She's On The Money - MONEY DIARIES: A Tale of Remote Work, Rental Assistance & Hard Yakka

Episode Date: April 7, 2024

This Money Diarist knows the meaning of hard work. She finished school by 16, had her degree by 20, and an investment property by 22. She wants to share how negotiating rental assistance in her remote work placement, plus working incredibly hard has allowed her to buy her first home and get ahead financially so early in life.  Friends! If you loved this episode, then we know you are going to love Victoria's new book, Money Diaries with She's on the Money! This book has been written so you can feel empowered and see that YOU have the power to rewrite your own money story! It's coming in May but you can pre-order your copy now, click here!  Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.  Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kurni, Wolperi and Awadjuri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjuri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money.

She's on the money. Hello and welcome to She's on the Money, the podcast for millennials who want financial freedom. Welcome back to another one of our money diaries where I get the absolute pleasure of sitting down with one of our beautiful She's on the Money community members and learning all about their journey. This week I got a message and it sounded exactly like this, because I'm going to read it to you. Hi, Victoria. I finished school by age 16. I had my degree by 20 and an investment property by 2022. What the heck? I want to share how negotiating rental assistance in my remote placement and working really hard allowed me to buy my first

home and get ahead financially in my 20s. Money Durrist, what? You finished school at 16, had a whole ass degree by 20? That's unheard of. I know I finished school quite early and went straight to university. So I feel like I'm quite early into the full-time workspace, but yeah, it's definitely allowed me to get ahead. Before we dive into it, I've obviously got questions, my friend. How on earth did you finish at 16? Were you like one of those super nerdy, smart kids that just got accelerated? Like that didn't happen to me, so unrelatable content. But like, how do you finish at 16 and still go for a degree? Like I'm going to need to know. I'm so sorry for the unrelatable content but yeah I did work quite hard through school I finished

year eight and then I was accelerated into year 10 so I didn't do year nine through high school so I only did four years and then yeah I was 15 all through year 12 and yeah when I was end of year 12 I finished school oh my gosh yeah yeah it's definitely hard socially but I think it was great. Yeah. Don't regret it. They obviously would have thought deeply about this decision for you. So I am assuming that you were probably just not challenged enough with the curriculum that was currently being given to you. Is that right? Like, is it literally just, I was quite intelligent? Like it's, she's on the money. We call it for what it is. Yeah. Look, I feel like I am quite smart and I do work really hard. So I put in a lot of effort, you know, in that first year of school

and I think the school saw that. So, you know, they thought that it would be good for me to move ahead and the start of year 10 was a little bit of a struggle obviously I missed a lot of maths but yeah it worked out really fine by the end of year 10 and yeah I started my senior years off with a bang and did really well so yeah how cool congrats all right let's jump into it I want to know this smart cookie what grade would you give your money habits if I asked you to give them a grade from a3 to f oh I think I'd have to give myself a b plus oh okay let's learn more about that. I obviously dove into it a little bit early because I'm just excited about this money diary, if we're being honest. But talk to me, the juiciest question of all. Can you tell

us a little bit more about your money story? Of course. So I grew up in a fairly privileged household. My parents never really talked about money, but everything was always provided for me. So yeah, I was really lucky in that regard. My mum worked casually since my brother and I were born. So we were living off my dad's single income for as long as I can remember. But we always went out to nice dinners. We had the family holidays that everyone dreams of and they paid my way through schooling. So I really had no concept of what things cost. When I was younger, I just had no idea how the world works. So when I finished school at 16, I went straight to university and I couldn't drive my first year of uni so my poor mum was driving me to uni every day bless

her that's so sweet though I know and then when I was able to drive my parents gave me like a hand-me-down car to use and yeah I was using that up until I bought my own car so in my second year of uni, I applied for a scholarship and I was awarded a scholarship that was $5,000. I was going to say you're a little smart cookie. So you obviously got it. Five grand. What'd you do with it? Five grand a semester. Oh my gosh. What? For the whole degree? For the last three years of my degree. Yeah. Oh my gosh. That's nearly an entire unit each semester for free. Yeah. So I had a total of $30,000 tax free. What? Put straight into my bank account by the end of my degree. so that really helped me get ahead. That's very attractive. I like that.

Of course. In my final year of uni, my dad, we spoke about the potential idea of me moving out and he kind of said to me, look, you need a bit of a reality check. You have no idea how the world works and you need to be a bit more financially independent. So I took that and I went to the bank and I organized a car loan for myself. I put $10,000 of my scholarship money on the car and then put I think eight grand on a car loan and yeah I didn't tell my parents and I came home with a new car in the driveway the next week and I think that that kind of showed them that I was able to take some sort of responsibility for what things cost and you know how the world works so yeah I like that you were like I'm gonna show them with a car loan and now you've probably

listened to a lot of she's on the money content you're like probably could have shown them in another way, but that's all good. Yep. The car loans paid off now. So I feel like it did its purpose. And then, yeah, I moved out of home and I decided to kind of take a big move and I moved up to North Queensland. And mum and dad aren't near there. That's a big move for you. My parents live on the Gold Coast and I moved up to rural North Queensland for my internship, for my job. And as a part of that, they provided free accommodation for that year. Oh my gosh, money win. Yeah, money wins. And I was able to negotiate that as a continuation of my role. So I'm still living up here. Oh, how cool. Congrats. Yeah. Thank you. I want to know, and I love this

level of insight. I love that you're like, look, I did grow up in a relatively privileged household. Mum and dad didn't talk about money, but was pocket money a thing? If so, how did that work for you? Not really. No. When I say I had no concept, like I really feel like I had no concept. my parents were really passionate about kind of bringing us kids up not having to worry financially and you know everything was provided for me my food my school you know they gave me a car to use until I bought my own like I was definitely very privileged and I'm very grateful to have that experience but yeah we didn't get pocket money you know anything that my brother and I needed we just yeah voiced that to our parents and they either yeah said no you don't

need that or you know what that's a reasonable request so yeah no I was I was very grateful to have that experience I know a lot of people don't have that same privilege so yeah and that's okay I think it's just important that we're aware of it like I don't think it changes from being a good or a bad thing it's like it is what it is we can't change our upbringings but I think it just makes me go well how did you learn about money like what did that look like obviously going to uni you ended up and I'm assuming you didn't work because if you're turbocharging you know high school and finishing at 16 you probably don't have time for a part-time job is that right? I had just a casual job I think during my last two years of high school it was really only like

loose change type of money like I wasn't paying for anything substantial and then through uni I had a couple of jobs so I worked in hospitality and then I had a part-time pharmacy job as well for the last couple of years. So I was still living at home. So I was just using that money to pay for my fuel and, you know, my food and that type of thing. Yeah, yeah, yeah. And what was it like, I suppose, having come from a family where, you know, money is not a problem, it doesn't hinder you, which is very cool. But what was it like then earning an income? Were you like, I just get to do what I want with this? Was it, you know, a conversation about, oh, you probably should save this? Or was there just no conversation? Wow, you're earning money, good on you,

full stop, end of story. Yeah. I think my parents always spoke to me about saving my money. But like I said, I think it was a bit of a shock for me coming out of that type of upbringing and then having to pay for things and knowing what things cost. And I did get into a bit of an afterpay spiral as soon as I started working and have only just gotten out of that having bought my house. that's been going on for years so it was definitely a struggle kind of knowing what to spend my money on and when to save it because yeah I was so used to not having that kind of education about money so it was definitely good having a bit of income coming in and I did save a little bit but probably not as much as I could have. That's kind of what I was like so how did that work? I get to see lots

of financial stories and I get to you know see lots of money diaries and it's my favorite thing in the world, but you often find that people who come from privileged backgrounds where money was never an issue, sometimes struggle with money going into quote the real world. Cause they're like, well, I actually don't know how to manage this. Like no one's ever really sat me down and been like, Hey, here's a budget, babe. Like here's what you need to do. And I guess that's why I'm so passionate about financial literacy, regardless of what your financial circumstances are, because you know, financial literacy is important when you don't have enough, but when you have heaps and you are well looked after, you also need to know how to thrive on your own. We actually need

to be taught these things irrespective of how easy it is to get resources. I'm just a little bit pervy. So I'm like, well, how did that work? What did that look like? So I'm not surprised that you struggled a bit with after pay, but obviously it's worked out for the better because you're a homeowner. So Slay, talk to me about what you do for work. How much money do you earn? Yeah. So I'm a registered pharmacist working in the community. So just your local pharmacy, you'd walk in there and that's me. And you're 20. She's just a baby. I earn about $85,000 a year. That's looking to increase. I'm currently doing extra studies to expand my scope. And I'm looking to see, yeah, six figures once that study is done.

Very nice. How long does it take to become a pharmacist? it's four years at university and then it's a one-year internship so it's about a total of five years the internship's paid though so that's where I moved to North Queensland to do that years of paid internship that's just a minimum wage type job and then once you're fully registered that's when yeah your pay goes up and you're able to negotiate your salary and that type of thing yeah very cool and what's the plan for your career like are you going to be a pharmacist I used to have a lot of clients who are pharmacists who also owned their own pharmacies. Is business something that you want to get involved with?

What are your thoughts on your future career? The ownership of pharmacy is definitely something that I've considered, but I think I've decided that I don't really want to go down that pathway. My current plan is to keep working in North Queensland for a bit just to save some more money and hopefully buy some more investments. and then I'm hoping to move down south again with my partner and possibly go back to uni and do some research so that's kind of what I'm looking into doing at the moment maybe some teaching and research back at the university that I was studying at. Yeah very cool so are those your big money

goals what are you currently working towards? Yeah I've got a couple of money goals I think my short-term goals would be to buy another investment property by the end of the year. So you're going to be young and still have two properties by the end of this year. That's wild. Yeah. So I'm currently in the stages of contract signing for my first property now. So that's what's happening. It's really only happened this week. It's been quite fast paced. That's so exciting. I know. My goal is to have a second investment property by the end of the year. And I'd also like to build my emergency fund, which I'm really bad at. Yeah. And I think my long-term goals are definitely to become financially free through investing. And then another random goal of mine is I really

want to be a pilot, like as a hobby. Be a pilot. I did not see that coming. That is very cool. Yeah. I'm really passionate about flying. So I would really like to buy a pilot's license, but that's a very expensive hobby. So I think that's going to be a long-term goal of mine. Yeah. That is very, very expensive and very time consuming. And even just the hours needed. I used to have, again, clients who are pilots. Not that anyone cares, but this is where all my random bits of knowledge come from. And the amount of money it costs to even just like go up and get the hours that you need to become a pilot. Like, is that something that you budget for each week? Like, and how much does it cost you to fly? Are you flying at the moment? I'm not flying at the

moment. I've done a trial flight and even that was almost $500 just for the hour, but it does cost about, yeah, $200 to $50 to just go up for the hour in fuel and maintenance costs in a small aircraft. So it's a very expensive hobby. It's definitely not something that's going to be a short-term goal. It's going to be something that I hopefully work towards after I've bought a few properties, I think. Yeah. And then for everyone following along at home, you actually need hundreds of hours to become a licensed individual pilot in addition to like just paying for the license like it's wild but also very cool hobby like I want to see more women pilots so like this is very good for me I love this for us let's go to a really quick break

on the flip side I want to talk to you a little bit more about like this property that you're purchasing how you got there about your view on investments and what the future holds so guys don't go anywhere all right money diarist we are back and I'm so excited about this I still can't believe that you're 22. You're a fully qualified pharmacist. You're just living your best life. You're vibing. You are buying your first property, which is currently happening as we speak, which is very cool because it means that by the time this episode goes live, you're officially a homeowner. Like you will have a mortgage. So talk to me about investments. So you mentioned before that this property that you're purchasing is an investment property. How did that come about and

how have you been saving for the deposit and like making that decision? Yeah. So buying property is definitely not something that I always saw myself doing, but I think last year when I started reading your books, I had a bit of a moment and thought to myself, like, what am I going to do in retirement? I know that's such a long-term thought, but I know it's a bit of a stressor in a lot of people's minds to think about what we're going to be doing in retirement and are we going to have enough money? And I just sat down and decided that I needed a plan and that my plan was going to be to start investing in property. So I did a little bit of research and I also got a buyer's agent on board, which is another expense.

Oh, smart cookie. Yes. I've got the buyer's agent and I just decided that I was going to fully entrust them in making this decision because no one teaches you how to buy a house in school. Even just the process of, you know, that you need someone to look over the contract and, you know, the insurances. No one tells you anything about this in school. So it's just such a big learning journey. And I just decided to fully entrust them with the decision. They've presented me with a property this week and I signed the contract and off we went. How did you find your buyer's agent? Because I feel like a lot of people go, that's a really good idea. And then they see the price and they're

like, oh, like it's expensive. Is it worth it? Am I, you know, picking the right agent? How did you pick? What did that process look like? Yeah, there's a few different aspects that went into my decision on how to pick the buyer's agent. So the first thing is they have a podcast. Shades on the Money is definitely my favorite podcast. You do not need to be a suck up. That is okay. I do listen to another podcast. They run their own podcast. So I'm definitely able to get a bit of an insight into the personalities of the team through listening to that. I read a lot of reviews and I also have a friend that went through the same buyer's agent so I was able to get a bit of

an insight into them through that yeah yeah very cool so do you have any other investments I've got my super and I think there's about $23,000 in my super oh very nice I have $12,000 in shares oh I did not see that coming not because I didn't believe that you could do it I'm just like you know, you're buying a house. This is a really big financial decision. You're so young. Surely you haven't had time to get into this. How did you get into share investing? The share investing was definitely before the idea of property. So when I was 18, 19, you know, I was listening to the podcast and listening to your advice about investing and definitely wanted to get into shares. So I just opened up a ComSec account and brought some

random shares. There was no thought whatsoever that went. No rhyme or reason. You were just like, that sounds good. Yeah. Bought some Qantas shares because I liked planes. There was no kind of tactic to it. No, that's aligned to your values. I like it. Yeah. Since then, I've put some money into ETFs. So I think the majority of that share portfolio is just made up of Vanguard ETFs, which I buy through Comsec. And then I've just got like $1,000 in shares that I put a little bit of money into every fortnight. Oh, and you're in sharesies as well. Yeah. Only recently, I think I put $50 a fortnight from my pay into sharesies. And then I guess when that builds up, I can always invest that into my ComSec or invest that into something else when

I see fit. Yeah. I'm obsessed. I still can't get over the fact that I get the privilege of talking to people like you who, you know, obviously killing it. And then something comes up and you go no no no like I got into shares because I was listening to your content I'm like really like I was part of that like I got to be part of that journey I just think it is so wild that you know when people take my I don't know if it's advice it's just like content that we put online but people care and then they also just they're putting themselves in the best possible positions and then they give me credit for being in that I'm like what this is the best like it makes my heart so full so thank you for doing that and stroking my ego yeah you definitely have credit

You mentioned before you had a car loan completely paid off now, which is all good, but do you have any other debts? If so, what are they? And if not, how are you feeling about debt now? So I have my HECS debt, which is $37,000 at the moment. It hasn't really gone down at all because of the indexation on it. So I think I'm going to have to start making a plan to put some money into that if it just keeps going up. I don't have any other debt. I've only just cancelled my Afterpay account probably three months ago when I started the journey to get my pre-approval for my home loan. Get it, queen. I love this for you. That was a big thing for me because I opened my Afterpay when I was 18 and I think I constantly

had money in there up until I was 22 and bought my house and every pay, I was paying money off that after pay. So it was a big thing to cancel. It was really hard. It's definitely a cycle. I'm proud of you. How good is that? Tell me about this mortgage. I know that it hasn't settled yet, but how much deposit did you have to save? Tell me about the house too. Can we have the pervy dates? What are you paying for it? What's your mortgage going to look like? You're in the midst of it. So I'm hoping it's all fresh. Of course. So the house that I'm looking to buy is around $300,000 and that was picked me from the bias agent. I think I gave them a budget of $400,000 and said that I'd really like to kind of stick at the conservative end of that. So

they made that happen. Oh, I like that they really have, huh? Yeah. So the total deposit I had to have to put down on that was $65,000. That's inclusive of my deposit, stamp duty, the bias agent fees, kind of everything. So I was able to put, you know, some of that scholarship money that I'd saved from uni into that. I put quite a big chunk of my own savings and then my parents had a little bit of inheritance that they were happy to contribute as well. So that's all gone into the deposit. Oh, that's so exciting. So you've got $65,000 and then the house is about $300,000. So what's your mortgage going to look like? yeah the numbers are still being crunched but I think this house will be slightly negatively geared

with the interest rates at the moment not by much but maybe by a couple of grand a year but yeah I'm still in the midst of organizing what the mortgage structure is going to look like and that type of thing if I'm going interest only or principal and interest so hopefully I can shed some more light on that when it settles no that totally makes sense and I'll hit you up for that but you're probably looking at what, like a $235,000 mortgage-ish in total? I've put 12% deposit on the property. So $300,000 less 12%. Very cool. How exciting. I honestly get so excited when people are like, I'm finally buying my first property. And so obviously you said this is going to be an

investment property. Have you talked to your buyer's agent about like rental yield? Obviously you just mentioned it's going to be negatively geared, which for everybody else, it just means that money diarist is going to have to tip in some more cash each year because the mortgage is not going to be covered by the rent. But what type of rental yield are you expecting on this property? Yeah. So the rental yield is actually really good. I think it's just the interest rate that's kind of making it a little bit negatively geared at the moment. And there also is room to increase the rent in the area. The rent is quite low for the standard rent in that area. So there's room to kind of move a little bit there. So the rental yield on the property currently is 6.9%.

Oh, very nice. Yeah, which is quite nice. And then there's room to kind of move that to around 7.3, 7.5, depending on increases in rent, which I'd like to not increase the rent significantly. We've already got tenants that are in there, so I'd like to keep them as long as possible. Oh, it's already tenanted and everything. Yeah, it's already tenanted until October at the current rent, which is $360 a week. And there's room to move that closer to $400 if we're able to. But yeah, we'll see how we go. Oh my gosh, I love this. And I really love that when I asked you about rental yield,

you actually led with a percentage, not like, oh yeah, I get like X amount per week in rent. You were like, no, no, no, sis, sit down. It's 6.9. Like I've done my numbers. I know what this is going to look like. It's just, it's so exciting talking about this stuff because I just know what it means for your future financial security. And it makes me honestly so happy. Still got so much to learn, but yeah. Oh my gosh. And you've got so much time to learn it in. Like you do not need to rush my friend. You are going to have some money habits that I think we want to know about. You don't just fly through school and become, you know, a property mogul by 22 in the way that you have, what do you think are your best money habits?

I think my best money habit is that I put away fake rent every week. Fake rent. Yeah. No, I love it. I love it. So I don't pay rent at the moment. So my accommodation is all provided for by my employer. So I'm really lucky to have that. But I kind of thought, you know, I should put away fake rent and then try and save on top of that. So I put away $250 a week in fake rent, and then I save on top of that as my savings. Obviously, it's all going to savings, but it's just a nice

way to kind of get into the budgeting for if I decide to move and have to pay rent. It's all about mindset, right? Like when it comes to money, money is inherently psychological. So if you can go, all right, well, I don't pay rent, ha ha ha, I can do whatever I want. in the future when you do have to pay rent or you do have to pay a mortgage that's gonna bite you in the bottom because you don't have that habit behind you but what you've done is kind of game the system you're like I'm not paying rent but what I can do is pretend to pay rent keep the money but then I'm in the habit of it if ever that changes so that makes me genuinely so excited because I can tell that you're setting yourself up for success was that something that you learned

was it something that you just went all right I think this might be good for me like how do you get into this situation? Because as you said, as much as you grew up in a really privileged household, there wasn't a lot of financial literacy flying around. Like, have you just self-taught yourself all this stuff? Yeah, I think I have done a lot of kind of self-education. I listen to a lot of podcasts. I read a lot of books. So yeah, it's all just kind of been me trying to figure out how the world works and how money works, which has been really hard. Like I that I've been in that after pay spiral for so long and I've only just gotten out of it. It feels so freeing to be out of that as well. But yeah, I think I just realized that I'm in a really good

situation where I am not paying rent and that I really need to be taking advantage of that to try and save as much as I can. So yeah, I just wanted to kind of maximize that while I'm in this situation. I have so many questions still. I'm so sorry. Like as I told you before we started recording Money Diaries. So I'm just pervy at heart. What prompted you to care more about your finances? Like, did you just fall into this idea of going, well, actually I want to be wealthy or I really want to buy property or, you know, what do I do with my cash? Like, what was that start point for you where you were like, I actually do want to learn a bit more about financial literacy because I feel like for a lot of people in our community and outside our

community, it's such a big hurdle. Like actually going, you know, I'm going to start consuming this content, it can be overwhelming. So how did you do it? Yeah, I think just not knowing a lot about money growing up, I kind of just saw my parents as being quite well off and just assumed that, you know, that's the kind of path that I would follow, which obviously I was very shocked when I left home and had to manage everything for myself. So I forced myself to learn because, I've moved out of home quite quickly and lost that dependency with my parents. So I had to learn about how to budget and how to save. And I also, I guess, have the idea of the kind of lifestyle that I want to live and that my partner and I want to live. So I'd like to have that nice house

on the waterfront and eventually have kids. And obviously I want a pilot's license and that's a big expense. So I just decided that my nine to five job wasn't going to be enough to sustain those goals and aspirations that I have. So yeah, I decided that I needed to save and invest my money into something that's eventually going to get me there. Because like you've spoken about on the podcast, you can only save so much money with your nine to five income. And then you're relying on, you know, investments and that type of thing to get you through. So yeah, I think after listening and reading, I definitely realized that I needed to do something extra and then spent some time learning about it and just dived in headfirst. I love this. It's actually my favorite

thing ever. Going back, you said before you were really shocked when you left home about budgeting and I feel like this happens to so many of us, right? Like I think I've said before on the podcast. I was shocked when I left home and I moved straight into a share house, right? There were like four of us. So split costs. And I just remember being like, it'll be fine. Like surely groceries aren't that expensive in my head. Like a whole trolley of groceries. This was like 2009 was like a hundred dollars. 120 was like a big shop, right? But I remember being horrified because in my head, dishwasher tablets just existed. Like, I don't think I'd ever looked at the price. Like, that was something that my mum had organised for home. And I remember being shook at how expensive

dishwasher tablets were. And I was like, this real life thing, it's legit. Why are they $80 for no reason? Exactly. So what shocked you the most when you moved out of home and had to start paying your own way? I think it's genuinely just the things that pop up that I didn't realise I had to budget for so things like my rego and you know my car insurance and getting my hair done and tires and my pharmacist registration fees in my first year of working I kind of just paid them out of my fortnightly pay when they popped up but obviously that left a big dent in the rest of my budget so I kind of had to learn to save for those now I've got like separate accounts for those things that I put money in every fortnight so that when it gets to the car insurance, I've got

an accumulating amount of money sitting there ready to go. But I think, yeah, just the fact that random things pop up that you have to pay for and needing to have money there in those situations to be able to cover you in times like that is really important. I totally agree. That's why I'm so passionate about budgeting and cash flow. So now do you have a really good budget that you're using and kind of implementing? Or is this something that you're like, look, I just work it out as we go? I've gotten better. My emergency fund is dismal and it has been for a while because I just cannot get into the flow of putting money away for an emergency. I think it's probably one of my worst money habits. But in terms of my budget, it's going okay.

I do have like an Excel spreadsheet that I can type my fortnightly income in at the top and it kind of calculates how much money I'm putting away for everything else so that's working quite well I'm still really unsure about how it's going to work with the mortgage coming in I think I need to learn a little bit more about what that's going to look like in my bank account especially since I'm opening up new accounts for the mortgage as well I'm really not sure kind of what that looks like and what to do with that and what's the best account to have the mortgage come out of and that type of thing. Are you going to have offset accounts to your mortgage? I believe so, yes. I'm in the stages of speaking to them about like the structure of the loan at the moment.

So I'm assuming I'll have an offset account, but yeah, just learning about, you know, where the mortgage comes out of and where do I put the rent when it comes in, you know, just that kind of cashflow. I really don't know how that works and what that looks like. So I think that's one of my goals as well, to learn more about that. Oh, I can save you. When you said, oh, I have a spreadsheet. I was like, okay, so she doesn't need me. And then you were like, oh, I really need to work out how to integrate the mortgage. I'm like, aha, I win. I'm going to gift you my money masterclass, which is basically a really comprehensive budget and cashflow tool where you kind of plug in all of your expenses and then you plug in all of your

outgoings and, you know, your income and where it's coming from. And then it like spits out a banking system and says, all right, well, this bank account needs X and this bank account needs Y and you need to save X, Y, and Z here. And here's how much fun money you have access to. So I'm going to gift that to you because I think it will change the way that you manage money and really, really help. Also, low key, I'm biased. I made it. I think it's really good, but it's also very aesthetically pleasing. Thank you so much, Bea. That's going to change so many things. That's going to be so helpful. Thank you so much. it'll take a bit of a weight off your shoulders I remember when we got our mortgage and I was like

well how does this fit in and like I have a whole page on debt in there so like it all integrates you don't have to do anything yourself like it will automatically tell you what goes in and what comes out if you just put in the figures that you've got but you can change the interest rate you can change the term on it and you can actually play with it in a way and this is not even me trying to sell you on this I promise you it's just me being impressed with my own work so like let me have this, you know, but in the mortgage section, you can like play with the years and go, oh, actually, what if I contributed an extra hundred dollars a month? How would that impact how quickly the loan is paid off? And it will tell you. And I just think that that's where it kind of provides

a heap of extra value above and beyond, you know, day to day, because it's really about pushing for wealth creation, which I can tell you're on board for given your plans to buy another investment property by the end of the year. Thank you so much. That's amazing. Yes, I do have big plans. I think that that is going to really help me at least get on track for the first one. And yeah, even just learning about once you have multiple properties, what does that cash flow look like? So that's going to be really, really helpful. Thank you so much. I love it. For those of you following along at home, I'll obviously put a cheeky little discount code in the show notes because I can't say all that nice stuff and then I'll give you like a little bonus as well.

All right, Marnie Dyrus, let's like bring the mood back down. What is your worst money habit? I think my worst money habit is definitely my emergency fund. I have a goal set for my emergency fund for my three months worth of expenses and I just seem to consider everything an emergency. Like what? Is it a genuine emergency or is this like a, oh my gosh, those shoes are so cute. This is an emergency. I need them. Definitely not genuine emergency. It just seems to be that in my brain, I can take money out of the account. So why can't I take money out of the account to buy new shoes type thing? You know, when your savings account, they sit there and you don't touch them, you know, you've never taken money out of them,

but the emergency account, I don't know. I just can't seem to get on top of it. We need to change that. Is your emergency account in the same banking system as all of your other cash? Like if you log into your banking app, is it right there? Yeah, I guess so. Probably not very helpful to have it with everything else. So you can see it? Yeah, I can see it. I am a very impulsive kind of gal. And one thing that's really helped me personally is like putting it with another bank. So I had to put it over with another bank. And like, I obviously still

have access to it because we need access to our emergency fund. But I don't log into my main banking system and go, oh, that's just sitting there. That's nice. Like I literally have to go out of sight, out of mind. If I can't see it, and then if an emergency pops up, I'm like, oh, what am I going to do? I don't have enough money. And then I'm like, oh, I do actually, I have a whole emergency fund for this specific purpose. I can go over the fence. Yeah. I think that'd be really helpful. I think I should change that because yeah. Out of sight, out of mind. For sure. And I think the other thing is just, I really enjoy eating out. I think my partner and

I eat out probably too much. Food is definitely our love language. So I'll easily drop any amount of money on a good fee. So that's probably not the best money habit. I'm the same. But as I was saying to a couple of money diarists a few weeks ago, like life's about the journey and enjoying it as well. Like you can't just be always aggressively saving or aggressively investing or just getting by. Sometimes we need a little bit of, you know, fun in our lives and enjoyment in our lives, because I just think that so many of us need to enjoy the journey as much as the destination. Like, yes, buying a house is super sexy and it's something that you really value. but also like let's just enjoy time with our partner and create a life that we deserve you

know yeah I think eating out is definitely in my value so maybe we'll keep that there we can keep that there because if I tell you oh you need to cut back on that which one I never would can you imagine me fighting with you over your own values just wouldn't happen but also I would have to then have a good hard chat with myself because like that's where I spend most of my money. So anyway, moving on, this has been a beautiful money diary. I'm just so inspired by you. You are 22 and absolutely killing it. I love the way you talk about your upbringing and you really understand that one, that was a privilege, but also you've just taught yourself so much and been so tenacious about this. And I am sure that during your life, you're going to have a lot of

people that go, oh yeah, her parents probably really helped her out there. But when you get to know stories like this you're like well no like look at what she's doing for her own budget and her own cash flow and you know you're seeking out buyers agents to purchase properties for yourself at 22 and you're paying fake rent like this is just wild to me at the start of the episode though you did say hey v i reckon i'm a b plus what would it take to get you to an a plus i think definitely learning more about how the cash flow will work with the property and having multiple properties. So I think just having a little bit more education around that, I'd be happy to move myself to an A. I think you can do it. I know that the Money Masterclass is coming

your way. And then the other thing I'd say about having investment properties, something that has helped a lot of my historical clients has always been treating your investment property like a business. So like if you started a small business, you would get a clean bank account for all of the money to come into and go out of that you didn't touch and didn't use for anything else. Because then when it comes to tax time, you have a really clean list of, okay, well, the rent came in here, here and here, here are the expenses that came out. Cause you're going to have property management fees. You're going to have, you know, property maintenance fees and things come out and just having one clean, clear record really helps. And I think that some of us find ourselves in a bit

of a pickle where you're like, oh, I already have a bank account. Maybe I'll just nominate that one and it can come in there, but then things get a little bit messy. So for me, I guess if I was to be getting an investment property tomorrow, I would be separating out another brand new bank account. Maybe it could be a little offset to your mortgage so that at least the money's working as hard as you do for it so that you can actually cleanly see it. And a lot of the times when I had clients who had multiple properties that were investment properties, they would have a bank account for each of those properties because you want to be able to quickly and cleanly see what's coming in from where and when and how and what's going out. And obviously, as you grow and you grow

your wealth, having a clean banking system, I promise you will thank your past self because she's going to be like, oh, thank God I did that. Yeah, that's so true. I think that's really good advice. So I'll definitely be taking that on board. Thank you, Bea. We just want clean, crispy finances, you know, like I just want to know where my money is at and making sure it's working for me. So 10 out of 10 for that. Marnie Durrest, I've loved getting to know you, but unfortunately, that's all we have time for today. Thank you so much for sharing your journey with me and with the community. It's so generous and I'm really grateful for it. So thank you so much. I know that the community is going to love this just as much as I have. Thanks, Bea.

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