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Episode 267 | The Unorthodox Twist To The Money SMARTS System & Why It STILL Works – Chat with Brendan

“I needed to set something up so it’s essentially on autopilot and I’m protected from myself.”

Brendan Gale and his partner Marrissa have an unusual way of running our Money SMARTS system that we think is pretty cool. At first, this unorthodox twist made us go “Woah, what?!” and we kinda struggled to wrap our heads around it (we’re old school, folks)! But as you’re about to hear…. this surprise twist to the Money SMARTS system STILL works… and they’re trapping more surplus than ever before (just like they would if they were running it our ol’ simple way.)

Even better? Since running their “version” of Money SMARTS, they were able to….

  1. Afford their dream wedding in the Greek Islands (yep! Not a cheap affair folks — and there’s a bit of story about an unexpected cost that came up here, eek!)
  2. Invest in property
  3. And still have their own cash to spend!!

 

And the craziest thing is of all?? Before all this… Brendan was living paycheck-to-paycheck!

So if you want to hear from someone who has been running Money SMARTS for some time now… and you’re curious to hear about the spin they’ve put on it, which might actually work for you… then hit play on another great ep from our Summer Series 😉

Pssst…. yes, they’ve got the same name… but today’s guest is NOT the Richmond Football Club President, ha!

 

Free Resources:

 

Episode Breakdown:

 

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Acted on your knowledge learnt on The Property Couch just like Brendan has? Let us know here!

P.S. Haven’t got your FREE PHYSICAL COPY of The Armchair Guide to Property Investing yet?? Get it here (just pay shipping + handling)

 

 

 

Episode 266 | The Wake-Up Call That Demanded Change and How She Used Money SMARTS To Get Back On Track – Chat with Keren

“Your eyes are over every cent.”

 Before we switched on the microphones, TPC listener Keren White wasn’t sure if she’d have anything ‘worthwhile’ to share. But just like every other guest in our Summer Series, her real-life experience with the fundamentals we’ve been teaching is nothing short of extraordinary! So when we hit go on record, she absolutely kicked into second gear and held nothing back… which means you’re about to be in for a ‘Wow, really?!’ ride…

Here’s her story in nutshell…  Keren is at the coal face of someone who has adopted our Money SMARTS system… but unlike most folk, what instigated the need to switch from a typical budget to our rules-based system was a bit different.

You see, prior to the change, Keren and her husband Terence’s life — and indeed their money habits — took a more of a ‘go with the flow’ approach. So, while they were able to get some savings together when they wanted to and never ventured into credit card debt territory, they almost always struggled to stick to their budget. Lifestyle and perhaps ‘living just for now’’ took precedence. For example, if they wanted a holiday… they took a holiday. If there was emergency cash sitting in their ‘car’ account — just one of the many open (FYI. you only need these accounts set up) — but say the car was running fine… well, then that was extra play money for the holiday, right?!

They weren’t stretched. They were doing kinda fine, really. Sure, there wasn’t much put aside for tomorrow, but their money situation wasn’t too bad in the scheme of things…

But then something happened. The Wake-Up Call. It was a hard blow that finally demanded Keren and Terence start prioritising their future….

 

Free Resources Mentioned

 

Episode Breakdown

02:40 – Keren’s backstory
04:04 – How was money spoken about at home?
05:00 – What was it like to be a child with parents who liked flipping houses?
5:50 – Trapping surplus cash when you first leave home…
7:00 – Why didn’t Keren want to invest in property? (here are the reasons why you shouldn’t)
7:56 – THE WAKE-UP CALL.
10:52 –  Why the budget FAILED!
11:12 – What is the pitfall of having a Savings Account that earns “bonus interest” when you don’t withdraw any money?
12:50 – How many accounts did Keren and Terence have? (shocking, but not surprising)
15:18 – How did she find out about Money SMARTS?
16:31 – Money SMARTS in action!!
21: 73 – What difference has this made in their life?? (Yay!)
27:39 – Do they share a 7 Day Float?
29:36 – Why DON’T they do their grocery shop on a Thursday?
37:23 – How do you make $25 out of nothing??
38:30 – Hacks to save money
40:29 – Keren’s experience with a Qualified Property Investment Advisor
43:26 – How does Keren talk about money NOW?

 

Keen to Get Started with Money SMARTS like Keren?

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Episode 265 | The Incredible Money Transformation That Happened In Less Than 18 Months – Chat with David

It was mid-2017 when David List and his wife, Lisa, decided to purchase their first investment property. But a few days into the settlement, and feeling a bit of buyer’s remorse, David did a quick Google-stalk to see what else he should probably know about investing… and that’s when he stumbled upon these two middle-aged larrikins (which turned out to be us!) riffing about property, finance and money management!!

From there, we’d like to think it became an immediate love story with The Property Couch… but, truth be told, that day we completely overwhelmed him, making David feel like there’s way more to “all this” than he first realised… (eek, our bad…)

Thankfully, somewhere along the line we must’ve said something that made sense… because he preserved and quickly got all in gold in the first twenty episodes, which got him up to speed on the fundamentals we’re all about. And one of those fundamentals — one of our Four Pillars of Mastery — was, of course, Cash Flow Management… ie. being smart with your money and knowing exactly where your hard-earned cash goes!!

This set fire to a whole new David and — we’ve gotta admit it — has transformed him into one of the BEST money managers we’ve ever seen! And this transformation has overflowed into almost every other area of his and his young family’s life… including their property story!

 

So, here in the studio — on our very first episode of 2020 — after putting Money SMARTS to the ultimate test, and coupling it with a money management app where he categorised every single transaction during 2017 – 2018…. well, let’s just say today’s guest has gone through an INCREDIBLE money transformation, folks!!

 

And just wait ‘til you hear what David — who once upon a time, left the money management up entirely up to Lisa — has brought into the studio, which tracks their ENTIRE financial story!!! (it’s a proud moment, folks! And not just ‘cos he brought us all gifts too, ha!)

 

Free Resources Mentioned:

 

Episode Breakdown

 

Keen to Get Started with Money SMARTS like David?

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Episode 264 | How $4,000 Turned into Six Properties – Chat with Joey

When he bought his first investment property, Joey D’Agata was too nervous to do his own bidding. But, flash forward four years, and he’s now self-built a high-income producing portfolio consisting of SIX properties. And, even more impressive… he’s only 26!!

So folks… how on earth did Joey make this happen for himself? Especially considering the fact that when he first started saving, he was earning less than $50,000 a year and was seriously concerned that someone in their twenties wouldn’t be able to afford to buy a SINGLE property, let alone go ahead and invest in six of them.

So, the multi-million dollar question is… how’d he do it?

Well, this is where the $4,000 comes in…..

… Keep in mind, there’s a bit more of a back story here, which we’re unpacking in this episode, but here’s the quick overview: Joey “embraced” Lenders Mortgage Insurance (LMI).

Now, when it comes to Lenders Mortgage Insurance, we always say… “Avoid it when you can, but embrace it when you have to.”

Why??? … well, that $4,000 cost went on to put Joey in a position where he could buy another FIVE properties.

 

Your Free Resources

  

Today’s “Lecture Notes”

 

 

 

Bonusisode – Find Out How YOU Compare To Everyone Else in Australia: Brand New Feature Available Now (Yes, it’s Free!)

So… Have you ever wondered…
  • How do you match-up financially for your age?
  • How do you measure-up to other households like yours?
  • How are you tracking compared to others?
If you have, that’s great!! We’re thrilled to announce this new update on Money FIT which allows you to…
  • Compare household incomes
  • Compare household total expenditure
  • Compare down to each expense item level i.e Your Grocery spend vs. Others Surveyed
 
Getting excited (or nervous) about the prospects of finally get a far better idea of where you stand — financially?
Well, what if we told you that you can also filter the data for greater insights… Your household compositions vs. others by:
  • Age group
  • Location
  • Expense item
  • Household Income
  • Surplus money
  • Net worth
  • Nest egg
Remember, knowledge is empowering but only if you act on it.
Log in to MyWealth Portal Now and check it out! 👉 https://tpc.moneysmarts.com.au/

And here’s the demo video folks:

Log in to check out Money FIT now: https://tpc.moneysmarts.com.au/

Don’t have an account? Create a free one right now! Just fill in the form below:

 

Hi it’s Ben Kingsley here, and I’m flying solo for this bonus episode! I’m delighted to be able to announce to you something that I had hinted about a few episodes ago — a couple of months earlier — around a brand new feature on The Property Couch’s MyWealth Portal.

As you know, we’re on this crusade — this mission to help households create, manage and organise their money; manage it property and thrive to trap more surplus and put that money to work. And part of our strategy is this brand new area that we’ve been testing for the last couple of months, which we call… Money FIT.

So you might have heard us use that wording before, right? Money FIT’s purpose is to effectively allow you to be able to compare your finances with other households.

Now, I want to give you just a little bit of a backstory on this. I’m very fortunate that there are a lot of people coming in to our workplace and we sit down and we talk money all day and we talk property all day.

And in those exchanges I can share with you what some household’s biggest fears are. And when I sit down and have a chat to them, we get to build rapport and trust. And when we have that trust as their accountability partner and they can see that we’re trying to work for them. They lean in a little bit and they ask me this question — I asked this question of all of our advisors — snd that question is….

… How do we compare? Does everyone similar to us spend what we do? And are the spending their money on the same things as us?  How do we stack up?

Well, up until now, that was always a difficult question to answer. So, what we’ve been able to do is pool all of this information from everyone on our MyWealth Portal. We grabbed their data and we basically want to share that information with you.

Of course, no names — it’s all aggregated, non-personalised data. And I want to share with you some examples of what we do. So, first thing we look at is their total household income compared to the other households that we’ve surveyed. And how can you filter this data? You can filter the comparisons by state or you can filter it by age range. Now what it’s doing when you go onto the MyWealth Portal is it’s also capturing your household profile. So your household composition — and in that particular case means you can be a single person household, you can be a couple household, you can be a couple with one, two, three, four, 10 dependents — and once it has that information, it then starts to analyse you against the surveyed households, all the people who are using the Portal. So we start with household income, we then move to your overall household expenditure.

 

Now, this is where we also say it doesn’t matter the income your earning. We believe that every household can achieve a level of financial freedom and financial peace by organising and managing and their money better.

So we then go into the expense area, which we just said, and so we want the expenses to be in the lower range. Okay? If your income’s not in the high range, doesn’t matter. Try and be very, very careful in terms of what you’re spending there. How would you do that? Well, how we’ve been able to do that in the MyWealth Portal is llow you to be able to then look at EACH expense item.

That’s right. You can say, here we are as a couple in Victoria age between 30 and 35 and we can compare ourselves against all age groups or we can go into our particular age range and I can compare against everyone in Australia and look at thousands and thousands of households.

Or I can actually go down to the state level and then I go, Let’s have a look at groceries. Let’s have a look at electricity. Let’s have a look at hobbies. Let’s have a look at takeaway food spend. And you can start to see how you compare against those households. So the great debate that can sometimes occur in the household… the fear about how you’re tracking, all of those things. You can start to show up when you start to have a look at your situation against other households.

 

Then we move to how much surplus cash are you trapping. How do you compare it? What percentage are yous. You will see it all on the graphics we provide — you’ll see your range allocation, in terms of your situation.

 

So there is a demo video.

I have shot a demo video that is going to be in the show notes and you’ll be able to then see your surplus. And then you can also have a look at your net worth compared to everyone who’s using these free platforms.

So there you have it — a brand new feature Live on the MyWealth Portal!

How do you get there? Really simple. Head to tpc.moneysmarts.com.au

You can get on there if you haven’t already been on the portal and sign up for free (it’ll always be FREE) and kick the tires. You then load in your expenditure information, your income information. You tell us, you know, your household composition. So do you have a partner? Do you have any dependence? As soon as we have that information, you can then click on the Money FIT link and off you go!

 

Go and kick the tires on it, see how you match up; how you can compare. Make it a challenge for yourself as we go into the New Year…. see how you are tracking your money compared to thousands and thousands of other households in Australia.

So I’ll put the challenge out to you, go and check it out and then give us some feedback. You can contact us at info@thepropertycouch.com.au if you have any issues finding out where you sit, or what you most enjoyed learning about exactly how you compare against other fellow Australians and how they’re managing their money.

 

Thanks for listening to this bonus episode. Have a great Christmas and I’ll look forward to talking to you in the New Year!

 

Log in to check out Money FIT now: https://tpc.moneysmarts.com.au/

Don’t have an account? Create a free one right now! Just fill in the form below:

 

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