She's On The Money - MONEY DIARIES: Hustling Hard to Change the Script

Episode Date: August 21, 2022

Not only is she working incredibly hard in her small business, but also to change her money story and educate herself around finances. With her husband by her side, they are learning to invest and doing all they can to educate their daughter to help elevate her money story too. We can't wait for you to meet this incredibly hard working and insightful Money Diarist!This year our Money Diaries are being brought to you by the legends at Shopback! Check them out at https://app.shopback.com/aus/partner/SOTM and you'll get a cashback bonus when you sign up!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. Victoria Devine and She's On The Money are Authorised Representatives of Infocus Securities Australia Proprietary Limited ABN 47 097 797 049 AFSL - AFSL 236523.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri 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 Awadjeri 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 Shop Back Money Diary Monday, where we get to talk to a community member to learn all about them, all about their finances, and all about the juicy, juicy details of their life. Victoria, how are you going? What have you got this week? Let me tell you. Our diarist wrote in and said, Steep learning curve. I've never really been educated on money. I got out of a smallish debt at 21 and left a dropkick boyfriend. Yeah, we love that outcome. I feel like I'm trying to

change my money story. My parents have always been a little impulsive and have chopped and changed their lives many times and made some bad choices. I'm now paying off a house, running a small company and learning to invest with my husband. And we are doing all we can to educate our daughter to elevate her money story too. I love that. We got rid of a dropkick boyfriend, we're married, we're doing well. Welcome to the show, Money Diarist. Thanks for coming and hanging out for a bit. Thanks for having me. Oh my gosh. No, I'm really excited. So let's start this as we always do. And I'm going to ask, can you tell us a little bit about your money story? Money story. So growing up, money wasn't really discussed in our house. Not that it wasn't allowed,

just didn't really happen. My mum and dad owned a transport business. So money was either there or it wasn't, I found. They were either chasing checks or income. So it was never really budgeted very well, but we were never short, like short, short of money either. But it was ebbs and flows with a bit of inconsistency in income, right? Oh yes, very, very much so. If the checks were coming in you'd have you know a really good year and of course being transport the weather play is a big part of that too if you have a very wet year it would pull my dad off work so money would dry up so I just found it was yeah when it was there it was like great we can do all this stuff but then when it wasn't there it would be months of you know

I wouldn't say struggle struggle but definitely you know harsher times I went through yeah that was growing up I was a little bit of a rebellious teen compared to my sisters so I was you know the one that would get in trouble at school or I wouldn't listen whereas my sister was very switched on with stuff you know she wanted to be an accountant so when we were heading towards the end of high school my family decided to move to the bush because they wanted to buy acreages I didn't want to go so I moved out I was extremely lucky though that property that my parents adjusted for horses had this really little old shack on it so I leased that out with some very interesting stories yeah well I looked for work down here and I was only ever taught really good

work ethics so it was work hard you know bring the money in I didn't finish my HSC so I started off with a lot of interesting jobs I think I did food industry and then I did Woolworths as a checkout chick and a karate sales and then I ended up into nursing aged care nursing I had met my ex partner at the time so we'd moved in together he was always out of work so then I found like I was bringing this paycheck home that I was really proud of except he was getting the same amount on Centrelink so I was like this is really like pointless yeah yeah especially when I got into nursing because I would be up really really early and you'd be going and it was a really hard job and I was just getting really cranky and I decide like I can remember like having arguments with him

and saying you know we need to do better than this this can't be my life and it got to a point I think I was 19 and I just said to I gave an ultimatum and I'm like you know by this date I need you in work and I want this this and this or I'm leaving it so happened that my mom and dad had moved back from the bush by then because that didn't work out for them and um I just packed everything into my car one morning and left oh my gosh yeah it was it was pretty big at the time because I was 19 I was nursing and I can remember like taking all my stuff back to mom's and having a cup of tea with her and she's like so what's happening and I was like oh I was just wondering I can move home she was like yes I'm like good I'll unpack my car oh my gosh you're like I'm

ready are you ready because like I'm already here pretty much so yeah that was the start I think of me realizing that life doesn't just happen smoothly you have to figure it out on your own but I have no worries of looking back there I was really glad I did that and I've watched other people and friends kind of fall into traps with bad partners and just be promised that it will change or, you know, and it never does. I read a quote on Instagram the other day, actually, that it's easier to change the actual man than change a man. So I was like, yeah, great. Just yeet them out, get a new one. What a dream. Unfortunately, I think it is sometimes. I mean, I've met gentlemen or I should say both females and males that have been bad in past relationships

and they change after someone leaves them. But I never find it kind of happens if they stay. Yeah, it's an interesting concept as well. And what you were talking about before just going, oh, they're on Centrelink and they're earning what I'm earning. What I'm feeling from the tone of the way you said that actually had nothing to do with the dollar amount. Because if they were on Centrelink and like studying or doing something, it was more about the mindset and what they're contributing to the relationship. Am I right in reading into that a little bit? Very much so. It was just even stuff around the house. He just had a mentality of the big things will come, but he wasn't going to get anything or he wasn't contributing around the house. So

I've just learned that I want people sort of on the same path as me. Yeah, of course. I feel like you made the right decision for you then. I love that. Thank you. I think I did too. All right, money, Dara. Next question. I want to know where you are at now. So tell us, what do you do for work? How much money do you earn? Okay. So I currently am, we created a company. Oh, we just created a company. No biggie. It took a lot of learning and a lot of discussions with the accountant. But yeah, I got into mail contracts and we were working for another contractor and the opportunity to come up to go out on our own. So we did. And we just kind of kept growing. So I've got three

contracts. Oh my gosh, the way you said it, you were just so flippant about having just started a business, which is crazy. So many people would never even consider taking the risk, but you were like, oh, we just did it. No biggie. As I get older, and I tell everyone else this too, there's a lot of information on the internet. People shouldn't be as scared as I once was. You can get a lot of information on how to do it or get a really good account. All right. I want to know now though, how much money do you earn? That sounds like an exciting role, but like, let's get into the nitty gritty dollars of it. Okay. So we're still relatively low, but we have a lot of perks like company cars and things like that due to the company. The actual income that we

bring in is roughly about $150,000 a year. I also have a house that we bought, which we're currently not living in at the moment. So we've decided to rent that out. So that's bringing a little bit in as well. Very nice. So far, it's been a different journey. We built a shed to live in with my parents-in-laws because they are ill at the moment. We'd purchased the land up the road. we had built a very long 12 months of building a house up the road. We had the equity sitting there. So we borrowed again to build the shed down here. And yeah, we've been living in that while still doing the company. Amazing. Is that $150,000 then split between the two of you because you both work in the business? Yeah. Beautiful. Very cool. All right. Next question. I want to

know what is your big money goal oh to retire early oh I love that financial freedom that's what's on my board just to be able to I think retire and do what I would like when I retire I watch you know my husband's family and my family and they are at the end of their lives and they're struggling or waiting for money or not being able to do things and they've worked really hard lives I don't want to get to the end of mine and be scraping through. Yeah, no, that makes absolute sense. What are you doing to work towards that? So we would like to have the rest of our mortgage for the house that I'm currently renting out. We're hoping that we can have that paid out in four years.

Oh, four. How good. I think we have just under $300,000 owing on that. So we would like to have that pay or that money at least sitting in an offset account by the end of four years. With my husband's dad being ill, we're kind of stuck here for a minute. So we were discussing either buying another investment property or trying to put the money together so that if anything happens, we could purchase my husband's house that he grew up in and pay his sister out if ever that comes to task. I love that. I feel like I know the answer to this next question because you mentioned that you have a property you're leasing out, but I want to know, do you have any investments? If so,

what are they? The house up the road. And I recently am on a very steep learning curve, thanks to you guys, with some shares. How exciting. It's nerve wracking. I learned through Sharesies that I wasn't very good at picking my own, but I did. I put a small amount into shares these last year and it was going down. So I've recently sold them. I've decided to stay with the six park ventures that I have put into. I put $2,000 away in April for my daughter and I've recently done another one for my partner and I. We're just waiting with the bear market at the moment. I've got a feeling like it would be a good time to buy, but it's just picking exactly when. We don't pick the time, my friend. We invest when it's right for you guys,

because if we're aiming to be in the market for a long period of time, we can't time the market. It's not a good idea, my friend. What are we doing? Well, I'm kind of improving that to the partner at the moment because he was, I think, a little petrified when I was like, I'm just going to put a couple of thousand in the share market. It's a big decision, but it's one that only you guys can make for you. But I think it's so interesting to know. And I actually want to ask a really pervy question. Sorry, Jess, it's off the script, but I want to know here what made you want to sell shares when you were down? Was that something that you were like, oh, I just want out. I don't want to do that anymore. Or if you were saying they were going down, I got rid of

them. Why? I did not have faith in why I chose them. It was a whim of the moment. And I kind of went on and I was like, I wanted to get Australian ones and I didn't fully understand what they were. And so the faith in them was not there. Whereas having someone else, you know, help pick the shares, I think that there's probably a lot more information that's gone into that rather than me going, oh, that one looks pretty. Yeah. And so your experience with Six Park, you've just gone, all right, well, as much as I can pick them myself, I actually want a pro to pick them for me. And I feel a bit more confident with that option. Is that about right? That's exactly right.

How cool. All right. Next question, my friend, the opposite. Do you have any debts? Just the mortgage. Awesome. I want to be pervy about the mortgage though. Are your rental repayments covering the mortgage repayments at the moment? What does that look like? Yes, we get a higher rental income than what the minimum is for repayments. Oh, money win. That's a very nice outcome. Yes, we're very lucky because we were slightly scared going into that venture as well because the risks of someone, you know, ruining a house or something like that. But we've been very lucky

in finding an extremely brilliant property manager. And so it's just been really smooth. We don't really hear much of it, anything from up there. Epic. All right. Next question. Do you currently use Shopback? No, sorry. I try. You don't have to apologize. We just want to know. We're just pervy. The community talks about it all the time. They've always got hot tips and tricks and it's missed opportunity for me if I'm not asking, to be honest. We did try. My husband's kind of, I don't want to call him stingy because I love the fact that he's like it and he gets to be

insulted. Yes, he's very savvy. So we found a lot of the time he was finding specials in his own things to buy stuff. So we never really used it. Yeah, no, that's fair. That makes absolute sense. I want to know though, if you're not using Shopback, what is your best money hack? My husband. Yeah, fair, fair, fair. Mainly just the shopping around. I mean, things, especially large price things, you really do have to shop around. He's a little bit more strict with it than I am, especially with like purchasing vehicles. He will set aside two months before we need one and he will go back and forth between dealers and he will drop prices like seven or eight thousand dollars whereas I might just yeah he's he's very amazing so we have both

our little jobs when it comes to buying stuff we're each better at our own little field my money hacks for around the house is planning I plan I've got calendars all around my house I plan to a month in advance with the shopping and that we have the week's meals ahead I'm not one to do things last minute because whenever I do I find I spend a lot of money. Cheeky. So yeah that's that's pretty much the hacks and just education I wasn't educated in a lot of the money things and like I said when you move out of home no one tells you how to plan your week or your meals or how much shopping is going to cost you. It's crazy isn't it no one told me it's so rude what do you mean I have to pay for water isn't that just free in the tap? Well we're even better we've got

tank water. So if it runs out, you are stuck in the middle of the shower. Okay. All right. Well, that's actually a bigger cost if you have to get your tank refilled. Well, funnily enough, I don't think it is. I've done like a spreadsheet with a girlfriend of mine that's on town water and it's cheaper for the tank if you set it up right. Oh, I love that for you. I want to know though, what is your worst money habit? Being your own business, we don't get planned holidays as often as a lot of my friends. So I will venture out for a little weekend away with the family and I do splurge a little bit more with that. I think in my head, I excuse myself for it because I don't get the really

big holidays. I don't think that's a terrible money habit. I think that that is a very common feeling that is shared by a lot of business owners, to be honest. We don't give ourselves enough time off, but we'll definitely let our employees off very easily. Yes. All right, my friend. Last question before we go to a quick break. I want to know what grade would you give yourself if we forced you to give your money habits a grade?

Currently, I would be probably sitting on a B minus. Why a B minus? I do still do my little splurges and I'm still learning. I think I'm at that cusp now where I would like to learn further and I feel like I'm a little bit late to it. If I do anything with my daughter, I hope that she does this. like pre-20s. But yes, at least I'm out and I'm having a go at it now. So I do think it's at least a B. I love that. All right, let's go to a quick break. And after I want to dive into business and

your life and moving out at 19, guys, don't go anywhere. Welcome back, guys. Money Diaries, I wanted to ask, you said that your parents owned a business, which is something that you now do as well, which is awesome to see. But you mentioned that they were often chasing checks and anyone who's ever freelanced or owned a business knows that that is one of the hardest things is getting people to pay on time. Is that something that you now find yourself doing or have you been able to put systems in place, having seen your parents doing it when you were growing up, that kind of puts you a little bit on the front foot now as an adult? So I'm kind of very lucky because we contract mainly with government bodies such as Australia Post and

things like that. So the income set up for several years at a time. So rather than my dad, which was on like 60 day turnarounds with invoices, when I sign into something, we're signing into them with several year agreements. So I know that that money is set up for at least that minimum period and it's going to be coming in regularly. Oh, I love that. That would make me feel so much more secure because chasing invoices is the bane of everybody's existence. Yeah. I didn't want to get into that with, I've watched my family and unfortunately sometimes too, they never did get money. Like there was large chunks of money that would go south sometimes and they just never recouped from that. It's crazy the way it works as well, because I think everyone would be like,

well, why didn't they just chase it? Why didn't they do this? Why didn't they do that? I think it's just sometimes so much easier to cut your losses and move on than spend time, energy and effort that could be going into generating new revenue, chasing an old invoice. So it's not to say you should let it go, but as a small business owner, you only have a certain amount of time and a million different competing priorities. Yeah. And sometimes you will just lose the legal fees trying. Yeah, exactly. I want to know more about moving out at 19. You were telling us before that you were a little bit rebellious. What made you take that step? What made you go, you know what, I'm not moving with the family. I'm going to just stay here. I don't think I would have the

confidence. No. I think I was just naive in the fact that I didn't think I would be able to start afresh in a new town with no friends. So I was like, nope, I'm just staying where I am and I will figure it out. In hindsight, sometimes I wonder, should I have just gone and met some new friends? but I think it all turned out in the end but it was just the fear of I didn't want to start and they moved four or five hours away so it wasn't like you know you just an hour or two from your friends you can come back and visit and I just left school so it was right when I was I left school just at the start of year 12 so it was either I would have to go back to school or find a job in a brand new town where I didn't know anyone so I just waited up and thought I'll stay

where I am and venture for a job here. It's so lucky that you said you were able to rent your property from your parents. Nineteen is obviously a very young age to be taking that step and to be living. Were you by yourself firstly? No, my ex was with me when we moved out and one of my dad's friends that also drove, he was coming and staying a couple of days of the week there. So it was good, but I mean, it was such a shack for a first house. It was like this little tiny old brick house on the middle of this big property where he'd keep the horses and I can remember I'd never done tank water before and there was a tank underground and you had to feed it to like this little old tank up in the on the top of this thing and it would gravity feed

to the house and they didn't have taps for the washing machine and that so I had to so yes it was it was very interesting for a 19 year old I was a lot of phone calls to mum going how does this work. How did you find it financially being responsible for yourself? Did your parents give you any leeway in terms of the rent or were you paying full rent, paying full bills, doing it all at the age of 19? No, the rent was helped a lot by my parents. They covered most of that until I got into work, thank God. We were there, I think, for six months when my parents moved away. Obviously, my ex and dad's mate that was staying there, they paid a little bit of the rent. When we moved out after six months, though, I think I was just turned 20.

And yes, we paid full rent. But by then I had a position at Woolworths. And so I did have money coming in. It was a little bit different. Talk to me about leaving school early. So I have drawn the conclusion that you left school early because you said earlier that you didn't finish HSC. What led to that decision? And it's kind of inspiring going, well, I didn't do HSC and now I'm a business owner and I'm creating financial freedom. I think it's a

narrative that we don't often talk about. So talk to me about that decision and what happened when you made it. Yeah. So throughout school, I was very rebellious. In the early January of the year I left I got into a car accident in year 12 and how do I explain I just didn't like it I didn't like school it was getting too much and so I thought I'd be better off learning what I needed to learn for work outside I didn't really have anything that I wanted to do that the HSC would get for me at that point yeah that's fair so yeah I guess looking back now I wish I had I wish I'd been very much staying in an office job and not having to use my body as much. But yeah, when you're 17, you just think you know everything, I think. I think I thought I knew everything at 17

too. Don't worry. I think that's very common. But it's always so interesting to ask like, well, what did that look like for you? And how did that work? Because so many people often feel like their careers or their future ability to generate wealth will be completely capped by an education and to be honest I think it's really about mindset rather than the credentials or having a certificate because looking at you like you're making 150 in your business and I have absolutely no doubt that that will grow from here on in you said you've got three contracts I'm sure you've got space for more to grow and you know flourish and it's just so inspiring to see that you're you know someone who's been like all right well I left it made sense to me but you're still

bopping along, getting it done. And that's really cool to see. Yeah. Well, my older sister, as I said, she was the brains of the family and she left to be an accountant and she pulled out six months on her last year of uni. On her last year. Oh, she got the heck's debt and everything. Yep. And we were all just like, what the heck? You can't pull out this late. Who would want to work in finance, honestly? Well, she went and got a job in accounts payable and she really liked it. So she was like, I don't think I need to be an accountant now, but she was so close to getting to the end part. She flew, I gave that in. So it's really funny because her partner is doing the same thing that I'm doing now, but yeah, obviously only has the

one contract. So I think it doesn't matter whether you get a HSC or not when it comes to finances, there's lots of avenues that people can go down. I completely agree. 100%. The one other thing I wanted to ask you about really quickly, and we're going a few steps backwards, but talking about your first boyfriend that you described as a bit of a drop kick and how, you know, you were quite young. And I think anyone who's been in love in their teenage years knows that, you know, you can get caught up in so many elements of those early relationships and you're really learning about yourself. I want to know, how did you come to the choice of being able to put your foot down? Because I think a lot of people have probably

found themselves stuck in a similar situation where they feel like the person that they're in a relationship with is taking from them and not really giving anything back. How did you put yourself first? Because I think sometimes that can be a really hard thing to do. I think the biggest part, like when I look back at that, was that I knew I could move back home. i do have to admit that's something my dad has always repeatedly told me since i was little that you know it doesn't matter where you are what you're doing there's food in the cupboard there's a bed come home like if something goes wrong and that's something i've always and will continue to say to my daughter and i've had friends that have had really bad relationships as well and they get

themselves trapped in money cycles that they can't they don't feel they safely can say i'm out yeah yeah I felt very much safe to say I'm out like I knew I could restart I knew I had somewhere safe to go you knew it only took a cup of tea with mum to get back in the door and unpack the car right yeah yeah very much surprised my mother that day I was just like surprise it's me I'm back from memory she actually jumped up and down I was expecting oh what a honey have to explain like oh my gosh I've come back home with my tail between my legs she was just like oh excellent yes when are you coming home? And I said, I'll go get the stuff out of my car. And she was like, okay. She's grabbing my laundry basket with me. I wish everybody got to experience that type of love

and support because as somebody who has that, my parents honestly would beg me to be like, are you sure you don't want to come back home, Victoria, while I was at uni? Like, I just feel like everybody deserves that. And I know that not everybody in our community has that, but you guys come live with me. It's all good. I'll take you in. That was that. And I would love to explain to any females. It's a bit what I hear on your podcast regularly as well. Set yourselves up with your little bit of a kitty. There's organizations out there that are willing to help and get you set back out on the straight and narrow. I think if I didn't have somewhere that day, I could understand why women stay exactly where they are because of money. That is like

the best advice in the world and that's why we're so passionate about emergency funds and yeah it's awesome to hear that at 19 you had the support network and everything that you needed that you were confident enough in yourself to be like hey actually I deserve better I can be a rebel but I know my parents will let me back in the house very much yes that is so special I just quickly want to say like I've been I'm just I made a few notes here guys oh go going back with my parents like the work ethic thing was always throwing down my throat you know you gotta work hard you have to do all this stuff I think to a lot of their stuff they weren't educated even today when I say to my mum about shares she's starting to come around and hear things but she's like oh my god you can't

put money in the share market like that's really risky I don't think anyone for them there was education for them to go seek so they they did put their body on the lines to work whereas I will hopefully, and you guys will hopefully continue to, you know, put younger generations into educating them for shares and savings and stuff like that. I will always, always, always advocate for it because it just, to me, it's, it's so powerful. Like it's powerful beyond belief to know that women are supporting themselves. I think for too long, we haven't had access to the education that we arguably deserve. It blows my mind that, you know, even in primary school, we're not talking about having some money at the side or what it actually

means to pay tax or what it means to save. And it just, it blows my mind that that's not a common narrative. And it's one we're trying to change. It's why She's On The Money exists. I just, it overwhelms me that, you know, women every single week message us, Jess, and say, oh my gosh, like I got to get out of this relationship or I got to get out of this job or I got to change something about my circumstances that I didn't want anymore because I did have money aside and I could make that decision and three years ago I couldn't do that and it just blows my mind that one we get to be part of that I'm never leaving sorry guys here to stay but two just that there's so much power in education like just knowing that that's something you can do imagine if you'd known

that earlier like it's just you know we never look back on what we've done in a bad way but we always go, oh, I wish I'd known that earlier. But like, how cool is it that we get to teach other women so that they don't say that? Well, that's true. And that's what I was trying to say earlier too, with the business and that so many people kind of go, oh my gosh, you're running a business. There's so many programs, like the internet today makes life so much easier for a lot of people. Agreed. You've got fair work sites, you've got the ATO sites that like there's come hurdles in my time that I couldn't understand, but you generally can Google it and there will be 10 government websites explaining to you, you know, what the rules are, what you need to do. And when

I've got really stuck, there's helplines there that you bring with the tax or bring with Fair Work and you say, you know, what are my obligations here? How can I do this, this and this? And someone will generally sit down and explain it to you. I love that advice as well because I think it's so important. And like Money Smart website, I'm obsessed with it. It's free. It's got no bias because it's not from a product guys like go and educate yourselves I think a lot of us just assume we need to wait until someone gives us permission to go and learn those things or or tell us we're good enough to go into business if that's what we want to do but we don't need that permission go and get it get it queens I love it yeah don't be afraid just jump in and try like I

said the income we we generate off the company it's it's still probably classified a smaller income, I'm assuming. But doing stuff out on your own, like I have a company car, a company phone, there's all these different things rather than working as an employee that you can kind of get as well. Yeah, well, we're going to have a whole heap of new business owners after that conversation in our community, aren't we? Money Darius, thank you so much for sharing your story. But Jess, as always, I think that is all we have time for today. So do you want to wrap the boring but important stuff for us? Yeah, don't forget, guys, that 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 a financial decision. And we promise Victoria, Devine and She's on the money are authorised representatives of In Focus Securities Australia Proprietary Limited, ABN 47097797049, AFSL 236523. See you on Wednesday, guys. Bye. Thanks for watching!