June 15, 2025 • 30 mins
What do you do when your entire career plan falls apart.... and you're 26, jobless, and living back with your parents? This week’s Money Diary is the plot twist we didn’t see coming: our diarist went all in on her dream to join the Army as a psychologist, only to face a medical discharge that left her completely derailed. With no plan B, she found herself burned out, broke, and scrambling. But that’s not where her story ends. Fast forward: she’s in a meaningful career, investing like a pro, and just bought her first investment property with her boyfriend. We’re talking big glow-up energy, with money habits to match.
💸 What she learned from burning through $30k of savings
💸 How salary packaging gave her an extra $20k a year
💸 Why separate bank accounts changed everything
💸 The one money habit that turned it all around
💸 How she built a $70k share portfolio by age 26
💸 And the juicy details of her first investment property
It’s one of those episodes that’ll have you rethinking your money habits, rewriting your budget, and realising maybe plan A wasn’t the best plan after all.
If you want to learn how to start building your own investment portfolio, The Investing Masterclass is open for enrolment. Join us here.
Ready to binge more relatable, inspiring, and downright juicy money stories? Check out our ultimate Money Diaries playlist. Listen now
Join our Facebook Group AKA the ultimate support network for money advice and inspiration. Ask questions, share tips, and celebrate your wins with a like-minded crew of 300,000+.
And follow us on Instagram for Q&As, bite-sized tips, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements.
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
My name is Tatasha Bamblet. I'm a proud First Nations
woman and I'm here to acknowledge country t Glenn Young
Ganya nianar Kaka yah y and beIN Ahaka nian our
gay In Nimbina, yakarum jar dominyamiga Umagahawakaman damon Imlan Bomba
ban Gadabomba in and now in wakah ghana on yakarrum
jar Watnadaa. Hello, beautiful friends, we gather on the lands
(00:24):
of the Aboriginal people. We thank acknowledge and respect the
Abiginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money.
Speaker 4 (01:07):
Hello, and welcome to She's on the Money, the podcast
that led you be pervy about other people's money habits
for educational purposes of course. Welcome back to another one
of our money daries where I get the absolute privilege
of talking to one of our incredible She's on the
Money community members all about their journey. Now, let's jump
straight into it, because this week I got a message
and it sounded exactly like this, dear, she's on the money.
(01:31):
Two years ago, I embarked on a career in defense,
packed up my life and moved to Canberra. It didn't
go as planned. I got a back injury and was
medically discharged, so I moved back to Melbourne with no
job and was burning through my savings. Even though I
had completed my psychology honors degree the year prior, I
had no work experience in the sector. Fast forward to today,
(01:53):
I'm in an incredible job, living with my boyfriend and
we've just bought our first investment property together money jars.
That would have been so stressful, very very very stressful.
Oh my goodness, being like I'm going to move my
whole life and then being injured to the point where
you're not allowed to work, like heartbreaking. I'm so sorry.
Speaker 2 (02:12):
That's okay, Yeah it was my dream, but I think
the main thing I learn is things don't always go
to plan. So it worked out in the end, but
in the moments, yeah, very very overwhelming.
Speaker 4 (02:23):
Oh I want to learn more about that before we
get there. What grade would you give your money habits.
If I asked you to give them a grade from
A through to F.
Speaker 2 (02:30):
I'd probably say an as.
Speaker 4 (02:32):
Now, oh okay, queen, I want to know more about this,
but can you tell me before we get into all
of that, tell me a bit more about your money story.
Speaker 2 (02:40):
Yeah. Sure. So I grew up in a very military family.
So my dad was an intelligence analyst in the Air
Force and my mum was a nurse in the Navy.
Speaker 4 (02:51):
So this is why defense made sense for you, Yes.
Speaker 2 (02:54):
And I was like, well, we may as well go
for the trifecta. I'll do Army, which arguably is probably
the hut artist force, no disrespect, but yeah. So I
was like, awesome. They both got called through UNI before
they started, so I was like, awesome, I'm going to
get a qualification and then go pursue that through Defense.
But obviously, yeah, it didn't work out. So I was
(03:15):
in there for about two years. But ultimately when I
went to get my scans, there wasn't any hard evidence
of a proper diagnosis. So I didn't actually get any
sort of I guess support in the transition out because
I couldn't find an actual problem. What. Yeah, so I
got a bit, but not as much as you'd expect,
(03:35):
so it was pretty awful.
Speaker 4 (03:37):
Oh my goodness, that would have been even more stressful
because you're like, guys, I want to be here, but
you're not letting me be here. So what happened? How
did you end up with a back injury?
Speaker 2 (03:46):
So it's just tumultive training because the training over there
is eighteen months in Canberra at the Royal Military College.
So I finished training, but ultimately after training, I couldn't
go on to pursue an actual proper career because I
just it's just overtime and back injuries the most common
in military. Same with like lower limb injuries because you're
(04:07):
carrying packs about maybe like sixty kilos, like at least,
my goodness, and you've got your weapons and everything, so
it's definitely something that your body has to get used to,
and ultimately sometimes it doesn't and you don't realize until
you've finished, and then you're like, okay, well I've actually
am seriously hurt and I can't go on with this.
Speaker 4 (04:26):
That's heartbreaking. So and especially because you grew up in
like a defense family, I'm assuming this was a dream
that you had since you were like little. You weren't like, oh,
one day I went into like a school fair and
I saw that this was a good idea. You literally
grew up, Like what's an intelligence analyst do? Sorry side
note that sounds so bougie. Can you tell me about
your dad's job?
Speaker 2 (04:47):
Yeah, basically just following up on intelligence that you receive,
So it might be from external sources, internal sources, and
it's obviously very confidential. But yeah, and then using that
to protect and defend.
Speaker 4 (05:00):
I'm obsessed. And then your mum was a nurse in
the navy or a woman, so you wanted to go
into the army. You were like, you know what, I'm
going to go for the hardest one. We're going into
the army. What was the dream? What was the goal?
Where did we want to go?
Speaker 2 (05:13):
To do psychology? Yeah?
Speaker 4 (05:15):
Very cool, So like just become a psychologist in the
army hopefully Yeah.
Speaker 2 (05:20):
So to do psychology through the army with veterans.
Speaker 4 (05:23):
Wow, so obviously bloody heartbreaking finding out that you couldn't
do that. What was that like being like okay, cool,
I'm being medically discharged and I have to move back
to Melbourne. What the heck?
Speaker 2 (05:34):
Like?
Speaker 4 (05:35):
Where were you at in life at that point was
what was going on.
Speaker 2 (05:38):
Nothing like I'd packed up my entire life to move there.
So because I grew up on the mornings in Peninsula
and I have only one sister.
Speaker 4 (05:46):
Oh same queen.
Speaker 2 (05:47):
Oh love that. Yeah it's gorgeous there, But yeah, I
grew up there, so it was like a huge move.
I'd never kind of lived outside of home because it'd
just always been my sister and I. So then I
was just like, well, I'm just going to go. And
I I never had a contingency plan. I don't know
why I didn't.
Speaker 4 (06:03):
You don't need one. You didn't think that you did.
Speaker 2 (06:05):
Yeah, And and like taught me not to put all
my eggs in one basket because I did not foresee
this happening. So yeah, and it was super overwhelming, and
I guess also kind of embarrassing because my parents had
both done really really well through defense and there was
me who finished training but then couldn't continue with it.
Speaker 4 (06:21):
That's not embarrassing at all. That is not do you
know what would have been embarrassing if you'd like lied
about it and stayed in the army and injured yourself
even further and like made it even work, like that's
not no, You've done a really good job, Like I
don't think that's and I know that you like it's
so funny the way we see it individually, we go, oh,
that was so embarrassing, and then from the outwood see
(06:41):
and everyone's like, what the hell what do you mean, babe?
Like that's not embarrassing, but I get that that's exactly
how you felt. So you moved home, I'm assuming, back
in with mum and dad because you were like, what
the hell do I do?
Speaker 2 (06:51):
Yeah? Yeah, so I moved back in with them because
the plan was to buy a house through defense, because
you can once you've worked a certain amount of years
and they help you with housing. So I moved back in.
And yeah, like I said, I didn't have a job,
but I think I was lucky that I was qualified
prior to that and had my degree so then I
could actually try and find something, which I did eventually.
(07:12):
But I was out of a job for about five months,
which was quite stressful. What was that like?
Speaker 4 (07:17):
Because I would have been like, I don't know, I
feel like that hits your ego too, because you're like,
these were all my grand plans and like, as you
said you felt embarrassed, like you don't want to really
like rekindle with all your friends once your back, because
you're like, I don't want to, like I feel like
I'm going to go to lunch not have an update
for you or whatever. Like what was that like? And
tell me about the job that you did get.
Speaker 2 (07:38):
Yeah. I literally was just like saying to them, oh, like,
I'm just applying for jobs, and they were all like, oh, well,
I've just been promoted, I've done this, I've done that.
So it was just very Yeah, it definitely hit the
ego a bit, but you kind of have to put
that aside and be like, that can be me. I've
just got to find the right pathway and I know
I'm capable of it. It's just getting that opportunity.
Speaker 4 (07:57):
Yeah, one hundred. So after five months you found role.
What were you doing and are you still doing it?
Tell me?
Speaker 2 (08:03):
I am so I got a job in child protection.
Oh you are so special, which is what I've always
wanted to do, working with children and young people and families.
So I've been doing that for yeah, over two years now,
and it's been amazing. It's obviously challenging work, but very rewarding.
Speaker 4 (08:22):
Yeah, I can't imagine that anyone would ever say, oh,
it's really easy, But like I can see that as
being like super super rewarding and low key glad that,
like your defense career didn't work out, because I know
that was your dream. But like, it takes such a
special person to be able to work in child protection.
They're like, I'm glad they have you because they need you.
(08:44):
They need like empathetic humans who want to care about
other people. Like, but how are you looking after yourself?
Because I feel like I have had the pleasure of
talking to a lot of people who work in child protection,
and you can so easily burn out or be overwhelmed,
Like what are you doing to look to yourself?
Speaker 2 (09:00):
I hate this question because I don't do self care.
Speaker 5 (09:03):
Sorry, but well maybe I can kick you up the
button get you to do it, Like how many of
you do you need to experience burnout before you take
it seriously and learn from one another.
Speaker 2 (09:14):
I know I recently had a couple of weeks off
because I was burnt out, And yeah, yeah, so now
I'm like, maybe I should just start using some annual
leave and using some mental health days and having baths
but yeah, it's also you feel bad for your clients though,
And even though you should be able to put work
aside and still prioritize yourself, I can't. I hate thinking
(09:37):
about what my clients are doing when I'm not there
to provide support.
Speaker 4 (09:40):
And I think that while in a perfect world, yeah, okay,
we'll switch off and go home, like, people don't go
into that space, like you don't work in child protection
if you don't have a really high level of empathy,
like and then to expect somebody who has a high
level of empathy to be able to turn that off,
like absolutely not, which is why I'm always like, cool,
what are you doing for self care? Because like you
(10:02):
can't just turn off and say it'll be fine, Like
I feel like that's such a nineteen fifties way of working,
Like yep, you just do this and that, Like sorry,
you do take work home, and I'm sure you're like
going home to your partner being like oh my god,
today was rough or today was amazing or whatever, Like
we feel the highs with our clients as well as
the lows, like and you don't just get to get
out of your car and be like, right, well, what
(10:22):
am I cooking for dinner, like it impacts the rest
of your day, right.
Speaker 2 (10:26):
Yeah, one hundred percent. And like sometimes I might have
to go to court and prepare a court report within
like an hour, and then I'm presenting a court the
end of the day. I might have to pick up
a client from no, like three hours away to remove
them from a placement. So sometimes you get home at
like ten o'clock at night and then you're back there
at like seven o'clock the next morning. So yeah, it
(10:46):
is hectic, but it's good.
Speaker 4 (10:48):
See you're an icon, Like it just sounds like such
a rewarding career, Like I'm such a kids person as well,
Like I genuinely like I look at your role in
and go, do you know, I don't think I could
do it. I think I would get so invested in
it that it would break me so quickly. And like
I wish I had that tenacity and that ability. I
(11:08):
always look at roles like this and I'm like, you
are such a special human being. Like I did psychology
as well, and like the child stuff killed me, Like
I just, oh my lord, I was like, what do
you mean we have to do family studies? What do
you mean families do this absolutely, not like I'm so
privileged to have been very sheltered growing up in that respect,
but I just I'm very in awe. So talk to me.
(11:32):
What do you get paid if you work in child protection?
Speaker 2 (11:35):
So it starts at different salaries based on your qualifications
and your experience, but I'm currently on about one hundred
and two thousand dollars a year.
Speaker 4 (11:43):
Oh, that's pretty good, especially if you've only been in
it for like I would say, relatively short period of time.
And what does your I guess career trajectory look like
longer term?
Speaker 2 (11:53):
So it depends, Like if you've become like a deputy
area operations manager, you're looking at about one hundred and
eighty thousand dollars a year.
Speaker 4 (11:59):
Hey, that that's a good ink, I mean deserved for
that space. I would argue that it needs to be
even better paid, but like, that's a good salary.
Speaker 2 (12:07):
Yeah, and it's state GUB so it's very secure as well.
Speaker 4 (12:10):
Yeah, and talk to me about stupranuation. Is that like
at standard rates or is it more because it's government.
I don't know how that part of government works.
Speaker 2 (12:18):
Yeah, so it's slightly more. I believe I'm at like
about twelve point four percent. Oh, very nice, which is
pretty good. Yeah.
Speaker 4 (12:25):
I mean we're not going to be upset about that,
So talk to me now, because like, I feel like
your whole career and like your life plan has like changed, right,
So You've gone from being like, this is my career
I moving to Canberra in the bottom of your letter
in you actually said I'm now living with my boyfriend
and we just bought our first investment property. I need
to know. Did you have this boyfriend when you moved
(12:46):
to Canberra.
Speaker 2 (12:47):
No?
Speaker 4 (12:47):
I did not, So then you like moved home and
your entire life is completely different to what your career
was meant to be in camera. Within literally one week,
you came home and you were like, well, hello, so
tell me how did you meet?
Speaker 2 (12:59):
Yeah?
Speaker 4 (12:59):
So we met on Yeah cute. I met my husband
on Tinder. So I'm all about the online dating.
Speaker 2 (13:03):
I was very much against dating apps. Why it works,
I know, but I'd never been on one before. This
is the first time I ever used it, so now
I can't really diss them because it worked for me.
Speaker 4 (13:15):
It's annoying, isn't it? And like I met my husband
more than ten years ago now on Tinder and back
then that was not cool, Like that was that was
loser behavior Victoria to Vine And now I'm like, no,
it's cool. Everyone should be on it. But like there
still seems to be this massive stigma. But I'm sorry.
I found somebody who wanted exactly what I wanted out
of life, and I'm the winner here.
Speaker 2 (13:34):
Yeah. No, it worked out very, very well. But he
lived in the Yarra Valley and I was in the
Moynton Peninsula, so it was quite a drive.
Speaker 4 (13:41):
Oh that's a hike.
Speaker 2 (13:43):
Yeah, so we made it work. I'd be doing that
drive like three times a week and vice versa, just
to see each other. But we'd literally been talking for
twenty four hours and then I met him the following
day and then he asked me out straight away.
Speaker 4 (13:57):
I mean he knew what he wanted. Yeah, that's very
So talk to me, now, what are your big money goals?
What are you working towards? Because you did say that
you've just bought your first ever investment property, which is
really cool, but like financially, what are you working towards?
Because I feel like maybe this relationship went pretty hard
pretty fast and we might be talking about long term stuff.
Speaker 2 (14:16):
Yes, So we want to look at getting our family
home within the next couple of years, so whether we
build or buy still undecided. And my boyfriend would also
like to start a business, so yeah, we're probably going
to be looking at doing that. So he's a physiotherapist.
Speaker 4 (14:32):
Oh, very cool. So both in like caring types of roles.
I love this. So family home. Is that what you're
currently saving towards? Or are there any other financial goals
like in the works.
Speaker 2 (14:44):
Probably just the family home at this point in time
because obviously now we've already got a mortgage, so we're
going to have to save up even more to get.
Speaker 4 (14:51):
You a bit strapped in. I totally get that, all right,
I have so many questions. Let's go to a really
quick break because on the flip side, I'm going to
be asking you so much more about that investment property. Guys,
don't go anywhere, all right, money dis We are back
and I want to talk about investments, but specifically I
want to talk about your investment property. First. How did
(15:13):
you guys decide, all right, we're going to buy an
investment property instead of a you know, like a house
to move into or an apartment you could have lived
in or even just saved and traveled. Like where did
that come from?
Speaker 2 (15:24):
Yeah? So we were initially wanting to buy our own house,
but when we were looking at what was available because
we are living in the Ara Valley, we didn't really
like what was on the market at the time, and
there was always some things that we'd want to change.
And my partner ran the numbers and he was like, well,
it's actually cheaper for us to rent them buy and
(15:45):
I'd rather invest it and then we can build or
buy something that we really love later. Yeah.
Speaker 4 (15:50):
No, it's actually I feel like for a lot of
people in your age demographic, a decision that so many
more people are making. And is the plan to hold
that property for a long period of time or is
it to like increase in value, sell that, get into
your family home, or like what's the or do you
have an idea of long term plans?
Speaker 2 (16:07):
Yet it would be to hold that would be the
ideal situation. So if we can hold that and then
build and use equity that we accumulate through that property,
then we'd do that.
Speaker 4 (16:16):
Yeah. Love, and talk to me about any other investment.
Are you investing in any way, shape or form at
the moment?
Speaker 2 (16:22):
Yeah, So I've got some shares in the S and
P five hundred, and then I also use the Raise app,
which I love. I've been using that for a long
long time, and I've got a really nice portfolio there.
I've got a balanced across like ASX two hundred, SMP
five hundred and all the rest of it. So that's good.
My partner also invests in Chersias, so he's a key week.
Speaker 4 (16:43):
A friend from across the ditch.
Speaker 2 (16:45):
Yes he is. So Yeah, between us, we've got a
decent amount, I would say for our age, which is good.
Speaker 4 (16:52):
I love that. What's that look like though, because what's
a decent amount for a twenty six year old? I
feel like you're a hustler. I feel like I'm about
to be surprised you have an investment property is twenty six.
I shouldn't be surprised.
Speaker 2 (17:03):
Well, I guess with me. In investments, I've got about
seventy thousand.
Speaker 4 (17:08):
Jeez, Luise, look at you go, and.
Speaker 2 (17:12):
My boyfriend has about fifty thousand.
Speaker 4 (17:15):
Oh my goodness, you guys are going to be financially set.
I'm sorry, can we just take a step back? How
did you get to seventy thousand dollars? At twenty six
and also like not have to dispose of all of
that to buy an investment property, Like that's the Lulu,
that's very cool.
Speaker 2 (17:30):
Yeah, So in COVID we bought a lot while everything
was down and this obviously we didn't know each other then,
but we just did it because I was like, I
think this will work out. And then also we did
sell some assets as well recently, Like I had some
gold which I sold and put it into S and
P five hundred just because I've still got some So
(17:50):
I was like, look at this point in case we
need to pull it out, I've got it there ready
to go.
Speaker 4 (17:55):
I'm obsessed.
Speaker 2 (17:56):
And also salary packaging was really really helpful, which I
think a lot of people realize how much you can
actually gain. Like through salary packaging, I get an extra
about twenty grand a year.
Speaker 4 (18:06):
Yeah that's so early. And salary packaging just for everyone listening.
Isn't available to everybody, but it would be to you
because you work in a government based role. So tell
me a bit about how that worked. What are you
salary packaging?
Speaker 2 (18:18):
So I put a certain amount towards the mortgage, so
that gets put back into my account the day after payday,
so then that will go straight onto in our offset account.
And then I've also got like a living expenses card
which the other half goes on to. So it saves
me about eight hundred dollars in tax per pay cycle,
which is like adds up to be a significant amount.
(18:40):
And then each week I live off that pay wise card,
that one card, so I don't touch my other accounts.
I just live off whatever's put there.
Speaker 4 (18:47):
She's built to become an investor. You're going to be
really rich.
Speaker 2 (18:50):
I love it.
Speaker 4 (18:50):
Please don't forget me when you're really rich, So talk
to me about debts. So you bought your first investment
property together. I want the juicy details. How much did
it cost? Is your mortgage all of that?
Speaker 2 (19:02):
Yeah? So it cost six hundred and fifty thousand dollars
per house and land package. So that was really quite
reasonable for us because obviously joint.
Speaker 4 (19:11):
Income, yeah to get land.
Speaker 2 (19:14):
Yeah, house and land. Yeah, we got a really good deal.
So that was awesome. So repayments are about three thousand
a month?
Speaker 4 (19:20):
And what kind of deposit did you have to get started?
Speaker 2 (19:23):
We put down one hundred thousand dollars.
Speaker 4 (19:24):
Very cool, and you saved that together I'm assuming yep, yes, yeah,
very cool. So one hundred grand that means is your
mortgage sitting at about five point fifty or have you
smashed some down?
Speaker 2 (19:34):
No, we only just settled, so we haven't really made
any payments yet. Oh exciting.
Speaker 4 (19:40):
So a five point fifty mortgage that is very reasonable,
and like with your financial habits, I think you guys
are going to be just fine. Tell me about the
plan for that. Are you then leasing that property out?
Speaker 2 (19:52):
Yes, we will, so that should be ready Q one
next year latest. So yeah, we'll just rent that out immediately.
Speaker 4 (19:59):
And if you worked out like what kind of rent
you can get on that before you even like signed
the contract or is that something that you're like, No,
we just know that that property is fine and we'll
take whatever rent. Like, what's the thought pattern there?
Speaker 2 (20:09):
Yeah? No, we went through a real estate firm and
also with our mortgage broker, so it works out like
minimum six fifty a week.
Speaker 4 (20:17):
Oh, how good. That's pretty good rental yield. I'm so
excited for you guys. Talk to me about any other debts.
Is that something that I feel like you're going to say? No,
I just feel like you're good at money.
Speaker 2 (20:30):
I don't personally have any debts. I actually ended up
getting a scholarship for UNI, so I was very lucky.
I never had a hex sit. I love that for you.
And my boyfriend has paid off his hex stet as well.
Speaker 4 (20:41):
Oh how good. So talk to me about where did
you get so good at money? Like, I mean, you've
got a military based family, so I feel like they
were probably pretty like this is how it's going This
is what's going on. But tell me about growing up, Like,
is money something you guys spoke about a lot, because
like you're twenty six, and the way that you're talking
about money, you are so articulate. You are clearly incredibly intelligent.
(21:02):
But like the fact that you're like, look, this is
what I do. I'm investing in the SMP like top
five hundred, like salary package for my mortgage and my
living expenses. Like please stop, like you're crazy, Like in
the best possible way. How did you get here babe?
Speaker 2 (21:16):
Through a lot of mistakes? Oh?
Speaker 4 (21:18):
I love that honesty is the best policy.
Speaker 2 (21:20):
Like if you asked me like three years ago, I
would have given myself like a D minus.
Speaker 4 (21:24):
Really, so tell me how do you turn it around
so quick? Well?
Speaker 2 (21:28):
Growing up, my mum never really spoke about money, not
because she didn't want to. She's just always she kind
of grew up in that time where it was just
like guys who did it. So my dad was really good.
He's got accounting finance degree, so he was always the
go to. But we wouldn't just talk about it for
the sake of it. If I had a question, I
could definitely ask them and they tell me because they
had investment properties and everything, which is why I kind
(21:51):
of learned about them, But it wasn't something we'd discuss
over dinner. And Dad was always kind of like, oh,
it's fine, you'll learn it, but you don't. And then
you get your first paycheck and you're like, oh my god,
I'm so rich. I'm going to go buy some lubatons
and then all of a sudden, you have no money.
The next week.
Speaker 4 (22:09):
You're like, what the hell? I thought this was endless?
Speaker 2 (22:11):
Yeah, And then you I remember when I was little,
like we used to go feel like petrol and I
was like, oh my god, a dollar eighty that is
so cheap. And now I see a dollar eighty and
I have a heart attack. It's like you just don't
realize until you're living it.
Speaker 4 (22:23):
One hundred percent.
Speaker 2 (22:24):
Yeah, But I would just spend id just go shopping
all the time. I just would not care because I'm like,
I'm young, it doesn't matter. I can just do what
I want. It's still coming in. But then once that
happened with the military, I was like, something needs to change,
Like I should have way more savings than I do,
because I got down to like maybe like twenty thousand
(22:45):
dollars from having over fifty.
Speaker 4 (22:47):
Yeah, and like that's stressful.
Speaker 2 (22:49):
So in that short amount of time, I'd spend like
thirty grand.
Speaker 4 (22:52):
Because you were probably still spending, and like, we know
that you're going to continue spending to make yourself feel
better as well. So I'm assuming that there were a
few like let's call it therapy purchase is in there
as well, because you're like I feel like trash, I'm
going to go shopping today or I'm going to do
this all that. I'm like you kind of go, oh,
I've got fifty grand in the bank. I'm fine, But
like all those small decisions, you start to go, hold on,
(23:13):
hold on, hold on, where's my money filtering too?
Speaker 2 (23:15):
Yeah, and still wanting to see friends, like still going
out for really nice dinners, still paying for petrol, still
paying for car services, like it doesn't stop. And even
though I was living at home, which is luckier than
most people, it was still like really hit my bank account.
Oh and I kind of just flipped. I was like,
I need to fix this entire thing. So then I
kind of just got really frugal and locked down, made
(23:37):
up my old spreadsheet and budgeted.
Speaker 5 (23:39):
Yeah.
Speaker 4 (23:39):
And that's how you've gone from being like, hey, I'm
actually not that and I mean you were pretty good
at savings before. I don't want people listening to this
and being like, oh, she was fine, she had twenty
thousand in the back. Yeah totally, but like for someone
who had fifty, it's so stressful watching your money go down.
And yes, some people don't even have twenty and that's fine,
But we're just talking about one individual's personal story. And
(24:01):
I think that's what's so beautiful about money diaries, right,
I just go, how cool you're sharing all of this
with us so that we can learn. But to go
from that to having seventy granding chares to them being
able to buy your first home or your first investment property,
like that is a flip my friend like, that is
very cool. What do you think is like your best
(24:22):
money habit, Like what helped you lock in the best.
Speaker 2 (24:25):
I would say definitely paying myself first and automating all
my finances when I get paid, so making sure I've
got because I've got my different accounts. I've got a
joint account when my partner, I've got the account my
salary goes into, and then I've got my savings account,
so making sure it's really equally divided. I always use
like shop back raise as I said as well, I'm
(24:47):
really good at discount codes. I'll always find a discount
code for something. I just never pay full price unless
I absolutely have to. And I think something really interesting
that I learned, especially in the buying process, is that
some professions don't have to pay lender's mortgage insurance.
Speaker 4 (25:00):
They don't.
Speaker 2 (25:00):
I never knew, and then I found out that my
boyfriend could get it as a physio, and I was like,
this is great. So we paid no LMI.
Speaker 4 (25:07):
A lot of health professionals get to have like a
ten percent deposit and then we can wave the LMI.
So if you're listening and you're like, oh, that could
be me, like check with a broker because we can
tell you, like it's something that you're like, oh my goodness,
I didn't realize that banks would be so lenient. But
it's nice, isn't it.
Speaker 2 (25:24):
Yeah, it was amazing because that saved us.
Speaker 4 (25:26):
Yeah, a decent amount of money exactly. And like I
feel like LMI sometimes gets a bad rap because if
you need to pay it, I think sometimes when we
do the numbers, it can be better to pay l
AM I then to wait until you have the amount
of savings in your bank account to buy at the
higher deposit amount because the market has increased, like whatever.
(25:46):
But if you can just skip that whole thing and
not have to pay any of it, that's a good
money win.
Speaker 2 (25:51):
Yeah, No, it was great. So that helped a lot
as well.
Speaker 4 (25:54):
And what else do you think is keeping you at this?
Like you said you were like an amus, Like what
other good money habits? If you've got like are you
automating all of your spending? Like what happens on the
day that your salary hits your bank account? I want
to know. I just need to know the pervy details
because you are literally so good at this.
Speaker 2 (26:09):
So basically we put in five hundred dollars into our
joint account each because we both earn pretty similar amount
of money, so it's much of a muchness. And then
the rest of it will put just into our savings
because we don't go over that five hundred dollars for
I guess like maybe each week we only use one
(26:30):
thousand dollars max. And that's like groceries, petrol, any other expenses,
and usually it's more than enough. Sometimes we don't even
touch it, so we kind of just don't take anything
out of that account and just let it sit there.
So then we don't have to put as much every
pay cycle because sometimes we might have an unexpected expense
of the house, we might need to buy something, so
(26:50):
then we can use that money, but we just don't
touch that. We don't touch our savings, and we've just
got our emergency fund as well, so we build that
up and then the rest of it will just go
to shares or to our investments or in offset account.
So and like I said, because I live off that
living expenses card, I'm not touching my bank account at all.
I only touch the joint account when I'm paying bills.
Speaker 4 (27:11):
Do you think it helps that they're kind of completely separate,
like they sit differently. Do you feel like having it
a little bit further away means that you're less likely
to even be tempted to dip into it.
Speaker 2 (27:21):
One hundred percent. One hundred percent because it doesn't feel.
Speaker 4 (27:24):
Like your money anymore. You're kind of like, oh, that's
over there, I'm not meant to touch that.
Speaker 2 (27:28):
Yeah, one hundred percent. It's so much easy when you've
got different bank accounts. And I think, also weirdly being
with someone else as well, I feel like I have
to be more responsible because it's not just my money,
it's also his money.
Speaker 4 (27:38):
So yeah, that's the worst part.
Speaker 2 (27:42):
I'm not going to go on a shopping spring. Would
I join credit card? Yeah?
Speaker 4 (27:45):
That's how I got into so much consumer debt because
I was just yollow on my own and then I
have my partner and I'm like, now I feel like
I'm financially responsible. This is rude, So tell me a
little bit more. You surely have some bad money habits.
What do you I think your worst twenty how it is?
Speaker 2 (28:01):
I love buying gifts for people.
Speaker 4 (28:04):
Me too, Queen, me too.
Speaker 2 (28:06):
I'm really bad.
Speaker 4 (28:07):
It's so good though, Are you bad? But like you
can't be that bad. You got seventy grand in investment,
so I don't believe you, I.
Speaker 2 (28:14):
Know, but still like, for example, for my boyfriend's birthday,
I brought us plane tickets to Europe.
Speaker 4 (28:19):
It's a good present. Do you want to be my friend?
Speaker 2 (28:23):
But then, like, if I had to turn around and
spend like four thousand dollars out of my savings, can't
be like, no way, I don't need that. Because it
was for him, I was like, yeah, one hundred percent,
let's just go.
Speaker 4 (28:32):
But that just tells me a lot more about you
as well, which is quite sweet. So talk to me,
what does the future look like? Because you're already an
A minus? Why minus not plus? What would it take
to be like an A plus? Because I just feel
like you are already an A plus. I have no notes.
Speaker 2 (28:49):
Probably build out our investment portfolio. I would say, get
a more diverse portfolio and obviously get our dream home
and maybe a couple more investments. But yeah, it would
probably just be diversifying.
Speaker 4 (29:01):
I love that so much. I feel like this is
like so refreshing. You're you know, I mean this in
the nicest way possible. You're still such a baby, like
You've just got so much time on your side, and
you're just like so well set up and obviously so
like you've got your shit together. I can tell, like
you are so intelligent. I'm just like, yeah, of course
she has a psychology on his degree and got a
full scholarship for it. Of course she does. Like that
(29:24):
just makes sense. But I'm just I'm so excited. I
love that it wasn't and I don't love that it
didn't work out. That's heartbreaking, but I love that when
it didn't work out, you moved home. You're like, oh,
I'm bored, I'm going to go and bumble and then whoops,
run into the love of my life. And now we
own property together, when we're planning our entire lives and
we're both really good at money. Now like that's cool.
Speaker 2 (29:43):
Yeah, No, it definitely waked out for the better.
Speaker 4 (29:45):
I adore it, Money, Dice, this has been a pleasure.
Unfortunately we've run out of time, but it has been
so fun chatting to you. I feel like you are
so savvy and so cool, and I just know I'm
hoping that we get to cross parts in person at
some point because I think we'll get along that couse,
I fine, thank you. The iff shared on She's on
(30:08):
the Money is general in nature and does not consider
your individual circumstances. She's on the Money exists purely for
educational purposes and should not be relied upon to make
an investment or financial decision. If you do choose to
buy a financial product, read the PDS TMD and obtain
appropriate financial advice tailored towards your needs. Victoria Divine and
(30:29):
She's on the Money are authorized representatives of money. Sheper
Pty Ltd A b N three two one six four
nine two seven seven zero eight AFSL four five one
two eight nine
My name is Tatasha Bamblet. I'm a proud First Nations
woman and I'm here to acknowledge country t Glenn Young
Ganya nianar Kaka yah y and beIN Ahaka nian our
gay In Nimbina, yakarum jar dominyamiga Umagahawakaman damon Imlan Bomba
ban Gadabomba in and now in wakah ghana on yakarrum
jar Watnadaa. Hello, beautiful friends, we gather on the lands
(00:24):
of the Aboriginal people. We thank acknowledge and respect the
Abiginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money.
Speaker 4 (01:07):
Hello, and welcome to She's on the Money, the podcast
that led you be pervy about other people's money habits
for educational purposes of course. Welcome back to another one
of our money daries where I get the absolute privilege
of talking to one of our incredible She's on the
Money community members all about their journey. Now, let's jump
straight into it, because this week I got a message
and it sounded exactly like this, dear, she's on the money.
(01:31):
Two years ago, I embarked on a career in defense,
packed up my life and moved to Canberra. It didn't
go as planned. I got a back injury and was
medically discharged, so I moved back to Melbourne with no
job and was burning through my savings. Even though I
had completed my psychology honors degree the year prior, I
had no work experience in the sector. Fast forward to today,
(01:53):
I'm in an incredible job, living with my boyfriend and
we've just bought our first investment property together money jars.
That would have been so stressful, very very very stressful.
Oh my goodness, being like I'm going to move my
whole life and then being injured to the point where
you're not allowed to work, like heartbreaking. I'm so sorry.
Speaker 2 (02:12):
That's okay, Yeah it was my dream, but I think
the main thing I learn is things don't always go
to plan. So it worked out in the end, but
in the moments, yeah, very very overwhelming.
Speaker 4 (02:23):
Oh I want to learn more about that before we
get there. What grade would you give your money habits.
If I asked you to give them a grade from
A through to F.
Speaker 2 (02:30):
I'd probably say an as.
Speaker 4 (02:32):
Now, oh okay, queen, I want to know more about this,
but can you tell me before we get into all
of that, tell me a bit more about your money story.
Speaker 2 (02:40):
Yeah. Sure. So I grew up in a very military family.
So my dad was an intelligence analyst in the Air
Force and my mum was a nurse in the Navy.
Speaker 4 (02:51):
So this is why defense made sense for you, Yes.
Speaker 2 (02:54):
And I was like, well, we may as well go
for the trifecta. I'll do Army, which arguably is probably
the hut artist force, no disrespect, but yeah. So I
was like, awesome. They both got called through UNI before
they started, so I was like, awesome, I'm going to
get a qualification and then go pursue that through Defense.
But obviously, yeah, it didn't work out. So I was
(03:15):
in there for about two years. But ultimately when I
went to get my scans, there wasn't any hard evidence
of a proper diagnosis. So I didn't actually get any
sort of I guess support in the transition out because
I couldn't find an actual problem. What. Yeah, so I
got a bit, but not as much as you'd expect,
(03:35):
so it was pretty awful.
Speaker 4 (03:37):
Oh my goodness, that would have been even more stressful
because you're like, guys, I want to be here, but
you're not letting me be here. So what happened? How
did you end up with a back injury?
Speaker 2 (03:46):
So it's just tumultive training because the training over there
is eighteen months in Canberra at the Royal Military College.
So I finished training, but ultimately after training, I couldn't
go on to pursue an actual proper career because I
just it's just overtime and back injuries the most common
in military. Same with like lower limb injuries because you're
(04:07):
carrying packs about maybe like sixty kilos, like at least,
my goodness, and you've got your weapons and everything, so
it's definitely something that your body has to get used to,
and ultimately sometimes it doesn't and you don't realize until
you've finished, and then you're like, okay, well I've actually
am seriously hurt and I can't go on with this.
Speaker 4 (04:26):
That's heartbreaking. So and especially because you grew up in
like a defense family, I'm assuming this was a dream
that you had since you were like little. You weren't like, oh,
one day I went into like a school fair and
I saw that this was a good idea. You literally
grew up, Like what's an intelligence analyst do? Sorry side
note that sounds so bougie. Can you tell me about
your dad's job?
Speaker 2 (04:47):
Yeah, basically just following up on intelligence that you receive,
So it might be from external sources, internal sources, and
it's obviously very confidential. But yeah, and then using that
to protect and defend.
Speaker 4 (05:00):
I'm obsessed. And then your mum was a nurse in
the navy or a woman, so you wanted to go
into the army. You were like, you know what, I'm
going to go for the hardest one. We're going into
the army. What was the dream? What was the goal?
Where did we want to go?
Speaker 2 (05:13):
To do psychology? Yeah?
Speaker 4 (05:15):
Very cool, So like just become a psychologist in the
army hopefully Yeah.
Speaker 2 (05:20):
So to do psychology through the army with veterans.
Speaker 4 (05:23):
Wow, so obviously bloody heartbreaking finding out that you couldn't
do that. What was that like being like okay, cool,
I'm being medically discharged and I have to move back
to Melbourne. What the heck?
Speaker 2 (05:34):
Like?
Speaker 4 (05:35):
Where were you at in life at that point was
what was going on.
Speaker 2 (05:38):
Nothing like I'd packed up my entire life to move there.
So because I grew up on the mornings in Peninsula
and I have only one sister.
Speaker 4 (05:46):
Oh same queen.
Speaker 2 (05:47):
Oh love that. Yeah it's gorgeous there, But yeah, I
grew up there, so it was like a huge move.
I'd never kind of lived outside of home because it'd
just always been my sister and I. So then I
was just like, well, I'm just going to go. And
I I never had a contingency plan. I don't know
why I didn't.
Speaker 4 (06:03):
You don't need one. You didn't think that you did.
Speaker 2 (06:05):
Yeah, And and like taught me not to put all
my eggs in one basket because I did not foresee
this happening. So yeah, and it was super overwhelming, and
I guess also kind of embarrassing because my parents had
both done really really well through defense and there was
me who finished training but then couldn't continue with it.
Speaker 4 (06:21):
That's not embarrassing at all. That is not do you
know what would have been embarrassing if you'd like lied
about it and stayed in the army and injured yourself
even further and like made it even work, like that's
not no, You've done a really good job, Like I
don't think that's and I know that you like it's
so funny the way we see it individually, we go, oh,
that was so embarrassing, and then from the outwood see
(06:41):
and everyone's like, what the hell what do you mean, babe?
Like that's not embarrassing, but I get that that's exactly
how you felt. So you moved home, I'm assuming, back
in with mum and dad because you were like, what
the hell do I do?
Speaker 2 (06:51):
Yeah? Yeah, so I moved back in with them because
the plan was to buy a house through defense, because
you can once you've worked a certain amount of years
and they help you with housing. So I moved back in.
And yeah, like I said, I didn't have a job,
but I think I was lucky that I was qualified
prior to that and had my degree so then I
could actually try and find something, which I did eventually.
(07:12):
But I was out of a job for about five months,
which was quite stressful. What was that like?
Speaker 4 (07:17):
Because I would have been like, I don't know, I
feel like that hits your ego too, because you're like,
these were all my grand plans and like, as you
said you felt embarrassed, like you don't want to really
like rekindle with all your friends once your back, because
you're like, I don't want to, like I feel like
I'm going to go to lunch not have an update
for you or whatever. Like what was that like? And
tell me about the job that you did get.
Speaker 2 (07:38):
Yeah. I literally was just like saying to them, oh, like,
I'm just applying for jobs, and they were all like, oh, well,
I've just been promoted, I've done this, I've done that.
So it was just very Yeah, it definitely hit the
ego a bit, but you kind of have to put
that aside and be like, that can be me. I've
just got to find the right pathway and I know
I'm capable of it. It's just getting that opportunity.
Speaker 4 (07:57):
Yeah, one hundred. So after five months you found role.
What were you doing and are you still doing it?
Tell me?
Speaker 2 (08:03):
I am so I got a job in child protection.
Oh you are so special, which is what I've always
wanted to do, working with children and young people and families.
So I've been doing that for yeah, over two years now,
and it's been amazing. It's obviously challenging work, but very rewarding.
Speaker 4 (08:22):
Yeah, I can't imagine that anyone would ever say, oh,
it's really easy, But like I can see that as
being like super super rewarding and low key glad that,
like your defense career didn't work out, because I know
that was your dream. But like, it takes such a
special person to be able to work in child protection.
They're like, I'm glad they have you because they need you.
(08:44):
They need like empathetic humans who want to care about
other people. Like, but how are you looking after yourself?
Because I feel like I have had the pleasure of
talking to a lot of people who work in child protection,
and you can so easily burn out or be overwhelmed,
Like what are you doing to look to yourself?
Speaker 2 (09:00):
I hate this question because I don't do self care.
Speaker 5 (09:03):
Sorry, but well maybe I can kick you up the
button get you to do it, Like how many of
you do you need to experience burnout before you take
it seriously and learn from one another.
Speaker 2 (09:14):
I know I recently had a couple of weeks off
because I was burnt out, And yeah, yeah, so now
I'm like, maybe I should just start using some annual
leave and using some mental health days and having baths
but yeah, it's also you feel bad for your clients though,
And even though you should be able to put work
aside and still prioritize yourself, I can't. I hate thinking
(09:37):
about what my clients are doing when I'm not there
to provide support.
Speaker 4 (09:40):
And I think that while in a perfect world, yeah, okay,
we'll switch off and go home, like, people don't go
into that space, like you don't work in child protection
if you don't have a really high level of empathy,
like and then to expect somebody who has a high
level of empathy to be able to turn that off,
like absolutely not, which is why I'm always like, cool,
what are you doing for self care? Because like you
(10:02):
can't just turn off and say it'll be fine, Like
I feel like that's such a nineteen fifties way of working,
Like yep, you just do this and that, Like sorry,
you do take work home, and I'm sure you're like
going home to your partner being like oh my god,
today was rough or today was amazing or whatever, Like
we feel the highs with our clients as well as
the lows, like and you don't just get to get
out of your car and be like, right, well, what
(10:22):
am I cooking for dinner, like it impacts the rest
of your day, right.
Speaker 2 (10:26):
Yeah, one hundred percent. And like sometimes I might have
to go to court and prepare a court report within
like an hour, and then I'm presenting a court the
end of the day. I might have to pick up
a client from no, like three hours away to remove
them from a placement. So sometimes you get home at
like ten o'clock at night and then you're back there
at like seven o'clock the next morning. So yeah, it
(10:46):
is hectic, but it's good.
Speaker 4 (10:48):
See you're an icon, Like it just sounds like such
a rewarding career, Like I'm such a kids person as well,
Like I genuinely like I look at your role in
and go, do you know, I don't think I could
do it. I think I would get so invested in
it that it would break me so quickly. And like
I wish I had that tenacity and that ability. I
(11:08):
always look at roles like this and I'm like, you
are such a special human being. Like I did psychology
as well, and like the child stuff killed me, Like
I just, oh my lord, I was like, what do
you mean we have to do family studies? What do
you mean families do this absolutely, not like I'm so
privileged to have been very sheltered growing up in that respect,
but I just I'm very in awe. So talk to me.
(11:32):
What do you get paid if you work in child protection?
Speaker 2 (11:35):
So it starts at different salaries based on your qualifications
and your experience, but I'm currently on about one hundred
and two thousand dollars a year.
Speaker 4 (11:43):
Oh, that's pretty good, especially if you've only been in
it for like I would say, relatively short period of time.
And what does your I guess career trajectory look like
longer term?
Speaker 2 (11:53):
So it depends, Like if you've become like a deputy
area operations manager, you're looking at about one hundred and
eighty thousand dollars a year.
Speaker 4 (11:59):
Hey, that that's a good ink, I mean deserved for
that space. I would argue that it needs to be
even better paid, but like, that's a good salary.
Speaker 2 (12:07):
Yeah, and it's state GUB so it's very secure as well.
Speaker 4 (12:10):
Yeah, and talk to me about stupranuation. Is that like
at standard rates or is it more because it's government.
I don't know how that part of government works.
Speaker 2 (12:18):
Yeah, so it's slightly more. I believe I'm at like
about twelve point four percent. Oh, very nice, which is
pretty good. Yeah.
Speaker 4 (12:25):
I mean we're not going to be upset about that,
So talk to me now, because like, I feel like
your whole career and like your life plan has like changed, right,
So You've gone from being like, this is my career
I moving to Canberra in the bottom of your letter
in you actually said I'm now living with my boyfriend
and we just bought our first investment property. I need
to know. Did you have this boyfriend when you moved
(12:46):
to Canberra.
Speaker 2 (12:47):
No?
Speaker 4 (12:47):
I did not, So then you like moved home and
your entire life is completely different to what your career
was meant to be in camera. Within literally one week,
you came home and you were like, well, hello, so
tell me how did you meet?
Speaker 2 (12:59):
Yeah?
Speaker 4 (12:59):
So we met on Yeah cute. I met my husband
on Tinder. So I'm all about the online dating.
Speaker 2 (13:03):
I was very much against dating apps. Why it works,
I know, but I'd never been on one before. This
is the first time I ever used it, so now
I can't really diss them because it worked for me.
Speaker 4 (13:15):
It's annoying, isn't it? And like I met my husband
more than ten years ago now on Tinder and back
then that was not cool, Like that was that was
loser behavior Victoria to Vine And now I'm like, no,
it's cool. Everyone should be on it. But like there
still seems to be this massive stigma. But I'm sorry.
I found somebody who wanted exactly what I wanted out
of life, and I'm the winner here.
Speaker 2 (13:34):
Yeah. No, it worked out very, very well. But he
lived in the Yarra Valley and I was in the
Moynton Peninsula, so it was quite a drive.
Speaker 4 (13:41):
Oh that's a hike.
Speaker 2 (13:43):
Yeah, so we made it work. I'd be doing that
drive like three times a week and vice versa, just
to see each other. But we'd literally been talking for
twenty four hours and then I met him the following
day and then he asked me out straight away.
Speaker 4 (13:57):
I mean he knew what he wanted. Yeah, that's very
So talk to me, now, what are your big money goals?
What are you working towards? Because you did say that
you've just bought your first ever investment property, which is
really cool, but like financially, what are you working towards?
Because I feel like maybe this relationship went pretty hard
pretty fast and we might be talking about long term stuff.
Speaker 2 (14:16):
Yes, So we want to look at getting our family
home within the next couple of years, so whether we
build or buy still undecided. And my boyfriend would also
like to start a business, so yeah, we're probably going
to be looking at doing that. So he's a physiotherapist.
Speaker 4 (14:32):
Oh, very cool. So both in like caring types of roles.
I love this. So family home. Is that what you're
currently saving towards? Or are there any other financial goals
like in the works.
Speaker 2 (14:44):
Probably just the family home at this point in time
because obviously now we've already got a mortgage, so we're
going to have to save up even more to get.
Speaker 4 (14:51):
You a bit strapped in. I totally get that, all right,
I have so many questions. Let's go to a really
quick break because on the flip side, I'm going to
be asking you so much more about that investment property. Guys,
don't go anywhere, all right, money dis We are back
and I want to talk about investments, but specifically I
want to talk about your investment property. First. How did
(15:13):
you guys decide, all right, we're going to buy an
investment property instead of a you know, like a house
to move into or an apartment you could have lived
in or even just saved and traveled. Like where did
that come from?
Speaker 2 (15:24):
Yeah? So we were initially wanting to buy our own house,
but when we were looking at what was available because
we are living in the Ara Valley, we didn't really
like what was on the market at the time, and
there was always some things that we'd want to change.
And my partner ran the numbers and he was like, well,
it's actually cheaper for us to rent them buy and
(15:45):
I'd rather invest it and then we can build or
buy something that we really love later. Yeah.
Speaker 4 (15:50):
No, it's actually I feel like for a lot of
people in your age demographic, a decision that so many
more people are making. And is the plan to hold
that property for a long period of time or is
it to like increase in value, sell that, get into
your family home, or like what's the or do you
have an idea of long term plans?
Speaker 2 (16:07):
Yet it would be to hold that would be the
ideal situation. So if we can hold that and then
build and use equity that we accumulate through that property,
then we'd do that.
Speaker 4 (16:16):
Yeah. Love, and talk to me about any other investment.
Are you investing in any way, shape or form at
the moment?
Speaker 2 (16:22):
Yeah, So I've got some shares in the S and
P five hundred, and then I also use the Raise app,
which I love. I've been using that for a long
long time, and I've got a really nice portfolio there.
I've got a balanced across like ASX two hundred, SMP
five hundred and all the rest of it. So that's good.
My partner also invests in Chersias, so he's a key week.
Speaker 4 (16:43):
A friend from across the ditch.
Speaker 2 (16:45):
Yes he is. So Yeah, between us, we've got a
decent amount, I would say for our age, which is good.
Speaker 4 (16:52):
I love that. What's that look like though, because what's
a decent amount for a twenty six year old? I
feel like you're a hustler. I feel like I'm about
to be surprised you have an investment property is twenty six.
I shouldn't be surprised.
Speaker 2 (17:03):
Well, I guess with me. In investments, I've got about
seventy thousand.
Speaker 4 (17:08):
Jeez, Luise, look at you go, and.
Speaker 2 (17:12):
My boyfriend has about fifty thousand.
Speaker 4 (17:15):
Oh my goodness, you guys are going to be financially set.
I'm sorry, can we just take a step back? How
did you get to seventy thousand dollars? At twenty six
and also like not have to dispose of all of
that to buy an investment property, Like that's the Lulu,
that's very cool.
Speaker 2 (17:30):
Yeah, So in COVID we bought a lot while everything
was down and this obviously we didn't know each other then,
but we just did it because I was like, I
think this will work out. And then also we did
sell some assets as well recently, Like I had some
gold which I sold and put it into S and
P five hundred just because I've still got some So
(17:50):
I was like, look at this point in case we
need to pull it out, I've got it there ready
to go.
Speaker 4 (17:55):
I'm obsessed.
Speaker 2 (17:56):
And also salary packaging was really really helpful, which I
think a lot of people realize how much you can
actually gain. Like through salary packaging, I get an extra
about twenty grand a year.
Speaker 4 (18:06):
Yeah that's so early. And salary packaging just for everyone listening.
Isn't available to everybody, but it would be to you
because you work in a government based role. So tell
me a bit about how that worked. What are you
salary packaging?
Speaker 2 (18:18):
So I put a certain amount towards the mortgage, so
that gets put back into my account the day after payday,
so then that will go straight onto in our offset account.
And then I've also got like a living expenses card
which the other half goes on to. So it saves
me about eight hundred dollars in tax per pay cycle,
which is like adds up to be a significant amount.
(18:40):
And then each week I live off that pay wise card,
that one card, so I don't touch my other accounts.
I just live off whatever's put there.
Speaker 4 (18:47):
She's built to become an investor. You're going to be
really rich.
Speaker 2 (18:50):
I love it.
Speaker 4 (18:50):
Please don't forget me when you're really rich, So talk
to me about debts. So you bought your first investment
property together. I want the juicy details. How much did
it cost? Is your mortgage all of that?
Speaker 2 (19:02):
Yeah? So it cost six hundred and fifty thousand dollars
per house and land package. So that was really quite
reasonable for us because obviously joint.
Speaker 4 (19:11):
Income, yeah to get land.
Speaker 2 (19:14):
Yeah, house and land. Yeah, we got a really good deal.
So that was awesome. So repayments are about three thousand
a month?
Speaker 4 (19:20):
And what kind of deposit did you have to get started?
Speaker 2 (19:23):
We put down one hundred thousand dollars.
Speaker 4 (19:24):
Very cool, and you saved that together I'm assuming yep, yes, yeah,
very cool. So one hundred grand that means is your
mortgage sitting at about five point fifty or have you
smashed some down?
Speaker 2 (19:34):
No, we only just settled, so we haven't really made
any payments yet. Oh exciting.
Speaker 4 (19:40):
So a five point fifty mortgage that is very reasonable,
and like with your financial habits, I think you guys
are going to be just fine. Tell me about the
plan for that. Are you then leasing that property out?
Speaker 2 (19:52):
Yes, we will, so that should be ready Q one
next year latest. So yeah, we'll just rent that out immediately.
Speaker 4 (19:59):
And if you worked out like what kind of rent
you can get on that before you even like signed
the contract or is that something that you're like, No,
we just know that that property is fine and we'll
take whatever rent. Like, what's the thought pattern there?
Speaker 2 (20:09):
Yeah? No, we went through a real estate firm and
also with our mortgage broker, so it works out like
minimum six fifty a week.
Speaker 4 (20:17):
Oh, how good. That's pretty good rental yield. I'm so
excited for you guys. Talk to me about any other debts.
Is that something that I feel like you're going to say? No,
I just feel like you're good at money.
Speaker 2 (20:30):
I don't personally have any debts. I actually ended up
getting a scholarship for UNI, so I was very lucky.
I never had a hex sit. I love that for you.
And my boyfriend has paid off his hex stet as well.
Speaker 4 (20:41):
Oh how good. So talk to me about where did
you get so good at money? Like, I mean, you've
got a military based family, so I feel like they
were probably pretty like this is how it's going This
is what's going on. But tell me about growing up, Like,
is money something you guys spoke about a lot, because
like you're twenty six, and the way that you're talking
about money, you are so articulate. You are clearly incredibly intelligent.
(21:02):
But like the fact that you're like, look, this is
what I do. I'm investing in the SMP like top
five hundred, like salary package for my mortgage and my
living expenses. Like please stop, like you're crazy, Like in
the best possible way. How did you get here babe?
Speaker 2 (21:16):
Through a lot of mistakes? Oh?
Speaker 4 (21:18):
I love that honesty is the best policy.
Speaker 2 (21:20):
Like if you asked me like three years ago, I
would have given myself like a D minus.
Speaker 4 (21:24):
Really, so tell me how do you turn it around
so quick? Well?
Speaker 2 (21:28):
Growing up, my mum never really spoke about money, not
because she didn't want to. She's just always she kind
of grew up in that time where it was just
like guys who did it. So my dad was really good.
He's got accounting finance degree, so he was always the
go to. But we wouldn't just talk about it for
the sake of it. If I had a question, I
could definitely ask them and they tell me because they
had investment properties and everything, which is why I kind
(21:51):
of learned about them, But it wasn't something we'd discuss
over dinner. And Dad was always kind of like, oh,
it's fine, you'll learn it, but you don't. And then
you get your first paycheck and you're like, oh my god,
I'm so rich. I'm going to go buy some lubatons
and then all of a sudden, you have no money.
The next week.
Speaker 4 (22:09):
You're like, what the hell? I thought this was endless?
Speaker 2 (22:11):
Yeah, And then you I remember when I was little,
like we used to go feel like petrol and I
was like, oh my god, a dollar eighty that is
so cheap. And now I see a dollar eighty and
I have a heart attack. It's like you just don't
realize until you're living it.
Speaker 4 (22:23):
One hundred percent.
Speaker 2 (22:24):
Yeah, But I would just spend id just go shopping
all the time. I just would not care because I'm like,
I'm young, it doesn't matter. I can just do what
I want. It's still coming in. But then once that
happened with the military, I was like, something needs to change,
Like I should have way more savings than I do,
because I got down to like maybe like twenty thousand
(22:45):
dollars from having over fifty.
Speaker 4 (22:47):
Yeah, and like that's stressful.
Speaker 2 (22:49):
So in that short amount of time, I'd spend like
thirty grand.
Speaker 4 (22:52):
Because you were probably still spending, and like, we know
that you're going to continue spending to make yourself feel
better as well. So I'm assuming that there were a
few like let's call it therapy purchase is in there
as well, because you're like I feel like trash, I'm
going to go shopping today or I'm going to do
this all that. I'm like you kind of go, oh,
I've got fifty grand in the bank. I'm fine, But
like all those small decisions, you start to go, hold on,
(23:13):
hold on, hold on, where's my money filtering too?
Speaker 2 (23:15):
Yeah, and still wanting to see friends, like still going
out for really nice dinners, still paying for petrol, still
paying for car services, like it doesn't stop. And even
though I was living at home, which is luckier than
most people, it was still like really hit my bank account.
Oh and I kind of just flipped. I was like,
I need to fix this entire thing. So then I
kind of just got really frugal and locked down, made
(23:37):
up my old spreadsheet and budgeted.
Speaker 5 (23:39):
Yeah.
Speaker 4 (23:39):
And that's how you've gone from being like, hey, I'm
actually not that and I mean you were pretty good
at savings before. I don't want people listening to this
and being like, oh, she was fine, she had twenty
thousand in the back. Yeah totally, but like for someone
who had fifty, it's so stressful watching your money go down.
And yes, some people don't even have twenty and that's fine,
But we're just talking about one individual's personal story. And
(24:01):
I think that's what's so beautiful about money diaries, right,
I just go, how cool you're sharing all of this
with us so that we can learn. But to go
from that to having seventy granding chares to them being
able to buy your first home or your first investment property,
like that is a flip my friend like, that is
very cool. What do you think is like your best
(24:22):
money habit, Like what helped you lock in the best.
Speaker 2 (24:25):
I would say definitely paying myself first and automating all
my finances when I get paid, so making sure I've
got because I've got my different accounts. I've got a
joint account when my partner, I've got the account my
salary goes into, and then I've got my savings account,
so making sure it's really equally divided. I always use
like shop back raise as I said as well, I'm
(24:47):
really good at discount codes. I'll always find a discount
code for something. I just never pay full price unless
I absolutely have to. And I think something really interesting
that I learned, especially in the buying process, is that
some professions don't have to pay lender's mortgage insurance.
Speaker 4 (25:00):
They don't.
Speaker 2 (25:00):
I never knew, and then I found out that my
boyfriend could get it as a physio, and I was like,
this is great. So we paid no LMI.
Speaker 4 (25:07):
A lot of health professionals get to have like a
ten percent deposit and then we can wave the LMI.
So if you're listening and you're like, oh, that could
be me, like check with a broker because we can
tell you, like it's something that you're like, oh my goodness,
I didn't realize that banks would be so lenient. But
it's nice, isn't it.
Speaker 2 (25:24):
Yeah, it was amazing because that saved us.
Speaker 4 (25:26):
Yeah, a decent amount of money exactly. And like I
feel like LMI sometimes gets a bad rap because if
you need to pay it, I think sometimes when we
do the numbers, it can be better to pay l
AM I then to wait until you have the amount
of savings in your bank account to buy at the
higher deposit amount because the market has increased, like whatever.
(25:46):
But if you can just skip that whole thing and
not have to pay any of it, that's a good
money win.
Speaker 2 (25:51):
Yeah, No, it was great. So that helped a lot
as well.
Speaker 4 (25:54):
And what else do you think is keeping you at this?
Like you said you were like an amus, Like what
other good money habits? If you've got like are you
automating all of your spending? Like what happens on the
day that your salary hits your bank account? I want
to know. I just need to know the pervy details
because you are literally so good at this.
Speaker 2 (26:09):
So basically we put in five hundred dollars into our
joint account each because we both earn pretty similar amount
of money, so it's much of a muchness. And then
the rest of it will put just into our savings
because we don't go over that five hundred dollars for
I guess like maybe each week we only use one
(26:30):
thousand dollars max. And that's like groceries, petrol, any other expenses,
and usually it's more than enough. Sometimes we don't even
touch it, so we kind of just don't take anything
out of that account and just let it sit there.
So then we don't have to put as much every
pay cycle because sometimes we might have an unexpected expense
of the house, we might need to buy something, so
(26:50):
then we can use that money, but we just don't
touch that. We don't touch our savings, and we've just
got our emergency fund as well, so we build that
up and then the rest of it will just go
to shares or to our investments or in offset account.
So and like I said, because I live off that
living expenses card, I'm not touching my bank account at all.
I only touch the joint account when I'm paying bills.
Speaker 4 (27:11):
Do you think it helps that they're kind of completely separate,
like they sit differently. Do you feel like having it
a little bit further away means that you're less likely
to even be tempted to dip into it.
Speaker 2 (27:21):
One hundred percent. One hundred percent because it doesn't feel.
Speaker 4 (27:24):
Like your money anymore. You're kind of like, oh, that's
over there, I'm not meant to touch that.
Speaker 2 (27:28):
Yeah, one hundred percent. It's so much easy when you've
got different bank accounts. And I think, also weirdly being
with someone else as well, I feel like I have
to be more responsible because it's not just my money,
it's also his money.
Speaker 4 (27:38):
So yeah, that's the worst part.
Speaker 2 (27:42):
I'm not going to go on a shopping spring. Would
I join credit card? Yeah?
Speaker 4 (27:45):
That's how I got into so much consumer debt because
I was just yollow on my own and then I
have my partner and I'm like, now I feel like
I'm financially responsible. This is rude, So tell me a
little bit more. You surely have some bad money habits.
What do you I think your worst twenty how it is?
Speaker 2 (28:01):
I love buying gifts for people.
Speaker 4 (28:04):
Me too, Queen, me too.
Speaker 2 (28:06):
I'm really bad.
Speaker 4 (28:07):
It's so good though, Are you bad? But like you
can't be that bad. You got seventy grand in investment,
so I don't believe you, I.
Speaker 2 (28:14):
Know, but still like, for example, for my boyfriend's birthday,
I brought us plane tickets to Europe.
Speaker 4 (28:19):
It's a good present. Do you want to be my friend?
Speaker 2 (28:23):
But then, like, if I had to turn around and
spend like four thousand dollars out of my savings, can't
be like, no way, I don't need that. Because it
was for him, I was like, yeah, one hundred percent,
let's just go.
Speaker 4 (28:32):
But that just tells me a lot more about you
as well, which is quite sweet. So talk to me,
what does the future look like? Because you're already an
A minus? Why minus not plus? What would it take
to be like an A plus? Because I just feel
like you are already an A plus. I have no notes.
Speaker 2 (28:49):
Probably build out our investment portfolio. I would say, get
a more diverse portfolio and obviously get our dream home
and maybe a couple more investments. But yeah, it would
probably just be diversifying.
Speaker 4 (29:01):
I love that so much. I feel like this is
like so refreshing. You're you know, I mean this in
the nicest way possible. You're still such a baby, like
You've just got so much time on your side, and
you're just like so well set up and obviously so
like you've got your shit together. I can tell, like
you are so intelligent. I'm just like, yeah, of course
she has a psychology on his degree and got a
full scholarship for it. Of course she does. Like that
(29:24):
just makes sense. But I'm just I'm so excited. I
love that it wasn't and I don't love that it
didn't work out. That's heartbreaking, but I love that when
it didn't work out, you moved home. You're like, oh,
I'm bored, I'm going to go and bumble and then whoops,
run into the love of my life. And now we
own property together, when we're planning our entire lives and
we're both really good at money. Now like that's cool.
Speaker 2 (29:43):
Yeah, No, it definitely waked out for the better.
Speaker 4 (29:45):
I adore it, Money, Dice, this has been a pleasure.
Unfortunately we've run out of time, but it has been
so fun chatting to you. I feel like you are
so savvy and so cool, and I just know I'm
hoping that we get to cross parts in person at
some point because I think we'll get along that couse,
I fine, thank you. The iff shared on She's on
(30:08):
the Money is general in nature and does not consider
your individual circumstances. She's on the Money exists purely for
educational purposes and should not be relied upon to make
an investment or financial decision. If you do choose to
buy a financial product, read the PDS TMD and obtain
appropriate financial advice tailored towards your needs. Victoria Divine and
(30:29):
She's on the Money are authorized representatives of money. Sheper
Pty Ltd A b N three two one six four
nine two seven seven zero eight AFSL four five one
two eight nine
Popular Podcasts
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.