4: Oh god, it was tight.
• 21:38
  Speaker 2: We was told to lodge a claim.
• 21:39
  Speaker 5: This was what everyonebody was told to lodge a claim
• 21:41
  Speaker 5: through VMIA, Yeah, which is the Victorian Manati Insurance Agency.
• 21:45
  Speaker 5: I think all builders have to be covered by them
• 21:48
  Speaker 5: before they started built.
• 21:49
  Speaker 2: From what I understand, you're legally so through.
• 21:51
  Speaker 5: The haze of sleepless nights and babies everywhere, I lodged
• 21:54
  Speaker 5: this claim yet, but they're in no rush to pay up.
• 21:56
  Speaker 5: So I was not thinking about getting money from them
• 21:59
  Speaker 5: to help in any way. I just thought, I need
• 22:01
  Speaker 5: to go back to work casually, even though three babies
• 22:03
  Speaker 5: at home. I didn't see a way out. I had
• 22:05
  Speaker 5: to make it work. Yeah, So I went back to
• 22:07
  Speaker 5: work casually so the bank.
• 22:08
  Speaker 4: Would give us more money.
• 22:10
  Speaker 2: More money, yeah, to complete our loan.
• 22:11
  Speaker 5: And it ended up being about seventy five thousand dollars
• 22:13
  Speaker 5: that we needed. So we had to get three different
• 22:16
  Speaker 5: quotes from three different builders, send them into the insurance
• 22:19
  Speaker 5: the BMIA sent into the bank. They ended up approving
• 22:22
  Speaker 5: us for about seventy five thousand dollars. Oh good, so
• 22:26
  Speaker 5: sent it all to the new builder.
• 22:27
  Speaker 2: We ended up finding it just a small builder that
• 22:29
  Speaker 2: help us.
• 22:30
  Speaker 5: It was tough to find a builder, to be honest,
• 22:32
  Speaker 5: because nobody wanted to touch it.
• 22:34
  Speaker 4: Yeah, it's somebody else's work and they've got to come
• 22:36
  Speaker 4: in and fix it, and they don't know if they've
• 22:37
  Speaker 4: done a good job, and if they've gone under they
• 22:39
  Speaker 4: made of cut corners.
• 22:40
  Speaker 2: Like there's just a lot, right, Yeah, and their insurance
• 22:43
  Speaker 2: like they have to take it on and just hope
• 22:45
  Speaker 2: for the best. So yeah, it was a big ask.
• 22:48
  Speaker 5: But we ended up finding a lovely small builder who
• 22:50
  Speaker 5: completed the build for us.
• 22:52
  Speaker 2: Oh lucky, which was nice. I'd ended up getting finished
• 22:55
  Speaker 2: in maybe another four months on top of that, so
• 22:57
  Speaker 2: it was longer than expected, but still doesn't matter. They
• 23:00
  Speaker 2: got done then.
• 23:01
  Speaker 5: After we were in our house, maybe after four months
• 23:04
  Speaker 5: of being in so we got in the end of
• 23:07
  Speaker 5: twenty twenty three. Yeah, we heard from the MIA and
• 23:10
  Speaker 5: they sent us a payout of ninety thousand dollars.
• 23:13
  Speaker 2: Oh, how good you compensate us.
• 23:15
  Speaker 4: That covers the seventy five. That's nice.
• 23:18
  Speaker 2: It was a lovely surprise because, like I said, I
• 23:21
  Speaker 2: didn't account for.
• 23:22
  Speaker 4: That money because you were like, we're not going to
• 23:23
  Speaker 4: get anything from this, Yeah, and you're kind of like,
• 23:25
  Speaker 4: I've done my due diligence. But like you hear so
• 23:28
  Speaker 4: often people going to these institutions and then it all
• 23:31
  Speaker 4: being swept under the rug or having to take it
• 23:33
  Speaker 4: to court or like there's just so much chaos. Ninety
• 23:36
  Speaker 4: five Grand Queen that would have felt good.
• 23:39
  Speaker 2: It was nice to get a little win. Yes, to
• 23:42
  Speaker 2: be honest, it was yeah. It was blow after blow
• 23:44
  Speaker 2: after Oh my god. So it was nice that someone
• 23:47
  Speaker 2: came through. Yeah, it was loving.
• 23:48
  Speaker 4: Well, that's chaos. So then you got your payout, and
• 23:52
  Speaker 4: then what did you do with your payout?
• 23:53
  Speaker 5: So we owed my brother ten thousand dollars. He helped
• 23:56
  Speaker 5: us with the bill to get hitting a calling system.
• 23:58
  Speaker 5: So paid that back, yeah, straight away. And then with
• 24:00
  Speaker 5: the eighty thousand that was left, we used twenty of
• 24:02
  Speaker 5: it to roll the shutters on safety purposes, things for
• 24:05
  Speaker 5: our kids. We wanted to do the backyard just to
• 24:08
  Speaker 5: flatten it out, make it habitable so the kids could
• 24:10
  Speaker 5: go out and play.
• 24:11
  Speaker 4: Oh how nice.
• 24:12
  Speaker 2: And we couldn't do it ourself.
• 24:14
  Speaker 4: And landscaping is so expensive, isn't it.
• 24:17
  Speaker 2: It's so expensed.
• 24:18
  Speaker 4: We just want we just want grasswises. It's so expensive.
• 24:21
  Speaker 5: We did that, and then we had about forty thousand
• 24:24
  Speaker 5: still to play with. So I spoke to my husband,
• 24:27
  Speaker 5: we've read all your books. You still got it right
• 24:29
  Speaker 5: now on his bedside table?
• 24:30
  Speaker 4: Does he Actually that's no? I believe you. Oh it's
• 24:34
  Speaker 4: right there, guys. She's recording from her bedroom and that
• 24:39
  Speaker 4: is my book beside her husband's bed.
• 24:41
  Speaker 5: What a man?
• 24:42
  Speaker 2: What a man? Exactly.
• 24:43
  Speaker 5: So after reading your books and you know, trying my
• 24:46
  Speaker 5: hardest to learn, and like I said, I wanted to
• 24:48
  Speaker 5: be better. Yeah, I want to serve a future for
• 24:50
  Speaker 5: my kids, we decided to just invested at forty thousand dollars.
• 24:53
  Speaker 2: Furniture will come later, other things will come later. There's
• 24:56
  Speaker 2: just invested in. See wow. So it's been invested for
• 24:59
  Speaker 2: a year and a half now and it's up to
• 25:01
  Speaker 2: about fifty five thousand dollars.
• 25:02
  Speaker 4: Stop it And how did you make a decision on
• 25:05
  Speaker 4: how to invest? What did you invest in? Like, did
• 25:07
  Speaker 4: you use like a share trading platform or what did
• 25:10
  Speaker 4: you do?
• 25:10
  Speaker 2: So we've got invested through life Share part perfect aft.
• 25:14
  Speaker 4: How did you find live Shaper because we love live Sharper.
• 25:17
  Speaker 4: I'm licensed by money Sherpa so Vince who owns both
• 25:20
  Speaker 4: of those BFF.
• 25:21
  Speaker 2: Yeah, I think I got it through you. Yeah, I
• 25:23
  Speaker 2: think I've got the recommendation through you at some point.
• 25:25
  Speaker 4: I love that.
• 25:26
  Speaker 2: Yeah, so thank you for passing that off.
• 25:29
  Speaker 4: That is okay. They do a good job, right And
• 25:31
  Speaker 4: for those of you following along at home who like
• 25:33
  Speaker 4: live shirper what Life Shurpa is kind of like if
• 25:36
  Speaker 4: you don't want to do it yourself. It's like a
• 25:38
  Speaker 4: financial advice service, but they automate a lot of it
• 25:43
  Speaker 4: for you, so it's a much more cost effective way.
• 25:46
  Speaker 4: But it's also just good that good people doing good things.
• 25:49
  Speaker 4: I'm so glad that you've had a positive experience. And sorry,
• 25:51
  Speaker 4: forty grand invested. Now you're at fifty five.
• 25:53
  Speaker 2: Yeah, just a year and a half.
• 25:55
  Speaker 4: Oh a year and a half money win.
• 25:57
  Speaker 2: Yeah, we're very impressed.
• 25:59
  Speaker 5: And then we just had and we had a bit
• 26:00
  Speaker 5: of saving left over from the kid's money that we
• 26:03
  Speaker 5: try not to touch, so we invested that as well and
• 26:06
  Speaker 5: just do a separate kids account because we thought we're
• 26:08
  Speaker 5: not touching it anyway, we mustn't put it in there
• 26:10
  Speaker 5: into the bank. It's working better for us in life chapter.
• 26:14
  Speaker 5: So that's also made another seven hundred dollars. It's only
• 26:17
  Speaker 5: been I love that three or four months.
• 26:19
  Speaker 4: That's been a best You have worked so hard to
• 26:22
  Speaker 4: give your family literally everything, and I feel like you
• 26:24
  Speaker 4: are a budgeting queen. But I need to know how
• 26:27
  Speaker 4: are you protecting it? Do you have personal insurances?
• 26:31
  Speaker 2: Not yet?
• 26:32
  Speaker 5: And it's really something that makes me feel really uncomfortable
• 26:36
  Speaker 5: and guilty that I haven't sorted that out yet. But
• 26:39
  Speaker 5: it's going to be a twenty twenty six goal for sure.
• 26:42
  Speaker 2: It has to be. I love my kids and I've
• 26:45
  Speaker 2: worked too hard not to.
• 26:47
  Speaker 4: Protective about that. Yeah, it's crazy because I feel like
• 26:50
  Speaker 4: so many of us don't think about it, and then
• 26:51
  Speaker 4: we do, and then it's a really big admin task,
• 26:54
  Speaker 4: and then it's not. I promise it's not a really
• 26:55
  Speaker 4: big admin task. It's just like pulling the trigger and
• 26:58
  Speaker 4: making an appointment. So you guys have gone through this
• 27:00
  Speaker 4: chaotic property journey, you're finally in your dream home, which
• 27:04
  Speaker 4: is a money win. What's next? So well, babies no. Three,
• 27:10
  Speaker 4: I've tapped out, bab There's plenty.
• 27:11
  Speaker 5: Yes, it's a bit chaotic, there's plenty.
• 27:15
  Speaker 2: We want to say for a europe trip Orge?
• 27:17
  Speaker 4: Is that your next big money goal?
• 27:18
  Speaker 5: Kind of we're just putting little pennies away because it's
• 27:20
  Speaker 5: our fortieth in three or four years, so we thought,
• 27:23
  Speaker 5: let's just start putting money away for that, just so
• 27:26
  Speaker 5: we can go with our kids, because we don't really splurge.
• 27:28
  Speaker 5: We don't really do big things like that ever, we
• 27:31
  Speaker 5: really mellow, keep it slow, enjoy the kids as they
• 27:35
  Speaker 5: are now, don't do too much too quickly.
• 27:37
  Speaker 2: So we think we really saving towards that.
• 27:39
  Speaker 5: Because that's something we would enjoy, and we think we
• 27:40
  Speaker 5: want to give them that experience. They'll be old enough
• 27:42
  Speaker 5: to enjoy it.
• 27:43
  Speaker 4: Then, yeah, and probably remember it as well.
• 27:46
  Speaker 1: Yeah.
• 27:46
  Speaker 2: Yeah, because if you do go to Europe, there's lots
• 27:48
  Speaker 2: of walking, there's lots of you need a lot of
• 27:50
  Speaker 2: patients seem to test this and taste that. So I
• 27:53
  Speaker 2: think could bring them all their babies would be a
• 27:55
  Speaker 2: bit tricky. And I suppose with money We're to you next.
• 27:58
  Speaker 2: I'm looking for a side hustle on top of my
• 28:00
  Speaker 2: job that I.
• 28:01
  Speaker 4: Do because you don't have enough on right now, Fundo.
• 28:07
  Speaker 5: I'm just really driven. I'm a very driven person and
• 28:09
  Speaker 5: very goal orientated. I can tell so if I could
• 28:12
  Speaker 5: be doing more with my time, I really want to
• 28:15
  Speaker 5: explore that. So I'm looking for like a side hustle,
• 28:19
  Speaker 5: whether it be I wanted to be something that aligns
• 28:21
  Speaker 5: with my values and I want to take to take
• 28:24
  Speaker 5: consideration and not just go for anything that might pop up.
• 28:27
  Speaker 4: So yeah, that's fair.
• 28:28
  Speaker 2: I really want something in finance. Yeah, side of things.
• 28:30
  Speaker 5: I don't know what exactly yet, but something so that
• 28:33
  Speaker 5: helps people to achieve their goal.
• 28:35
  Speaker 2: I think I would really be fun fulfilling, obsessed.
• 28:38
  Speaker 4: So do you have any other big money goals that
• 28:40
  Speaker 4: you're working towards. Is there just like now, smash down
• 28:43
  Speaker 4: mortgages and save for Europe? Or is there something else
• 28:47
  Speaker 4: on the table as well? Because I feel like you
• 28:48
  Speaker 4: guys have big dreams. You say you're slow, but like
• 28:51
  Speaker 4: you're also making big bucks.
• 28:52
  Speaker 2: Yeah, I want to invest for I think as well.
• 28:55
  Speaker 5: That's always something that comes up in our conversations. We
• 28:58
  Speaker 5: don't earn enough weekly now to do that per fortnit
• 29:01
  Speaker 5: or per pay cycle, so we do want to invest more.
• 29:04
  Speaker 5: And my husband floats the idea of buying another investment property.
• 29:08
  Speaker 5: I'm not sure whether it's worth it now with the
• 29:10
  Speaker 5: government taxes and things, to be honest.
• 29:12
  Speaker 2: Yeah, I need to do some more research on that.
• 29:14
  Speaker 2: But we do want to definitely invest more. That's a
• 29:17
  Speaker 2: non negotiable for us. It's just when, when can we when?
• 29:20
  Speaker 4: And where and how?
• 29:21
  Speaker 1: Yeah?
• 29:21
  Speaker 4: That's fair. Yeah, and also finding the balance, because it
• 29:24
  Speaker 4: sounds like you've been through I would say a lot
• 29:26
  Speaker 4: of financial stress and you're probably a little bit triggered
• 29:30
  Speaker 4: by that because you're like, actually, just don't want to
• 29:32
  Speaker 4: be back in that situation, Like, we don't have to
• 29:33
  Speaker 4: do that, so let's not do that. If it means
• 29:35
  Speaker 4: that we don't have another investment property for a long time,
• 29:38
  Speaker 4: that's fine too.
• 29:39
  Speaker 2: Absolutely, it's been a lot of do you need that? Yeah,
• 29:42
  Speaker 2: do we need that?
• 29:43
  Speaker 5: Because we don't really have the money to buy that
• 29:45
  Speaker 5: right now. So it'd be nice to just be comfortable
• 29:48
  Speaker 5: for a little bit.
• 29:49
  Speaker 4: Yeah, totally, especially while kids are little and you probably
• 29:51
  Speaker 4: want to seize different opportunities, and I mean, everything adds up.
• 29:55
  Speaker 4: And the second you said you had three kids, I'm like,
• 29:57
  Speaker 4: that's expensive. And it's not just because you know, you
• 30:00
  Speaker 4: might choose private school or something, but even if you
• 30:03
  Speaker 4: want to take the kids to the zoo, the family
• 30:05
  Speaker 4: pack is two adults, two kids, You've always got to
• 30:07
  Speaker 4: spend that extra to get the third kid in, and
• 30:10
  Speaker 4: just everything adds up.
• 30:12
  Speaker 2: Yeah, then we want ice cream, and then I want yipsident.
• 30:15
  Speaker 4: Yeah, and if one got chips, three.
• 30:16
  Speaker 5: Gets chips, that's right, very quickly.
• 30:21
  Speaker 4: Yes, would all right, let's go to a really quick
• 30:23
  Speaker 4: break because on the flip side, I want to ask
• 30:25
  Speaker 4: a little bit more about your investment strategy, the debt
• 30:28
  Speaker 4: that you're currently in on all of those properties, and
• 30:31
  Speaker 4: your best and worst money have it. So guys don't
• 30:33
  Speaker 4: go anywhere, all right, money drives, We are back. I
• 30:40
  Speaker 4: want to know a little bit more about your investment
• 30:42
  Speaker 4: journey because it's not one that we have as commonly
• 30:46
  Speaker 4: on money diries. Right. I feel like every time I
• 30:48
  Speaker 4: talk to somebody about what do you do? They're a
• 30:50
  Speaker 4: DIY investor, which is fantastic. But you've got more of
• 30:54
  Speaker 4: an assisted approach, but not like a full blown financial
• 30:57
  Speaker 4: advice approach. Yes, how was that system for you? You
• 31:01
  Speaker 4: went through life Shurpa. They obviously made recommendations based on
• 31:05
  Speaker 4: what you would invest in. What does that look like
• 31:07
  Speaker 4: for you?
• 31:07
  Speaker 2: They offer different platforms to invest into, so you could
• 31:10
  Speaker 2: go there was a percentage of risk base.
• 31:13
  Speaker 4: I just want to know what you do.
• 31:14
  Speaker 2: Yeah, we did the highest risk.
• 31:16
  Speaker 4: Good job. I mean if it works out for you great.
• 31:19
  Speaker 2: Yeah, because we're long term, so we thought let's do
• 31:22
  Speaker 2: the high risk. It says the recommendation is not to
• 31:25
  Speaker 2: touch it between after eight years and up above, so
• 31:29
  Speaker 2: we thought, we're not in a rush for this money.
• 31:31
  Speaker 5: If it works well for us, and it works hard
• 31:33
  Speaker 5: for us there and it makes us money. Great, let's
• 31:36
  Speaker 5: just leave it and see what it does. So we've
• 31:38
  Speaker 5: just put it in there. We've not added much to it.
• 31:41
  Speaker 5: It's just sitting there and it's doing its Then.
• 31:43
  Speaker 4: I know you said before like cash flow is just
• 31:45
  Speaker 4: not allowing us to invest more per week. But what
• 31:48
  Speaker 4: would happen if that changed and you had like a
• 31:50
  Speaker 4: couple of one hundred dollars every month to invest? Can
• 31:52
  Speaker 4: you just drop that in or do you need a
• 31:54
  Speaker 4: specific plan? How does that work?
• 31:56
  Speaker 2: Yeah, we would budget that in. We've already floated that
• 31:58
  Speaker 2: idea of us to work more. My pay grows up,
• 32:01
  Speaker 2: we put a bit more.
• 32:02
  Speaker 5: Into our investments and a bit more into my super
• 32:05
  Speaker 5: just to try to make up for the years that
• 32:07
  Speaker 5: I was on maternity leave. But it's not we're not
• 32:10
  Speaker 5: there yet because the pay increases haven't rolled around yet.
• 32:12
  Speaker 4: Talk to me now about debt. So you've sold your
• 32:14
  Speaker 4: first property. We got a two hundred and fifty thousand
• 32:17
  Speaker 4: dollars money we in profit out of that ten out
• 32:19
  Speaker 4: of ten, we then have your current family home and
• 32:23
  Speaker 4: your investment property. What did the total on your current
• 32:27
  Speaker 4: family home come.
• 32:28
  Speaker 5: To so at the moment, our homeland's on seven hundred
• 32:31
  Speaker 5: thousand exactly.
• 32:32
  Speaker 4: And do you remember what you invested in that, because
• 32:35
  Speaker 4: I remember you said earlier that there was like a
• 32:37
  Speaker 4: three hundred and fifty thousand dollar build contract, but that
• 32:40
  Speaker 4: didn't include the land, that's right, So what was the
• 32:43
  Speaker 4: land and the build contract?
• 32:45
  Speaker 2: The land was four hundred and eighty okay, yeah, and
• 32:48
  Speaker 2: the build was three fifty ish.
• 32:51
  Speaker 4: So sitting on seven hundred is pretty good.
• 32:53
  Speaker 2: Yeah, we've tried really hard.
• 32:54
  Speaker 5: We put extra every fortnight, every pay we put extra,
• 32:57
  Speaker 5: regardless of our financial situation.
• 32:59
  Speaker 4: We've always Yeah, that's why I'm being pervy. I'm like,
• 33:01
  Speaker 4: so what did you spend on land? And what do
• 33:02
  Speaker 4: you spend on the bill? So I can do some
• 33:04
  Speaker 4: math so work out if seven hundred is like a
• 33:06
  Speaker 4: really good thing or like, you know, you're still at
• 33:08
  Speaker 4: where you started? Do you know what the property is
• 33:10
  Speaker 4: worth now? Has that changed?
• 33:12
  Speaker 2: Yes? So brother around the nine to fifty mark?
• 33:14
  Speaker 4: Okay, queen, how exciting that must be really validating after
• 33:18
  Speaker 4: having gone through arguably a pretty traumatic period to get there.
• 33:21
  Speaker 2: Right, It's nice to hear we don't have an intention
• 33:23
  Speaker 2: of selling, nor do we have any intention of borrowing
• 33:26
  Speaker 2: against the house, but it's fice to know.
• 33:27
  Speaker 4: It's a good thing. Well, nobody wants to hear that
• 33:29
  Speaker 4: their property is worth less than what they're paying for it, Like,
• 33:32
  Speaker 4: that's very stressful. But tell me now about the investment
• 33:36
  Speaker 4: property that you've got with your brothers. How's that tracking.
• 33:39
  Speaker 4: I'm assuming that once you moved out, you leased it
• 33:41
  Speaker 4: out to somebody else.
• 33:42
  Speaker 2: It is, thankfully, so we bought it for around six
• 33:45
  Speaker 2: hundred and thirty thousand dollars. Yeah, we initially we're paying
• 33:49
  Speaker 2: interest and capital.
• 33:51
  Speaker 5: With the interest rates for all what young families, it
• 33:53
  Speaker 5: just became too much for us. So we just ended
• 33:55
  Speaker 5: up going back to the bank and asking to just
• 33:57
  Speaker 5: do interest only for a little bit, just until things
• 33:59
  Speaker 5: come down.
• 34:00
  Speaker 2: And we can breathe a bit more.
• 34:02
  Speaker 5: So we pay interest soroundly on that monthly takes one
• 34:06
  Speaker 5: and a half thousand dollars, but our share is one
• 34:09
  Speaker 5: hundred and ten dollars per week.
• 34:10
  Speaker 4: Okay, so it's are you saying that the total mortgage
• 34:13
  Speaker 4: is one and a half thousand dollars.
• 34:14
  Speaker 2: Total mortgage to interest rightly? Yes?
• 34:16
  Speaker 4: Yeah, yeah, yeah, but that's like the total and then
• 34:17
  Speaker 4: you split that fifteen hundred bucks across you and your brothers.
• 34:20
  Speaker 4: So it goes four ways, and then you all contribute.
• 34:22
  Speaker 4: And what is it rented out for? Do you have
• 34:24
  Speaker 4: a good rental yield?
• 34:25
  Speaker 2: We do you have a good rental yield? I believe
• 34:27
  Speaker 2: it is for eighty away? We know.
• 34:30
  Speaker 4: And what do you guys do with that? Do you
• 34:32
  Speaker 4: put that straight back into the mortgage? So is that
• 34:35
  Speaker 4: fifteen hundred dollars being offset by the rent coming in?
• 34:39
  Speaker 4: And then obviously you'd have like land tax and all
• 34:42
  Speaker 4: of that other fun stuff to deal with. But that
• 34:44
  Speaker 4: sounds like a good little system that you guys have
• 34:46
  Speaker 4: worked out.
• 34:47
  Speaker 2: Yeah, So it goes towards the mortgage and then we
• 34:50
  Speaker 2: put our share in to cover the rest. And then
• 34:52
  Speaker 2: there's always a bit more of a buffer to cover
• 34:54
  Speaker 2: if unexpected expenses pop up.
• 34:56
  Speaker 4: Yeah, and I feel like if you're going to be
• 34:58
  Speaker 4: doing an investment with somebody else or with three brothers,
• 35:01
  Speaker 4: So it goes four ways. We need to build in
• 35:04
  Speaker 4: a buffer so nobody gets surprised when air con breaks
• 35:07
  Speaker 4: or the hot water system needs repairs or something happens, because,
• 35:10
  Speaker 4: as you said before, you all have young families. We
• 35:13
  Speaker 4: don't just have money sitting there for stuff like that,
• 35:15
  Speaker 4: So building in the buffer would probably save a lot
• 35:18
  Speaker 4: of stress. Do you know what that property is worth now?
• 35:22
  Speaker 4: Because you said you purchased it a few years ago
• 35:24
  Speaker 4: and you've got like six thirty ozer ing on it,
• 35:27
  Speaker 4: what's it worth.
• 35:28
  Speaker 2: At least nine point fifty now?
• 35:30
  Speaker 5: It's in a very good spot on your main road,
• 35:33
  Speaker 5: shops around the corner, so it would have gone up
• 35:35
  Speaker 5: significantly in that time, I believe.
• 35:36
  Speaker 6: Yeah.
• 35:37
  Speaker 4: And not to be too morbid, you did mention, hey,
• 35:40
  Speaker 4: mum is going to leave the house to us, so
• 35:41
  Speaker 4: we bought the house next door. Is that a future
• 35:44
  Speaker 4: development opportunity? Is that where our brains are going? Because
• 35:48
  Speaker 4: I feel like you're a veno queen.
• 35:50
  Speaker 5: Yes, the discussion. We do want to do that. However
• 35:54
  Speaker 5: it's going to be left to me to do. The
• 35:57
  Speaker 5: boys are kind of like.
• 35:58
  Speaker 2: Yeah, let's like build pop what is on it? But
• 36:00
  Speaker 2: you can organize it, You've done it before, you.
• 36:03
  Speaker 4: Can do it through a project management fee. I can
• 36:05
  Speaker 4: do anything.
• 36:07
  Speaker 2: I should do that.
• 36:08
  Speaker 4: Like I looked after you when you were children and
• 36:10
  Speaker 4: you didn't have an income, and now you're benefiting from it.
• 36:12
  Speaker 4: I do too. Thank you so much for coming.
• 36:16
  Speaker 2: Absolutely should do.
• 36:17
  Speaker 4: Oh my goodness, how stressful, but also like very fun
• 36:20
  Speaker 4: to know that, like everything is kind of sorting itself
• 36:23
  Speaker 4: out along the way. Talk to me, what do you
• 36:25
  Speaker 4: think your best money habit is.
• 36:27
  Speaker 2: I think, as I'm getting older and with children and everything,
• 36:31
  Speaker 2: I think my best money habit would be I try
• 36:33
  Speaker 2: to consider things more now, and I try to slow down, and.
• 36:37
  Speaker 5: I try to compare worth versus value before I commit
• 36:41
  Speaker 5: and before I purchase something. So for example, oh, my gosh,
• 36:45
  Speaker 5: this clothing brand is on sale. That's really cheap. That's amazing.
• 36:48
  Speaker 5: I should jump on it. Is it worth it?
• 36:51
  Speaker 2: Do I need it? Is it's going to fall apart
• 36:53
  Speaker 2: after a month of wearing it, Or like, look, it
• 36:56
  Speaker 2: would be lovely to go to Japan, like my friends
• 36:59
  Speaker 2: are going. You know, is that expensive holiday worth it
• 37:02
  Speaker 2: for us right now?
• 37:03
  Speaker 5: Yeah, in our current situation, with the ages of the
• 37:06
  Speaker 5: kids that we've got, probably not. So trying to be
• 37:09
  Speaker 5: more considerate, I suppose, and slow down with money.
• 37:11
  Speaker 4: And that's a really good thing. And I feel like
• 37:13
  Speaker 4: you are quite resourceful as well, like the fact that
• 37:15
  Speaker 4: you were like, yeah, I went back to work and
• 37:17
  Speaker 4: I was, you know, working as a primary school teacher.
• 37:19
  Speaker 4: Two days a week during COVID. I'm like, this girl's
• 37:22
  Speaker 4: a hustler, like you are resourceful, and it's it's just
• 37:25
  Speaker 4: so nice to hear like I just I love women
• 37:28
  Speaker 4: who are like, no, I can go do that. That's fine.
• 37:30
  Speaker 4: Before you said I want to do more with my time,
• 37:32
  Speaker 4: and I'm thinking, what do you mean more? You are
• 37:34
  Speaker 4: working and you have three children, Queen, that's okay.
• 37:37
  Speaker 2: We've got one at school, one at kinder so it
• 37:39
  Speaker 2: gets a bit easier.
• 37:40
  Speaker 4: It gets easier over time, But that doesn't mean that
• 37:43
  Speaker 4: we need our side hustle. But I love that you
• 37:45
  Speaker 4: want one, and I am backing you to the hill.
• 37:47
  Speaker 4: On the flip side, what do you think your worst
• 37:48
  Speaker 4: money habit is.
• 37:50
  Speaker 2: I think my worst money habit would be the little
• 37:52
  Speaker 2: spendings that can occur. So if I'm with the kids
• 37:54
  Speaker 2: at Target and there's like a sale on and they're like.
• 37:57
  Speaker 4: Well, well, yeah, it's fine, it's so easy.
• 38:00
  Speaker 2: Hopeful a baby Chino as well, like that's fine. I
• 38:02
  Speaker 2: think there's little spendings can add.
• 38:04
  Speaker 4: Up because they totally can. They totally can. But then
• 38:07
  Speaker 4: it's also like we need to find the balance between
• 38:10
  Speaker 4: financial stability and the long term and I'm also enjoying
• 38:12
  Speaker 4: the journey, and I don't know, a baby Chino is
• 38:15
  Speaker 4: just so I have a baby.
• 38:18
  Speaker 2: It's fine.
• 38:18
  Speaker 4: Yeah, but then it's six dollars, isn't it.
• 38:20
  Speaker 2: That's fine.
• 38:23
  Speaker 4: So you're like, yours is just tripling. I love this
• 38:26
  Speaker 4: so much money? Dost you said? Oh, I think I'm
• 38:29
  Speaker 4: a B or a B? Like, are you sure, like,
• 38:32
  Speaker 4: reflecting on all of this and everything that you've achieved
• 38:35
  Speaker 4: and gone through and done literally all at the same time,
• 38:39
  Speaker 4: do you feel like that's accurate? If so, what would
• 38:41
  Speaker 4: it take to get you to an A.
• 38:43
  Speaker 2: I am quite hard on myself. I've got very high
• 38:45
  Speaker 2: expectations of myself, so I think maybe it could be
• 38:48
  Speaker 2: moved to a B plus. But I think to move.
• 38:51
  Speaker 5: It to an A or an A plus, I just
• 38:54
  Speaker 5: want more money coming in to build ourselves up and
• 38:56
  Speaker 5: set ourselves up comfortably for the future.
• 38:59
  Speaker 2: So I think, once I'm working more at my current
• 39:02
  Speaker 2: job or the sign hustle, and I can feel us
• 39:06
  Speaker 2: getting comfortable and I feel like we're getting somewhere that
• 39:09
  Speaker 2: would make me feel a bit better.
• 39:10
  Speaker 4: I think, yeah, I won't argue with that, but I
• 39:12
  Speaker 4: think you're doing pretty damn well and I'm just very
• 39:14
  Speaker 4: proud of you and everything that you've achieved, and the
• 39:16
  Speaker 4: fact that you did three babies in three and a
• 39:18
  Speaker 4: half years while doing all of that. You're an icon.
• 39:22
  Speaker 4: I'm obsessed. That is very very cool, money Dorist. I
• 39:25
  Speaker 4: wish we had more time to chat, but thank you
• 39:28
  Speaker 4: so much for doing a money with me, sharing your journey,
• 39:31
  Speaker 4: sharing what you've done with your family, with your properties,
• 39:33
  Speaker 4: literally everything. I think that the community is going to
• 39:36
  Speaker 4: love this episode as much as I have loved recording
• 39:39
  Speaker 4: it with you, so thank you. I really appreciate it,
• 39:41
  Speaker 4: and also a very huge thank you to skuy Well
• 39:44
  Speaker 4: for making this episode possible. I'll chuck a whole heap
• 39:46
  Speaker 4: of information about them, how to get in contact, what
• 39:49
  Speaker 4: they do, how they do it in the show notes
• 39:51
  Speaker 4: for you to check out. Did by shared on Cheese
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