This week’s Money Diary is one of those “wait… this is actually so relatable” conversations. She’s a newly admitted lawyer who spent years living paycheck to paycheck while studying, prioritising travel over investing and genuinely having no idea what an ETF even was.
Fast forward a few years and life suddenly got very expensive, very quickly.
An apartment. A wedding. A honeymoon. Another holiday. A puppy. Moving costs. Furniture. And somewhere in the middle of all of that, she and her husband had the slightly nauseating realisation that they’d spent hundreds of thousands of dollars in a year… without really stopping to think about where any of it was actually going. And honestly? I think a lot of people will see themselves in this one. We talk about the pressure to buy property because everyone else is doing it, the reality of owning an apartment with brutal body corporate fees, lifestyle creep, ADHD hyper-fixation becoming an unexpected budgeting superpower, and what happened when she finally sat down and looked at her finances properly.
Now she’s investing 40% of her income, building a portfolio she actually understands, and rethinking what financial security is supposed to look like in the first place. This one feels a little bit like a group chat with your financially self-aware friends. Slightly chaotic. Slightly confronting. But in the best way.
SORT YOUR INSURANCE: A big thank you to our partner Skye Wealth for bringing this episode to life. If you're ready to get your insurances sorted, you can learn more about them here.We have a long standing referral partnership with Skye Wealth and only ever partner with people we trust.
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Acknowledgement of Country By Nartarsha 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 - 4451289
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Speaker 1 (00:00):
My name's Tatasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country te Glennyan Ganya, Niana,
Kaka yah y and Binahaka Nian our gay In Mbini,
yakarum Jar, Doumayagumika Umaga, Ihowaka, Nilewaman damon Immalan Bumba bang
Gadabomba in and now in wakah ghana on yak rum
Jar Watanada. 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 (00:45):
She's on the Money. She's on the Money.
Speaker 3 (00:50):
Hello, and welcome to She's on the Money, the podcast
that lets you be purvy about other people's money habits
for educational purposes, of course. Welcome back to another one
of our Money Darius episodes, brought to you by our
friends at sky Wealth, where I get the absolute privilege
of sitting down with one of our incredible She's on
the Money community members and talking to them all about
(01:12):
their journey. Now let's jump straight into it, because this
week I got a message and it sounded exactly like this. Hi,
VD and the SotM team. I'm Bella. I'm the fangirl
who interrupted your family walk on Dromana Beach on Anzac Day.
She did my friends, and it was the best. Six
years ago, I was a law student, living paycheck to paycheck,
(01:33):
prioritizing travel over financial literacy, and I had no idea
what the SMP five hundred even meant. Fast forward to today,
after binging your podcast daily and completely shifting my mindset,
I'm now a lawyer, I'm married, I live on the
morning to Peninsula with our puppy, and we are building
our investment portfolio. We learned the hard way that property
(01:54):
investing isn't always the dream it's sold us, so we've
pivoted away from chasing expects, did milestones, and now invest
forty percent of our income instead. Our big lesson financial
security doesn't have to look the way everyone says it should.
Money Durist, Hello again, Hi, thanks so much for having me.
Oh my goodness, this was so fun. So both of
(02:16):
us make up free, looking a little bit disheveled. I
think both of us had been to like dawn services.
So we just like started walking our dogs. Straight after
you had your newborn, I did. I was ready. We
ran into each other on Dramana Beach, and much to
our husband's demise, we had a really good chat. And
then you said I'm going to ride in and I said,
please do Now are you here?
Speaker 2 (02:37):
Thank you so much for having me.
Speaker 3 (02:39):
I'm obsessed. I'm so excited. So as I always start money, darist,
what grade would you give your habits from A three
to F If I asked you to give them a grade.
Speaker 2 (02:47):
I'm going to say B plus. I was thinking, you know,
I've come a long way, so I'm thinking B plus
maybe B minus.
Speaker 3 (02:54):
Got questions, You've always got questions. Your letter in says
that you're investing forty percent of your income, and you're like,
B plus and okay, I'm not even doing that, but okay, yeah,
so talk to me. I want to know a little
bit more about your money story and the things that
have impacted it.
Speaker 2 (03:09):
So I grew up in regional Victoria. Actually, mom and
dad just we never went without absolutely anything, but money
was just never spoken about. It was so taboo. It
was just like we always had what we wanted. If
I something got it, but I knew that we had
to work for things and hard work at big and
that kind of stuff, but it just wasn't woken about,
like it just money just never came up. Like I
(03:31):
guess I was very privileged.
Speaker 3 (03:32):
It just didn't come up, or if it came up,
it was like, oh, that's rude.
Speaker 2 (03:36):
Yeah, I think so. I think that like just oh,
we don't have to worry about money kind of thing,
or let's just not go into it. I think Dad
was very protective. Yeah, and now that I know, like
they weren't well off, like now that I've grown up
and we've spoken about it, like, they definitely weren't well
off in the sense of the word. But I think
maybe he just wanted to, yeah, protect his money story
(03:56):
for himself, I guess. But yeah, that's kind of I
think shaped my perspective on money now, and it's definitely
something I would do differently if I were to raise
my own kids as well. I think it should be
spoken about. And I know you believe this as well,
that you know how do you communicate about money with
your kids and whatnot. So yeah, I think in the
fact that also taboo. That kind of then led me
(04:17):
into where I am now, I guess. So I moved
to the city, inner city Melbourne to study.
Speaker 3 (04:22):
Law and psychology, okay, queen when.
Speaker 2 (04:24):
I was eighteen. Yeah, yeah, and I just worked part
time in hospitality, just trying to you know, get a
couple of hundred dollars for the week kind of thing
and to get by. But I was a really good
saver with whatever I had left at the end of
the paycheck. But all that money was going to travel.
Like I was just like, right, I'm saving and I'm
going to Europe and going to this and doing that.
And I did all that, but I did that up
(04:45):
until a couple of years ago. So yeah, all my
money's kind of just been on experiences and that's where
I really bowe you my money. And then I met
my husband actually in twenty nineteen, so just before COVID,
and we were thrust obviously into moving together.
Speaker 3 (05:00):
Oh so many people were right, It's like, yeah, either
stopped dating because we can't see each other. Oh guess what,
we live together now.
Speaker 2 (05:06):
Yep, we're in it. It was like after a year,
so it was fine. It was honestly fine.
Speaker 4 (05:11):
Yeah.
Speaker 2 (05:11):
Now they say that, I think that's actually okay, and
it was a lot of fun.
Speaker 3 (05:13):
Like but at the time, it does feel like it's
moving quick because that's what my partner and I did.
And I remember telling somebody, oh, yeah, we've been together
a year and we're moving in. They were like wait what.
Speaker 2 (05:23):
Yeah, so he's a little bit older than me. But
I guess we just were kind of yeah, as I said,
just thrust into it and we just were having a
really great time. When I look back on COVID, I'm like, oh,
what did I do? Like, I literally I wasn't learning
about money or doing finance or anything back then, So
I don't know what happened during that period of time.
I think I was just honestly mindlessly spending and just
being outrageous.
Speaker 3 (05:43):
I feel like it all rolls into one.
Speaker 2 (05:45):
Yeah.
Speaker 3 (05:46):
I was looking back on this a little while ago
because someone was like, oh, yeah, it's been like six years,
and I was like, sorry, what what do you mean.
They're like, yeah, COVID nineteen started twenty twenty. I was like,
oh my god, Like, yeah, it feels like yesterday and
also fifty years ago at the same time. But I
was like, I don't remember a lot of Is that
a trauma response or is that just because every day
(06:08):
looked the same. Like my husband mentioned something the other day,
is like, hey, remember when we used to get our
fresco cups and feel them full of espresso martinis and
go for walks. And I was like, can you imagine
if I did that today? That would be so to do? Like,
can you imagine our Victoria Devine goes for a drink
and walk?
Speaker 2 (06:25):
That's crazy sitting in the park.
Speaker 3 (06:28):
Yeah, we was sitting in the park drinking margs out
of coffee cups, wasn't it.
Speaker 2 (06:33):
I mean it sounds quite fun. Actually, yeah, let's go.
Speaker 4 (06:36):
Yeah.
Speaker 2 (06:36):
I guess where we're at now is because my partner's
are older than me. He's always had that sort of
hie salary.
Speaker 3 (06:42):
Yeah, how much older are you talking? Though? Like, sorry,
this is money diaries.
Speaker 2 (06:45):
I get the goss seven years.
Speaker 3 (06:47):
Oh that's nothing, that's nothing.
Speaker 2 (06:48):
Six he's thirty three. Yeah, okay, now when I was nineteen,
he was twenty six. But yeah, he's had a high salary.
But I just didn't really matter, Like I think there
was times when I was thinking, oh shit, like I
wish I was earning that little bit more to like
because I was obviously just working at hospital, trying to
get through my degree to like match you my guess.
But he never made me feel like I needed to
(07:08):
supportive and like, oh, get dinner and all that stuff.
Speaker 3 (07:11):
Like yeah, he was like I'm queen, you're still at UNI.
Speaker 2 (07:13):
Yeah, that was exactly what he did. But then in
twenty twenty four we got engaged, which was lovely.
Speaker 3 (07:19):
Yeah, how did he provoke? Yeah?
Speaker 2 (07:21):
So we were in Thailand cut yeah, and we went
on this little walk We're just holiday and he just
got down on one knee and it was just beautiful. Actually,
I was watching the video the other day.
Speaker 3 (07:31):
I'm obsessed.
Speaker 5 (07:31):
I just love it.
Speaker 2 (07:32):
Same, I love love.
Speaker 3 (07:33):
One of my team members just got engaged and I
was like so excited. I was like, hold on, hold on,
she's messaged me on her holiday, like I don't want to, like,
you know, it's a sign overstretched. No, she got engaged
in Japan, which I'm so excited. This is a leeche
If anybody is listening, she's already posted on Instagram about it.
So I feel like it's public knowledge. But I was like,
am I allowed to FaceTime her? Like I'm just so excited,
Like I just want to share this excitement.
Speaker 2 (07:54):
Oh it was yeah, obviously my special day, but our
wedding was obviously then more special. Then got married last year.
I guess where we're at is last year And the
end of twenty twenty four was just the most expensive
yeah ever, Like of course it was. So we had
a wedding and we actually bought an apartment.
Speaker 3 (08:13):
At the same time. Oh, Steve and I did that
and a dog. Oh yeah, just like hate money yep,
literally setting fire to it at that point yep.
Speaker 2 (08:23):
Honeymoon and then we just put another trip in there
to New Zealand skiing, which was so expensive, so rary
and lucky and privilege obviously that we had the means
to do that. But now that we're here and we
can reflect, it's just like we spent hundreds of thousands
of dollars and that pains, Say, am.
Speaker 3 (08:42):
I allowed to be pervy?
Speaker 2 (08:44):
Yeah? I did the calcul I need I need to know.
Speaker 3 (08:46):
So where did you get married in Australia?
Speaker 2 (08:48):
Yes, in Australia in Shoal Bay, so sush near Stevens.
Speaker 3 (08:53):
Yeah, up the coast.
Speaker 2 (08:53):
Yeah, the wedding was fine. So the wedding was around
fifty sixty k all together. We had fifty five people.
It was quite small. Yeah, but then we did the
honeymoon and that was in Fiji.
Speaker 3 (09:04):
Now it all adds up, doesn't it. It's like I
always talk about the core satellite investing approach, and like
I think that we talk about weddings in the same
way where it's like the core You're like, oh, the
wedding wasn't too bad, but then we forget to include
engagement parties and anniversaries and honeymoons and all of the
other stuff that goes around it, and then all of
a sudden you're like, where is all my money gone?
(09:25):
And it was wedding related exactly.
Speaker 2 (09:28):
It's just baffling. But you know what, I was happy
with that amount, Like I was happy that we didn't spend,
you know, over one hundred thousand. I was happy with that.
Speaker 3 (09:36):
And was this something that you budgeted for or was
it like you just spent as you went or I'm
just so pervy, I'm so sorry.
Speaker 2 (09:43):
Yeah, no, No, we definitely budgeted for it. Actually, we
probably budgeted around fifty k, so blew it a little bit,
blowed a little bit. And then in Fiji, I think
we went for two weeks, two four weeks and that
was about fifteen thousand, which.
Speaker 3 (09:56):
Is just figi's gorgeous, pg's gorgeous.
Speaker 2 (09:59):
Like we went to this island, Turtle Island, this beautiful
island was amazing, like no regrets obviously, and then we
came back and we went to New Zealand a couple
months later because all our friends were going, so we're like,
well we're obviously going to yeah ma low yeah, and
that was just a yeah. I think that was twelve
thirty K for a week.
Speaker 3 (10:18):
What did you do?
Speaker 2 (10:20):
So the skiing passes are outrageous? What do you mean?
Speaker 3 (10:23):
Where were you skiing? As somebody who like disclaimer, this
is going to be the most unrelatable conversation. I think
it is unrelatable the right thing, like maybe just like
a little bit entitled, Yeah, I go skiing a lot. Yeah,
I love skiing. Yes, we are a ski family. Skiing
is not cheap, but the ski passes in New Zealand
are about the same as they are in Australia.
Speaker 2 (10:43):
Yeah, so I think we paid four hundred dollars for
a ski pass each, right, yes, but then.
Speaker 3 (10:48):
What got us but that would have been like three
days or four days.
Speaker 2 (10:51):
Yes, yes, what got us is we went Remarkables and
then the other one, which it was Cardrona.
Speaker 3 (10:57):
Yeah, and they're not on the same ski pass.
Speaker 2 (10:59):
They're not on the same ski so then you get two.
Speaker 3 (11:01):
We needed the hero pass yeah yeah, yeah, so.
Speaker 2 (11:04):
Then that was an accommodation a couple of thousand.
Speaker 3 (11:06):
Yeah, it would have been.
Speaker 2 (11:07):
Flights were expensive. I think they might have been two
K or something. Yeah, okay, which is kind of exy
now that I see white prices, but maybe it was
around ten. But then when we were there, we were
just out for dinner. We're going on this winery tour.
It just go's a slippery slow Yeah, it seriously is
a hence the slippery slope of the last year that
was just ridiculously Yeah, so I think this was our mentality,
(11:30):
like and now just look back on it and I
just got it.
Speaker 3 (11:32):
And it's hard, right, And I'm not saying that that's
a bad thing, but it's so easy to spend that.
Whereas that's why I was like, oh, really is it expensive?
Like not in a I'm being entitled way. That's why
I was like, I want to disclaim it this. I
promise I don't need to touch grass, but as somebody
who you know, if my husband and I want to
go skiing, which we adore, like that's something big line
item in our budget, right, we do like going to
(11:55):
New Zealand because the snow is better, it's a little
bit more predictable, and we actually find it cheaper. But
we're shopping around, like we're making sure that we book
flights when they're on sale.
Speaker 1 (12:04):
You know.
Speaker 3 (12:04):
We usually share an airbnb with a group of friends,
like we're not just going and like having a bougie
hotel experience, and then we eat in most of the time,
like we go down to the shops because we've all
just hired a car together. We go down to the
shops and we're like, all right, tonight's roast, Tomorrow night's this,
like yeah, and we all do like shared cooking and
it becomes a really reasonable trip.
Speaker 2 (12:24):
Yeah.
Speaker 3 (12:25):
But I think you're at Botswan goodchery, won't you.
Speaker 2 (12:27):
It's definitely and berg Berger, Oh my god, breakfast, lunch
and dinner.
Speaker 3 (12:32):
Yeah, I can see how it would happen. I promise
you if you said, Victoria, there's no budget on this trip,
I'd be like, yeah, sit down, I've got no exactly, And.
Speaker 2 (12:41):
In saying that, like that actually makes me feel sick,
like we know what we did was just you just
spend money like when it's there and tying back into
that piece of like we have a solid duel income
that I think when we could get to that, but
like when it's there, you just spend it. And when
you don't know enough about your finances in your budgeting,
you haven't done everything that you tell your community to do,
(13:03):
Like we haven't even thought about the emergency fund, but
we had it there, but was it for that purpose?
Speaker 3 (13:08):
No, that was just but it's so easy, Like it
is so easy to slip into that. And again it's
not because you're being entitled or you don't know what's
going on or you're not smart. But once you've gotten
to a point where you're like, I'm a lawyer and
my partner has a solid job, Like we don't need
to stress about money, Like you don't have any kids,
Like you've not got this huge, big mortgage over your head.
(13:30):
You're kind of like, well, we don't need to stress.
We can just be a little bit more frivolous. But
this is where people fall into the trap of overspending
because they just go, how much could it be? It's
just one din under the set, but it's not. It's
the entire lifestyle that surrounds that. And if we're not
budgeting from the beginning and understanding where every dollar's going,
it just falls through our fingers.
Speaker 2 (13:52):
That's it, That's really it. And then I think we
have reflected now, like in the last twelve months, it's
been our real knuckle down and focus on what we
need to do to get our money in order. I guess, yeah,
I think that's the best. So I'll put it like,
just where's your money going?
Speaker 3 (14:06):
Just understanding it. It's not even about budgeting it. It's
not about restriction, and I think that's a massive misconception.
It's not about going you only have X yep for
the groceries. It's about going, hey, bab, how much do
we actually spend on groceries?
Speaker 1 (14:18):
Do you know?
Speaker 3 (14:19):
And most of the time your partner is going to
go no clue, and then you're going to add it
up and you're both going to be sick. You're going
to be like, oh my oh my goodness, like how
many troops to the supermarket?
Speaker 2 (14:29):
Literally what happened? And so we actually bought the apartment
before we got married, so it was kind of like
apartment deposit was gone, and then a couple of months
it was like the wedding, which we'd had a pot for,
but that was then gone. And then it was the holiday,
and then that was gone, and then it was the
New Zealand holiday, and then the dog and then your
moving house. And then we looked and we're like, ooh,
(14:52):
a lot of money, money go on. I just full
decided when I have ADHD and I just hyper focused
on money.
Speaker 3 (15:00):
Good girl, as I ye do.
Speaker 2 (15:02):
I think it works to my advantage to be honest,
And I just did the budgeting spreadsheet. Your spreadsheet. We
already had emergency fund set it up, but we had
the fund, had the budget, and then it was more
just about, right, what can I learn about investing now
and how do I get into that? Oh So says yeah,
but yeah, that's kind of where we're at now. But
we did have a bit of a hic up with
our apartment, so I think it is worth talking about
(15:25):
because it kind of ties into our story a lot
in terms of when we bought it, we were really excited.
I think we had around at k for a deposit.
Speaker 3 (15:33):
And just rewinding a little bit, we bought this apartment
to move into, or we bought it as an investment. Okay,
so we've moved in.
Speaker 2 (15:39):
Yep, we've moved into the apartment, super excited. We were
renting together before randomly and then moved in together, super excited.
I think we'd been looking around and all we could
afford in that period of time was an apartment in
the area because we wanted to live in a city
like around the nice bulb and suburb, and we just
couldn't get a free standing house like that. It's just
(16:00):
not happening.
Speaker 3 (16:01):
No, I feel like that's very normal nowadays.
Speaker 2 (16:03):
So we're like, right, apartment and we found this one
after looking around for a bit that actually felt spacious,
like it was on the beach so you actually see
the beach, and it felt really lovely. It was like
two bedroom, one bathroom, and I just got so excited,
and my partner loved it and was like, oh my god,
Like it's so so much emotion involved in that process,
as you.
Speaker 3 (16:21):
Know, isn't it bad? We all say we shouldn't get
emotion involved, and then you find the apartment of your
dreams and all of a sudden, all of that logic
goes out of the window.
Speaker 2 (16:30):
And I would say, that's exactly what happened, like it
felt like the one we'd been looking for, I guess,
but I think we turned a blind eye to a
couple of things. So it went to auction, it got
passed in, but then we put it offer in the
next day and then they accepted it, which was really good.
So we bought that apartment for seven hundred thousand, and
we thought that was a great deal, to be honest,
(16:51):
because it had previously sold for seven fifty right. Yeah,
they took a loss, and we thought we were getting
a great deal.
Speaker 3 (16:58):
Yeah, and you've got a question why they were happy
to take a loss, don't.
Speaker 2 (17:01):
Yes, yes, did we do that?
Speaker 1 (17:03):
No?
Speaker 4 (17:03):
No?
Speaker 2 (17:04):
Oh no, no, I know. So we moved in lived
in there for twelve months. But then during that twelve
months is when all the things happened that I just mentioned.
The wedding, the.
Speaker 3 (17:13):
Holiday, and so we're just bleeding money, yea, bleeding.
Speaker 2 (17:16):
Money and stressy as and after the wedding and stuff,
both our mental health actually took a bit of a turn.
And we've been thinking about moving to the Peninsula for
a really long time. It'd been on the cards of
like that's what we want to do in the future.
But I guess when we made an assessment of our
happiness overall happiness, we were like, we need to just
get out of this confined space. Department felt really small,
(17:39):
and we had the ability to move down the pinchular
just because our works were flexible in that respect. So
we were just like, okay, we've done the twelve month
cut off thing that you have to live there, because
I think there's something that you have to live there
for twelve months. Yeah.
Speaker 3 (17:53):
Yeah, so that in the future you don't have to
pay capital gains tax for seven years. Yeah, yeah, it's
worth doing going to purchase the house and live in it.
Speaker 2 (18:02):
Yeah, And we just decided to put our house on
the market, like the apartment on the market.
Speaker 3 (18:07):
All we sold. You didn't even lea set out and
see what happened. You were just like, not cut my losses.
Speaker 2 (18:11):
Well, we couldn't sell it, so we can't. Yeah, put
it up for sale, and unfortunately it was up there
for three months. Could not sell it.
Speaker 3 (18:20):
What about this apartment. So obviously someone prior to you
made a fifty grand loss on it and then you
couldn't sell it. Why what's wrong with the apartment?
Speaker 2 (18:29):
Body Corp? So it's a body court fees, I know.
And this is a thing of like, yeah, you're so
excited you buy the house. You just you're like, oh,
so the fees are eight thousand. Yeah, we were like, great,
that's nothing.
Speaker 3 (18:40):
Did you have a good mortgage broker, because it sounds
like you did not.
Speaker 2 (18:43):
I don't know, Victoria, I don't think so in hindsight.
Speaker 3 (18:47):
You come to my house and I'll fix you up
because I find it so funny because sometimes we shoot
ourselves in the foot and lose clients because I'm like, baby,
shouldn't be paying that, And we don't lose them to
other brokers. We lose them because they.
Speaker 2 (19:00):
Don't buy the house.
Speaker 3 (19:01):
Yeah exactly, And I'd prefer that and to have some
integrity then just sell you something and then have you
looked back and go, oh my god, Like Victoria would
have like had her team review that, she would have
known that that was the Body Corporate. She would have
thought that was ridiculous, and she still let me do.
Speaker 2 (19:19):
It would not and even what my partner and I
know about it all now, like.
Speaker 3 (19:23):
Why did we do that? Well, you don't know what
you don't know?
Speaker 2 (19:26):
Yeah, exactly, and I like to think I make informed
choices now, but definitely.
Speaker 3 (19:31):
Yeah, a history of learning from our mistake.
Speaker 2 (19:33):
We are ye one hundred percent. The body got was
really really high and also just really awful to deal with. Ah,
not a vibe.
Speaker 3 (19:40):
Guys, We're paying you enough to be nice.
Speaker 2 (19:42):
Come on, like so many admin fees. I'm like, what
are these adminbe's? It's spacious, but the actual block itself
is on a busy kind of road, I would say,
and then there's beach. Okay. So when we couldn't sell,
we were kind of like, oh, I just gonna I
think we just need to rent this out, Like we
really need to rent out the apartment to try and
get some sort of money coming in. Yeah, of course, yeah,
(20:05):
instead of leading up there, because then we're come like, oh,
maybe we try being landlords. I don't know, like we
started renting down here, so let's just try it. And
we were lucky that we could afford to pay the
mortgage and rent as well. Yeah, and we're still doing
that now, and we're grateful that we can do that,
but it was so stressful, like victoria is so stful
when you can't sell a property that is too much.
Speaker 3 (20:25):
Girl, you don't have to tell me, Like, it just
feels stressful. But then also you just know that, like
the real estate agents are making so much money, so
you know that they're working, but also why can't they
sell it? Like and they're probably not going to be
honest to you because they don't want to lose that sale.
Like yeah, oh, it's just it's a bit of a mind,
I know, a mess.
Speaker 2 (20:46):
So yeah, we just decided to get the tenants in there,
and we're now getting seven hundred fifty dollars a week,
which is really good for rent from the tenants, which
is lovely, and we're just kind of keeping it afloat.
But I think we're it gets us is the maintenance,
like the consistent maintenance, and then the body PORP fees come,
and then rates come and there's just so many things.
(21:08):
You just go, Okay, we're negative gearing this, but it's
very much negatively good, Like how do we kind of
make this worth it? So yeah, I think the intention
will be to try and sell that again in the future,
but for now, the tenants.
Speaker 3 (21:20):
Are really good, So yeah, and that can be really
really stressful, Like that doesn't sound like a situation I
would want to find myself in. But it sounds like
you're also making Hey well the sun is shining right, yeah.
Speaker 2 (21:32):
Yeah, yep, we've made it work, I guess. So, yeah,
that's where we've ended up. Now, it's just about how
we can maximize our income while we're in a space
to do it with the tenants in there, with paying rent,
with investing with that, So yeah, how do we make
our money work harder?
Speaker 3 (21:50):
I want to talk about the rental yield because a
lot of people would have been like, oh is that
when you said, oh, that's good rent because it is
like if you purchased a property for seven hundred thousand
dollars and you get to rent it out for seven
fifty you've got a gross rental yield of about five
and a half percent, But then that would drop down
I would say seventy significantly because you've got what eight
(22:11):
grand in body corp. Why are we having so many
consistent repairs and stuff? Is it the whole building or
is it that apartment? What's going on?
Speaker 2 (22:20):
It's been the apartment. It's probably been monthly to be honest.
We had a locksmith issue, yep. And then we had
a plumbing issue where they had to regrout and do
the whole thing and didn't how much plumbing that's so expensive.
Speaker 3 (22:32):
Yeah, anything but room related in the bin in the
bin and.
Speaker 2 (22:35):
The toilet breaks, and then the heater. We had a
hot service that's expensive to stop it outrageous. There was
a clothesline issue, which was like that was me, like fine,
but it's just been literally one thing after the other,
and plus the body court feece like, it's been a lot.
Speaker 3 (22:51):
So you would have spent probably at least ten grand
in the last year on this apartment. So you've gone
through expenses of eight thousand dollars probably to twenty thousand dolls,
which takes your rental yield from being you know, a
really sexy five and a half percent, which is you know,
for property pretty good in this economy, down to maybe
two and a half to two point seven percent.
Speaker 2 (23:10):
Is that what it is?
Speaker 3 (23:11):
Oh god, yeah, be in my head, yes, yeah, in
my head, I'm like, oh yeah, if you took twenty
thousand dollars, seven hundred thousand dollars property rental yield of
seven fifty, you're about two point seven percent. Gosh, yeah,
but that's still positive, baby cakes.
Speaker 2 (23:26):
Yes, yeah, we're Yes, that's exactly right. I love the
attitude there, and I think it is where fortunate that
we could get the seven fifty, like other ones in
the building were going for five sixs Now. I really
think it was the spaciousness, like it's this big living area. Yeah,
and then all the other rooms are normal, but it's
just this area that's like you've.
Speaker 3 (23:45):
Just got lots of room. I mean, people are willing
to pay for that, like when you're renting, space is priority.
Speaker 2 (23:52):
Yeah, exactly.
Speaker 3 (23:52):
Oh I love that. All right, let's get into a
little bit more of the nitty gritty. You're a lawyer.
How much do you earn?
Speaker 2 (23:57):
Yes? So I actually only was admitted as a lawyer
two months ago, so I'm.
Speaker 3 (24:02):
Still a big dog. Yeah, it's so exciting, trim grat, Yeah.
Speaker 2 (24:05):
Thank you. I am currently working employment law, so well,
I've always worked in employment law, but I'm a workplace
relations consultant, just sort of working in a lawyer capacity.
I guess I earn ninety thousand plus.
Speaker 3 (24:19):
Super Hey, that's pretty good given you got admitted two
months ago. Yeah, and you were in that role before
and now you're just quote official, is that right?
Speaker 2 (24:26):
Yes, Yes, that's exactly right. Yep. So it's been a
bit of a journey. I did start working in law
firms throughout my degree. I think that's kind of just
what you do, Like you just get a part time
job in a law firm and you see, if you
like it, you're the assistant to the partner's kind of thing.
So I was doing that and I worked in a
private law firm to start, and I absolutely did not
(24:48):
like the environment of a law firm at all. So
and then I tried another one and I did not
like it, and it's just being like in that environment
is just incredibly toxic. And I'm very like work life balanced,
and I always knew even doing my law degree, I
was like, I'm not going to be that person that's
working sixteen hour days, Like it was just not my preromative.
(25:08):
So I'm very grateful now that I work in a
space that I can can make a pretty decent salary
and there's obviously like the earning potential is there as
well to keep earning more, which is good. Yeah, I'm
grateful that I can still have that balance but also
be pretty comfortable.
Speaker 3 (25:23):
I guess now, yeah that's cool. Yes, yeah, and talk
to me. What does your partner do and how much
does he earn?
Speaker 2 (25:29):
He earns two hundred and fifty thousand plus simper.
Speaker 3 (25:32):
Oh, very nice, it's very nice.
Speaker 2 (25:35):
He works in corporate in the digital space, so digital
and marketing for one of the companies that we would
all know.
Speaker 3 (25:42):
Ah, very cool. I wonder if our husbands know each other.
We'll talk about this all flime. Now, what is your
big money goal? What are you currently working towards? Because
I feel like you've ticked off all the big ticket items.
You've been a spam apartment bam, wedding bam, big holidays black.
Where are we going now?
Speaker 2 (26:00):
Queen holding off on the holidays for a little bit?
I think I think for us now, the money goals
are just keep pumping what we can into our portfolios,
into our share portfolio. So I actually never even had
one until I kind of went down this she's on
the money hyperfocus moment.
Speaker 3 (26:17):
Welcome. I I'm so exciting because there's going to be
all these rich, little old ladies around being honest one time,
Why you listening to Victoria and I'm going to be
in your nursing home and we can hang.
Speaker 2 (26:27):
Yeah, yeah exactly. So I sat up one, like my
partner always had one, but that was just his things.
Like I just didn't Yeah, we just didn't talk about
it all.
Speaker 3 (26:35):
And I just wasn't interested these boys and they get
it exactly, and.
Speaker 2 (26:40):
I just was interested in money. Once I heard content
that was actually digestible.
Speaker 3 (26:44):
It's almost like it was made for you, yes, exactly,
And I was crazy, see who would do that?
Speaker 2 (26:49):
Exactly. I was reading these things the listeners podcast, going oh,
I can do this, and I downloaded.
Speaker 3 (26:54):
The how hard could it be? Natural boys do it yep.
Speaker 2 (26:57):
And like it's so boring just having money in like saying, exactly,
it's a weird kind of thing. But we're kind of
just I'm doing my own, my partner's doing his, and
then obviously joined like I don't know how that works.
Speaker 3 (27:08):
Yeah that's fine, that makes sense.
Speaker 2 (27:10):
Things that I can just do for fun, I guess.
So yeah, I've got mainly just ETFs and a couple
of stocks in there. I'm trying to do the whole
course satellite thing, but I guess our whole goal would
be to just keep pumping what we can into there
and eventually sole the apartment and honestly.
Speaker 3 (27:25):
Cut your losses there.
Speaker 2 (27:26):
Yeah yeah, yeah, and not get involved in property again
for a bit. Like I think we're both a.
Speaker 3 (27:31):
Bit scarred about to say that, because you're a bit burnt.
Speaker 2 (27:34):
Yes, exactly, yeah, very triggered, Like we just don't want
to make any more mistakes. I think we just were
so involved in like what society and our friends and
our family and everyone was like, just by you want
to be homeowners, do it?
Speaker 4 (27:47):
Do it?
Speaker 2 (27:47):
And you're like, no, just I think if we had
our time again, we would definitely not like rush into
it in the way that we did, and like renting
is amazing in our view now and we can still
have secure and whatnot. So yeah, I think in terms
of the goals, it's just finding like habiness is not
necessarily property.
Speaker 3 (28:09):
It's fair and orange very fairy money. DRIs. Let's go
to a really quick break on the flip side. I
want to know a little bit more about your investing
portfolios because in your letter and you said that you're
investing forty percent of your income, So guys, don't go
anywhere money drist. We are back, and I want to
pose a question because I know that you've said a
(28:30):
few times, Look, I just want to cut my losses.
I don't want to be in property anymore. I don't
think it'll work for me. But do you think that
sitting down and talking to a good mortgage broker about
tell me about this house, like have we actually cooked it?
Would that be a good idea to make you feel
better about the situation. Yes, the way that you just
said that, Yes, because I'm just looking at it going look,
(28:52):
I can see how you're probably not comfortable with it.
And seven hundred thousand dollars is so much money. But
can I just like do a little bit of investigating
off the top of my head because it was seven
hundred grand and you were buying in Melbourne and it
was both your first homes. Did you get your first
home buyers concessions? Did you get any benefits for purchasing.
Speaker 2 (29:12):
The stamp duty to stamps waved? And then I think
that was it.
Speaker 3 (29:16):
So you're sitting in a pretty okay position, like thankfully
we haven't flushed any stamp duty down the toilet, and
I talk about it that way because like, as somebody
who gets to like I understand that money is inherently political.
And if we rewind a little bit, stamp duty used
to be the fee that you would pay when you
went down to the little council and said, hey, I'm
buying this property. Can you please stamp this because it
(29:38):
needs to be transferred to my name. Now all of
that's done electronically. It doesn't need to be tens of
thousands of dollars like in my head, logically, it doesn't
need to be tens of thousands of dollars. The government
needs it to be tens of thousands of dollars because
they're raising revenue. But I'm like, go find it somewhere else.
Stop kicking us while we are down. But thankfully you
didn't have to pay that. But maybe we could do
(29:59):
a little bit of a day dive on the suburb
and the area and what kind of rental yield it has,
and maybe working out how it could slot in you
to your portfolio, because we're already there. We already have it. Yes,
it has a positive yield. What we could do to
preserve that and hopefully eat increase in value. And that
means that either we could sell it, or we could
use the equity to leverage you further into wealth. Like
(30:22):
I think that there's maybe a reframe here, like, yeah,
they can't guarantee it, because I can see where you
guys are at. You might still go Victoria, we just
don't want it, we hate this place, And I go,
that's a choice then, But at least it's not because
you're like, Victoria, we're losing so much money, when maybe yeah,
we're coming out of the wash not feeling good, but
like everything that you've spent on it because it's now
(30:44):
a rental asset, we can claim on tax, and obviously
your partner has a relatively high tax. I just think
that there's some chatting we could do offline.
Speaker 2 (30:54):
That would be great.
Speaker 3 (30:55):
Yeah, well that's where a good mortgage broker is going
to kind of come in and be like, all right, well,
let me just lay it out on the table. Because
they've got no skin in the game. They'll be like,
if you sell your property, we don't care. Like, our
job is to make sure that you understand what's going on,
making sure that the rates competitive obviously, but like also
just helping you put your ducks in a row so
that the ducks in the future are well fed. Yes,
(31:16):
and that's what we talk about.
Speaker 2 (31:17):
Yeah, and we are quite negative about it, like you
can probably tell it quite peasanisty, like it's just frustrating.
Speaker 3 (31:22):
Yeah, that's what I was like, can I just pick
up on this because I'm picking up that vibe. But
then I also just did that little like in my head,
I was like, oh, the rental yields positive, Like that's
not bad. It doesn't mean that the mortgage is not crippling.
We need to talk about that, but it looks like
you would be in a pretty positive position.
Speaker 2 (31:38):
Okay, great, well, thank you for that approach.
Speaker 3 (31:41):
Tell me a bit more about your investments because you
said we had to sit back, we had to do
some budgeting. Was really confronting. And now you all of
a sudden investing forty percent of your income queen, how.
Speaker 2 (31:50):
I have no idea?
Speaker 3 (31:51):
Are just really helpful? Yeah, really helpful. Thank you.
Speaker 2 (31:54):
Yeah, yeah, that's it. When you put numbers in a spreadsheet,
as you know, they all can just to have a
place in the end, like we both give ourselves allocations
of what we are going to spend for the fortnight,
to be honest, like that is quite slim. We try
and be as frugal as we can, so whatever that
is that might come up, like for me, it's like
coffee and things like that, like little grocery expendites and stuff.
(32:17):
And then it's obviously the mortgage and rent that comes out,
which I think is around thirty percent the mortgage and
the roc could be a little bit more. But then
we have this ability where there's kind of money sitting
there and it can either go into the offset or
we can put it into our portfolios. And we're just like, hello,
why is it not just going into portfolio because we
just had this shift. Yeah, so it's really that allocation
(32:40):
and that doesn't really help much, but yeah, it's just
being fruit.
Speaker 3 (32:43):
So it does help because it's good to understand how
people are approaching it, and like obviously I was like, yeah,
really helpful. But it kind of can be that simple
like once you've sat down with your spreadsheet and there's
a free one on our website if you would like
to do it. But once you sit down with a
budget and go, okay, cool, I'm just going to pre
allocate the money to the buckets and then I'm just
(33:05):
going to use the buckets as intended. Sometimes it just
works out, and like I don't want to have to
point it out here, and I hope that you don't
hate me for this, But there's obviously a fair bit
of privilege in this as well, because you have really
good jobs, like your partner earning two hundred and fifty
grand and you on ninety. Like those two combined mean
that your household income when you don't have kids, yes,
(33:26):
I would say, is comfortable, so we can move things around.
But there are so many people in our community that
have similar incomes to you. Why do I know that
because I survey you all and I know that they exist.
But there are so many people that would still be
living paycheck to paycheck even with that income, because it's
just so easy to bleed money.
Speaker 2 (33:45):
And that's it's so easy. You genuinely were, and it
wasn't paycheck to paychecked in that sense, but it was
like all your money, is it going to something worth
it for our future self? As you say, like it
was just going on things and you know you could
be earning, you know, one hundred thousand dollars less and
be able to put money away.
Speaker 3 (34:03):
And it just disappears and I'm not saying that that's
quote okay, because there's probably someone listening to this being
like Victoria, I'm earning fifty thousand dollars and I have
two children, and it's so hard to make ends meet.
You guys need to touch grass, and like, yes, I
fully comprehend that that situation exists as well, and it's
bloody hard, Like that is so hard, But there are
(34:24):
also people who have hire incomes who are also struggling
to get it together in just because one struggle is
quote worse than another doesn't mean that we can't feel
the struggle still, Yes, And I think that that's worth
putting on the table as well, because you know, I
don't want people to go, oh, well, they wouldn't get
it they've got a higher income. But anyone is going
to budget from understanding where every single dollar is coming
(34:46):
from and where every single dollar is going so that
they can feel more in control of it.
Speaker 2 (34:51):
Yep. Absolutely, yep.
Speaker 3 (34:52):
So it kind of just happened, which is so nice.
And what does that project out to be is the
plan to retire early? Is the plan to just be
financially comfortable? You, like v I have no idea. We
just started what does that look like a.
Speaker 2 (35:06):
Bit of all of that. Probably not the fire approach necessarily,
but I think the idea would be to just pump
as much as we can into the portfolio to then
be able to draw down when we do get to
that age, whatever that age is, like fifty five whatever, yeah, sixty,
whatever it is, but just to have security that's not
in a property asset. I would say, that's in the
(35:27):
portfolio that we can watch and grow and compound, like
just yeah, please compound.
Speaker 3 (35:32):
Do you think totally fair? And can I be really
pervy about your personal life and like what you want
out of life, because like all of that sounds fantastic
If you don't plan on having kids, are you planning
for kids in the future.
Speaker 2 (35:46):
Yes, I would say one hundred percent yeap, So I
think the whole story will change again, So that's not.
Speaker 3 (35:52):
Going to be attainable, But we're making shine exactly.
Speaker 2 (35:55):
We do want kids, I think, no rush, but I
I'm definitely more maternal than what I ever have been
in my life, So I don't know what that means,
Like I'm in my loose to your face, so maybe
something's going on there.
Speaker 3 (36:08):
Don't I find it? So funny because you know, maybe
six years ago I was with my husband. We're talking about,
you know, maybe getting married one day, and do we
want kids? And like I was the one that was like, oh,
in this economy, I don't know, Like I don't know,
and would I even be a good mum black all
of those questions come up, You're like do I don't?
(36:29):
I like our life would significantly change. I really like
my sleep all of that other stuff. And now I'm like, girl,
give me ten. It's crazy how much you can change.
And it might flip back the other way and you'll
be like, actually, we don't want this at all.
Speaker 2 (36:44):
Pop off.
Speaker 3 (36:45):
I love that for you too, but it's so hard. Yeah,
it is.
Speaker 2 (36:49):
It really is. Like I think the shift has happened, though.
I think the warning kids shift is definitely there, Like
it's definitely.
Speaker 3 (36:55):
Want them just don't know when to slippery slope once
it starts happening. Yeah, I get it, I get it
all right. Talk to me about debt. This apartment was
purchased for seven hundred thousand dollars. What kind of debt
are you currently carrying on that?
Speaker 2 (37:08):
So we around, I think it's just over six hundred thousand.
Speaker 3 (37:13):
Hey, that's pretty good, isn't it.
Speaker 2 (37:14):
Yeah, yeah, we've done okay at that. So that's obviously
a big, big debt that we have. And then I
have my hex which is believe it's forty thousand, that's
actually come down because.
Speaker 3 (37:24):
Of the discount that we got, the twenty percent discount.
Speaker 2 (37:27):
Yeah yeah, yeah, yeah, the discount we've got sets come
down a lot, which has been great. But yeah, so
they're the two things morbid and.
Speaker 3 (37:33):
Hell I love that for you. And talk to me
about personal insurances. Obviously you've got some responsibilities like your
mortgage and having a partner and now a dog. Have
you set up your personal insurances? If so, what did
you do?
Speaker 2 (37:45):
If not? Why not? Yes, we have got the personal
insurances incorporated with our supers Gorge. I've got mine, the
three main ones, and then my partner also has his.
And then obviously our dog is insured with pet Your dog.
Speaker 3 (37:58):
Is insured endurance. Yeah, look at it go to go.
Speaker 2 (38:02):
So yeah, we are sorted there. And that was genuinely
on the back of listening to your podcast about it,
because we actually didn't have the personal assurances within our
super flipped.
Speaker 3 (38:12):
On isn't it crazy?
Speaker 2 (38:14):
Yes, until like twelve months ago and then we're like,
oh gosh, we need to do that.
Speaker 3 (38:18):
So we did. Probably should look into this because I
feel like this might be a big deal if something
bad happens. Yes, and we have a lot of liabilities exactly,
and I feel like your best money habit might be.
Now how good you are at budgeting, But tell me
a bit more about what you think your best money
habit is.
Speaker 2 (38:33):
Yes, I think budgeting definitely, that's one of my strengths
for sure. But I also think researching and hyper focusing
and like genuinely just making informed decisions about setting the
time aside to be like I need to know about
this thing that I don't know, and that's really worked
to my advantage over the last Yeah, my whole affit
(38:54):
more specifically with this kind of finance piece, it's like
if I don't know something, I need to know about it,
and that's worked in the terms of investing and whatnot,
so it's really helped. I think that's my strong side again.
Love that. And then also the dollar cost averaging into
our portfolios, like I just don't know it's happening. It
just comes out of the rank account and then goes
into Chairsi's and it's really easy to start.
Speaker 3 (39:16):
Oh I love that. So you would say maybe like automation, Yes, automation,
she's just like set it all up to work for her.
Speaker 2 (39:23):
Yep, yep, it's doing it awful for you.
Speaker 3 (39:26):
And flip side, what do you think the worst money
habit is?
Speaker 2 (39:29):
So I am a sucker for activewear, so clear has
me in a choke hold. I seriously like any time
I see anything that's like on my emails or I
just immediately need it.
Speaker 3 (39:42):
So that's unsubscribed unsubscribed, Yes, immediately I am.
Speaker 2 (39:45):
Subscribed, I know. And social media needs just to go
because if I see something someone's wearing something, I'm buying
it immediately. But I think that's also the dopamine seeking
kind of thing as well, So that's definitely my fault
for sure. And coffee, Like I'm buying coffee like there's
no tomorrow.
Speaker 3 (40:02):
Yeah, love love. I feel like it's a slippery slope
and like, really, if it's built into the budget, it's okay. Yes,
Like if it's built in and you're enjoying it, Because
I've said this a million times, Like coffee, for me,
it's not just the cup, it's not the social it's
the you caught me having coffee with my husband along
the waterfront, Like I get to go on these walks
(40:23):
with my family and have a coffee and it just
feels so wholesome. Like, oh, please, don't take that from me.
Speaker 2 (40:29):
Yeah, please don't.
Speaker 3 (40:30):
I want that to stay in my budget, dimond cap immediately.
Speaker 2 (40:34):
Yeah.
Speaker 3 (40:35):
But I also, now I've got kids, I'm like, Okay, actually,
I do really enjoy having a coffee machine at home. Yes,
I am saving money because I'm making at home, but like,
it's also about the convenience of not having to pack
the kids up to get my caffeine hit in the morning,
because it turns out I am addicted. You made both
not the worst. I think we need to find balance.
(40:57):
And that's why for me this like fire mine that
doesn't work, Like it just doesn't work for me, and
that's so fine. Like you're in the She's on the
Money community. You know that one of my team members, Brook,
who is an absolute weapon. She is all about the
fire life and she's investing so much that she's going
to retire by the time she turns thirty five. I
turned thirty five in June. Babe, there's no chance.
Speaker 2 (41:21):
Oh gosh, good on her though. I love that for her.
Speaker 3 (41:23):
But each to their own, and it's exciting that we
get to share these stories so that we can learn
from them and be like, Oh, I could take parts
of her money story and tips and tricks from this
person and all that money Dara said that, and I
can just be the best version of myself financially because
of it. Really, Oh, I have loved this, But my queen,
you bought an apartment. You have the most expansive year
of your life last year. The apartment that you said
(41:45):
was maybe not the best financial precision is still positive
when it comes to rental yield, so not too bad.
And you've got your personal insurances set up. You're investing
forty percent of your income, but you're a B plus.
Well yeah, riddle me that one, queen.
Speaker 2 (41:59):
Where it is the through it?
Speaker 4 (42:00):
No.
Speaker 2 (42:00):
I mentioned earlier that I have a sort of an
allocated budget. Yeah, I would like to rain that in
potentially in terms of what I'm actually spending that on,
Like do I need the things I'm buying within that?
If that makes sense? Like, yeah, can I reduce my
spending there and put the money somewhere else? Even though
it is quite reduced in itself. But yeah, I think
for me, I'm just hard on myself in that sense
(42:22):
that I would like to be doing better.
Speaker 3 (42:24):
It's why I don't often like I like to point
it out, but I don't want to go, oh, you're
not and disagree with you because I think we all
have a very different view of what financial freedom actually
looks like and what you know that means for us.
Because to one person, they could be like, girl, did
you hear that that she's on the money episode? She
(42:47):
was killing it, Like I don't even understand why she
thought she wasn't doing well. And then on the flip side,
someone could be like, oh my goodness, I so resonate
with that, Like I would feel the same way. So
it's like this arbitrary reading that I make you give yourself.
Then I'm like, it doesn't matter exactly, but it does.
Speaker 5 (43:04):
It matters to the community, It matters to me because
I think it's so important to be able to reflect
and see that you know, one B plus is not
the same as another B plus and that is okay
for sure.
Speaker 3 (43:14):
Oh my goodness, what a pleasure I got to hang
out with you a second time. Oh love, Oh this
has been such a beautiful diary, and I just I'm
so glad that I got to share that with the community,
because I just know that there are people going to
be like, oh, this is like an episode that just
called me out. I was like, maybe I do need
to look at my budget. And it's not about restriction,
but it is about just getting to know what you're
(43:35):
actually up to. So thank you so much. What a
privilege it's been.
Speaker 2 (43:40):
Thank you, career.
Speaker 4 (43:46):
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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.
Speaker 3 (44:04):
Advice tailored towards your needs.
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(00:24):
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Speaker 2 (00:45):
She's on the Money. She's on the Money.
Speaker 3 (00:50):
Hello, and welcome to She's on the Money, the podcast
that lets you be purvy about other people's money habits
for educational purposes, of course. Welcome back to another one
of our Money Darius episodes, brought to you by our
friends at sky Wealth, where I get the absolute privilege
of sitting down with one of our incredible She's on
the Money community members and talking to them all about
(01:12):
their journey. Now let's jump straight into it, because this
week I got a message and it sounded exactly like this. Hi,
VD and the SotM team. I'm Bella. I'm the fangirl
who interrupted your family walk on Dromana Beach on Anzac Day.
She did my friends, and it was the best. Six
years ago, I was a law student, living paycheck to paycheck,
(01:33):
prioritizing travel over financial literacy, and I had no idea
what the SMP five hundred even meant. Fast forward to today,
after binging your podcast daily and completely shifting my mindset,
I'm now a lawyer, I'm married, I live on the
morning to Peninsula with our puppy, and we are building
our investment portfolio. We learned the hard way that property
(01:54):
investing isn't always the dream it's sold us, so we've
pivoted away from chasing expects, did milestones, and now invest
forty percent of our income instead. Our big lesson financial
security doesn't have to look the way everyone says it should.
Money Durist, Hello again, Hi, thanks so much for having me.
Oh my goodness, this was so fun. So both of
(02:16):
us make up free, looking a little bit disheveled. I
think both of us had been to like dawn services.
So we just like started walking our dogs. Straight after
you had your newborn, I did. I was ready. We
ran into each other on Dramana Beach, and much to
our husband's demise, we had a really good chat. And
then you said I'm going to ride in and I said,
please do Now are you here?
Speaker 2 (02:37):
Thank you so much for having me.
Speaker 3 (02:39):
I'm obsessed. I'm so excited. So as I always start money, darist,
what grade would you give your habits from A three
to F If I asked you to give them a grade.
Speaker 2 (02:47):
I'm going to say B plus. I was thinking, you know,
I've come a long way, so I'm thinking B plus
maybe B minus.
Speaker 3 (02:54):
Got questions, You've always got questions. Your letter in says
that you're investing forty percent of your income, and you're like,
B plus and okay, I'm not even doing that, but okay, yeah,
so talk to me. I want to know a little
bit more about your money story and the things that
have impacted it.
Speaker 2 (03:09):
So I grew up in regional Victoria. Actually, mom and
dad just we never went without absolutely anything, but money
was just never spoken about. It was so taboo. It
was just like we always had what we wanted. If
I something got it, but I knew that we had
to work for things and hard work at big and
that kind of stuff, but it just wasn't woken about,
like it just money just never came up. Like I
(03:31):
guess I was very privileged.
Speaker 3 (03:32):
It just didn't come up, or if it came up,
it was like, oh, that's rude.
Speaker 2 (03:36):
Yeah, I think so. I think that like just oh,
we don't have to worry about money kind of thing,
or let's just not go into it. I think Dad
was very protective. Yeah, and now that I know, like
they weren't well off, like now that I've grown up
and we've spoken about it, like, they definitely weren't well
off in the sense of the word. But I think
maybe he just wanted to, yeah, protect his money story
(03:56):
for himself, I guess. But yeah, that's kind of I
think shaped my perspective on money now, and it's definitely
something I would do differently if I were to raise
my own kids as well. I think it should be
spoken about. And I know you believe this as well,
that you know how do you communicate about money with
your kids and whatnot. So yeah, I think in the
fact that also taboo. That kind of then led me
(04:17):
into where I am now, I guess. So I moved
to the city, inner city Melbourne to study.
Speaker 3 (04:22):
Law and psychology, okay, queen when.
Speaker 2 (04:24):
I was eighteen. Yeah, yeah, and I just worked part
time in hospitality, just trying to you know, get a
couple of hundred dollars for the week kind of thing
and to get by. But I was a really good
saver with whatever I had left at the end of
the paycheck. But all that money was going to travel.
Like I was just like, right, I'm saving and I'm
going to Europe and going to this and doing that.
And I did all that, but I did that up
(04:45):
until a couple of years ago. So yeah, all my
money's kind of just been on experiences and that's where
I really bowe you my money. And then I met
my husband actually in twenty nineteen, so just before COVID,
and we were thrust obviously into moving together.
Speaker 3 (05:00):
Oh so many people were right, It's like, yeah, either
stopped dating because we can't see each other. Oh guess what,
we live together now.
Speaker 2 (05:06):
Yep, we're in it. It was like after a year,
so it was fine. It was honestly fine.
Speaker 4 (05:11):
Yeah.
Speaker 2 (05:11):
Now they say that, I think that's actually okay, and
it was a lot of fun.
Speaker 3 (05:13):
Like but at the time, it does feel like it's
moving quick because that's what my partner and I did.
And I remember telling somebody, oh, yeah, we've been together
a year and we're moving in. They were like wait what.
Speaker 2 (05:23):
Yeah, so he's a little bit older than me. But
I guess we just were kind of yeah, as I said,
just thrust into it and we just were having a
really great time. When I look back on COVID, I'm like, oh,
what did I do? Like, I literally I wasn't learning
about money or doing finance or anything back then, So
I don't know what happened during that period of time.
I think I was just honestly mindlessly spending and just
being outrageous.
Speaker 3 (05:43):
I feel like it all rolls into one.
Speaker 2 (05:45):
Yeah.
Speaker 3 (05:46):
I was looking back on this a little while ago
because someone was like, oh, yeah, it's been like six years,
and I was like, sorry, what what do you mean.
They're like, yeah, COVID nineteen started twenty twenty. I was like,
oh my god, Like, yeah, it feels like yesterday and
also fifty years ago at the same time. But I
was like, I don't remember a lot of Is that
a trauma response or is that just because every day
(06:08):
looked the same. Like my husband mentioned something the other day,
is like, hey, remember when we used to get our
fresco cups and feel them full of espresso martinis and
go for walks. And I was like, can you imagine
if I did that today? That would be so to do? Like,
can you imagine our Victoria Devine goes for a drink
and walk?
Speaker 2 (06:25):
That's crazy sitting in the park.
Speaker 3 (06:28):
Yeah, we was sitting in the park drinking margs out
of coffee cups, wasn't it.
Speaker 2 (06:33):
I mean it sounds quite fun. Actually, yeah, let's go.
Speaker 4 (06:36):
Yeah.
Speaker 2 (06:36):
I guess where we're at now is because my partner's
are older than me. He's always had that sort of
hie salary.
Speaker 3 (06:42):
Yeah, how much older are you talking? Though? Like, sorry,
this is money diaries.
Speaker 2 (06:45):
I get the goss seven years.
Speaker 3 (06:47):
Oh that's nothing, that's nothing.
Speaker 2 (06:48):
Six he's thirty three. Yeah, okay, now when I was nineteen,
he was twenty six. But yeah, he's had a high salary.
But I just didn't really matter, Like I think there
was times when I was thinking, oh shit, like I
wish I was earning that little bit more to like
because I was obviously just working at hospital, trying to
get through my degree to like match you my guess.
But he never made me feel like I needed to
(07:08):
supportive and like, oh, get dinner and all that stuff.
Speaker 3 (07:11):
Like yeah, he was like I'm queen, you're still at UNI.
Speaker 2 (07:13):
Yeah, that was exactly what he did. But then in
twenty twenty four we got engaged, which was lovely.
Speaker 3 (07:19):
Yeah, how did he provoke? Yeah?
Speaker 2 (07:21):
So we were in Thailand cut yeah, and we went
on this little walk We're just holiday and he just
got down on one knee and it was just beautiful. Actually,
I was watching the video the other day.
Speaker 3 (07:31):
I'm obsessed.
Speaker 5 (07:31):
I just love it.
Speaker 2 (07:32):
Same, I love love.
Speaker 3 (07:33):
One of my team members just got engaged and I
was like so excited. I was like, hold on, hold on,
she's messaged me on her holiday, like I don't want to, like,
you know, it's a sign overstretched. No, she got engaged
in Japan, which I'm so excited. This is a leeche
If anybody is listening, she's already posted on Instagram about it.
So I feel like it's public knowledge. But I was like,
am I allowed to FaceTime her? Like I'm just so excited,
Like I just want to share this excitement.
Speaker 2 (07:54):
Oh it was yeah, obviously my special day, but our
wedding was obviously then more special. Then got married last year.
I guess where we're at is last year And the
end of twenty twenty four was just the most expensive
yeah ever, Like of course it was. So we had
a wedding and we actually bought an apartment.
Speaker 3 (08:13):
At the same time. Oh, Steve and I did that
and a dog. Oh yeah, just like hate money yep,
literally setting fire to it at that point yep.
Speaker 2 (08:23):
Honeymoon and then we just put another trip in there
to New Zealand skiing, which was so expensive, so rary
and lucky and privilege obviously that we had the means
to do that. But now that we're here and we
can reflect, it's just like we spent hundreds of thousands
of dollars and that pains, Say, am.
Speaker 3 (08:42):
I allowed to be pervy?
Speaker 2 (08:44):
Yeah? I did the calcul I need I need to know.
Speaker 3 (08:46):
So where did you get married in Australia?
Speaker 2 (08:48):
Yes, in Australia in Shoal Bay, so sush near Stevens.
Speaker 3 (08:53):
Yeah, up the coast.
Speaker 2 (08:53):
Yeah, the wedding was fine. So the wedding was around
fifty sixty k all together. We had fifty five people.
It was quite small. Yeah, but then we did the
honeymoon and that was in Fiji.
Speaker 3 (09:04):
Now it all adds up, doesn't it. It's like I
always talk about the core satellite investing approach, and like
I think that we talk about weddings in the same
way where it's like the core You're like, oh, the
wedding wasn't too bad, but then we forget to include
engagement parties and anniversaries and honeymoons and all of the
other stuff that goes around it, and then all of
a sudden you're like, where is all my money gone?
(09:25):
And it was wedding related exactly.
Speaker 2 (09:28):
It's just baffling. But you know what, I was happy
with that amount, Like I was happy that we didn't spend,
you know, over one hundred thousand. I was happy with that.
Speaker 3 (09:36):
And was this something that you budgeted for or was
it like you just spent as you went or I'm
just so pervy, I'm so sorry.
Speaker 2 (09:43):
Yeah, no, No, we definitely budgeted for it. Actually, we
probably budgeted around fifty k, so blew it a little bit,
blowed a little bit. And then in Fiji, I think
we went for two weeks, two four weeks and that
was about fifteen thousand, which.
Speaker 3 (09:56):
Is just figi's gorgeous, pg's gorgeous.
Speaker 2 (09:59):
Like we went to this island, Turtle Island, this beautiful
island was amazing, like no regrets obviously, and then we
came back and we went to New Zealand a couple
months later because all our friends were going, so we're like,
well we're obviously going to yeah ma low yeah, and
that was just a yeah. I think that was twelve
thirty K for a week.
Speaker 3 (10:18):
What did you do?
Speaker 2 (10:20):
So the skiing passes are outrageous? What do you mean?
Speaker 3 (10:23):
Where were you skiing? As somebody who like disclaimer, this
is going to be the most unrelatable conversation. I think
it is unrelatable the right thing, like maybe just like
a little bit entitled, Yeah, I go skiing a lot. Yeah,
I love skiing. Yes, we are a ski family. Skiing
is not cheap, but the ski passes in New Zealand
are about the same as they are in Australia.
Speaker 2 (10:43):
Yeah, so I think we paid four hundred dollars for
a ski pass each, right, yes, but then.
Speaker 3 (10:48):
What got us but that would have been like three
days or four days.
Speaker 2 (10:51):
Yes, yes, what got us is we went Remarkables and
then the other one, which it was Cardrona.
Speaker 3 (10:57):
Yeah, and they're not on the same ski pass.
Speaker 2 (10:59):
They're not on the same ski so then you get two.
Speaker 3 (11:01):
We needed the hero pass yeah yeah, yeah, so.
Speaker 2 (11:04):
Then that was an accommodation a couple of thousand.
Speaker 3 (11:06):
Yeah, it would have been.
Speaker 2 (11:07):
Flights were expensive. I think they might have been two
K or something. Yeah, okay, which is kind of exy
now that I see white prices, but maybe it was
around ten. But then when we were there, we were
just out for dinner. We're going on this winery tour.
It just go's a slippery slow Yeah, it seriously is
a hence the slippery slope of the last year that
was just ridiculously Yeah, so I think this was our mentality,
(11:30):
like and now just look back on it and I
just got it.
Speaker 3 (11:32):
And it's hard, right, And I'm not saying that that's
a bad thing, but it's so easy to spend that.
Whereas that's why I was like, oh, really is it expensive?
Like not in a I'm being entitled way. That's why
I was like, I want to disclaim it this. I
promise I don't need to touch grass, but as somebody
who you know, if my husband and I want to
go skiing, which we adore, like that's something big line
item in our budget, right, we do like going to
(11:55):
New Zealand because the snow is better, it's a little
bit more predictable, and we actually find it cheaper. But
we're shopping around, like we're making sure that we book
flights when they're on sale.
Speaker 1 (12:04):
You know.
Speaker 3 (12:04):
We usually share an airbnb with a group of friends,
like we're not just going and like having a bougie
hotel experience, and then we eat in most of the time,
like we go down to the shops because we've all
just hired a car together. We go down to the
shops and we're like, all right, tonight's roast, Tomorrow night's this,
like yeah, and we all do like shared cooking and
it becomes a really reasonable trip.
Speaker 2 (12:24):
Yeah.
Speaker 3 (12:25):
But I think you're at Botswan goodchery, won't you.
Speaker 2 (12:27):
It's definitely and berg Berger, Oh my god, breakfast, lunch
and dinner.
Speaker 3 (12:32):
Yeah, I can see how it would happen. I promise
you if you said, Victoria, there's no budget on this trip,
I'd be like, yeah, sit down, I've got no exactly, And.
Speaker 2 (12:41):
In saying that, like that actually makes me feel sick,
like we know what we did was just you just
spend money like when it's there and tying back into
that piece of like we have a solid duel income
that I think when we could get to that, but
like when it's there, you just spend it. And when
you don't know enough about your finances in your budgeting,
you haven't done everything that you tell your community to do,
(13:03):
Like we haven't even thought about the emergency fund, but
we had it there, but was it for that purpose?
Speaker 3 (13:08):
No, that was just but it's so easy, Like it
is so easy to slip into that. And again it's
not because you're being entitled or you don't know what's
going on or you're not smart. But once you've gotten
to a point where you're like, I'm a lawyer and
my partner has a solid job, Like we don't need
to stress about money, Like you don't have any kids,
Like you've not got this huge, big mortgage over your head.
(13:30):
You're kind of like, well, we don't need to stress.
We can just be a little bit more frivolous. But
this is where people fall into the trap of overspending
because they just go, how much could it be? It's
just one din under the set, but it's not. It's
the entire lifestyle that surrounds that. And if we're not
budgeting from the beginning and understanding where every dollar's going,
it just falls through our fingers.
Speaker 2 (13:52):
That's it, That's really it. And then I think we
have reflected now, like in the last twelve months, it's
been our real knuckle down and focus on what we
need to do to get our money in order. I guess, yeah,
I think that's the best. So I'll put it like,
just where's your money going?
Speaker 3 (14:06):
Just understanding it. It's not even about budgeting it. It's
not about restriction, and I think that's a massive misconception.
It's not about going you only have X yep for
the groceries. It's about going, hey, bab, how much do
we actually spend on groceries?
Speaker 1 (14:18):
Do you know?
Speaker 3 (14:19):
And most of the time your partner is going to
go no clue, and then you're going to add it
up and you're both going to be sick. You're going
to be like, oh my oh my goodness, like how
many troops to the supermarket?
Speaker 2 (14:29):
Literally what happened? And so we actually bought the apartment
before we got married, so it was kind of like
apartment deposit was gone, and then a couple of months
it was like the wedding, which we'd had a pot for,
but that was then gone. And then it was the holiday,
and then that was gone, and then it was the
New Zealand holiday, and then the dog and then your
moving house. And then we looked and we're like, ooh,
(14:52):
a lot of money, money go on. I just full
decided when I have ADHD and I just hyper focused
on money.
Speaker 3 (15:00):
Good girl, as I ye do.
Speaker 2 (15:02):
I think it works to my advantage to be honest,
And I just did the budgeting spreadsheet. Your spreadsheet. We
already had emergency fund set it up, but we had
the fund, had the budget, and then it was more
just about, right, what can I learn about investing now
and how do I get into that? Oh So says yeah,
but yeah, that's kind of where we're at now. But
we did have a bit of a hic up with
our apartment, so I think it is worth talking about
(15:25):
because it kind of ties into our story a lot
in terms of when we bought it, we were really excited.
I think we had around at k for a deposit.
Speaker 3 (15:33):
And just rewinding a little bit, we bought this apartment
to move into, or we bought it as an investment. Okay,
so we've moved in.
Speaker 2 (15:39):
Yep, we've moved into the apartment, super excited. We were
renting together before randomly and then moved in together, super excited.
I think we'd been looking around and all we could
afford in that period of time was an apartment in
the area because we wanted to live in a city
like around the nice bulb and suburb, and we just
couldn't get a free standing house like that. It's just
(16:00):
not happening.
Speaker 3 (16:01):
No, I feel like that's very normal nowadays.
Speaker 2 (16:03):
So we're like, right, apartment and we found this one
after looking around for a bit that actually felt spacious,
like it was on the beach so you actually see
the beach, and it felt really lovely. It was like
two bedroom, one bathroom, and I just got so excited,
and my partner loved it and was like, oh my god,
Like it's so so much emotion involved in that process,
as you.
Speaker 3 (16:21):
Know, isn't it bad? We all say we shouldn't get
emotion involved, and then you find the apartment of your
dreams and all of a sudden, all of that logic
goes out of the window.
Speaker 2 (16:30):
And I would say, that's exactly what happened, like it
felt like the one we'd been looking for, I guess,
but I think we turned a blind eye to a
couple of things. So it went to auction, it got
passed in, but then we put it offer in the
next day and then they accepted it, which was really good.
So we bought that apartment for seven hundred thousand, and
we thought that was a great deal, to be honest,
(16:51):
because it had previously sold for seven fifty right. Yeah,
they took a loss, and we thought we were getting
a great deal.
Speaker 3 (16:58):
Yeah, and you've got a question why they were happy
to take a loss, don't.
Speaker 2 (17:01):
Yes, yes, did we do that?
Speaker 1 (17:03):
No?
Speaker 4 (17:03):
No?
Speaker 2 (17:04):
Oh no, no, I know. So we moved in lived
in there for twelve months. But then during that twelve
months is when all the things happened that I just mentioned.
The wedding, the.
Speaker 3 (17:13):
Holiday, and so we're just bleeding money, yea, bleeding.
Speaker 2 (17:16):
Money and stressy as and after the wedding and stuff,
both our mental health actually took a bit of a turn.
And we've been thinking about moving to the Peninsula for
a really long time. It'd been on the cards of
like that's what we want to do in the future.
But I guess when we made an assessment of our
happiness overall happiness, we were like, we need to just
get out of this confined space. Department felt really small,
(17:39):
and we had the ability to move down the pinchular
just because our works were flexible in that respect. So
we were just like, okay, we've done the twelve month
cut off thing that you have to live there, because
I think there's something that you have to live there
for twelve months. Yeah.
Speaker 3 (17:53):
Yeah, so that in the future you don't have to
pay capital gains tax for seven years. Yeah, yeah, it's
worth doing going to purchase the house and live in it.
Speaker 2 (18:02):
Yeah, And we just decided to put our house on
the market, like the apartment on the market.
Speaker 3 (18:07):
All we sold. You didn't even lea set out and
see what happened. You were just like, not cut my losses.
Speaker 2 (18:11):
Well, we couldn't sell it, so we can't. Yeah, put
it up for sale, and unfortunately it was up there
for three months. Could not sell it.
Speaker 3 (18:20):
What about this apartment. So obviously someone prior to you
made a fifty grand loss on it and then you
couldn't sell it. Why what's wrong with the apartment?
Speaker 2 (18:29):
Body Corp? So it's a body court fees, I know.
And this is a thing of like, yeah, you're so
excited you buy the house. You just you're like, oh,
so the fees are eight thousand. Yeah, we were like, great,
that's nothing.
Speaker 3 (18:40):
Did you have a good mortgage broker, because it sounds
like you did not.
Speaker 2 (18:43):
I don't know, Victoria, I don't think so in hindsight.
Speaker 3 (18:47):
You come to my house and I'll fix you up
because I find it so funny because sometimes we shoot
ourselves in the foot and lose clients because I'm like, baby,
shouldn't be paying that, And we don't lose them to
other brokers. We lose them because they.
Speaker 2 (19:00):
Don't buy the house.
Speaker 3 (19:01):
Yeah exactly, And I'd prefer that and to have some
integrity then just sell you something and then have you
looked back and go, oh my god, Like Victoria would
have like had her team review that, she would have
known that that was the Body Corporate. She would have
thought that was ridiculous, and she still let me do.
Speaker 2 (19:19):
It would not and even what my partner and I
know about it all now, like.
Speaker 3 (19:23):
Why did we do that? Well, you don't know what
you don't know?
Speaker 2 (19:26):
Yeah, exactly, and I like to think I make informed
choices now, but definitely.
Speaker 3 (19:31):
Yeah, a history of learning from our mistake.
Speaker 2 (19:33):
We are ye one hundred percent. The body got was
really really high and also just really awful to deal with. Ah,
not a vibe.
Speaker 3 (19:40):
Guys, We're paying you enough to be nice.
Speaker 2 (19:42):
Come on, like so many admin fees. I'm like, what
are these adminbe's? It's spacious, but the actual block itself
is on a busy kind of road, I would say,
and then there's beach. Okay. So when we couldn't sell,
we were kind of like, oh, I just gonna I
think we just need to rent this out, Like we
really need to rent out the apartment to try and
get some sort of money coming in. Yeah, of course, yeah,
(20:05):
instead of leading up there, because then we're come like, oh,
maybe we try being landlords. I don't know, like we
started renting down here, so let's just try it. And
we were lucky that we could afford to pay the
mortgage and rent as well. Yeah, and we're still doing
that now, and we're grateful that we can do that,
but it was so stressful, like victoria is so stful
when you can't sell a property that is too much.
Speaker 3 (20:25):
Girl, you don't have to tell me, Like, it just
feels stressful. But then also you just know that, like
the real estate agents are making so much money, so
you know that they're working, but also why can't they
sell it? Like and they're probably not going to be
honest to you because they don't want to lose that sale.
Like yeah, oh, it's just it's a bit of a mind,
I know, a mess.
Speaker 2 (20:46):
So yeah, we just decided to get the tenants in there,
and we're now getting seven hundred fifty dollars a week,
which is really good for rent from the tenants, which
is lovely, and we're just kind of keeping it afloat.
But I think we're it gets us is the maintenance,
like the consistent maintenance, and then the body PORP fees come,
and then rates come and there's just so many things.
(21:08):
You just go, Okay, we're negative gearing this, but it's
very much negatively good, Like how do we kind of
make this worth it? So yeah, I think the intention
will be to try and sell that again in the future,
but for now, the tenants.
Speaker 3 (21:20):
Are really good, So yeah, and that can be really
really stressful, Like that doesn't sound like a situation I
would want to find myself in. But it sounds like
you're also making Hey well the sun is shining right, yeah.
Speaker 2 (21:32):
Yeah, yep, we've made it work, I guess. So, yeah,
that's where we've ended up. Now, it's just about how
we can maximize our income while we're in a space
to do it with the tenants in there, with paying rent,
with investing with that, So yeah, how do we make
our money work harder?
Speaker 3 (21:50):
I want to talk about the rental yield because a
lot of people would have been like, oh is that
when you said, oh, that's good rent because it is
like if you purchased a property for seven hundred thousand
dollars and you get to rent it out for seven
fifty you've got a gross rental yield of about five
and a half percent, But then that would drop down
I would say seventy significantly because you've got what eight
(22:11):
grand in body corp. Why are we having so many
consistent repairs and stuff? Is it the whole building or
is it that apartment? What's going on?
Speaker 2 (22:20):
It's been the apartment. It's probably been monthly to be honest.
We had a locksmith issue, yep. And then we had
a plumbing issue where they had to regrout and do
the whole thing and didn't how much plumbing that's so expensive.
Speaker 3 (22:32):
Yeah, anything but room related in the bin in the
bin and.
Speaker 2 (22:35):
The toilet breaks, and then the heater. We had a
hot service that's expensive to stop it outrageous. There was
a clothesline issue, which was like that was me, like fine,
but it's just been literally one thing after the other,
and plus the body court feece like, it's been a lot.
Speaker 3 (22:51):
So you would have spent probably at least ten grand
in the last year on this apartment. So you've gone
through expenses of eight thousand dollars probably to twenty thousand dolls,
which takes your rental yield from being you know, a
really sexy five and a half percent, which is you know,
for property pretty good in this economy, down to maybe
two and a half to two point seven percent.
Speaker 2 (23:10):
Is that what it is?
Speaker 3 (23:11):
Oh god, yeah, be in my head, yes, yeah, in
my head, I'm like, oh yeah, if you took twenty
thousand dollars, seven hundred thousand dollars property rental yield of
seven fifty, you're about two point seven percent. Gosh, yeah,
but that's still positive, baby cakes.
Speaker 2 (23:26):
Yes, yeah, we're Yes, that's exactly right. I love the
attitude there, and I think it is where fortunate that
we could get the seven fifty, like other ones in
the building were going for five sixs Now. I really
think it was the spaciousness, like it's this big living area. Yeah,
and then all the other rooms are normal, but it's
just this area that's like you've.
Speaker 3 (23:45):
Just got lots of room. I mean, people are willing
to pay for that, like when you're renting, space is priority.
Speaker 2 (23:52):
Yeah, exactly.
Speaker 3 (23:52):
Oh I love that. All right, let's get into a
little bit more of the nitty gritty. You're a lawyer.
How much do you earn?
Speaker 2 (23:57):
Yes? So I actually only was admitted as a lawyer
two months ago, so I'm.
Speaker 3 (24:02):
Still a big dog. Yeah, it's so exciting, trim grat, Yeah.
Speaker 2 (24:05):
Thank you. I am currently working employment law, so well,
I've always worked in employment law, but I'm a workplace
relations consultant, just sort of working in a lawyer capacity.
I guess I earn ninety thousand plus.
Speaker 3 (24:19):
Super Hey, that's pretty good given you got admitted two
months ago. Yeah, and you were in that role before
and now you're just quote official, is that right?
Speaker 2 (24:26):
Yes, Yes, that's exactly right. Yep. So it's been a
bit of a journey. I did start working in law
firms throughout my degree. I think that's kind of just
what you do, Like you just get a part time
job in a law firm and you see, if you
like it, you're the assistant to the partner's kind of thing.
So I was doing that and I worked in a
private law firm to start, and I absolutely did not
(24:48):
like the environment of a law firm at all. So
and then I tried another one and I did not
like it, and it's just being like in that environment
is just incredibly toxic. And I'm very like work life balanced,
and I always knew even doing my law degree, I
was like, I'm not going to be that person that's
working sixteen hour days, Like it was just not my preromative.
(25:08):
So I'm very grateful now that I work in a
space that I can can make a pretty decent salary
and there's obviously like the earning potential is there as
well to keep earning more, which is good. Yeah, I'm
grateful that I can still have that balance but also
be pretty comfortable.
Speaker 3 (25:23):
I guess now, yeah that's cool. Yes, yeah, and talk
to me. What does your partner do and how much
does he earn?
Speaker 2 (25:29):
He earns two hundred and fifty thousand plus simper.
Speaker 3 (25:32):
Oh, very nice, it's very nice.
Speaker 2 (25:35):
He works in corporate in the digital space, so digital
and marketing for one of the companies that we would
all know.
Speaker 3 (25:42):
Ah, very cool. I wonder if our husbands know each other.
We'll talk about this all flime. Now, what is your
big money goal? What are you currently working towards? Because
I feel like you've ticked off all the big ticket items.
You've been a spam apartment bam, wedding bam, big holidays black.
Where are we going now?
Speaker 2 (26:00):
Queen holding off on the holidays for a little bit?
I think I think for us now, the money goals
are just keep pumping what we can into our portfolios,
into our share portfolio. So I actually never even had
one until I kind of went down this she's on
the money hyperfocus moment.
Speaker 3 (26:17):
Welcome. I I'm so exciting because there's going to be
all these rich, little old ladies around being honest one time,
Why you listening to Victoria and I'm going to be
in your nursing home and we can hang.
Speaker 2 (26:27):
Yeah, yeah exactly. So I sat up one, like my
partner always had one, but that was just his things.
Like I just didn't Yeah, we just didn't talk about
it all.
Speaker 3 (26:35):
And I just wasn't interested these boys and they get
it exactly, and.
Speaker 2 (26:40):
I just was interested in money. Once I heard content
that was actually digestible.
Speaker 3 (26:44):
It's almost like it was made for you, yes, exactly,
And I was crazy, see who would do that?
Speaker 2 (26:49):
Exactly. I was reading these things the listeners podcast, going oh,
I can do this, and I downloaded.
Speaker 3 (26:54):
The how hard could it be? Natural boys do it yep.
Speaker 2 (26:57):
And like it's so boring just having money in like saying, exactly,
it's a weird kind of thing. But we're kind of
just I'm doing my own, my partner's doing his, and
then obviously joined like I don't know how that works.
Speaker 3 (27:08):
Yeah that's fine, that makes sense.
Speaker 2 (27:10):
Things that I can just do for fun, I guess.
So yeah, I've got mainly just ETFs and a couple
of stocks in there. I'm trying to do the whole
course satellite thing, but I guess our whole goal would
be to just keep pumping what we can into there
and eventually sole the apartment and honestly.
Speaker 3 (27:25):
Cut your losses there.
Speaker 2 (27:26):
Yeah yeah, yeah, and not get involved in property again
for a bit. Like I think we're both a.
Speaker 3 (27:31):
Bit scarred about to say that, because you're a bit burnt.
Speaker 2 (27:34):
Yes, exactly, yeah, very triggered, Like we just don't want
to make any more mistakes. I think we just were
so involved in like what society and our friends and
our family and everyone was like, just by you want
to be homeowners, do it?
Speaker 4 (27:47):
Do it?
Speaker 2 (27:47):
And you're like, no, just I think if we had
our time again, we would definitely not like rush into
it in the way that we did, and like renting
is amazing in our view now and we can still
have secure and whatnot. So yeah, I think in terms
of the goals, it's just finding like habiness is not
necessarily property.
Speaker 3 (28:09):
It's fair and orange very fairy money. DRIs. Let's go
to a really quick break on the flip side. I
want to know a little bit more about your investing
portfolios because in your letter and you said that you're
investing forty percent of your income, So guys, don't go
anywhere money drist. We are back, and I want to
pose a question because I know that you've said a
(28:30):
few times, Look, I just want to cut my losses.
I don't want to be in property anymore. I don't
think it'll work for me. But do you think that
sitting down and talking to a good mortgage broker about
tell me about this house, like have we actually cooked it?
Would that be a good idea to make you feel
better about the situation. Yes, the way that you just
said that, Yes, because I'm just looking at it going look,
(28:52):
I can see how you're probably not comfortable with it.
And seven hundred thousand dollars is so much money. But
can I just like do a little bit of investigating
off the top of my head because it was seven
hundred grand and you were buying in Melbourne and it
was both your first homes. Did you get your first
home buyers concessions? Did you get any benefits for purchasing.
Speaker 2 (29:12):
The stamp duty to stamps waved? And then I think
that was it.
Speaker 3 (29:16):
So you're sitting in a pretty okay position, like thankfully
we haven't flushed any stamp duty down the toilet, and
I talk about it that way because like, as somebody
who gets to like I understand that money is inherently political.
And if we rewind a little bit, stamp duty used
to be the fee that you would pay when you
went down to the little council and said, hey, I'm
buying this property. Can you please stamp this because it
(29:38):
needs to be transferred to my name. Now all of
that's done electronically. It doesn't need to be tens of
thousands of dollars like in my head, logically, it doesn't
need to be tens of thousands of dollars. The government
needs it to be tens of thousands of dollars because
they're raising revenue. But I'm like, go find it somewhere else.
Stop kicking us while we are down. But thankfully you
didn't have to pay that. But maybe we could do
(29:59):
a little bit of a day dive on the suburb
and the area and what kind of rental yield it has,
and maybe working out how it could slot in you
to your portfolio, because we're already there. We already have it. Yes,
it has a positive yield. What we could do to
preserve that and hopefully eat increase in value. And that
means that either we could sell it, or we could
use the equity to leverage you further into wealth. Like
(30:22):
I think that there's maybe a reframe here, like, yeah,
they can't guarantee it, because I can see where you
guys are at. You might still go Victoria, we just
don't want it, we hate this place, And I go,
that's a choice then, But at least it's not because
you're like, Victoria, we're losing so much money, when maybe yeah,
we're coming out of the wash not feeling good, but
like everything that you've spent on it because it's now
(30:44):
a rental asset, we can claim on tax, and obviously
your partner has a relatively high tax. I just think
that there's some chatting we could do offline.
Speaker 2 (30:54):
That would be great.
Speaker 3 (30:55):
Yeah, well that's where a good mortgage broker is going
to kind of come in and be like, all right, well,
let me just lay it out on the table. Because
they've got no skin in the game. They'll be like,
if you sell your property, we don't care. Like, our
job is to make sure that you understand what's going on,
making sure that the rates competitive obviously, but like also
just helping you put your ducks in a row so
that the ducks in the future are well fed. Yes,
(31:16):
and that's what we talk about.
Speaker 2 (31:17):
Yeah, and we are quite negative about it, like you
can probably tell it quite peasanisty, like it's just frustrating.
Speaker 3 (31:22):
Yeah, that's what I was like, can I just pick
up on this because I'm picking up that vibe. But
then I also just did that little like in my head,
I was like, oh, the rental yields positive, Like that's
not bad. It doesn't mean that the mortgage is not crippling.
We need to talk about that, but it looks like
you would be in a pretty positive position.
Speaker 2 (31:38):
Okay, great, well, thank you for that approach.
Speaker 3 (31:41):
Tell me a bit more about your investments because you
said we had to sit back, we had to do
some budgeting. Was really confronting. And now you all of
a sudden investing forty percent of your income queen, how.
Speaker 2 (31:50):
I have no idea?
Speaker 3 (31:51):
Are just really helpful? Yeah, really helpful. Thank you.
Speaker 2 (31:54):
Yeah, yeah, that's it. When you put numbers in a spreadsheet,
as you know, they all can just to have a
place in the end, like we both give ourselves allocations
of what we are going to spend for the fortnight,
to be honest, like that is quite slim. We try
and be as frugal as we can, so whatever that
is that might come up, like for me, it's like
coffee and things like that, like little grocery expendites and stuff.
(32:17):
And then it's obviously the mortgage and rent that comes out,
which I think is around thirty percent the mortgage and
the roc could be a little bit more. But then
we have this ability where there's kind of money sitting
there and it can either go into the offset or
we can put it into our portfolios. And we're just like, hello,
why is it not just going into portfolio because we
just had this shift. Yeah, so it's really that allocation
(32:40):
and that doesn't really help much, but yeah, it's just
being fruit.
Speaker 3 (32:43):
So it does help because it's good to understand how
people are approaching it, and like obviously I was like, yeah,
really helpful. But it kind of can be that simple
like once you've sat down with your spreadsheet and there's
a free one on our website if you would like
to do it. But once you sit down with a
budget and go, okay, cool, I'm just going to pre
allocate the money to the buckets and then I'm just
(33:05):
going to use the buckets as intended. Sometimes it just
works out, and like I don't want to have to
point it out here, and I hope that you don't
hate me for this, But there's obviously a fair bit
of privilege in this as well, because you have really
good jobs, like your partner earning two hundred and fifty
grand and you on ninety. Like those two combined mean
that your household income when you don't have kids, yes,
(33:26):
I would say, is comfortable, so we can move things around.
But there are so many people in our community that
have similar incomes to you. Why do I know that
because I survey you all and I know that they exist.
But there are so many people that would still be
living paycheck to paycheck even with that income, because it's
just so easy to bleed money.
Speaker 2 (33:45):
And that's it's so easy. You genuinely were, and it
wasn't paycheck to paychecked in that sense, but it was
like all your money, is it going to something worth
it for our future self? As you say, like it
was just going on things and you know you could
be earning, you know, one hundred thousand dollars less and
be able to put money away.
Speaker 3 (34:03):
And it just disappears and I'm not saying that that's
quote okay, because there's probably someone listening to this being
like Victoria, I'm earning fifty thousand dollars and I have
two children, and it's so hard to make ends meet.
You guys need to touch grass, and like, yes, I
fully comprehend that that situation exists as well, and it's
bloody hard, Like that is so hard, But there are
(34:24):
also people who have hire incomes who are also struggling
to get it together in just because one struggle is
quote worse than another doesn't mean that we can't feel
the struggle still, Yes, And I think that that's worth
putting on the table as well, because you know, I
don't want people to go, oh, well, they wouldn't get
it they've got a higher income. But anyone is going
to budget from understanding where every single dollar is coming
(34:46):
from and where every single dollar is going so that
they can feel more in control of it.
Speaker 2 (34:51):
Yep. Absolutely, yep.
Speaker 3 (34:52):
So it kind of just happened, which is so nice.
And what does that project out to be is the
plan to retire early? Is the plan to just be
financially comfortable? You, like v I have no idea. We
just started what does that look like a.
Speaker 2 (35:06):
Bit of all of that. Probably not the fire approach necessarily,
but I think the idea would be to just pump
as much as we can into the portfolio to then
be able to draw down when we do get to
that age, whatever that age is, like fifty five whatever, yeah, sixty,
whatever it is, but just to have security that's not
in a property asset. I would say, that's in the
(35:27):
portfolio that we can watch and grow and compound, like
just yeah, please compound.
Speaker 3 (35:32):
Do you think totally fair? And can I be really
pervy about your personal life and like what you want
out of life, because like all of that sounds fantastic
If you don't plan on having kids, are you planning
for kids in the future.
Speaker 2 (35:46):
Yes, I would say one hundred percent yeap, So I
think the whole story will change again, So that's not.
Speaker 3 (35:52):
Going to be attainable, But we're making shine exactly.
Speaker 2 (35:55):
We do want kids, I think, no rush, but I
I'm definitely more maternal than what I ever have been
in my life, So I don't know what that means,
Like I'm in my loose to your face, so maybe
something's going on there.
Speaker 3 (36:08):
Don't I find it? So funny because you know, maybe
six years ago I was with my husband. We're talking about,
you know, maybe getting married one day, and do we
want kids? And like I was the one that was like, oh,
in this economy, I don't know, Like I don't know,
and would I even be a good mum black all
of those questions come up, You're like do I don't?
(36:29):
I like our life would significantly change. I really like
my sleep all of that other stuff. And now I'm like, girl,
give me ten. It's crazy how much you can change.
And it might flip back the other way and you'll
be like, actually, we don't want this at all.
Speaker 2 (36:44):
Pop off.
Speaker 3 (36:45):
I love that for you too, but it's so hard. Yeah,
it is.
Speaker 2 (36:49):
It really is. Like I think the shift has happened, though.
I think the warning kids shift is definitely there, Like
it's definitely.
Speaker 3 (36:55):
Want them just don't know when to slippery slope once
it starts happening. Yeah, I get it, I get it
all right. Talk to me about debt. This apartment was
purchased for seven hundred thousand dollars. What kind of debt
are you currently carrying on that?
Speaker 2 (37:08):
So we around, I think it's just over six hundred thousand.
Speaker 3 (37:13):
Hey, that's pretty good, isn't it.
Speaker 2 (37:14):
Yeah, yeah, we've done okay at that. So that's obviously
a big, big debt that we have. And then I
have my hex which is believe it's forty thousand, that's
actually come down because.
Speaker 3 (37:24):
Of the discount that we got, the twenty percent discount.
Speaker 2 (37:27):
Yeah yeah, yeah, yeah, the discount we've got sets come
down a lot, which has been great. But yeah, so
they're the two things morbid and.
Speaker 3 (37:33):
Hell I love that for you. And talk to me
about personal insurances. Obviously you've got some responsibilities like your
mortgage and having a partner and now a dog. Have
you set up your personal insurances? If so, what did
you do?
Speaker 2 (37:45):
If not? Why not? Yes, we have got the personal
insurances incorporated with our supers Gorge. I've got mine, the
three main ones, and then my partner also has his.
And then obviously our dog is insured with pet Your dog.
Speaker 3 (37:58):
Is insured endurance. Yeah, look at it go to go.
Speaker 2 (38:02):
So yeah, we are sorted there. And that was genuinely
on the back of listening to your podcast about it,
because we actually didn't have the personal assurances within our
super flipped.
Speaker 3 (38:12):
On isn't it crazy?
Speaker 2 (38:14):
Yes, until like twelve months ago and then we're like,
oh gosh, we need to do that.
Speaker 3 (38:18):
So we did. Probably should look into this because I
feel like this might be a big deal if something
bad happens. Yes, and we have a lot of liabilities exactly,
and I feel like your best money habit might be.
Now how good you are at budgeting, But tell me
a bit more about what you think your best money
habit is.
Speaker 2 (38:33):
Yes, I think budgeting definitely, that's one of my strengths
for sure. But I also think researching and hyper focusing
and like genuinely just making informed decisions about setting the
time aside to be like I need to know about
this thing that I don't know, and that's really worked
to my advantage over the last Yeah, my whole affit
(38:54):
more specifically with this kind of finance piece, it's like
if I don't know something, I need to know about it,
and that's worked in the terms of investing and whatnot,
so it's really helped. I think that's my strong side again.
Love that. And then also the dollar cost averaging into
our portfolios, like I just don't know it's happening. It
just comes out of the rank account and then goes
into Chairsi's and it's really easy to start.
Speaker 3 (39:16):
Oh I love that. So you would say maybe like automation, Yes, automation,
she's just like set it all up to work for her.
Speaker 2 (39:23):
Yep, yep, it's doing it awful for you.
Speaker 3 (39:26):
And flip side, what do you think the worst money
habit is?
Speaker 2 (39:29):
So I am a sucker for activewear, so clear has
me in a choke hold. I seriously like any time
I see anything that's like on my emails or I
just immediately need it.
Speaker 3 (39:42):
So that's unsubscribed unsubscribed, Yes, immediately I am.
Speaker 2 (39:45):
Subscribed, I know. And social media needs just to go
because if I see something someone's wearing something, I'm buying
it immediately. But I think that's also the dopamine seeking
kind of thing as well, So that's definitely my fault
for sure. And coffee, Like I'm buying coffee like there's
no tomorrow.
Speaker 3 (40:02):
Yeah, love love. I feel like it's a slippery slope
and like, really, if it's built into the budget, it's okay. Yes,
Like if it's built in and you're enjoying it, Because
I've said this a million times, Like coffee, for me,
it's not just the cup, it's not the social it's
the you caught me having coffee with my husband along
the waterfront, Like I get to go on these walks
(40:23):
with my family and have a coffee and it just
feels so wholesome. Like, oh, please, don't take that from me.
Speaker 2 (40:29):
Yeah, please don't.
Speaker 3 (40:30):
I want that to stay in my budget, dimond cap immediately.
Speaker 2 (40:34):
Yeah.
Speaker 3 (40:35):
But I also, now I've got kids, I'm like, Okay, actually,
I do really enjoy having a coffee machine at home. Yes,
I am saving money because I'm making at home, but like,
it's also about the convenience of not having to pack
the kids up to get my caffeine hit in the morning,
because it turns out I am addicted. You made both
not the worst. I think we need to find balance.
(40:57):
And that's why for me this like fire mine that
doesn't work, Like it just doesn't work for me, and
that's so fine. Like you're in the She's on the
Money community. You know that one of my team members, Brook,
who is an absolute weapon. She is all about the
fire life and she's investing so much that she's going
to retire by the time she turns thirty five. I
turned thirty five in June. Babe, there's no chance.
Speaker 2 (41:21):
Oh gosh, good on her though. I love that for her.
Speaker 3 (41:23):
But each to their own, and it's exciting that we
get to share these stories so that we can learn
from them and be like, Oh, I could take parts
of her money story and tips and tricks from this
person and all that money Dara said that, and I
can just be the best version of myself financially because
of it. Really, Oh, I have loved this, But my queen,
you bought an apartment. You have the most expansive year
of your life last year. The apartment that you said
(41:45):
was maybe not the best financial precision is still positive
when it comes to rental yield, so not too bad.
And you've got your personal insurances set up. You're investing
forty percent of your income, but you're a B plus.
Well yeah, riddle me that one, queen.
Speaker 2 (41:59):
Where it is the through it?
Speaker 4 (42:00):
No.
Speaker 2 (42:00):
I mentioned earlier that I have a sort of an
allocated budget. Yeah, I would like to rain that in
potentially in terms of what I'm actually spending that on,
Like do I need the things I'm buying within that?
If that makes sense? Like, yeah, can I reduce my
spending there and put the money somewhere else? Even though
it is quite reduced in itself. But yeah, I think
for me, I'm just hard on myself in that sense
(42:22):
that I would like to be doing better.
Speaker 3 (42:24):
It's why I don't often like I like to point
it out, but I don't want to go, oh, you're
not and disagree with you because I think we all
have a very different view of what financial freedom actually
looks like and what you know that means for us.
Because to one person, they could be like, girl, did
you hear that that she's on the money episode? She
(42:47):
was killing it, Like I don't even understand why she
thought she wasn't doing well. And then on the flip side,
someone could be like, oh my goodness, I so resonate
with that, Like I would feel the same way. So
it's like this arbitrary reading that I make you give yourself.
Then I'm like, it doesn't matter exactly, but it does.
Speaker 5 (43:04):
It matters to the community, It matters to me because
I think it's so important to be able to reflect
and see that you know, one B plus is not
the same as another B plus and that is okay
for sure.
Speaker 3 (43:14):
Oh my goodness, what a pleasure I got to hang
out with you a second time. Oh love, Oh this
has been such a beautiful diary, and I just I'm
so glad that I got to share that with the community,
because I just know that there are people going to
be like, oh, this is like an episode that just
called me out. I was like, maybe I do need
to look at my budget. And it's not about restriction,
but it is about just getting to know what you're
(43:35):
actually up to. So thank you so much. What a
privilege it's been.
Speaker 2 (43:40):
Thank you, career.
Speaker 4 (43:46):
The advice shared on She's on the Money is generally
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.
Speaker 3 (44:04):
Advice tailored towards your needs.
Speaker 4 (44:07):
Victoria Divine and She's on the Money are authorized representatives
of Money sherper P T y lt D A b
N three two one six four nine two seven seven
Speaker 3 (44:17):
Zero eight AFS L four five one two eight nine
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