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She Did Everything ‘Right’ With Money. Now She Feels Completely Stuck. · She's On The Money

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  Speaker 1: My name is Natasha Bamblett. I'm a proud First Nations woman,
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  Speaker 1: and I'm here to acknowledge country. Hello, beautiful friends. We
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  Speaker 1: gather on the lands of the Aboriginal people We thank,
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  Speaker 1: acknowledge and respect the Aboriginal people's land that we're gathering
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  Speaker 1: on today. Take pleasure in all the land and respect
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  Speaker 1: all that you see. She's On The Money podcast acknowledges culture, country,
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  Speaker 1: community and connections, bringing you the tools, knowledge and resources
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  Speaker 1: for you to thrive.
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  Speaker 2: Hello and welcome to She's on the Money, the podcast
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  Speaker 2: that lets you be pervy about other people's money stories
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  Speaker 2: for educational purposes, of course. Welcome back to another one
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  Speaker 2: of our money diaries brought to you by our friends
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  Speaker 2: from Sky Wealth, where I get the absolute privilege of
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  Speaker 2: sitting down with one of our incredible She's on the
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  Speaker 2: Money community members and talking to them all about their journey.
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  Speaker 2: Let's jump straight into it because this week I got
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  Speaker 2: a message and it sounded exactly like this. Hi, She's
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  Speaker 2: on the Money. My husband and I bought our first
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  Speaker 2: home at 19 and our family home 15 years ago.
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  Speaker 2: Through hard work, disciplined saving, and avoiding debt like car
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  Speaker 2: loans and credit cards, we became mortgage-free by 41 without
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  Speaker 2: any family help or any windfalls. We've always played it
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  Speaker 2: safe financially, but now we're at a crossroads. With retirement
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  Speaker 2: on the horizon, we know it's time to make our
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  Speaker 2: money work harder, yet we're really unsure about where to start.
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  Speaker 2: We've just opened a Sharesies account for myself and our
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  Speaker 2: 12-year-old son, and we'd love to learn how cautious savers
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  Speaker 2: can confidently become smart investors. We also travel a lot.
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  Speaker 2: Instead of buying fancy things, we go on trips. Money diarist,
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  Speaker 2: what the heck in this economy, you became mortgage free
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  Speaker 2: at 41? Yes, we did. Yes. That is crazy cool work.
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  Speaker 3: Yeah.
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  Speaker 2: So if I asked you to give your money habits
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  Speaker 2: a grade from A through to F, what grade would
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  Speaker 2: you give them?
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  Speaker 3: I thought probably a B minus. All right.
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  Speaker 2: Happy to, I mean, I don't know, you don't have
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  Speaker 2: a mortgage.
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  Speaker 3: Yeah.
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  Speaker 2: But tell me a little bit more about your money story.
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  Speaker 2: Where does it start?
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  Speaker 3: Probably, I was thinking about this yesterday. So growing up,
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  Speaker 3: my parents, we always owned businesses. My dad got right
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  Speaker 3: into investing in the property market probably when I was
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  Speaker 3: like an early teenager. So I sort of was always
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  Speaker 3: watching what he was doing. We also, we did, my
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  Speaker 3: dad bought and sold a lot of houses all the time.
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  Speaker 3: So we were always moving house every couple of years.
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  Speaker 3: And he was always taking risks financially to try and
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  Speaker 3: he basically, he wanted to be rich and he kept
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  Speaker 3: just doing stuff for us to become rich, which meant
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  Speaker 3: usually it was selling houses. We also owned, he owned businesses.
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  Speaker 3: So my brother and I, we were always told to
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  Speaker 3: work hard for stuff. So if we wanted something, we
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  Speaker 3: would work. I was thinking one of my first things
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  Speaker 3: I did, I remember school holidays when I was about 12.
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  Speaker 3: I wanted a Roxy bikini from the local surf shop.
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  Speaker 2: So relatable.
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  Speaker 3: I worked all school holidays to get my Roxy bikini.
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  Speaker 2: And you got it.
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  Speaker 3: I did. Yes.
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  Speaker 2: Do you remember what it looked like? Cause like, I'm
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  Speaker 2: pretty sure you could describe it to a T right.
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  Speaker 2: Tell me about it.
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  Speaker 3: It was black. It was just a black triangle bikini.
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  Speaker 3: And it had like the Roxy love heart of.
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  Speaker 2: A- Oh, it was very important to have the logo.
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  Speaker 3: Yeah. Yeah.
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  Speaker 2: I had a Roxy bikini as well. And that was
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  Speaker 2: my very first bikini because my mom didn't let me
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  Speaker 2: wear one until I turned 16. I had to wear
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  Speaker 2: one pieces until then.
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  Speaker 4: Yeah.
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  Speaker 2: And my Roxy bikini was red polka dots and it
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  Speaker 2: had white frills all around the edge. And like, I
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  Speaker 2: just remember thinking that was the coolest thing in the
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  Speaker 2: entire world.
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  Speaker 3: Yes.
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  Speaker 2: Yeah. Like you triggered such a memory for me. I
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  Speaker 2: was like, oh, I remember my Roxy bikini for sure.
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  Speaker 3: It was such a big deal for us back then.
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  Speaker 2: Absolutely. So tell me more. What happened next?
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  Speaker 3: So I met my now husband when I was 18.
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  Speaker 3: So we'd just finished school. And my husband actually worked
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  Speaker 3: for my parents in one of their businesses. So we
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  Speaker 3: used to manufacture souvenirs. Yeah.
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  Speaker 2: And then they were like, okay, he passes the recruitment process.
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  Speaker 1: Yeah.
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  Speaker 3: My mom actually was the one who pushed me to
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  Speaker 3: go on a date with him.
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  Speaker 2: Oh, mum you.
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  Speaker 3: Which is so funny because you don't expect that 22
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  Speaker 3: years later or 23 years later we'd still actually be together.
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  Speaker 2: Well, mum wasn't wrong, was she?
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  Speaker 3: She was not wrong at all, no.
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  Speaker 2: I love that and I just, I love love so much.
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  Speaker 2: So whenever people are like, oh, I met my partner
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  Speaker 2: and I'm like, no, no, no, tell me more. I
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  Speaker 2: want to know the goss. Like it's always so cute,
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  Speaker 2: especially when you've been together for so long. Like it's
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  Speaker 2: just so sweet.
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  Speaker 3: Yeah, yeah. And he was, because he worked for my
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  Speaker 3: parents and his best friend worked for my parents too.
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  Speaker 3: So we all became friends. He's now, his best friend's
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  Speaker 3: still married to his wife and that as well. So
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  Speaker 3: it's very cute.
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  Speaker 2: It's very wholesome, isn't it? Yes. Oh my goodness. All right.
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  Speaker 2: So I need to backtrack slightly. You said my dad
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  Speaker 2: was always trying to get rich. Yeah. Spoiler. Did he
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  Speaker 2: ever get rich? Oh, he's done all right. Oh, good.
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  Speaker 3: Good.
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  Speaker 2: Yeah.
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  Speaker 3: Yeah.
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  Speaker 2: Because like the hustle is real.
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  Speaker 3: Yeah. Yeah. And so we kind of never knew anything different.
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  Speaker 3: We just like, we were always working hard to get rich.
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  Speaker 3: And I think from that really young age, that's what
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  Speaker 3: made my then boyfriend and I interested in buying property
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  Speaker 3: because we saw my dad do it.
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  Speaker 2: Yeah, it was role modeled, which makes it so much
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  Speaker 2: easier because you're like, oh, that's all you do, is it?
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  Speaker 3: Yeah, exactly. So my husband worked for my dad, obviously,
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  Speaker 3: and he saw it as well. So my dad kind
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  Speaker 3: of mentored us on how we could buy our first
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  Speaker 3: property together when we were 19.
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  Speaker 2: Oh, my goodness, 19. And so we've gone from saving
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  Speaker 2: for a Roxy bikini. Yes. And we had to work
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  Speaker 2: all summer and like then jump, you're still a teenager
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  Speaker 2: but you bought a house.
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  Speaker 3: Yes, yes.
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  Speaker 2: So did you have to change your values from being like, oh,
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  Speaker 2: I want stuff to I want a house or like
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  Speaker 2: was it a situation where you just hustled and I
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  Speaker 2: don't know?
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  Speaker 4: No.
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  Speaker 2: Finally got a deposit together? What did that look like?
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  Speaker 1: Yeah.
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  Speaker 3: So I was thinking about, I'm very fortunate because at
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  Speaker 3: the time it was much easier to get into property.
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  Speaker 3: So I'm not going to discount that now because I
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  Speaker 3: know it's definitely harder for people. But I suppose when
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  Speaker 3: we were at that age, all of our friends were
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  Speaker 3: trying to buy new cars or do other stuff. And
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  Speaker 3: we thought, no, we want to buy a house. And
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  Speaker 3: finally we saw my dad would buy a house and
• 7:02
  Speaker 3: then use the equity to buy whatever else he wanted next.
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  Speaker 3: So probably our values were different than we were like,
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  Speaker 3: I wanted to go live overseas. That was my biggest dream.
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  Speaker 3: And I knew I needed to save up about 20
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  Speaker 3: grand to do that. So instead, we saved up and
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  Speaker 3: bought a house or a unit and we bought the
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  Speaker 3: crappiest unit in the world. It looks like we lived
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  Speaker 3: in a retirement village. It was full of old people.
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  Speaker 3: It was super, super, Yeah, old rundown kind of place,
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  Speaker 3: but it had a low body corporate and it was
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  Speaker 3: in a good area on the Gold Coast. So we
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  Speaker 3: bought that for $ 135, 000.
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  Speaker 2: Oh my goodness. I am so envious. If you'd like
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  Speaker 2: to sell it for $ 135, 000, I'm buying. I'm definitely buying.
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  Speaker 3: We looked at it recently. We're like, yeah, no, that's
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  Speaker 3: like around $ 700, 000 now.
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  Speaker 2: That's crazy work. But also I think it's such a
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  Speaker 2: good mindset, right? Because I buy properties with my clients
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  Speaker 2: literally every day. And it's such a mindset to get
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  Speaker 2: people out of sometimes that they need the biggest and
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  Speaker 2: the best to begin with, especially if you're young. Yeah.
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  Speaker 2: But clearly buying the worst house on a good street
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  Speaker 2: in a good area actually does pay off. But sometimes
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  Speaker 2: you're just like, oh, I don't really want to live
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  Speaker 2: like that's not my dream house.
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  Speaker 3: Yeah, exactly.
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  Speaker 2: But it's a stepping stone to the next level.
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  Speaker 3: Yeah. Yeah. And for me, it was that we wanted
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  Speaker 3: I wanted to go and travel. And my dad was like,
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  Speaker 3: you need to get into property first and then go
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  Speaker 3: do it. And that's exactly what we did. Yeah, we
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  Speaker 3: were quite fortunate as well because you only needed a 5% deposit.
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  Speaker 3: We had the $ 7, 000 home owner's grant or first home
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  Speaker 3: buyer's grant. We saved for about two years and then
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  Speaker 3: got into that, or probably not even that long, probably
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  Speaker 3: a year and a half and bought that property when
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  Speaker 3: we moved in the day before my husband turned 20.
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  Speaker 2: Oh my goodness. And then no longer a teenager.
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  Speaker 3: No, no. Straight into the real world.
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  Speaker 2: Started adulthood with a property. I love this for him.
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  Speaker 2: So what happens next? You move into the retirement village,
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  Speaker 2: let's call it. Yep. And then?
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  Speaker 3: We lived there for a couple of years and then
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  Speaker 3: we did the traveling. So then we were able to
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  Speaker 3: rent our house out. And I suppose that set us
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  Speaker 3: up so that we could go do the young backpacker thing.
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  Speaker 3: We lived in Canada and then we lived in the
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  Speaker 3: UK and traveled a lot while our house was being
• 9:24
  Speaker 3: rented out back at home.
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  Speaker 2: So you got to do all of this while owning
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  Speaker 2: a property? Yes. Oh my goodness. Yes.
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  Speaker 3: It's pretty cool when you put it like that.
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  Speaker 2: Yeah. Like, sorry, when I put it, I haven't changed
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  Speaker 2: the story, my friend. I just told you what you did.
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  Speaker 2: You're like, actually, yeah, we did.
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  Speaker 3: It was cool.
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  Speaker 4: Yeah.
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  Speaker 1: Yeah.
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  Speaker 3: And then while we were traveling, like we still had this,
• 9:47
  Speaker 3: you know, we had a mortgage over our heads, but
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  Speaker 3: at the same time, it gave us that freedom to
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  Speaker 3: know that the property was rented out. The rent was
• 9:55
  Speaker 3: covering the mortgage. We had to save money before we
• 9:58
  Speaker 3: went to make sure that we did have enough money
• 10:00
  Speaker 3: to always cover it, but it kind of helped us
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  Speaker 3: and also fund our travels. So we knew that we
• 10:07
  Speaker 3: could come home and have a home to go back to,
• 10:10
  Speaker 3: but we were able to do the traveling young person
• 10:12
  Speaker 3: thing at the same time as well.
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  Speaker 2: Which is absolutely incredible. And I know that some people
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  Speaker 2: are going to be listening and being like, oh my God, well,
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  Speaker 2: we couldn't do that now. Like, But you still can.
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  Speaker 2: I'm not saying it's perfect and I'm definitely not saying
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  Speaker 2: it's easy, but I have literal clients who live overseas
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  Speaker 2: and they are much younger than me and they are
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  Speaker 2: purchasing property and then getting out of the country to
• 10:34
  Speaker 2: go and work in London because they're like, I really
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  Speaker 2: want to do that. And you would look at them
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  Speaker 2: in London and be like, oh, they're wasting so much money.
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  Speaker 2: But because they're living in what one of my clients
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  Speaker 2: calls their scummy share house, but they own two apartments
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  Speaker 2: back here. And like, it's just, they're making their lives work.
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  Speaker 2: And I know that it feels a little bit out
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  Speaker 2: of reach for a lot of people right now, but
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  Speaker 2: with the right advice, with the right, you know, structure,
• 11:03
  Speaker 2: and I guess, I know people don't like hearing this,
• 11:06
  Speaker 2: but also lowering your expectations of what your dream property
• 11:10
  Speaker 2: looks like to maybe a unit on the outskirts where
• 11:14
  Speaker 2: your neighbors are definitely retirees. And that's okay because that's
• 11:20
  Speaker 2: the stepping home. And I know, I know the story
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  Speaker 2: is coming because I read it, like your dream home
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  Speaker 2: is coming up, but tell me what happens next.
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  Speaker 4: Okay.
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  Speaker 3: So we, you know, we did the overseas thing. We
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  Speaker 3: lived in the share houses and did all of that
• 11:32
  Speaker 3: kind of stuff, all the fun things. And then we
• 11:35
  Speaker 3: came home Our property was still rented out. So when
• 11:40
  Speaker 3: we got back home, we lived with my parents for
• 11:42
  Speaker 3: a little while, saved more money. We've actually never had
• 11:46
  Speaker 3: a rental property in our lives. We've always lived in
• 11:50
  Speaker 3: places we've owned.
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  Speaker 2: That's so cool.
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  Speaker 4: Yeah.
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  Speaker 3: So if we ever had to rent a place, we
• 11:55
  Speaker 3: have no rental history.
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  Speaker 2: Oh, we wouldn't rent to you.
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  Speaker 4: No.
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  Speaker 2: No. Red flag.
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  Speaker 4: Yeah.
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  Speaker 3: And then so we basically, when we got home, we
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  Speaker 3: knuckled down again. saved up we wanted to buy a
• 12:08
  Speaker 3: bigger home we sold our our first little unit to
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  Speaker 3: buy our house and I think it's coming up to
• 12:16
  Speaker 3: 16 years that we've lived in this house but we
• 12:19
  Speaker 3: had quite a small mortgage because we'd done all right
• 12:21
  Speaker 3: out of the first property so we moved into our
• 12:25
  Speaker 3: house with about a $ 375, 000 mortgage I think I mean
• 12:26
  Speaker 3: back then the house was about $ 500, 000 to buy and
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  Speaker 3: we've lived there ever since.
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  Speaker 2: So cool. And it just makes me so happy because
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  Speaker 2: like now at, you said you were 42, like you're
• 12:44
  Speaker 2: actually just like, we were a bit confused, but like
• 12:46
  Speaker 2: in a really good position.
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  Speaker 4: Yeah.
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  Speaker 2: Like we don't know what's next. So now you've lived
• 12:51
  Speaker 2: there 16 years. What's happened in that 16 years? Did
• 12:53
  Speaker 2: you get married? You had some babies? Yeah.
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  Speaker 3: So we got married. I think we've been together for
• 12:59
  Speaker 3: 10 years when we got married and we, what did
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  Speaker 3: we do? I've changed careers. I originally used to work
• 13:06
  Speaker 3: in an accounts department, like working as an accounts payable
• 13:10
  Speaker 3: officer for years, but I always wanted to do a
• 13:12
  Speaker 3: creative career. So I changed careers. My husband works for Energex.
• 13:17
  Speaker 3: He's an electrician. So he's done a few courses and
• 13:21
  Speaker 3: stuff and brought himself up there as well. We did
• 13:24
  Speaker 3: have some hard stuff happen in our lives. We went
• 13:27
  Speaker 3: through IVF for quite a while to have our son.
• 13:30
  Speaker 3: So that financially put us back a fair bit we
• 13:33
  Speaker 3: thought I'd hate to know how much we spent on IVF.
• 13:37
  Speaker 2: It's just one of those moments where you're like, you
• 13:38
  Speaker 2: know what, let's just like bury our heads in the sand.
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  Speaker 2: Let's not talk about it.
• 13:42
  Speaker 3: We never ever added that up.
• 13:43
  Speaker 2: But also I'm so glad that that process ended successfully
• 13:47
  Speaker 2: for you because it's just, it's so hard to think
• 13:50
  Speaker 2: you were throwing so much money at it and then
• 13:52
  Speaker 2: what if it didn't work? My goodness.
• 13:55
  Speaker 3: Exactly. Yeah. Yeah. So we have one little boy who's
• 13:59
  Speaker 3: now 12th. And then actually, funnily enough, the day before
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  Speaker 3: I found out I was pregnant after going through IVF
• 14:06
  Speaker 3: for all this time, my husband got made redundant.
• 14:09
  Speaker 2: Oh my goodness. The universe really said, hey, take this.
• 14:15
  Speaker 2: You're doing too well. We need to pay you back
• 14:17
  Speaker 2: a little bit. Rude.
• 14:19
  Speaker 3: Yeah. But he ended up getting a job. He worked
• 14:22
  Speaker 3: out in the mines for a about two or three years.
• 14:25
  Speaker 3: So that helped us a lot financially. It was really
• 14:29
  Speaker 3: hard work. I basically was a single mom for that time.
• 14:33
  Speaker 3: He'd come home one week every month.
• 14:36
  Speaker 2: Oh my goodness.
• 14:37
  Speaker 3: But we made the most of it and did what
• 14:39
  Speaker 3: we needed to do to get back on top after
• 14:42
  Speaker 3: going through IVF and spending all that money on IVF.
• 14:45
  Speaker 4: Yeah.
• 14:46
  Speaker 2: It's crazy, but like in the best of ways, like
• 14:49
  Speaker 2: I know that that would have been a really trying
• 14:51
  Speaker 2: and hard period of your life, but At the same time,
• 14:54
  Speaker 2: like congrats to you guys for actually making that compromise
• 14:58
  Speaker 2: because it could have been so easy for you to
• 15:00
  Speaker 2: be like, no, I'm not going to be basically a
• 15:03
  Speaker 2: single mom. That's ridiculous. You need to be here. But
• 15:06
  Speaker 2: like you both, you know, and like he clearly compromised
• 15:09
  Speaker 2: by not being with his kid and with his wife
• 15:11
  Speaker 2: for that period of time. But do you think that
• 15:13
  Speaker 2: that's what had a really significant impact on being able
• 15:16
  Speaker 2: to get back on the horse and get back, you know,
• 15:18
  Speaker 2: really stable financially?
• 15:20
  Speaker 3: Yeah, absolutely. Yeah, yeah. And I just remember in that
• 15:24
  Speaker 3: time because like a lot of the guys that work
• 15:27
  Speaker 3: out of the mines, they go and get like fancy
• 15:30
  Speaker 3: boats and jet skis and cars. They spend all their
• 15:34
  Speaker 3: money and we were just still living in our little
• 15:37
  Speaker 3: three-bedroom house in the suburbs and just, you know, not
• 15:42
  Speaker 3: doing anything too extravagant, just like living below our means
• 15:46
  Speaker 3: is what I've always sort of talked about with us.
• 15:49
  Speaker 3: You know, like how we live is living below our means,
• 15:52
  Speaker 3: not going, too high and spending too much money and
• 15:55
  Speaker 3: getting ourselves in more debt.
• 15:56
  Speaker 2: How did you have that mindset though? Because it's so easy,
• 16:00
  Speaker 2: especially when you get into that mind situation. And I've
• 16:04
  Speaker 2: got lots of clients who work in the minds and
• 16:08
  Speaker 2: sometimes you see them and they've gotten into like a
• 16:10
  Speaker 2: keeping up with the Joneses. And it's kind of like a, well,
• 16:13
  Speaker 2: Brad bought a boat and so I wanted a boat.
• 16:15
  Speaker 2: And then Jerry bought a motorbike and I just fell
• 16:18
  Speaker 2: into that hobby as well. And like it kind of compounds.
• 16:22
  Speaker 2: How did you guys keep a lid on going? No,
• 16:25
  Speaker 2: we don't need those things that clearly your friendship circle
• 16:28
  Speaker 2: would probably have had.
• 16:29
  Speaker 3: It's funny because I think I did the opposite to
• 16:32
  Speaker 3: what my parents did because my dad would have been
• 16:35
  Speaker 3: the one who would have gone and bought all the
• 16:36
  Speaker 3: things and we always had everything. But then I knew
• 16:40
  Speaker 3: that he always had debt. I remember seeing times where
• 16:43
  Speaker 3: he'd be so stressed out because he wouldn't know how
• 16:46
  Speaker 3: he was going to pay the mortgage that month. And
• 16:48
  Speaker 3: then something would come through at the last minute and
• 16:50
  Speaker 3: he'd have the money to do it because he was
• 16:52
  Speaker 3: just tied up in debt. And then my husband came
• 16:55
  Speaker 3: from a more humble background with like working class parents.
• 16:59
  Speaker 3: And we both were taught to work hard, but I
• 17:02
  Speaker 3: think just together growing up together as adults, since we
• 17:06
  Speaker 3: were like 18 and going through it all together, our
• 17:09
  Speaker 3: values just weren't there. We just didn't want those things.
• 17:12
  Speaker 3: We were just happy not having that. stress hanging over
• 17:16
  Speaker 3: our heads.
• 17:17
  Speaker 2: Yeah, absolutely. And I think that that's a really good
• 17:20
  Speaker 2: lesson to learn, but also it's a really hard thing
• 17:25
  Speaker 2: to do in the moment. Because if you grew up
• 17:27
  Speaker 2: and your parents had certain things, you kind of go, well,
• 17:29
  Speaker 2: when I'm an adult, I'm also going to have X
• 17:32
  Speaker 2: and Y and Z. And I fell into that too.
• 17:35
  Speaker 2: I was like, when I grow up, my kids will
• 17:37
  Speaker 2: obviously have this because I had this growing up. And
• 17:39
  Speaker 2: you always want, I don't know, I think it's inherent
• 17:42
  Speaker 2: for us to always want more for our babies. So like,
• 17:45
  Speaker 2: I want my kids to have exactly what I had,
• 17:46
  Speaker 2: but also I want them to have the stuff I
• 17:48
  Speaker 2: didn't get.
• 17:48
  Speaker 3: Yeah, exactly.
• 17:49
  Speaker 2: How have you kept a lid on that? Because you
• 17:51
  Speaker 2: have a child who's now 12 and I feel like
• 17:54
  Speaker 2: at 12, they're asking for stuff.
• 17:55
  Speaker 3: Oh yeah, he wants all the things.
• 17:57
  Speaker 2: And I've got a two-year-old who asks for stuff, but
• 18:00
  Speaker 2: it's so easy to like pander to that too. Because
• 18:04
  Speaker 2: what does he want? Like Harvey asked the other day, lollipop?
• 18:07
  Speaker 2: Because he saw someone else with one. And I was like,
• 18:09
  Speaker 2: that's not a big ask. Like maybe I should do it.
• 18:12
  Speaker 2: And then I'm like, where's the end? Because like- next
• 18:14
  Speaker 2: it's going to be Pokemon cards. I can see it
• 18:16
  Speaker 2: coming in my future.
• 18:18
  Speaker 3: Yeah. I was funny because I was telling him, I
• 18:21
  Speaker 3: don't think we, we don't really talk much about our financials.
• 18:24
  Speaker 3: Like we, we haven't even told friends or that, that
• 18:27
  Speaker 3: we don't have a mortgage. We are quite humble about it.
• 18:31
  Speaker 3: And I think my son, sometimes he asks for things
• 18:33
  Speaker 3: like he loves this stupid Roblox and all the devices
• 18:38
  Speaker 3: and games and all that stuff. And Sometimes I feel
• 18:41
  Speaker 3: mean because I don't let him have it because I
• 18:43
  Speaker 3: think it's the biggest waste of money ever. But I'm like,
• 18:47
  Speaker 3: that's not what our family's about. We don't do that.
• 18:49
  Speaker 3: We always talk about we do things like he's been
• 18:51
  Speaker 3: overseas every year since past COVID. We've been on overseas trips.
• 18:57
  Speaker 3: And when he was a baby, I think when my
• 19:00
  Speaker 3: husband was working away, we actually bought a camper trailer.
• 19:03
  Speaker 3: So on his way home, we would always go camping
• 19:06
  Speaker 3: somewhere for a week. So I think it's just the
• 19:09
  Speaker 3: way we are and our values and what we enjoy
• 19:12
  Speaker 3: doing together. We used to have the worst car. And
• 19:17
  Speaker 3: when I turned 40, I was like, I want a
• 19:19
  Speaker 3: new car. I deserve a good car.
• 19:22
  Speaker 2: I have done my time.
• 19:23
  Speaker 3: Not even a good car, but not a shit car.
• 19:26
  Speaker 3: And we used to have this old Kia Rio.
• 19:30
  Speaker 2: And it was rusty. The whole roof was rusty. Oh, well,
• 19:33
  Speaker 2: did she do what she said she was going to do?
• 19:35
  Speaker 3: Yeah, exactly. I used to hate driving. I used to
• 19:38
  Speaker 3: feel so embarrassed. And my son was obsessed with Batman.
• 19:42
  Speaker 3: And so I used to call it the Bogan mobile.
• 19:46
  Speaker 3: And he used to run down the street, like to
• 19:48
  Speaker 3: the Bogan mobile, pretending he was Batman. He had no
• 19:52
  Speaker 3: idea that it was a shit car.
• 19:54
  Speaker 2: Well, he doesn't need to know. Like, and I think
• 19:56
  Speaker 2: it's all about mindset too. Like how lucky we had
• 19:59
  Speaker 2: a car, how lucky it always went, how lucky we
• 20:01
  Speaker 2: can go places in our car. Like, I think it's
• 20:04
  Speaker 2: really hard. especially when comparison creeps in and like, you know,
• 20:08
  Speaker 2: you're dropping your kid at school and you've got your
• 20:10
  Speaker 2: Kia Rio and she's a good steady steed. But then
• 20:14
  Speaker 2: the mom in front of you has a brand new, like,
• 20:17
  Speaker 2: I don't know, Kia Carnival. Like it would be so
• 20:21
  Speaker 2: easy to be like, oh, having a bigger car would
• 20:23
  Speaker 2: be cool. Like I could definitely take, you know, all
• 20:26
  Speaker 2: my kids' friends. Like I feel like we can find
• 20:29
  Speaker 2: a way to justify things so easily.
• 20:31
  Speaker 3: Yeah, absolutely.
• 20:32
  Speaker 2: Yeah.
• 20:33
  Speaker 3: Yeah.
• 20:33
  Speaker 2: So now you're 42, completely mortgage free. And what are
• 20:38
  Speaker 2: the conversations you're having with your partner at the moment?
• 20:41
  Speaker 2: Are they like, oh, we should invest, we should save,
• 20:44
  Speaker 2: we should speak to a financial advisor? Like, where are
• 20:46
  Speaker 2: we at?
• 20:47
  Speaker 3: Yeah, we go around in circles and we're always like,
• 20:50
  Speaker 3: especially my husband, we're always scared. We don't know what
• 20:54
  Speaker 3: to do next. And we know that we're at the
• 20:56
  Speaker 3: age where we could really get ourselves set up for
• 21:00
  Speaker 3: our future. And we... At the moment, we're just saving money.
• 21:05
  Speaker 3: Like we save our money every week. And it's like,
• 21:08
  Speaker 3: I keep saying we need to do more and we
• 21:10
  Speaker 3: need to set that up, but we just don't even
• 21:12
  Speaker 3: know where to begin. I listen to your podcast, I
• 21:16
  Speaker 3: read the books, I do all this stuff, but then
• 21:18
  Speaker 3: I just feel scary to actually make that move into
• 21:21
  Speaker 3: investing and how to make some smart decisions that can
• 21:25
  Speaker 3: set us up.
• 21:26
  Speaker 2: Totally. All right. Let's learn a little bit more about
• 21:29
  Speaker 2: you because I think that we could pull some information
• 21:31
  Speaker 2: out along the way. What do you now do for
• 21:34
  Speaker 2: work and how much money do you earn?
• 21:37
  Speaker 3: Two years ago, I bought into a business that I've
• 21:40
  Speaker 3: worked for. So, I have a marketing comms PR agency.
• 21:44
  Speaker 2: Okay, queen.
• 21:45
  Speaker 3: Yeah. So, my colleague and I actually... Long story, but
• 21:49
  Speaker 3: my colleague and I bought into the business. It was
• 21:51
  Speaker 3: about to be closed down. So we swooped in and
• 21:54
  Speaker 3: picked it up and we've been building it back up
• 21:57
  Speaker 3: ever since.
• 21:58
  Speaker 2: That is so cool. What's it like building a business
• 22:01
  Speaker 2: that's kind of like... headed downwards but you see potential
• 22:05
  Speaker 2: like is there a lot of like treading water and
• 22:07
  Speaker 2: scrambling or was it like easier like what did that
• 22:10
  Speaker 2: look like.
• 22:11
  Speaker 3: We'd always worked for the business so we knew what
• 22:13
  Speaker 3: was going on and it had been taken over by
• 22:16
  Speaker 3: some investment company who basically bought companies and wrote us
• 22:21
  Speaker 3: off as a tax write-off so we got to the
• 22:24
  Speaker 3: point where they we had no direction and they were
• 22:27
  Speaker 3: going to close us down and we actually just said
• 22:29
  Speaker 3: can we buy it back off of you So the
• 22:32
  Speaker 3: base was there and we had our steady clients that
• 22:35
  Speaker 3: we'd always been working with. So they all stayed.
• 22:38
  Speaker 2: Oh, how cool. You saw the opportunity.
• 22:40
  Speaker 3: Yeah. Yeah. It's been a really good opportunity. Lots of changes.
• 22:44
  Speaker 3: And we're now trying to like elevate it back up
• 22:46
  Speaker 3: a bit more so that we, you know, can employ
• 22:49
  Speaker 3: people and build it back up to what it used
• 22:51
  Speaker 3: to be.
• 22:51
  Speaker 2: Love, you have to tell me, how do you fund
• 22:54
  Speaker 2: something like that? Like when you are going, oh, we
• 22:58
  Speaker 2: work in this business, we know this business, like, I
• 23:01
  Speaker 2: think a lot of people go, I could do a
• 23:02
  Speaker 2: better job than my boss. And I'm pretty sure that's
• 23:05
  Speaker 2: my entire team because respectfully, they could. But how do
• 23:09
  Speaker 2: you then go, all right, well, we're going to buy
• 23:10
  Speaker 2: a business. Did you just have a whole heap of
• 23:12
  Speaker 2: cash savings? Did you have to approach a bank?
• 23:14
  Speaker 3: We bought in at a pretty low cost, but there
• 23:18
  Speaker 3: was three of us that bought in together and divvied
• 23:20
  Speaker 3: up the cost and we had savings to do so.
• 23:22
  Speaker 3: So we were in a pretty lucky position to be
• 23:25
  Speaker 3: able to do it.
• 23:26
  Speaker 2: Yeah. Sorry. Are we saying lucky on this show?
• 23:29
  Speaker 3: Sorry.
• 23:29
  Speaker 2: Are we? Are we saying lucky? Because like last time
• 23:31
  Speaker 2: I checked, like you just told me all this stuff
• 23:34
  Speaker 2: about how you worked so hard.
• 23:35
  Speaker 3: Yeah. Yeah.
• 23:36
  Speaker 2: And isn't it funny that people will often say to you, like,
• 23:39
  Speaker 2: and I'm sure you've got this before, money, Darius, you
• 23:42
  Speaker 2: work so hard. You really need to like, you know,
• 23:45
  Speaker 2: give yourself a break. Like, oh, you're hustling. Like, you know,
• 23:48
  Speaker 2: you're going to burn out. And then all of a
• 23:50
  Speaker 2: sudden the narrative changes and they go, money, Darius, you're
• 23:53
  Speaker 2: so lucky. aren't you the same person that was telling
• 23:56
  Speaker 2: me that I was working too hard? Are we not
• 23:59
  Speaker 2: putting the maths together?
• 24:01
  Speaker 3: Yeah. And I look back because I'm like, I worked
• 24:03
  Speaker 3: for the company for about 10 years. I studied graphic
• 24:06
  Speaker 3: design just when I was, when my boy was a baby.
• 24:09
  Speaker 3: So I was in my early thirties, but I had
• 24:12
  Speaker 3: always helped with accounts and stuff for my parents' business.
• 24:16
  Speaker 3: So I had that background as well. So I think
• 24:19
  Speaker 3: my business partners saw that as a strength going into
• 24:22
  Speaker 3: business ownership with them, having like, the marketing, but also
• 24:26
  Speaker 3: like the business background and business mind.
• 24:29
  Speaker 2: So yeah, 100%. Like I'm looking at this being like,
• 24:31
  Speaker 2: you'd be a great business partner. Sorry. Like what can't
• 24:35
  Speaker 2: she do? I am good. Yeah, you are good. Like
• 24:38
  Speaker 2: we were really lucky. Okay, queen. You keep telling yourself that.
• 24:44
  Speaker 2: So tell me a bit more. I want to know,
• 24:46
  Speaker 2: like as somebody who doesn't have to pay off their mortgage,
• 24:50
  Speaker 2: what are your big money goals? What are you currently
• 24:52
  Speaker 2: working towards?
• 24:53
  Speaker 3: At the moment, I feel.
• 24:54
  Speaker 4: Like, because.
• 24:55
  Speaker 3: It was when I was 41. So it was like
• 24:57
  Speaker 3: a year ago. My husband looked at me one day
• 24:59
  Speaker 3: and he's like, hey, do you know what? He's like,
• 25:01
  Speaker 3: have you checked our bank account? And I'm like, no.
• 25:03
  Speaker 3: He's like, we don't owe any money on our mortgage.
• 25:06
  Speaker 2: Oh, my goodness. So it wasn't even a goal. You
• 25:08
  Speaker 2: were just like, bam. Wait, done.
• 25:11
  Speaker 3: So because we had the money in an offset account.
• 25:13
  Speaker 3: And then so I feel like the last 12 months,
• 25:16
  Speaker 3: we're like, let's have some fun. So we've traveled. We're
• 25:21
  Speaker 3: going to Europe in September. And then that's where I
• 25:24
  Speaker 3: feel like the future is like, what is the future?
• 25:28
  Speaker 3: Like we would like a bigger house, but we're in
• 25:31
  Speaker 3: a really good area. So it's close to my son's
• 25:34
  Speaker 3: school and it makes sense to stay here. My husband
• 25:37
  Speaker 3: works a lot. Like he works like 60, 70 hours
• 25:40
  Speaker 3: a week. He works on Powerline. So he works, does
• 25:43
  Speaker 3: a lot of night shifts and a lot of overtime.
• 25:46
  Speaker 3: So for me personally, I would love to earn enough
• 25:49
  Speaker 3: through the business that eventually I It has a passive
• 25:52
  Speaker 3: income so that we don't have to work as hard
• 25:54
  Speaker 3: and as much. And just set ourselves up. Our lifestyle
• 26:00
  Speaker 3: is wanting to travel. We do lots of fun things.
• 26:04
  Speaker 3: We're not restricted financially. So just to keep that up,
• 26:08
  Speaker 3: I suppose, into retirement and not have to stress about money,
• 26:11
  Speaker 3: I suppose, and always thinking about what's next.
• 26:14
  Speaker 2: Yeah, absolutely. Can you tell me what your total household
• 26:18
  Speaker 2: income would look like then? Yeah.
• 26:19
  Speaker 3: So I'm on, I take 85K salary and my husband's
• 26:24
  Speaker 3: around 180.
• 26:24
  Speaker 1: Yeah.
• 26:25
  Speaker 2: I was about to say, I am assuming your husband
• 26:27
  Speaker 2: has a pretty good income because that's a very risky job.
• 26:30
  Speaker 2: It is. Yes. Yes.
• 26:31
  Speaker 4: Yeah.
• 26:32
  Speaker 2: Yeah.
• 26:32
  Speaker 3: He works in cyclones and all sorts of stuff.
• 26:34
  Speaker 2: Oh my goodness. Like, sorry, only 180 for a cyclone?
• 26:38
  Speaker 3: Run.
• 26:38
  Speaker 4: Run.
• 26:40
  Speaker 2: Oh my goodness. All right, Money Darius, let's go to
• 26:42
  Speaker 2: a really quick break. And on the flip side, I
• 26:44
  Speaker 2: want to know a little bit more about your investments
• 26:48
  Speaker 2: and the debt that you may or may not still
• 26:50
  Speaker 2: have in the background. And we're going to talk about
• 26:53
  Speaker 2: personal insurances and your best and worst money habits. So guys,
• 26:56
  Speaker 2: don't go anywhere. Money, Doris, let's dive straight in. You
• 27:04
  Speaker 2: said on your application that you had just started investing
• 27:08
  Speaker 2: in shares for yourself, but also for your 12-year-old. How
• 27:11
  Speaker 2: is that going?
• 27:12
  Speaker 3: It's actually been really fun. So I've got $ 700 in there,
• 27:17
  Speaker 3: but what I wanted to do was I've been researching
• 27:20
  Speaker 3: and we've got some savings and we would like to
• 27:22
  Speaker 3: invest in shares, but we've always been too scared. So
• 27:25
  Speaker 3: I thought, Stop it. I'm just going to do it.
• 27:28
  Speaker 3: I'm going to set up an account and I used
• 27:30
  Speaker 3: the code, got my $ 10.
• 27:31
  Speaker 2: Oh, money win, instant returns.
• 27:35
  Speaker 3: And now I just put $ 30 a week from my
• 27:38
  Speaker 3: salary straight into there.
• 27:40
  Speaker 2: Very cool.
• 27:40
  Speaker 3: And then my son, I started him on it as well.
• 27:44
  Speaker 3: And I give him $ 10 a week. So I think
• 27:46
  Speaker 3: he's up to, it's only about two months ago. So
• 27:50
  Speaker 3: it must be up to about $ 80 now. And so
• 27:53
  Speaker 3: every Friday we sit down, the money goes into our
• 27:55
  Speaker 3: account and we sit down and we look at our
• 27:57
  Speaker 3: shares and what we could buy.
• 27:59
  Speaker 2: Obsessed.
• 28:00
  Speaker 3: Yeah. It's really cute. It's really fun.
• 28:02
  Speaker 2: That is so sweet.
• 28:04
  Speaker 3: Yeah.
• 28:04
  Speaker 2: Oh, I love it. I love it so much. It
• 28:06
  Speaker 2: makes me so excited.
• 28:07
  Speaker 3: It makes me excited too. Cause I'm like, that's the
• 28:09
  Speaker 3: stuff that I was never taught when I was young.
• 28:12
  Speaker 3: Like I was always interested in property, but we're starting
• 28:15
  Speaker 3: to think that maybe investing and putting money in shares
• 28:18
  Speaker 3: is a good way for us to go without having
• 28:20
  Speaker 3: that burden of having a big mortgage and stuff like
• 28:23
  Speaker 3: that over our heads.
• 28:24
  Speaker 2: And also at this age, even if he gets into property,
• 28:28
  Speaker 2: because you guys are, it's clearly in your bloodline, you
• 28:30
  Speaker 2: could say, even if that's the case, at least he's
• 28:34
  Speaker 2: setting himself up to have the funds to have those
• 28:36
  Speaker 2: conversations and make those decisions. Because without it, like he'd
• 28:40
  Speaker 2: be starting from scratch.
• 28:42
  Speaker 3: Exactly.
• 28:43
  Speaker 2: And it compounds so quickly. Like I met somebody at
• 28:45
  Speaker 2: an event yesterday and she came up to me and said, Victoria,
• 28:48
  Speaker 2: I just need to say hi. And which is the
• 28:50
  Speaker 2: sweetest interaction. She's like, this is my 14 year old daughter.
• 28:53
  Speaker 2: And I have been listening to your podcast for the
• 28:56
  Speaker 2: last five years. And my 14 year old has been
• 28:59
  Speaker 2: investing this whole time, like under my name, but it's
• 29:02
  Speaker 2: all good. And she got six grand. Are you joking?
• 29:06
  Speaker 4: Yeah.
• 29:06
  Speaker 2: What the heck?
• 29:07
  Speaker 1: 14.
• 29:07
  Speaker 2: And like her daughter was like, yeah, it's really cool.
• 29:10
  Speaker 2: And I was like, oh my God, I'm talking to
• 29:11
  Speaker 2: a 14 year old who thinks investing is cool. Like
• 29:14
  Speaker 2: the future of my friends is bright.
• 29:16
  Speaker 3: Yes, exactly. Yeah. Yeah. My son, he's been obsessed with GTA,
• 29:22
  Speaker 3: I think it was like a game. And so he
• 29:24
  Speaker 3: found out who owns that because they're doing a new
• 29:27
  Speaker 3: release at the end of the year. So he was like,
• 29:29
  Speaker 3: I need shares in that. So that's what he's put
• 29:31
  Speaker 3: his money into.
• 29:32
  Speaker 2: See, isn't that so cool to be able to marry
• 29:34
  Speaker 2: their interests with what they're investing in because it's going
• 29:37
  Speaker 2: to keep them more engaged for a longer period? of time?
• 29:41
  Speaker 2: Who cares if the returns aren't as sexy as a
• 29:44
  Speaker 2: really good ETF? At least they're engaged in the process.
• 29:48
  Speaker 2: And when they go, I'd like my returns to be more,
• 29:50
  Speaker 2: maybe we add an ETF as a strong, steady workhorse,
• 29:55
  Speaker 2: but we can still invest in the things that we're
• 29:56
  Speaker 2: interested in.
• 29:57
  Speaker 3: Yeah. Yeah.
• 29:58
  Speaker 2: Obsessed. Oh, that makes me so excited. All right. Money Dirst,
• 30:03
  Speaker 2: I want to know next, do you have any debt whatsoever?
• 30:06
  Speaker 2: I feel like the answer is no. Cause like you said,
• 30:08
  Speaker 2: I hate car loans. I don't do this. Like I
• 30:11
  Speaker 2: drove my Kia Rio, but like, I've got to ask, like,
• 30:14
  Speaker 2: is there anything else we're unaware of?
• 30:16
  Speaker 4: No.
• 30:17
  Speaker 3: We've got a credit card, which we use for points
• 30:20
  Speaker 3: and booking stuff and whatnot. But no, we have no debt.
• 30:24
  Speaker 2: That's the sexiest thing I've ever heard. I love this
• 30:27
  Speaker 2: for you. Now, tell me, your husband works in a
• 30:30
  Speaker 2: pretty risky job and you have your own business. Have
• 30:33
  Speaker 2: you set up your personal insurances?
• 30:35
  Speaker 3: Not really.
• 30:36
  Speaker 2: Girlfriend, we need to talk. I've got so much stuff
• 30:39
  Speaker 2: I need to do with you.
• 30:40
  Speaker 1: Okay.
• 30:42
  Speaker 3: This is where we're, yeah, even this morning I was
• 30:45
  Speaker 3: at a thing and they were talking about wills and
• 30:46
  Speaker 3: I was like, yeah, don't have that either.
• 30:48
  Speaker 2: That's okay. That's all right. I do have advice for
• 30:51
  Speaker 2: you and that is I think you need to go
• 30:53
  Speaker 2: and see a financial advisor.
• 30:54
  Speaker 3: Yeah, absolutely.
• 30:55
  Speaker 2: Tell me you're in this situation and there's been a
• 30:58
  Speaker 2: lot of like back and forth around should we, shouldn't we,
• 31:02
  Speaker 2: should we be investing, like should we be saving, like
• 31:06
  Speaker 2: and you're in a great position, like you have such
• 31:09
  Speaker 2: a strong ability for wealth creation. Have you had the
• 31:12
  Speaker 2: conversation about speaking to a financial advisor? And if so,
• 31:17
  Speaker 2: what are your reservations? Like why haven't you done something
• 31:19
  Speaker 2: like that before?
• 31:20
  Speaker 3: I feel like we've been to a couple, one financial
• 31:24
  Speaker 3: advisor and we just didn't feel, my husband's also very
• 31:27
  Speaker 3: risk averse. as am I, we get anxious and like,
• 31:30
  Speaker 3: you can probably tell that we don't feel worthy enough
• 31:33
  Speaker 3: for some reason.
• 31:34
  Speaker 2: Which is so wrong. So wrong. Like, oh my goodness.
• 31:38
  Speaker 2: I also think it's about meeting the right financial advisor
• 31:41
  Speaker 2: that makes you feel at ease and hold your hand
• 31:43
  Speaker 2: properly through this process.
• 31:45
  Speaker 3: Yeah. Cause I feel like the one that we saw
• 31:48
  Speaker 3: was all just about take all your money out of
• 31:49
  Speaker 3: your super and buy a self-managed super fund.
• 31:51
  Speaker 2: And Oh no, that was the wrong advisor because that's
• 31:53
  Speaker 2: terrible advice, just so you know. If anyone ever tells you,
• 31:57
  Speaker 2: take all your money out of super and buy one
• 31:59
  Speaker 2: particular asset class, run for the hills. And I know
• 32:03
  Speaker 2: a lot of people aren't going to love hearing this
• 32:04
  Speaker 2: from me because we all want the opportunity to buy property, right?
• 32:09
  Speaker 2: And there are a lot of people in my community
• 32:11
  Speaker 2: that work in the space of setting up self-managed super funds.
• 32:14
  Speaker 2: But as of next year, you will not be able
• 32:17
  Speaker 2: to buy residential property inside superannuation. like if you get
• 32:22
  Speaker 2: a mortgage. So you'll still be able to hold it.
• 32:24
  Speaker 2: Don't worry if anyone's listening, but there's a reason they're
• 32:27
  Speaker 2: stripping that back. And it's because it's not in the
• 32:29
  Speaker 2: best interests of the client. Yeah. Oh, I know why
• 32:33
  Speaker 2: you're scared now, my queen. Yeah.
• 32:35
  Speaker 3: And my husband, I always say to my husband, listen
• 32:38
  Speaker 3: to She's All The Money. I remember listening to one
• 32:40
  Speaker 3: of your podcast episodes where you were talking about exactly
• 32:43
  Speaker 3: that and we were like, no, no way we're not
• 32:45
  Speaker 3: doing that.
• 32:46
  Speaker 2: Oh, I'm so glad because like someone who was sweet
• 32:49
  Speaker 2: talking could have talked you into it. And then don't
• 32:53
  Speaker 2: get me wrong, I'm not saying property is a bad investment,
• 32:56
  Speaker 2: but it does not make sense to take a very
• 32:58
  Speaker 2: well diversified investment portfolio that has, you know, direct exposure
• 33:04
  Speaker 2: to like hundreds of different assets and and buy one
• 33:09
  Speaker 2: particular asset and bet your retirement on it. Like, it
• 33:12
  Speaker 2: just makes no sense to me and it makes me
• 33:14
  Speaker 2: so deeply uncomfortable. Like, if you're in a situation and
• 33:18
  Speaker 2: you had, you know, a million dollars in super and
• 33:20
  Speaker 2: you're like, V, we really think a property in here
• 33:23
  Speaker 2: would be good. I'd be like, well, great. It's not
• 33:24
  Speaker 2: going to be a hundred percent of your, you know, assets,
• 33:27
  Speaker 2: is it? Like we can have a chat about that.
• 33:29
  Speaker 2: In fact, I could have a few days of financial
• 33:31
  Speaker 2: advisor if you told me that, like I could structure
• 33:33
  Speaker 2: something super sexy, but that's not the reality for most people.
• 33:38
  Speaker 3: No, no. And I also wonder because my husband's in
• 33:42
  Speaker 3: like an industry super fund where it's very highly regulated.
• 33:46
  Speaker 3: You know, is it better to keep our super there?
• 33:49
  Speaker 3: and look at other things that we can do with
• 33:50
  Speaker 3: our savings?
• 33:51
  Speaker 2: Well, it could be, but the question is, is it?
• 33:54
  Speaker 2: And I think it's doing yourselves a disservice by not
• 33:57
  Speaker 2: finding out. And I think that there's a really big
• 34:00
  Speaker 2: opportunity to look at, well, what are your insurances? Your
• 34:04
  Speaker 2: husband has a pretty risky job. So there's actually, and
• 34:07
  Speaker 2: I don't want to make it sound worse because I'm
• 34:09
  Speaker 2: just all about telling you the truth. There's actually a
• 34:12
  Speaker 2: world where depending on his job category, he might not
• 34:15
  Speaker 2: actually qualify for insurance. which makes it really important to
• 34:20
  Speaker 2: look at what he has as a default through his
• 34:22
  Speaker 2: current super and maybe topping that up and making sure
• 34:26
  Speaker 2: that you do keep that super account. But then you,
• 34:29
  Speaker 2: what if you aren't able to work and all of
• 34:31
  Speaker 2: a sudden something happens? And as we get a bit older,
• 34:34
  Speaker 2: the risk of something happening and us needing help, it increases.
• 34:39
  Speaker 2: So I think it's important to touch on the personal
• 34:42
  Speaker 2: insurance side, but then also on the wealth creation side,
• 34:46
  Speaker 2: finding someone who can hold your hand through this because
• 34:50
  Speaker 2: you're in a very unique situation where it's not, oh,
• 34:53
  Speaker 2: hey friend, start your investing journey. But there's so many
• 34:56
  Speaker 2: different things that are going to pull you in different ways,
• 34:59
  Speaker 2: like your mortgage and school fees and everything kind of compounds.
• 35:04
  Speaker 2: You're kind of through most of that. And so you're
• 35:07
  Speaker 2: just here going, we need to turbocharge our wealth, but
• 35:10
  Speaker 2: also we're really scared that we'll make the wrong decision.
• 35:12
  Speaker 2: And unfortunately... not making a decision is also a decision
• 35:17
  Speaker 2: and it puts you even further behind. So I'm very
• 35:20
  Speaker 2: happy to help you find the right financial advisor who
• 35:23
  Speaker 2: will not do that to you. And I think that
• 35:25
  Speaker 2: that's like an important call out for our community as well.
• 35:28
  Speaker 2: I don't think I talk about it enough, but people
• 35:32
  Speaker 2: can go to my She's On The Money website and
• 35:33
  Speaker 2: hit the button, get advice, and then they can fill
• 35:36
  Speaker 2: in a form. I know it's not the sexiest process
• 35:38
  Speaker 2: because it's actually quite manual. fill in a form and
• 35:41
  Speaker 2: then my team and I review that form and send
• 35:44
  Speaker 2: you a recommendation of a financial advisor I have literally
• 35:47
  Speaker 2: worked with and know personally to actually hold your hand
• 35:51
  Speaker 2: through that process because I'm the same. And do you
• 35:54
  Speaker 2: know what? I'm probably more cynical than you are of
• 35:57
  Speaker 2: the financial advice industry because I've seen what bad advice
• 36:02
  Speaker 2: can do. Like I have pulled so many people out
• 36:05
  Speaker 2: of different funds and this is just like a complete
• 36:08
  Speaker 2: side rant. So thank you for bearing with me. I
• 36:11
  Speaker 2: got a message from an ex financial advice client of mine,
• 36:14
  Speaker 2: maybe three weeks ago now with a screenshot of her
• 36:17
  Speaker 2: investing portfolio. And she was like, Victoria, look how well
• 36:20
  Speaker 2: this is doing. And like, she has since moved on
• 36:23
  Speaker 2: with another financial advisor. One that's on my books, by
• 36:27
  Speaker 2: the way, for recommending to my community, but she's being
• 36:31
  Speaker 2: managed by somebody else. And she's like, thank God you
• 36:33
  Speaker 2: restructured me out of this old financial advisors account And
• 36:37
  Speaker 2: she sent me an article of them being sued.
• 36:40
  Speaker 3: Oh, wow.
• 36:40
  Speaker 2: I was like, Queen, you're doing really well with your investing.
• 36:43
  Speaker 2: And two, what the heck? I told you they were dodgy.
• 36:46
  Speaker 2: Like I said, watch this space. Something will happen there.
• 36:49
  Speaker 2: And it did. And do you know what I love
• 36:51
  Speaker 2: more than financial advice? Being right.
• 36:54
  Speaker 3: Yeah.
• 36:56
  Speaker 2: But it's one of those things where I get it.
• 36:58
  Speaker 2: I am cynical. And that's why I have like this
• 37:00
  Speaker 2: very niche panel of what I know are good financial advisors.
• 37:05
  Speaker 2: And people come to us all the time and they say, hey,
• 37:07
  Speaker 2: how do we get on that list? You can't. You can't.
• 37:11
  Speaker 2: Because I'm so cynical that it would take years for
• 37:14
  Speaker 2: me to add you to that list.
• 37:16
  Speaker 3: Yeah.
• 37:16
  Speaker 2: Sorry, not sorry. Bye. So anyway, I'll definitely help you
• 37:21
  Speaker 2: with that after we finish recording a money diary. But
• 37:23
  Speaker 2: for anyone listening, that's what you could do. Tell me
• 37:27
  Speaker 2: about your best money habit because I feel like you've
• 37:29
  Speaker 2: got a few and not playing into lifestyle creep I
• 37:32
  Speaker 2: think is your number one that I've picked up. But
• 37:34
  Speaker 2: what do you think is your best money habit?
• 37:37
  Speaker 3: Ever since we moved out of home, we're probably not
• 37:39
  Speaker 3: as consistent these days, but we sit down regularly. We've
• 37:44
  Speaker 3: always had an Excel spreadsheet where we list out all
• 37:48
  Speaker 3: of our expenses for a year. We categorize it into
• 37:51
  Speaker 3: each month. So we know exactly how much money needs
• 37:54
  Speaker 3: to go into our home and bill. We call it
• 37:56
  Speaker 3: our home and bills account. So we've never, ever been
• 37:59
  Speaker 3: stuck not being able to pay a bill.
• 38:01
  Speaker 2: I love that. Does that feel really good?
• 38:03
  Speaker 3: Yeah.
• 38:03
  Speaker 2: I can imagine that feels really sexy.
• 38:05
  Speaker 3: Yeah. And it's actually not that hard because you just...
• 38:10
  Speaker 3: We just know that every week, this is how much
• 38:12
  Speaker 3: needs to go into that account. We've never got caught
• 38:15
  Speaker 3: out because we've always regularly look at it as well.
• 38:17
  Speaker 2: I think that's one of my favorite things ever as well,
• 38:20
  Speaker 2: because I think a lot of people think, oh my goodness,
• 38:23
  Speaker 2: I've never budgeted or I've never done this. It's actually
• 38:26
  Speaker 2: more about the system. It's not about restricting yourself. It's
• 38:29
  Speaker 2: about setting up a system where things get automatically allocated
• 38:32
  Speaker 2: and then bam, over time, you just have what you
• 38:36
  Speaker 2: need and that's really sexy. Yeah.
• 38:39
  Speaker 3: And then we can look at it and be like, okay, well,
• 38:41
  Speaker 3: if we want to go on a holiday or we
• 38:43
  Speaker 3: want to buy a new car, we can do that
• 38:45
  Speaker 3: and we can look at it and know where we
• 38:46
  Speaker 3: stand and always, yeah. have the funds available or plan
• 38:51
  Speaker 3: for what's next.
• 38:51
  Speaker 4: 100%.
• 38:52
  Speaker 2: And it puts you in this position where you're never
• 38:54
  Speaker 2: going to bite off more than you can chew. Cause
• 38:56
  Speaker 2: you're like, well, that money's actually allocated over here. And like,
• 39:00
  Speaker 2: we need that father stuff. Here's what we're working with.
• 39:03
  Speaker 2: And I think that that always keeps a lid on
• 39:05
  Speaker 2: lifestyle creep. Cause like, how does your lifestyle creep if
• 39:08
  Speaker 2: you don't have access to the funds?
• 39:11
  Speaker 3: Yeah, exactly.
• 39:12
  Speaker 2: Which again, very sexy.
• 39:14
  Speaker 3: Yeah.
• 39:14
  Speaker 2: Now, Money, Doris, does someone who paid off their mortgage
• 39:17
  Speaker 2: by 41 actually have any bad money habits?
• 39:19
  Speaker 3: Yeah, I do love a good shopping spree.
• 39:21
  Speaker 2: Queen, same, same.
• 39:22
  Speaker 3: I spend way too much money at Kmart.
• 39:26
  Speaker 2: But I feel like it's set up for failure, isn't it? Yeah.
• 39:30
  Speaker 3: Yeah. And especially when you have kids because you can
• 39:32
  Speaker 3: justify that you're buying it for your kids.
• 39:34
  Speaker 2: And it's also like really cute and really cheap. So
• 39:36
  Speaker 2: like it's smart to buy it at Kmart, right?
• 39:38
  Speaker 3: Yeah, definitely. I also love the good Amazon purchase as well.
• 39:42
  Speaker 2: What are we buying on Amazon?
• 39:44
  Speaker 3: Oh, just everything. Stuff that you just get and like
• 39:48
  Speaker 3: gets delivered the next day.
• 39:50
  Speaker 2: You can't complain, can you? Like it's just such a good...
• 39:53
  Speaker 2: I'm always like, oh, don't worry. Like to my husband,
• 39:55
  Speaker 2: don't worry, honey. I'll just order that on Amazon. And
• 39:57
  Speaker 2: then next day it arrives. And like sometimes... I order
• 40:01
  Speaker 2: it that night and then it's got like the 4am
• 40:03
  Speaker 2: delivery and then it's at my front door the next
• 40:05
  Speaker 2: morning before I even go to work. Like I cannot
• 40:07
  Speaker 2: complain about that service.
• 40:09
  Speaker 3: I know. Yeah. It's way too easy.
• 40:11
  Speaker 2: It's a slippery slope as well because I look at
• 40:13
  Speaker 2: it and go, would I have put that purchase off
• 40:16
  Speaker 2: for long enough for me to not want that anymore
• 40:18
  Speaker 2: or need that anymore?
• 40:20
  Speaker 3: Yeah. And it happens.
• 40:21
  Speaker 2: Instantly too exactly all right now that we've spoken do
• 40:26
  Speaker 2: you think that you would review what you gave yourself
• 40:29
  Speaker 2: as a money grade like if we just take ourselves
• 40:32
  Speaker 2: out of this situation for a hot minute yeah let's
• 40:35
  Speaker 2: not talk about you personally and your feelings let's talk
• 40:39
  Speaker 2: about the story we've just gone through you purchased your
• 40:42
  Speaker 2: first home when you were still a baby You then
• 40:45
  Speaker 2: worked and lived overseas. You've paid for so much IVF
• 40:50
  Speaker 2: and going through that literally financially set you back. Then
• 40:54
  Speaker 2: instead of being defeated, you guys made a massive compromise
• 40:58
  Speaker 2: and your partner worked fly in, fly out where you
• 41:01
  Speaker 2: were basically a single mom. You've found your way into
• 41:05
  Speaker 2: buying your own business and setting that up from the
• 41:08
  Speaker 2: inside out. you have a really good income, but most importantly,
• 41:13
  Speaker 2: you've paid off your whole mortgage so you have so
• 41:15
  Speaker 2: much wealth creation ability in the future. If you were
• 41:18
  Speaker 2: looking at that person, would you go, oh, you're not
• 41:20
  Speaker 2: doing very well. I think maybe a B.
• 41:23
  Speaker 1: No.
• 41:23
  Speaker 3: No.
• 41:24
  Speaker 2: No, I didn't think so either. I was like, okay,
• 41:27
  Speaker 2: I'd like to see her try and justify this one.
• 41:29
  Speaker 3: Yeah. No, I'd probably give myself maybe an A.
• 41:34
  Speaker 2: I think so too. I get feeling like you're not
• 41:36
  Speaker 2: an A plus because like a lot of the stuff
• 41:39
  Speaker 2: that you've expressed today has been around like, oh, we
• 41:42
  Speaker 2: just don't know what to do next. And like, there's
• 41:44
  Speaker 2: so much opportunity, but we don't know what to do.
• 41:46
  Speaker 2: And like, we just don't trust financial advice just yet.
• 41:49
  Speaker 2: And like, I get it. I get it. I really do.
• 41:53
  Speaker 2: And so I get being an A, not an A plus,
• 41:56
  Speaker 2: but I think if you got the advice section and
• 41:58
  Speaker 2: like plugged that into your life, you'd be running rings
• 42:02
  Speaker 2: around everybody. That is so crazy cool. I'm just so
• 42:06
  Speaker 2: excited for you and your future and what you're able
• 42:09
  Speaker 2: to achieve because you're not like, oh, we're mortgage-free. Now
• 42:11
  Speaker 2: we can spend even more. You're like, we're mortgage-free. Now's
• 42:14
  Speaker 2: our time to set ourselves up for the sexiest retirement ever.
• 42:17
  Speaker 3: Yeah.
• 42:18
  Speaker 2: Yeah. Money Daris, what a privilege. Thank you so much
• 42:22
  Speaker 2: for jumping on the show, for having a chat, for
• 42:24
  Speaker 2: being really open and honest and sharing so much. I
• 42:27
  Speaker 2: just know that the rest of the community is like, yes,
• 42:30
  Speaker 2: thank you so much for sharing because like we all
• 42:32
  Speaker 2: are so pervy. Like, don't get me wrong. Like if
• 42:35
  Speaker 2: someone says, oh, she's 42 and she paid her for
• 42:38
  Speaker 2: a mortgage last year. I want to know how. I
• 42:41
  Speaker 2: want to know when. And like, that's not a story
• 42:43
  Speaker 2: that you can, you know, ask your friend over brunch.
• 42:46
  Speaker 2: I can't be like, hey, babe, let's go out for brunch.
• 42:48
  Speaker 2: And then, you know, we let it slip that maybe
• 42:50
  Speaker 2: you're mortgage free. I can't be like, all right, sit down.
• 42:53
  Speaker 2: Tell me how, what steps did you take? Tell me
• 42:55
  Speaker 2: about your money story. Like, that's not how these conversations go.
• 42:59
  Speaker 2: I wish it was.
• 43:00
  Speaker 3: Yeah. And I know a lot of people just assume
• 43:02
  Speaker 3: that maybe your parents helped you or something like that.
• 43:05
  Speaker 2: Yeah, exactly. And they didn't. They didn't. You did it yourselves. Remember,
• 43:09
  Speaker 2: it's all luck. Money Diarist did has been a pleasure.
• 43:14
  Speaker 2: Thank you so, so much.
• 43:16
  Speaker 3: Thank you.
• 43:21
  Speaker 2: The advice shared on She's on the Money is general
• 43:24
  Speaker 2: in nature and does not consider your individual circumstances. She's
• 43:28
  Speaker 2: on the Money exists purely for educational purposes and should
• 43:31
  Speaker 2: not be relied upon to make an investment or financial decision.
• 43:35
  Speaker 2: If you do choose to buy a financial product.
• 43:37
  Speaker 4: Read the PDS, TMD and obtain appropriate financial.
• 43:40
  Speaker 2: Advice tailored towards your needs.
• 43:42
  Speaker 4: Victoria Devine and She's On The Money are authorised representatives
• 43:46
  Speaker 4: of MoneySherpa PTY LTD ABN 321 649 27708 AFSL 451289.