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Episode 396 | From Public Housing to a $180K Passive Income Per Year: The Power of Planning – Chat with Kim

As Australia descends into winter, what better way to celebrate the chill than by kicking off our 2022 Winter Series?!  

In this special edition series, we’ll be deep-diving into some of our listener’s personal stories, going behind the scenes to share their challenges and triumphs and exploring how they’re successfully investing in property thanks to the power of planning. 

We’ve got a very special lineup of guests, all with very different money stories but all with 1 thing in common… 

They’ve each faced and overcome life’s difficulties and “planned to become, what they planned to become”! Basically, we’re uncovering…how folks are creating long-term plans WITH short-term variations! 

To open our Winter Series, we’ve got a guest with a real “rags to riches” story – beginning as a refugee in the UK… 

 

 

“We were placed in social housing to begin with in a rough neighbourhood with high crime rates. It was not the kind of place you’d say hi to your neighbours. You’d just keep to yourself.”  

Ever since she was young, today’s guest was exposed to the importance of money.  

Relocating as a refugee from Vietnam, Kim watched her parents start from scratch, working odd jobs to save money, raising a family and eventually buying their own business.  

Did that mean she was wise when she got her first pay packet?

Definitely not!   

So how did she evolve from her splurging years to owning 2 investment properties with her partner, well on her way to achieving a $180K per year passive income?!  

This one’s a must-listen folks – Kim is articulate, funny and relatable as she recounts journeying to Australia with no job lined up, her initial wacky investing ideas and how long-term planning has helped her to find financial success. 

Thank you for sharing your story with us Kim – we’re honoured to be opening our first Winter Series with you!! 

 

 

 

 

P.S We’ve lifted the lid on Pandora’s Box folks. The details for our 2022 webinar are officially out! In just over 2 weeks, on Wednesday 6 July, we’ll be logging on at 7:30pm AEST to share the #3 biggest secrets behind any investor’s success… 

 Secret # 1 – How to Buy an Investment Property without Impacting the Family Budget
Secret # 2 – How to Retire on a $2k per week Passive Income with 5 Properties or Less
Secret # 3 – How to Model the Mindset of the World’s Best Investors!  

 Excited yet?! Spots are limited though, so register here now to save your place!  

 

 

Free Stuff Mentioned… 

 

Here’s some of the gold we cover… 

  • 0:40 – Welcome to the Winter Series folks!  
  • 2:05 – PSA: Our upcoming Webinar details AND the #3 biggest investing secrets we’ll be sharing in it!
  • 4:35 – What was Kim’s money story growing up as a refugee in the UK?  
  • 8:52 – The Splurging Saga  
  • 9:40 – Kim’s family business: How did they build wealth?  
  • 11:30 – What changed Kim’s mindset + ingrained views around debt  
  • 12:55 – What it was like growing up in a rough neighbourhood 
  • 14:17 – What sparked Kim’s interest in wealth-building?  
  • 16:50 – Rocking up to Australia: 1-year VISA & no job in place…  
  • 19:49 – “Within 8 minutes our hearts were crushed over and over again…”  
  • 22:11 – How they got their first investment property!  
  • 24:45 – Juggling job security and an investment property during COVID  
  • 26:30 – The 2nd investment property: Not what they thought?!  
  • 27:50 – The wacky ideas they had before coming to their advisor… 
  • 29:54 – How this couple found their sweet spot in debt levels  
  • 32:15 – Why having a plan on paper is so important  
  • 33:43 – What simulations did we run for them?  
  • 34:43 – How is a roadmap helping Kim & Arnie? 
  • 36:18 – What is their plan? (Wow – partially retiring at 45?!) 
  • 38:45 – Set to buy in 2030: What is the value of planning long-term?  
  • 41:15 – Kim on the biggest benefits of having a plan 
  • 43:10 – Why did they decide on a $3k weekly passive income goal? ($180K per year!!)  
  • 45:23 – Why having debt at retirement is…ok?!  
  • 48:00 – What’s internal financial transformation did Kim undergo?  
  • 49:20 – Kim’s advice to listeners… 
  • 51:40 – Our key takeaways!  

 

Episode 395 | Darius Boyd: How this NRL Star Found his Financial and Mental Peace

While we love to have some good AFL banter on the show, this week’s episode is all about a star from another Aussie sport… 🏉

We’re jumping into the world of NRL (National Rugby League) with one of its most prominent athletes who played fullback, wing, centre and five-eighth for the Brisbane Broncos. 

Representing Australia at an international level and playing in the Queensland State of Origin…

We’re extremely chuffed to welcome Darius Boyd to the couch!  

He captained the Brisbane Broncos from 2017 to 2019 and has an illustrious 15-year career as a professional athlete having won 2 NRL Grand Finals. 

But folks…as much as we wanted to get lost in sport, this episode peels back the sheets to before Darius was a big sports star… 

Back to when “even getting $2 to catch the bus home wasn’t easy…” and he was being raised by his mum and then grandma at 15 years old. 

It’s a truly powerful tale as we follow Darius as he jumps from growing up with a tight budget to earning more money than he knew how to handle at just 18.  

We discuss the timeless wisdom he gained being coached by one of sports greatest mentors – Wayne Bennett – the drive that pushed him to become one of NRLs best players and the 5 Simple Steps to find positivity and mental peace.  

Tune in now folks, this one’s an inspiring tale!  

 

 

P.S Next week we’re kicking off our Winter Series! While our Summer series is all about transformation, our winter series will be all about planning!  

We’ve got a brilliant program in store for you with some heart-warming and inspiring tales from our listeners — we can’t wait to share them with you!   

 

P.P.S As Bryce hinted in the episode, we’ve got something else very exciting coming up. Now we don’t want to give too much away just yet, but we will say one word…W E B I N A R!!  

Interested?? Keep your eyes and ears peeled folks, we’ll be releasing the details very soon…. 😉  

 

Free Stuff Mentioned… 

 

Here’s some of the gold we cover… 

  • 2:11 – Folks, we’ve got 2 VERY exciting things in store for y’all… 
  • 3:12 – How do you know when it’s enough? 
  • 8:11 – Meet Professional NRL Star Darius Boyd!  
  • 9:42 – His Money Backstory: “Even getting $2 to catch the bus home wasn’t easy…” 
  • 13:50 – The lessons he learnt from living with Grandma  
  • 15:24 – Darius’ first lesson in wealth building  
  • 17:45 – Wisdom he picked up from ultimate sports coach Wayne Bennett 
  • 19:40 – THIS is what makes a good coach… 
  • 20:29 – The drivers that pushed him to become one of the best NRL players  
  • 21:55 – The best players weren’t always the best…
  • 23:58 – Advice he’d give to others looking back on his career
  • 27:38 – Folks, it’s okay to spend on experiences!  
  • 28:00 – Darius’ first property 
  • 28:52 – The road to becoming Renovators  
  • 31:32 – How does Darius & Kayla select their Assets and Location?  
  • 33:00 – What role does property play in his future?  
  • 34:33 – What was it like transitioning away from being a Professional Athlete??  
  • 37:28 – His 5 simple steps for positive mental health!  
  • 40:22 – Working with Top Blokes Foundation and normalising mental health discussions amongst young men  

And… 

  • 43:40 – Let’s Recap  
  • 46:24 – Need to set 100 reminders? You can with your Apple Watch!  
  • 48:35 – One of Ben’s MOST important interest rate updates  
  • 53:10 – This is actually an opportunity for…. 
  • 54:23 – Check out RBA Gov. Phillip Lowe’s 7.30 Interview here  

 

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

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… 

 

RBA Cash Rate June 2022: Onwards & Upwards: How high will interest rates go?

The RBA has released its June update and boy is there a lot going on!   

Not only do we have a new Federal Government behind the wheel, but after lifting interest rates for the first time in 11.5 years in its May update, this month saw the RBA lift cash rates by a massive 50 basis points, bringing the cash rate to 0.85% 😲

A certain sector within the property market is also facing a new threat…how will it impact the wider industry if it crumbles under pressure?  

Tune in to this episode where Ben explains this challenge and unpacks these three key themes for this month’s economic update: 

  • The persisting global inflation challenges
  • We have a new Federal Government with their hands on the economic wheel – the big question is, how well can they drive? 
  • The RBA is at it again increasing the cash rate – and they’re not done yet…

 

Plus, Ben also includes his latest news and commentary on…

👉 Russia and the Global Oil Story: How will this tale end?
👉 China faces the largest fall in Industrial Production in 32 years
👉 The persisting worldwide inflation challenges
👉 How good is the Australian economy compared to other global players?
👉 The RBA’s decision: How soon can we expect it to rise again?! 
👉 What challenges have the new Federal Government inherited?
👉 The New Build Crisis: Will it cause the wider market to slide under pressure?
👉 CoreLogic’s Monthly Dwelling Princes Index – June 2022
👉 Overall Property Market Outlook for mid-2022  

And much more! 

 

Additional free resources:

🔥 Episode 73 | Building a property portfolio in a tough market – Chat with Damian Collins
🔥 Episode 76 | Building a property portfolio after the boom – Chat with Veronica Morgan
🔥 Episode 389 | Interest Rate Rise: What this means for YOU! – Chat with Evan Lucas 

 

 

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

DISCLAIMER: This podcast is general information only and is an opinion comment by Ben Kingsley. The information contained in this video is for Australian residents only. The information does not take into account the particular investment objectives or financial situation of any potential viewer. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. No investment decision or activity should be undertaken on the basis of this information without first seeking qualified and professional advice.

The Property Couch, its employees or contractors do not represent or guarantee that the information is accurate or free from errors or omissions and therefore provide no warranties or guarantees. The Property Couch disclaims any and all duty of care in relation to the information and liability for any reliance on investment decisions, claiming the use or guidance of this publication or information contained within it.

For more information, please visit: http://thepropertycouch.com.au

 

 

 

 

 

 

Episode 393 | The Top 3 Influences on Investing Success – Chat with Scott Phillips

Have you ever wondered what the BIGGEST influences are on an investor’s success?! 

Is it passion, personality, time, experience, learnt market timing or even luck?! Or are you just born with a “business brain”?!  

Well folks, our very special guest today can actually narrow an investor’s success down to just 3 things!!  

And if you’ve got that covered, well according to him…you’re basically going for gold!  

This awesome guest – Scott Phillips – is the Chief Investment Officer at the Motley Fool Australia (Tune in to 10:08 for a fun story on how he landed his first position there!) and runs the Motley Fool Share Advisor and Everlasting Income services. He is also a fellow podcast hoster, co-presenting one of Australia’s top business podcasts: the Motley Fool Podcast!!  

Today he’s dispelling so much timeless wisdom from how to tell if a business is “Investment-grade” to his golden rules for investing. 

He and Ben will also discuss the differences, pros and cons when investing in shares and property, and we’ll be peeling back the layers of his money story! 

So if you’re ready to learn the ultimate, simple wisdom that leads to investing success, press play now! 

 

 

 

p.s Make sure to tune into “What’s Making Property News” too. The NSW Greens Party are introducing some seriously radical changes to its Tenancy laws that will have negative effects on Rent Control, Evictions and Termination of Rental Agreements. This has the potential to implode the Residential Property market, hurting its tenants more and forcing more people to rely on Government assistance. 

If you own an investment property in NSW – we strongly urge you to contact your local member of parliament to express your concerns about the unintended consequence of this change.  

 To find your local member click here.  

 

Free Stuff Mentioned… 

 

Here’s some of the gold we cover… 

  • 0:42 – Ben’s joined the COVID Club 😮  
  • 3:55 – Check out PICA’s Webinar on Securing Finance in a Changing Economic Environment!  
  • 5:00 – “Success is a lousy teacher…”  
  • 6:47 – Meet Scott Phillips!  
  • 8:17 – The origins of the “Fool”   
  • 10:08 – How a Facebook article led Scott to become a Motley Fool! 
  • 13:35 – Scott’s backstory: From tobacco tin budgeting to the best advice for a high school student  
  • 17:26 – Why he won the “Ovarian Lottery” 
  • 20:11 – His firsthand experience with Spruikers 
  • 23:04 – The first 2 investing mistakes Scott made (& the silver lining in it!)  
  • 25:11 – His journey to becoming an investing guru!  
  • 26:38 – Scott’s easy yet GOLDEN rules for investing  
  • 32:17 – It all boils down to B___ M____ and T____!  
  • 34:23 – How to get your kids in the market  
  • 35:55 – Shares & Property: Let’s compare the Numbers and Risks!  
  • 41:09 – The TOP 3 things that’ll maximise your investment returns  
  • 43:25 – A sneak peek into Scott’s property portfolio 
  • 46:07 – The Pros and Cons of Shares and Property 
  • 47:53 – The 5 reasons a business is “Investment-grade” 
  • 55:22 – The Best Advice for an Investor: Investing is about B___ not about… 
  • 57:27 – Why Scott KEPT investing in shares through COVID-19  
  • 1:03:45 – Is Crypto worth investing in?  

And… 

 

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