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394 | Do you NEED to choose between Lifestyle & Wealth?! – Q&A

By in Podcast, Q&A

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It’s been a while since we’ve said this (which makes it even more exciting!!)…

Ben reckons he’s found his new FAVOURITE QUESTION!!!!  

That’s because this question is something EVERYONE can relate to: Do I need to choose between building wealth or living the lifestyle you want?!  

Folks, this is the type of thing that we deal with on an everyday basis!

We’re using our years of battle-hardened experience and razor-sharp knowledge to outline what this question essentially boils down to, revealing how thousands of our clients have overcome this dilemma, and recommending just one thing that can clear all the rocks and rubble on anyone’s investing pathway, making the journey more akin to a walk in the park.  

Plus we’re covering loads more territory including…

  • How does our $2k weekly passive income goal tie in with Super?!  
  • And we’re talking Equity – should it be used to refinance or kept for the rainy days?! Is there a catch all solution to this?! And given today’s rising interest rate market, is now a good time to be making this move?
  • We also reveal some of our biggest Do’s and Don’ts when renovating and share our top resources to help you get the best bang for your buck.  

So if you’re ready for lots of evergreen wisdom, tune in now folks! 🛠️️👷  

 

Questions we Answer

Bernie Blyth on How to hold properties with higher cashflow drain 

Hello Bryce & Ben. 

This is Benny from Bayside in Melbourne. Firstly, a quick thanks for the value-added content you bring.

My question today is about how to adjust one’s portfolio in response to maintaining a healthy cashflow. My wife and I live in Metro in Melbourne and have 3 kids between 10 and 16. We’re happy in our own home and have 2 investment properties. Now first, the 2-bedroom unit, we bought in 2006 has double in value and is now positively geared to a degree. 

In 2014 we bought a tiny but old 1950s brick house in one of Melbourne’s baysides suburbs, which is a land bank. On the positive side, it’s experienced capital growth in the interim and is situated on a block of land that has redevelopment potential such as a subdivision.  

On the challenging side though, it’s still negatively geared and being an older property, it doesn’t rent for anywhere near as much as the recently developed properties around it and even though we both work, we have the cost of 2 kids in private schools simultaneously for the next six years combined with the prospect of rising interest rates, we are considering our next moves in terms of balancing property growth, cash flow and lifestyle. 

In general, what options would you recommend for consideration?  

Jake on – Pulling out equity and purchasing another 

Good day Guys, Jake here. 

Chasing an answer for this question that’s been sitting on my mind for a little bit. So my partner and I have recently refinanced a house in the Southeast Suburbs and fortunately we’ve found that there’s a bit of equity in there which is good.   

Now, what are your thoughts on pulling out essentially every bit of equity in the property to then purchase another one given that interest rates are going up and then might be a little bit of a plateau or even a slight decline in the property market. I’d love to hear your answer. 

It’s probably pretty straight forward but yeah, I though it would be a good one to myself and probably a lot of other people who’ve purchased in that pre-pandemic period so I’ll wait for the answer and appreciate the feedback and also go the tikes and hopefully onwards and upwards you gain for this season. 

Cheers guys!
Bye 

Adam Lett on Planning include Super? 

Morning Ben, Bryce and team. 

My name is Adam and I’m a long time listener of your show. My question relates to the plane of 3 to 4 quality investment properties to derive an income of $2000 a week in retirement. I’m working towards this goal. 

My question more specifically is how is this plan ties in or (dove tails in?) with an individual superannuation balance? 

By this I mean, if I or an individual had a healthy super balance of a million dollars plus is the $2000 a week on top of the super? Really like to hear your thoughts on this, keep up the good work. 

 

Laura Turner on Resources to help with renovating 

Hello, I’m Laura, I’m from Melbourne. 

My partner and I own our own home and we’ve just purchased our first investment property which we have nearly finished renovating. 

We purchased an old house, 3 bed, 1 bath, and we’ve turned it into 3 bed, 2 bath, with a walk-in room and we’ve updated everything to be within this century. I’m a conveyancer. My partner’s a carpenter and our plan moving forward is to keep purchasing property to renovate as this is something we both really enjoy, plus we see it as a quick way to grow our equity. 

What I don’t really understand is how to work out all of the figures. 

This current house that we have renovated ended costing a lot more than we anticipated. I haven’t had it valued yet as we are not finished but I am crossing all of my fingers that we haven’t over capitalised and that we will walk right with some kind of profit and then nothing is certain however,I am wondering if there’s someway you can recommend where I can go to learn how to find the right houses to renovate, how to calculate cost and what the end valuation is likely going to be. 

Any courses, tools or calculators you can recommend we use before we can go ahead and purchase our next property would be super helpful. Thank you! 

 

Free Stuff Mentioned… 

 

Our Renovation Resources recommendations! 

 

Here’s some of the gold we cover… 

  • 1:15 – Ask us a question on our Speak Pipe for a chance to win our Start & Build Course!
  • 1:50 – So…how’s Labour going?  
  • 3:22 – Folks, the REALER you are the less….?  
  • 4:44 – Q1) How to hold properties with higher cashflow drain 
  • 6:35 – It’s really a question around C____  
  • 8:11 – THIS is what most of our clients do!  
  • 10:25 – The 1 thing that everyone needs in situations like these is… 
  • 11:39 – Getting wealthy and STAYING wealthy are 2 very different things folks!  
  • 14:46 – Couples that come to us often have THIS problem  
  • 18:12 – The Compounding Effect – why you should hold!  
  • 19:31 – Q2) Pulling out equity and purchasing another 
  • 20:49 – Ben’s Warning!  
  • 23:13 – Make sure you have these foundations down!  
  • 24:38 – If you release your equity now, you’ll get less… 
  • 25:00 – For all our listeners: NOW is a good time to do these things 
  • 26:20 –The 3 best equity release strategies!  
  • 28:35 – The 3 steps to go from here (If you need one, why not check us out? 😊) 
  • 32:22 – A shoutout for our clients!  
  • 33:07 – Q3) Planning include Super? 
  • 36:50 – Check out these examples too! 
  • 37:14 – Q4) Resources to help with renovating 
  • 38:18 – Why shows like “The Block” don’t WORK!  
  • 40:10 – The minimal rule of thumb for renovating 
  • 41:07 – THIS is where you’ll get the most bang for buck…  
  • 42:46 – How much should you spend on your specs?  
  • 43:17 – For repeat renovators, be careful about this exemption!  
  • 44:03 – Bryce’s top 3 considerations  
  • 45:45 – Why Renovating to hold is a better strategy…. 
  • 46:54 – How to test the asset’s location!  
  • 47:54 – Reno resources we recommend!  

And… 

  • 49:40 – Find your phone…from your watch?! (For you Apple Users)  
  • 51:03 – There’s a developing Building Supply challenge… 

 

TPC Summer Series 2021/22 has landed!!

By in Case Study, Free Resources

Do you know what it’s like growing up where money is scarce?
Do you know what it’s like to be stung by a spruiker?
Do you know what it’s like to recover from PTSD?
Do you know what it’s like to be a single parent?
Do you know what it’s like to own up to your mistakes and change? 

 

Maybe you do or you don’t but why does it even matter?  

That’s because…. 

The first episode of our Summer Series is OUT today folks!! 

And that means… we’re showcasing REAL LIFE MONEY TRANFSORMATIONS all throughout this summer season! 

This is our 4th year of Summer Series and we get very very excited each time because not only do we get to chat directly with our listeners, we get to learn so much from their life transformation. From the adversity that life threw at them, the mistakes that they’ve made, the perseverance that they’ve shown, the tenacity to be better and just so much more.  

Their story is so insightful and motivating that we’re certain that you would definitely learn at least one gold from each of them. 

And this year is no different. 

Here are all the episode folks!
(Note: if you click on it and the link is not available, that’s because the episode is not out yet 😉)

 

P.S. And of course, don’t forget to download our free e-book at https://makemoneysimpleagain.com.au/

p.p.s. And if you’re a visual person and like to see a snapshot of your financial position, then make sure to create your free account in our Money SMARTS Platform or fill in the form below and get started now!

Already have an account? Log in here.

 

 

 

 

 

350 | How BEN Did It: A Passive Income of $190,000 Per Year… At 50!

By in Podcast

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Meet Ben Kingsley – Oh, wait. You probably have.

Not Gandhi, the other one.

The co-host of this podcast?

Yeah, THAT Ben.

Today Bryce is INTERVIEWING him, which might sound a bit odd. But, stick with us, ‘cos we promise you it’s going to be an episode you won’t ever forget, folks!

Why? Well, Ben has practiced what he preaches. That is – he has personally built his own property portfolio, played the long game and for his 50th birthday this month, he will gift himself a passive income of $190,000 a year from it. Not bad, huh?

Portfolio, Done. Passive Income, Done. Lifestyle Design, Done.

Speaking of Lifestyle Design, this interview with Ben is taking place while he’s in the Kimberley, Western Australia! Turns out, he has – along with his wife Jane and their two boys – taken a 2-month sabbatical to their dream destination – something that was factored into their life and property plan many, many years ago.

Wait – they planned this holiday YEARS ago?

Yep, they sure did. And Ben is going to tell you exactly how he and Jane built their property portfolio to make certain it happened. (And how it helped fund the entire trip.)

In this “Never Before Revealed” episode, Ben is going to share his OWN journey to Financial Peace with you… and how he did it using the exact same principles and frameworks we teach on The Property Couch!

So, who is this wise ol’ mate, Ben Kingsley? And what can he share with you about his own journey to get here that he hasn’t publicly shared before? And can someone please tell us exactly what his portfolio looks like!?!

Sure. Strap yourselves in. This is a RIPPER!!

 

Free Stuff Mentioned

  • Ben’s $500,000 Mistake – Read here
  • Our NEW TAX SERVICE within our business! If you are on the hunt for a specialised property tax accountant, fill in the form below to register your interest or click here to find out more.
  • Please select your type of Tax Return

  • If you've engaged our services before, tick the checkbox below:

 

Here’s what we cover…

  • 7:08 – A quick update on last week’s episode with Julia regarding BA fees in Canberra
  • 7:30 – Our brand new Tax business! Register your interest here.
  • 11:55 – Mindset minute: What’s found outside your comfort zone?
  • 16:11 – Ben’s dinner table money conversation in “Fundoora”
  • 17:40 – How many jobs did Ben’s dad had just to pay down his debt and what happened the very next day after his dad retired at 55!
  • 20:05 – What happened at home that caused anxiety but yet motivated Ben to do things differently?
  • 29:25 – __________ boots and _________ equipment << This is what they lavish on growing up
  • 30:05 – The Functional view on his purchasing decisions
  • 33:42 – The TWO INVESTMENT PRINCIPLES that started Ben’s investment journey
  • 36:34 – First business he ever started that failed and pushed him out of his comfort zone
  • 39:01 – Who are his early mentors – before Google?!
  • 39:52 – Some of his experiences with spruikers and the mental triggers that they used
  • 43:20 – The one problem that Ben was trying to solve that made him started an award-winning financial advisory firm
  • 49:12 – When and who triggered the creation of Money SMARTS?
  • 51:15 – The behind the scenes work when planning and implementing his lifestyle design of achieving passive income of $190,000 by 50
  • 57:50 – Ben’s portfolio in detail – how many properties, type, location, yield and growth! (FIRST TIME ON THE SHOW!)
  • 1:04:20 – Who did he meet in the Wyndham that made it all worth it?
  • 1:10:40 – Overcoming the 3rd Generation Curse and a Sense of Entitlement
  • 1:11:29 – Bryce’s lifehack
  • 1:11:30 – Update on Labor’s Negative Gearing policy

 

 

343 | “Pass Go & Collect $200” – 6 Property Lessons From Monopoly!

By in Podcast

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Ah, Monopoly – the classic board game… chances are you’ve got fond (or maybe even frustrated?) flashbacks playing it…

[… Nothing quite like the feeling of “Passing Go”, getting a quick cashflow lift, and then proceeding to bankrupt your loved ones in a friendly-but-no-so-friendly game of Monopoly… 😅]

Well folks, Did You Know… the 100-year-old property-trading game actually has 6 Proven Property Lessons that you can (and should!) apply in real life!!

Yep. And here’s the deal… today we’re unpacking exactly how you can apply these key lessons from Monopoly to YOUR own lifestyle design!

Look, this episode’s a bit of fun BUT, most importantly, is full of timeless takeaways that’ll shake up the way you look at property investing… (and help cement the wisdom!)

 

Can You Guess The 6 Property Lessons…? 👇

  1. Always Be __
  2. The Most __ __ Is Not The Best
  3. Focus on __
  4. __ Your Investments
  5. __ Matters
  6. __ __ Is The Key

 

Tune in now to get the answers!

 

Free Stuff Mentioned

 

Here’s A Bit Of What We Cover…

  • 02:49 – Your BIGGEST Competitive Advantage!
  • 04:24 – Wait, you’ve NEVER heard of Monopoly..!?!
  • 05:43 – Bryce first thought you had to do THIS when negotiating…
  • 07:46 – LESSON 1: Always Be __
  • 08:39 – Trying to buy everything you land on… (and The Meltdown!)
  • 11:43 – How to Hack Probability WITHOUT Gambling…
  • 13:09 – Things we ask ourselves BEFORE we purchase anywhere
  • 13:22 – Can you get it right 100% of the time!?!
  • 14:17 – The block of dirt Ben almost bought…
  • 15:14 – LESSON 2: The Most __ __ Is Not The Best
  • 15:28 – When you’re caught up trying to buy Mayfair and Park Lane…
  • 17:48 – The most expensive properties on Monopoly… but in Australia!
  • 19:55 – LESSON 3: Focus on __
  • 20:18 – How to recover when you pick The Unlucky “Chance” Card
  • 23:20 – When the borrower is at the mercy of the lender…
  • 25:06 – The BIG yield between the “red” and the “blue” properties!
  • 25:47 – LESSON 4: __ Your Investments
  • 28:26 – What Monopoly teaches us about BORDERLESS investing…
  • 32:19 – LESSON 5: __ Matters
  • 32:45 – What squares are MOST landed on in Monopoly? (And what does this hint at when you invest in property…?)
  • 37:19 – LESSON 6: __ __ Is The Key!
  • 40:32 – Robert Kiyosaki’s cashflow game…
  • 43:42 – What the creators of Monopoly quickly realised…
  • 44:38 – 7 reasons why playing Monopoly is a great for kids!
  • 46:42 – Bryce’s version of Monopoly at home (LOL)
  • 46:57 – The Reality of Retirement WITHOUT a passive income…

 

 

337 | The 4 Pillars of Money Health

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Just like you’d visit a doctor for a physical health check-up, the same applies for your MONEY health!

In this episode we’re diving deep on The Four Pillars of Money Health — that is, the areas you must regularly monitor to take care of your money and, yep, create MORE of it so you can ultimately reach the summit of a passive income for life!

Here’s the deal…

A couple of weeks ago we did an episode on The Four Types Of Wealth and within that framework is, of course, “Financial Wealth” (what our entire podcast is all about, right!?!)

And if you listened to that particular episode, you’ll know already that within the area of Financial Wealth exists ANOTHER Framework – The 7 Grades of Financial Wellbeing…

Well, Grade 4 (out of the seven) is Financial Stability – and this is the BASELINE of where you need to be at if you’re even remotely considering wealth creation!

Now, stick with us folks – ‘cos here’s where today’s episode comes in…

You CAN’T build a house of Financial Peace on poor foundations – so we’re giving you “The Four Pillars of Money Health” that sit BENEATH Financial Stability!

… Are you still with us!?! 😂🤯

Basically, today’s ep is a framework within a framework within a framework within a framework….

… And we promise it’ll ALL make sense once you listen!

‘Cos once you know this stuff, you’ll not only NEVER get a poor financial health diagnosis again… but also you’ll get the exact prescription to conduct your own Money Health check up so you move beyond Financial Stability and into a position where you can go ahead and create wealth for yourself!

These pillars are also the regular habits “everyday millionaires” start with… so please listen up!

 

Free Stuff Mentioned

Free resources: MMSA Avatar Book Download


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