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

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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

 

 

349 | How To Avoid Paying Tax Without Going To Prison! – Chat with Julia Hartman

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Update: Hi all, just a quick update on this episode. At the 18 minute mark, we talked about Buyers Agency fees in Canberra and if it’s tax-deductible. We weren’t certain during the recording but we can now confirm that Buyers Agent Fees is not tax-deductible in Canberra.

Tax Time! The question is: what can (and can’t) property investors claim? And how can you get MORE tax back and avoid paying a cent more than you must WITHOUT breaking the law and ending up behind prison bars!?!

(The latter quite important for obvious reasons.)

Folks, we get that you want to claim as much as legally possible this tax season and keep as much in your “back pocket” (AKA offset or savings account 😉) as you can.

So, here to help property investors MAXIMISE their tax deductions on their investment properties is none other than THE #1 Property Tax Expert in Australia… Julia Hartman!!!

Julia is the Founder of BAN TACS, a co-operative of Accountants that has been helping thousands of Australians navigate the world of tax since 1992. (yep… since 1992… says quite a bit about her industry experience, right?). She has a Bachelor of Business and is a Chartered Accountant (CA), Certified Public Accountant (CPA) and a Registered Tax Agent.

And when it comes to Property Tax… Julia is ALL over it!

Not only is she CO-HOSTING this episode with Bryce and kicking off our AweGuest series while Ben’s relaxing in the north of Western Australia, but also Julia is a total JET when it comes to understanding the intricacies and often grey areas of tax… in a way that won’t make your eyes glaze over! (Phew!)

 

We’ve broken this episode into a 3-part framework for you:

  • 1 – What Everyone Needs To Know About Property Tax!
    • CAN’T Claim Deductions
    • CAN Claim Deductions in the income year you incur the expense
    • CAN Claim Deductions over a number of income years
  • 2 – Other Important Taxes to Consider
    • Capital Gains Tax (CGT)
    • Goods and Services Tax (GST)
  • 3 – Listener Questions on TAX!

 

Plus, Julia has thrown in a property checklist of Dos and Don’ts as well.

So… fancy some winning property tax tips? Listen now to get ‘em.

Folks, as mentioned in this episode, we’ve just introduced a NEW TAX SERVICE within our business. We very rarely mention our own company on the show, but 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:

 

Free Stuff Mentioned

 

The Questions We Answer

Psst… if we’ve answered your question today please get in touch with us here so we can organise your free access to Start & Build 😊

 

Question on Capital Gains Tax on Knockdown Rebuild from Tamika:
Hi there Property Couch. I’ve been loving your podcasts I’m enjoying them. I’ve been listening for over 12 months since I’ve found them, I’ve been looking forward every Thursday to the little message saying that they’re uploaded. I’ve got a question, it’s in regard to capital gains tax and knock down rebuild. I don’t know what sort of information I need to keep and whether a valuation prior to a demolishment is necessary all of that sort of information. If you could please help with this? I’m thinking your tax agent Julie Hartman might have the best sort of information and advice in this situation. I’m planning to demolish a property that I’ve held for over 15 years, it’s been a rental income since day dot and obviously it was a lot cheaper, the land value and the house, and I just want to get this right so if you could give me some advice I’d really appreciate it. Thanks!

 

Question on Deductibility of Interest from Lennard Abarcar:
Hello everyone, I’ve got a question for Julia. I took on a new loan by extracting some equity from an investment property that increased in value. Will the interest on this new loan be tax deductible if it is used for one of both of the following: renovating the investment property or paying the monthly interest expense of the investment property loan? Thank you!

 

 

Quote of The Ep:

“The difference between tax avoidance and tax evasion is the thickness of a Prison Wall” – Denis Healey former Chancellor of the Exchequer

 

 

 

348 | From Refugee To $140,000 A Year In Passive Income! – Chat with Toui

By in Real life stories, Summer Series

From Government Welfare to Passive Income! Yep, you read that right. You’re about to hear a refugee’s real life story to a self-funded retirement. And we probably don’t need to tell you that this Financial Transformation is Off-The-Charts incredible…

Meet Toui “pronounced Twee”. A first-generation refugee who came to Australia in 1980 for a better life. And he is now talking to us from an EXTREMELY DIFFERENT financial position than when he and his family first arrived from Laos as all those decades ago!

Fast forward to today, and Toui and his own family – his wife Jen and their 3 kids – are now on track to a passive income of $140,000 a year! Yep. This story certainly takes “If it’s meant to be, it’s up to me!” to a whole new level.

And, get this, there’s EVEN MORE to this financial transformation… (so many layers of awesomeness going on!)…

Case in point: Have you heard of something called “Microsoft Money?”

Well, let’s just say Toui’s got a bit to share with you there too…

Look, folks… while our new Winter Series has set a seriously high benchmark (how good have the listener transformation’s been!?!), we just might’ve saved the best for last!!

Please Listen.

 

Free Stuff Mentioned

 

Here’s what we cover…

  • 02:52 – Meet Toui.
  • 03:20 – Starting Life As A Refugee…
  • 04:09 – “You think we’re made of money…”
  • 04:40 – When you miss out on breakfast and sometimes lunch as well…
  • 05:51 – Early memories that shape Toui’s upbringing (wow!)
  • 07:23 – The beginnings of breaking free from Financial Survival
  • 10:10 – The Big Shift In Mindset That Really Changed Everything!
  • 11:47 – The pull to “Want to be Like everyone else…”
  • 14:12 – Has Toui’s brother followed a similar path?
  • 16:00 – Okay. But what was The Big Pivot REALLY like?
  • 19:07 – Why property?
  • 19:28 – “I’ve got toys that I want to play with” – How to curb impulse buying…
  • 20:10 – Is Microsoft Money all it’s cracked up to be?
  • 20:27 – The Mate that got him onto The Property Couch!
  • 23:07 – The power of an END GOAL!
  • 25:33 – THE provisioning story… “Jen’s gonna hate me…”
  • 28:46 – Toui’s simple advice for YOU…
  • 30:55 – The critical importance of self-education
  • 32:44 – When you can retire 10 YEARS EARLIER than you first thought… (!!)
  • 38:56 – THIS is where people get stuck the most!
  • 39:33 – Why you MUST STOP Keeping Up With The Joneses!
  • 42:33 – … $140,000 in passive income!
  • 43:03 – How are they going to achieve that!?!
  • 43:04 – … HOW MANY??
  • 44:14 – The most powerful instrument in investing!
  • 44:51 – What lessons does Toui want to pass on to his kids?
  • 45:09 – Forcing the family to listen to The Property Couch! (LOL! Sorry, guys…)
  • 47:14 – Being able to tell Dad how different life is now…

 

Note: There are more real-life investor stories like this in our Previous Summer Series! Make sure you check them all out here.

Keen to Get Started with Money SMARTS like Toui?

Fill in the form below and create your account on our Money SMARTS Platform now!

Already have an account? Log in here.

 

 

347 | “Whatever You Do, DON’T Do What I Did!” – Listener Shares His Big Wake-Up Call – Chat with Scott

By in Real life stories, Summer Series

Meet The “Squirreller” ­ – or should we say EX-Squirreller – who unfortunately learnt the hard way about the real costs of Pinching Every Penny… 😬

Here’s the deal:

Joining us today is listener Scott who has a very, very important message for our community. ESPECIALLY for those who, like Scott, happen to view money as safety – and as because of this, do whatever they can to minimise their spending. To the point that’s, ahh, well, “NQR” – Not Quite Right. Even if it’s coming from an honourable place.

Before you ask – YES – there IS a point where you can “squirrel” or save TOO much money! And the tip-over point? When your relationship with money begins to ruin your relationship with your family…

In this tell-all episode, Scott generously shares his Big Wake-Up Call that forced him to seriously reconsider his squirrelling habits. A lesson he learnt the hard way and doesn’t want for you, or anyone else.

But this is only part of the story.

Not only will you learn what caused the “OMG, I need to change” shift in mindset and how Scott managed to safeguard tomorrow WITHOUT sacrificing his family’s ability to enjoy today… but also, you’re going to learn what it’s like to build a property portfolio from a “regular” Australian who simply wants to create a better future for himself, his wife and his kids. And, yep, this includes the good, the not-so good and the “Whatever You Do, DON’T Do What I Did!” mistakes.

In short, this ep is a word to the wise – and we highly suggest tuning in folks! ‘Cos, you know what they say… it’s best to learn from someone else’s mistakes than to learn them first-hand…

 

A huge shout out to Scott for his extreme transparency — we have no doubt that your hard-won wisdom will be of immense benefit to our community 🙏🙌

 

Free Stuff Mentioned

 

Here’s What We Cover…

  • 01:48 – Meet Scott.
  • 01:50 – Oh no, not another Collingwood supporter!
  • 03:46 – Money conversations around the dinner table…
  • 04:37 – In the good ol’ days of Layby…
  • 05:36 – Scientifically Proven Benefits of Delayed Gratification!
  • 07:50 – Inside the mind of a Squirreller…
  • 09:15 – The Warning Signs of Financial Anorexia!
  • 10:32 – The First Big Purchases (… would you do this??)
  • 13:27 – The Understated Power of DEFENCE
  • 15:13 – Why Property Investing Should Be Boring!
  • 15:38 – When Being A Squirreller Causes Stress In Your Relationships
  • 15:58 – Money as Safety. Let’s talk about it…
  • 17:28 – What caused the change…?
  • 18:28 – How is Scott implementing Money SMARTS?
  • 19:24 – What planning work has Scott done with his portfolio?
  • 21:05 – When the goal is NOT to retire!
  • 21:47 – Life As An EX-Squirreller: How it positively affects intimate relationships
  • 23:25 – What does Scott think has been the BIGGEST impact to his success?
  • 25:03 – Scott’s Money Mantra!
  • 27:19 – … Paid CASH for his Principle Place of Residence!?!
  • 28:23 – The Ups & Downs of Joint Ventures
  • 31:00 – Was everything done by the book??
  • 32:17 – What caused the deep desire to build a property portfolio?
  • 34:04 – How on earth did he swing Eddie McGuire into THIS sentence! (well played, Scott, well played!)
  • 32:25 – How does he organise his buffers?
  • 36:30 – The property in South East Queensland… (ouch!)
  • 37:44 – What you need to know about “Growth Corridors”
  • 38:41 – What does Scott ALWAYS look for in an investment property now?
  • 40:00 – Passing On The Wisdom: What Scott wants you to know about “falling for the bling”…
  • 43:39 – How’d he get pitched by a Spruiker, anyway?
  • 49:06 – The Biggest Lesson!
  • 50:30 – What money advice does Scott pass onto his teenage kids?
  • 54:10 – How many more properties does he have left to buy?

 

 

Note: There are more real-life investor stories like this in our Previous Summer Series! Make sure you check them all out here.

Keen to Get Started with Money SMARTS like Scott?

Fill in the form below and create your account on our Money SMARTS Platform now!

Already have an account? Log in here.

 

 

346 | No More Properties Left To Buy: How This Couple Did It!

By in Real life stories, Summer Series

Financially Free Before 30… How!?!

Folks, in today’s episode we’re interviewing a young couple who, get this, have no more properties left to buy.

Meet Emma & Liam – D.I.Y. property investors who are “Done & Dusted” with only 2 investment properties and one family home.

Um, wait a minute…. Are you wondering, “How on earth…!?!”

Yep, we were equally blown away too.

Here’s where it gets even better – they did it with No bells, No whistles – just a couple of clever, cost-effective renovations and – the big one – they lived and breathed delayed gratification.

And now Emma & Liam and their small family is Set For Life.

… Wanna find out how these listeners did it?

Us too – strap yourselves in!

 

Free Stuff Mentioned

 

“Winter Series” Line Up So Far (More To Come!)

 

Here’s What We Cover…

  • 01:13 – Meet Emma & Liam!
  • 01:47 – “Money Doesn’t Grow On Trees”, they said…
  • 05:01 – Money lessons learnt from Nintendo!
  • 08:50 – When they first started, how did they set up their bank accounts?
  • 11:23 – Have they ever BLOWN their cash!?!
  • 13:13 – Financially Free Before 30… let’s seriously unpack it!
  • 14:18 – What did they have to sacrifice to make it happen?
  • 16:39 – What do they prioritise above all else?
  • 16:57 – How much time did Emma save by using Money SMARTS?
  • 18:32 – “Experience Over Things” — Why It’s The Best Way To Live!
  • 20:30 – WHY did they want to build a property portfolio in the first place?
  • 23:30 – Meet Their Properties!
  • 25:09 – The D.I.Y Renos!
  • 27:48 – “Don’t Buy Any More Properties!” — Their reaction to being told they were DONE!
  • 32:46 – Were they tempted to keep buying property, anyway?
  • 36:31 – The Mexican Fishing Story Every Property Investor Needs To Hear!
  • 38:15 – The #1 thing you need to succeed as a property investor!
  • 41:12 – Emma & Liam’s Top Renovation Tips!!
  • 43:18 – How to cut your Renovations cost (smart!)
  • 46:11 – Are there fights in the household over money?
  • 46:19 – Why it doesn’t matter if you’re NOT debt free! (wait, what!?!)

 

 

Note: There are more real-life investor stories like this in our Previous Summer Series! Make sure you check them all out here.

Keen to Get Started with Money SMARTS?

Fill in the form below and create your account on our Money SMARTS Platform now!

Already have an account? Log in here.

 

 

 

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