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Episode 337 | The 4 Pillars of Money Health

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!

 

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Here’s What We Cover…

 

 

 

 

 

Episode 331 | What Is Your Money Personality? – Chat with Effie Zahos

Did you know we all have a distinct “Money Personality”??

Yep – we do! And in this episode, we’re giving you the complete lowdown so you can identify which one is YOUR personality (and what it says about your money habits!), as well as practical tips to improve your bank balance, make your Super work harder and build a nestegg for your retirement that won’t cost you “an arm and a leg” to set up!

Folks, joining us today is our good friend and one of Australia’s leading personal finance commentators, Effie Zahos! Effie is Canstar’s Editor-at-Large and has more than two decades’ experience helping Aussies make the most of their money. As the money expert for The Today Show, Effie offers her insights into current money matters and – get this! – prior to joining Canstar, Effie was the editor of Money magazine for more than 20 years. (… Anyone remember our interview from the legend Paul Clitheroe!?! Well, Effie worked right alongside him… so you can bet on the fact she knows her stuff!)

We cover a lot of ground in this ep, like… the psychology of money, the best way to tackle debt and simple (but effective) money hacks to get your money working harder. You can see exactly what we cover further below.

EVEN BETTER, Effie gives us some exclusive insights from her new book, “Ditch the Debt and Get Rich” that’ll have you on track to earning a passive income & tweaking your spending habits like a pro!

So. Which Money Personality are you!?! Well, let’s find out….

Psst… bonus points up for grabs if you can guess Ben’s money personality! 🤣

 

 

Effie’s Books

 

Free Stuff Mentioned

 

Here’s What We Cover….

  • 01:50 – Who won our Start & Build giveaway this week!?! (a few more weeks to go!)
  • 04:06 – Mindset Minute!
  • 06:28 – Meet Effie Zahos…
  • 08:03 – Effie’s WORST Fear!
  • 10:57 – The day Bryce met Effie…
  • 12:56 – How to Retire on $2,000 a Week (how it started…!)
  • 13:58 – How to Ditch the Debt and Get Rich!
  • 15:00 – WHY are so many of us “bad” with money?
  • 16:19 – Reasons people derail from their financial goals
  • 17:17 – Triggers companies use to make you spend more money!
  • 18:19 – The $10,000 Online Shopping Cart….!
  • 19:51 – How to bring the future into the present so you can make lasting change
  • 20:30 – Latest Data on investment trends!
  • 22:33 – Why do you need to go BACKWARDS to go FORWARDS?
  • 23:52 – The #1 tip to “get the monkey off your back”!
  • 24:12 – Debt Avalanche vs Debt Snowball
  • 25:45 – Where do people get into financial trouble?
  • 27:13 – What Is YOUR Money Personality?
  • 27:32 – How to model the most successful investors…
  • 29:27 – The overlooked difference between SPENDING and INVESTING!
  • 30:12 – The 48-Hour Rule
  • 32:02 – The 2 Critical Things to put “side by side” to curb your spending
  • 33:08 – Generational Differences with Money Strategies
  • 35:29 – Do this immediately with your super!
  • 37:05 – Why “Balance is B.S” with wealth creation!
  • 39:12 – Why is writing your goals down so important?
  • 39:45 – Effie’s 3 Financial Goals This Year!
  • 40:43 – The “Coke bottle trick” that makes you money!
  • 42:02 – Why money makes money…
  • 43:26 – Investing in shares!
  • 44:52 – How much do you need to invest!?!
  • 45:35 – Understanding the psychology of wealth creation!
  • 47:08 – Buy now and pay LMI… or wait ‘til you have a deposit?
  • 49:37 – Pay off your mortgage or invest?
  • 54:36 – A key tip about Debt Avalanche…
  • 58:44 – Do you have this in YOUR car???

And…

  • 1:00:29 – What’s making property news?

 

 

 

Episode 279 | How To Master The Pillars in Pandemic Times

As a property investor, you have to master the frameworks. But during a pandemic, you have to tweak specific strategies in each framework to not just survive in this climate, but thrive — now and in the future.

Make no mistake… the fundamentals DO NOT change! But in a brand new world, there’s no doubt that adaptability and proactivity in regards to our Four Pillars of MasteryAsset Selection, Borrowing Power, Cashflow Management and Defence (ABCD) — are critical and will set you up for life… provided you work with this time of self-isolation, economy upheaval and uncertainty… NOT against it!

When this is all over, we will see that the folks who were able to act and adjust quickly will be the ones who get out on top. We have seen it throughout history and most-recently during the GFC… so, while the coronavirus is an unprecedented and uncomfortable time for all of us, there are practical and smart strategies you can adopt NOW to make certain you get through the other side… and not just “unscathed”, but potentially in a great financial position.

So, maximise your results and efforts during this time and you will be rewarded for it.

And, please folks… DON’T buy bargains… the “bargains” are that way for a reason… and we’re going to see a fair bit of this junk stock coming onto the market. So, don’t be tempted. Don’t do anything stupid. And stay focused on the objective.

In this episode:

 

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More on The Pillars of Mastery

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

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.

 

 

 

What are the Best Performing Properties in Australia?

And we are back again on Weekend Property on TODAY chatting with Alison and David about the best performing properties in Australia!

So what are the boys covering in this segment?

 Are we going to continue to see this doom and gloom in the market?
 What are the locations that buyers should focus on?
 What are the three factors that are affecting the value of the location?
✅ Asset selection tips for each of the major cities across Australia

Tune in now to find out more!


Alison: Well, house price in Australia has now been falling for more than a year and many suspects that they will continue to go down.

David: Yeah, it’s such a challenging market it’s hard to know which type of property will perform best for now. We’re joined by Ben Kingsley and Bryce Holdaway all the way from The Property Couch Podcast. Guys, good to see you! It seems to be a bit of doom and gloom out there at the moment. Every time I pick up a paper, it’s a disaster. What are you guys thinking?

Ben: Yeah David, generally speaking, we are probably going to see some further declines in some market across Australia. We had a building boom so we now we got the reminisce of a bit of oversupply and we also got a credit squeeze going on as well which meant that demand side of the equation is also pressured. You know, I think 2019 is going to be a year where it really is about flight to quality and there are certain types of property that are going to perform better than others.

David: But as you said though, is that something that… is it the levelling out that we needed to have as a nation?

Ben: Yeah definitely in terms of it being a manufactured correction in terms of taking over the lending activities and in terms of scrutinising lending policy means that we don’t have the same sort of rush. That definitely affected the appetite for investors as they can’t borrow the money. That’s part of the manufactured correction that we see from the regulators.

Alison: Are there are any suburbs that are bucking the trend?

Bryce: Look, in terms of, helping people.. Because it’s an essential need right? So despite the fact that you’re reading the headlines and it’s saying that it’s really negative, we still need to put a roof over our head. So we like to help people to understand the bigger picture principals to buying property that will probably outperform and it usually comes down to three things. Economic activity, human interest and human behaviour.

So economic activity is just a fancy way of saying how am I going to get a job, is it easy to get to work in the morning, am I too far out, do I have a huge commute because that’s going to make a huge difference. Alternatively, if you’re in a mining town, you’ll get a job but you won’t have the other ones.

Human interest is, what am I going to do at the weekend when I’m not working? Is there a park, is there a cafe, can I meet up with my friends, is there any water nearby?

And the third of is human behaviour so that’s largely the status test. So what would people think of me if I live in this suburb? Do they think very highly of me or do they think I’m in a lower socio-economic area? Alternatively, in a gentrifying area. So if you overlay economic activity, human interest and human behaviour across the suburb in a market like what we’ve got now, it’ll help you make a decision into what suburb you’re looking at.

David: Alright let’s talk about the suburbs. What areas are best in each city? Take us through!

Ben: Yeah if we do a fly-around, I’ll start with Brisbane. Brisbane is a story of a river city. So in terms of being closer to the river and if you can get on the north side of the river, that’s probably where the job opportunities are. Then if we look at Sydney, it is a story of being close to the harbour and also the beaches. Obviously, you got bigger congestion as you get closer to the CBD but because of that, being close to a train line helping you get around the city a little bit easier. There are some of the drivers.

Bryce: Now in terms of Brisbane, there are similarities to Sydney but it doesn’t have the harbour or beach as a driver so it’s really how close can I get to the CBD. And that congestion is enormous so we got to make sure you’re buying in an area with a train line or access to a train line. Hobart, that’s all about views and being able to walk to the CBD because it’s such a lifestyle location.

Ben: Yeah terrific. And then we go to Adelaide. We are starting to see a bit of a theme here in terms of access to jobs, CBD, greater amenity but also the beach story there and it’s a bit of that also for Perth. Bit of rinse and repeat for Perth. We’re talking about the beautiful coastline there so we can be closer to the beach where there is a bit more scarcity in the land there. And then also, getting into the job centre so coming back towards the CBD. So the proximity pieces where you get all of those amenities together is what gonna drive those demand in those better areas.

Alison: Keeping in mind, the more the proximity to those things is also going to cost you more.

Ben: They do.

Alison: So how much can you afford is going to be an issue.

Bryce: Yes exactly! Some people can’t do more, can they?

Alison: Alright gentlemen, thanks for joining us this morning and thanks to those tips.

Boys: It’s a pleasure, thank you.

 

And there are heaps of other free resources on our website. We update them every week so make sure you check them out before you go. 🙂

Any questions or suggestions for new topics? Just send them in to info@thepropertycouch.com.au or fill in the form below and we’ll chat about it at our future Q&A episodes.

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What are the Secrets to Selling your Home? 🏠🤫

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The replay is ready folks! 👏👏👏

Ben chats about all things property with Alison and David on this segment of Weekend Property on TODAY. What to expect in this video?

 What does a manufactured correction mean?
 Will interest rate go any lower?
 What do you need to do if you’re selling in this market?
 Some of the must-ask questions for your agent.
 Is this a good time to UPSIZE?

Tune in now to find out more. And if you’re wondering whether to Sell or Hold your property, do check out Episode 220 with Jeremy Sheppard where we talked ways you can answer this $64 million question!


Alison: Well it’s great to kick off the new year with a fresh start and for some people this could mean a new home.

David: Whether that’s to downsize or upsize or just relocate, lots of Aussies are looking to sell in the next few months. For more we’re joined by Ben Kingsley from The Property Couch. Ben, good to see you mate.

Ben: G’day.

David: Look, let’s talk about the trends at this time of the year. What are you seeing?

Ben: Yeah look, this is the time of the year where we actually pause and think about our big changes that are going to occur and one of the biggest changes is, is the house that we’ve got right now and the location we’re living in, is it the right for us or are we ready to sell up and move on?

Alison: So I was reading the front page of the paper today and there were reports that the Reserve Bank could cut interest rates within months because there are warnings that Melbourne and Sydney prices could fall further 20%, other capital cities 15%. I mean, are these figures you’re hearing because they are huge numbers.

Ben: They are huge numbers.

Dave: It sounds scary to Ben.

Ben: Yeah they do and I think that’s what’s happening right? We’ve got this sentiment change and this nervousness around the place. Now so it could be self-fulfilling if we actually all believe it and then we all start to panic. We don’t need to panic. You’ve got to understand that this has been a manufactured correction. So the regulator’s have stepped in when the market was going crazy and they’ve really limited borrowing power. By doing so, that stopped this momentum, we’re seeing a reasonable correction in the market place. So the Reserve Bank to potentially lower interest rates is actually a good thing because what will mean is that borrowers will have that little bit more borrowing power and we’ll see that market stabilized.

Alison: But how much lower can interest rates go?

Ben: Well quite a bit, to be honest with you. I mean the cash rates sitting at 1.5% but we’ve seen with the cost of money overseas, has actually increased so that’s been flowing on to what we pay as borrowers. The reality is, if they move those rates down then we’re going to see a little bit more borrowing power and a little bit more comfort and that might bring more buyers into the market.

Dave: All right. Well, let’s talk about people who want to sell at the moment. What should they be looking to do?

Ben: Yeah, well it’s a tough market right because there’s not a lot of buyers out there. So you absolutely need to present your property in the best possible light. It needs to stand out above your competitors. The second thing you want to be looking at is, you’re gonna have to do your homework. Your property is not worth what it was 12 months ago okay? So you’ve got to be realistic about that price point and who’s gonna sell that property? That agent needs to be the best you can find to basically find that buyer for you.

Alison: Well when it is a buyers market like it currently is what sort of questions should you be asking of your real estate agent if you do have to sell?

Ben: Yeah good question Ali. I mean obviously there’s the easy ones which is, what’s my property worth and how much do you charge for your fees. But there are more important questions that you want to be asking. How enthusiastic are they about selling this property? I mean if they’re not enthusiastic, it’s gonna flow through in terms of how they look after the buyers coming in. So that’s number one. Then who’s my target audience? Is it going to be families, is it gonna be young professional couples? I really need to hone in on that then ultimately, what’s our selling strategy? Are we gonna go auction, are we gonna go private sale? Those types of things and then you can’t sell a secret. What’s the marketing strategy? How do you get eyeballs on me in terms of how am I gonna get so many people interested in this property and finally, how good is the agent? You know, are they a good salesperson? Are they gonna really rustle up the best possible deal?

David: So should people out there be cautious selling at this point in time? I sense a little caution from you.

Ben: Yeah, well look, if you don’t have to sell David, don’t. I mean you know, just wait. This is a cycle that happens all the time but for people who are looking to upsize, seriously this is a great time! What a lot of people make the mistake of doing is that they wait for the market to move and so if they’re upsizing they’re gonna pay higher because there’s a lot more demand in there.This is a great time to actually buy if you’re looking to upsize. Now, one tip here though, sell your property first. You’ve got to go to market with it. What a lot of people make the mistake is…

Dave: They go on a bridging loan?

Ben: That’s right! They go and buy that property then go, “Oh, we can’t we sell this property now.” So that’s a really important message for the viewers.

Alison: All right some great advice there. Thank you Ben for joining us this morning. How good is the vibe here at the tennis by the way?

Ben: It’s amazing! On my home town so I love it.

David: Grab a racquet mate. We’ll see you later on at the court.

 

And there are heaps of other free resources on our website. We update them every week so make sure you check them out before you go. 🙂

Any questions or suggestions for new topics? Just send them in to info@thepropertycouch.com.au or fill in the form below and we’ll chat about it at our future Q&A episodes.

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