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368 | Got Stung By A Spruiker: Restarting After Ten Years of Property Mistakes – Chat with Michael

By in Real life stories, Summer Series

“I read enough book to make me dangerous”

That’s the quote from our special guest today.

 

A thirst for knowledge is an excellent virtue to have but in some cases, you might encounter information overload… Or in other rare cases, you might be reading the wrong books or getting advice from mentors with hidden agendas.

Unfortunately today’s Summer Series guest, Michael, is in the latter category.

Folks, if you had been stung by a spruiker before, you’d know that it’s not easy getting back on the property ladder and, even more so trusting another so called property professionals.

But Michael did.

Despite being a victim of opportunity cost, he did not let that deter him at all. In fact, he learned from each experience, good and bad, and stood up to the challenge, stronger and more motivated than ever.

But…

How did he recover from all the bad purchases? (Yes, there were a few!)

Tune in for all those and more folks because his true story starts waaaaay before he bought the first investment stock property 😉

 

Free Stuff Mentioned

 

Here’s what we cover…

  • 1:17 – Meet Michael.
  • 1:58 – What is it like growing up in a caravan park…?
  • 4:41 – “I knew (money) was tight I suppose but…”
  • 6:47 – Why was building his own first house at 20 his first mistake?
  • 9:55 – Setting up his finances on his own!
  • 11:35 – When did the drive to own his own home begin?
  • 12:33 – What happened when he was 21 that taught him the biggest money lesson ever?
  • 13:43 – His fortnight spreadsheet updates!
  • 16:05 – The discovery of Money SMARTS
  • 17:02 – How having a goal changed his habits and mindset?
  • 18:57 – “That’s the other thing, I’ve done everything wrong” – The mistakes that made him realised that he couldn’t do it alone
  • 19:20 – Here’s when the spruiker story begins!
  • 21:26 – What are the signs to look out for to spot a spruiker?
  • 22:50 – The 10 Year Property Journey that changed his life
  • 27:05 – Why did he decide to pay for professional advice?
  • 29:50 – When reading too much is dangerous…
  • 33:37 – What should you expect from a great property advisor?
  • 36:35 – Get your partner on board!
  • 37:50 – What does planning for the future looks like?
  • 39:22 – What convinced him to let go of his spreadsheets?
  • 41:00 – His end game and the #1 advice for others

 

 

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!

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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.

 

 

 

 

 

367 | The Chain of Unfortunate Events: What Made This Single Mum a Superhero? – Chat with Dee

By in Real life stories, Summer Series

“A wound is where the light gets in” – Rumi

It’s our 2021/22 Summer Series folks!!

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 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.

 

Kicking off our Summer Series this year is a superhero single mum of two, Dee!

Immigrating from South India and growing up in North England during the Thatcher era in the 80s is obviously no easy feat.

On top of that, Dee was the oldest of four siblings where money was so tight that a treat must be split four ways to be shared among the kids.

All the adversity in her early life clearly built up her foundation for money and generate an invincible determination and drive for success.

But that’s not the end of today’s story…

In fact, it’s just the beginning.

Without giving too much away, let’s just say that there was a chain of events that completely shocked us and brought a tear to our eyes.

Please just listen to this episode folks – we’ve started the Summer Series with her story ‘cos if it ain’t a bang, we don’t know what is!

Huge shout out to Dee for sharing her incredible story with us – powerful stuff, folks!

 

Free Stuff Mentioned

 

Additional notes:

A separation is never easy… Especially when you got pull the rug from under.
So if you’re finding yourself in that spot then please do not hesitate to reach out for help. That’s the first step to recovery. Here are some useful links that might help you take that step:

 

Here’s what we cover…

  • 1:37 – Meet Dee.
  • 2:13 – What was her early life like when money was very scarce…
  • 7:39 – When did she start to have a consciousness with money?
  • 8:50 – Sticking to old money habits (even when she didn’t need to!)
  • 10:45 – The sacrifices made to live in a rich neighbourhood
  • 12:55 – How did she spent her first pay-packet? (What an indulgence!)
  • 13:57 – The significant change that happened in uni…
  • 14:28 – When was her 1st holiday…?
  • 15:48 – What she didn’t see coming…
  • 16:30 – THIS is what a single parent’s life is like
  • 17:50 – The Event Timeline
  • 18:40 – What was the turning point in her life?
  • 20:05 – What did money management look like in the past?
  • 23:05 – How the same advice from the same person can still be perceived differently?
  • 24:25 – The journey to recovery…
  • 27:15 – Overcoming the “perfect family” stigma…
  • 28:15 – How do you separate everything when they are joined for so long?
  • 32:05 – Why was Mortgage Free so crucial for her?
  • 34:51 – What’s Dee’s definition of wealth?
  • 36:46 – What are the next steps after a separation?
  • 40:44 – Discovering Make Money Simple Again and The Armchair Guide to Property
  • 43:33 – The gift to herself!!
  • 44:51 – Favourite Quotes
  • 47:30 – How does it feel to model her transformation to her kids?
  • 51:34 – Her message to others

 

 

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.

 

 

365 | Why Is investing So Confusing?

By in Podcast

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We don’t blame you if you find investing confusing… even Ben found it confusing when he started 30 years ago.

There are so many different asset classes to pick from, different procedures to follow, various biases to learn from and the worst of them all…

THE JARGON!

Short, Long, Dollar Cost Averaging, Coupon Rates, Day Trader and the list goes on.

 

So where would one even start?

 

Our answer is… This episode.

It’s back to the basics today folks and we’re not even focusing just on property! We’re covering most of the popular investments classes and procedures so think of this episode as… Investment 101.

Enjoy!

 

p.s. Does this episode sound familiar? Well, that’s because it’s a follow-up from Bryce’s Life Hack last week! 😉
(and if you didn’t know that make sure to tune in to Ep 364 – Will Property Price Keep Going Up! here. It’s a ripper!)

 

 

Free Stuff Mentioned

  • PICA’S WEBINAR on Estate Planning – To watch, you need to be a PICA Member (or become a member for $5)
  • 219 | How going from 30 properties to Bankruptcy shaped this riches to rags… and back again story! Chat with Julie Ann Cairns – Tune in Here
  • The Personal MBA by Josh Kaufman – Learn more here
  • The Cashflow Quadrant – Learn more here
  • RBA’s Address: Recent Trends in Inflation – Tune in to the speech here

  

Here’s some of the gold we cover…

  • 2:02 – PICA’s Upcoming Webinar on Estate Planning! Become a PICA Member here to join the webinar.
  • 2:54 – Psstt… Black Friday coming soon folks. Make sure you have your $5 ready! 😉
  • 3:51 – Mindset minute… What’s your status symbol?
  • 4:58 – WHY is investing so difficult?!
  • 7:38 – Ben’s early years as a clueless investor…
  • 9:08 – What are the underlying beliefs that you need to tackle head on first?
  • 10:30 – What is Bryce’s early mindset on the stock markets?
  • 12:24 – Risk is a M _ _ _ _ _ _ _ of K _ _ _ _ _ _ _ _
  • 13:14 – What’s the ONE absolute when it comes to wealth creation?
  • 15:11 – Understanding The Cash Flow Quadrant
  • 16:17 – Non-financial assets that you can (and should) invest on!!
  • 18:45 – How to Implement an MBA on Yourself?
  • 22:40 – What’s the real challenge for millennials when it comes to investment research?
  • 25:40 – Shares 101!!
  • 27:17 – Property will NEVER EVER deliver you THIS… but shares can.
  • 30:21 – What’s our overarching thesis and do you have one?
  • 38:04 – Other types of investment products that you should know about…
  • 39:26 – What are the Different Types of Investment Procedures? (Unpacking Jargon Alert here folks!)
  • 40:54 – When to go long and short in investments?
  • 48:37 – The 6 categories of Investors… Which one are you?
  • 51:47 – Do you recognise these biases?
  • 1:00:25 – Confused? That’s ok, it all comes down to this…

And…

  • 1:03:37 – Life Hack: See your brain through the eyes of a Super Computer!
  • 1:04:41 – Dr Philip Lowe’s Speech on Recent Inflation Trend
  • 1:06:27 – Property Market’s Supply Movement!!
  • 1:08:10 – This couple paid $75k deposit but didn’t end up with the property?! #UnAustralian

 

 

 

 

 

 

364 | Will Property Prices Keep Going Up? – Q&A on Off the Plan Properties, Future of Crypto, Career in Finance/Real Estate and more!

By in Podcast, Q&A

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Let’s face it…

If you’re looking to get into the market, you’d want to property market to slow down.
If you’re already in the market, you might be hoping for this trend to continue.

 

Whichever side of the coin you are in, you’d be asking the same questions…

When will this end…?

Will median price go up to $5M in the next 20 years?!

How is this even possible… what’s driving it??

 

Yup, we know it can be unbelievable so we will be tackling this head-on in our Q&A Episode today (It’s the 1st question in fact and Ben got quite heated up too)

That and also a few other things such as off the plans, crypto and property, why would you sell, formal qualifications for property professionals and heaps more!

It’s a Q&A Episode after all 😉

Enjoy!

P.s. Make sure to tune in to Ben’s ‘controversial’ market prediction at the end!

 

Q’s we answer further below 👇

 

 

Free Stuff Mentioned

  

The Questions We Answer

Question from Shannon about Will Properties Keep Going Up?

Hi guys, Firstly I have to say I’m a big fan of the podcast and your book, The Armchair Guide to Property Investing.

I have gotten a lot of value out of your podcast and feel like I am much more confident picking the right type of investment property and avoiding investment stock type properties.

I wanted to ask a question about your book.

You outlined some quite interesting case studies for different types of investors. I fit into the category of a rentvestor myself. I noticed the portfolio plan is made up of 3 properties and over a 40 year period the portfolio grows in size from around 1.2 million to 9 million over the 40 year period.

I was wondering if you can comment on why you think its safe or reasonable to assume that the property market will 8x over the next 40 years because that would suggest each property is worth nearly 3 million dollars which is something I struggle to think is reasonable to assume, given that property prices relative to income currently are at the highest ratios historically.

I can understand how property prices have grown to be so high given we have most households supported by two incomes instead of one and interest rates are at historic lows but I have doubts about whether this is sustainable to continue.

I wanted to get your advice on how things look over the next 20-30 years before I jump in and if you can comment on your reasoning for the above that would be appreciated!

Thanks for all the great content!

Recommended episodes for Shannon

 

 

Question from Coban about When will Off the Plan be considered ok?

Hi fellas great show.

Hey Bryce and Ben, I’m a new listener – currently at episode 100 so if you answer this ill hear about in in 2022! . I have read both your books and in the pervious 18 months my partner(21) and I(25) have implemented your Money smarts to secure an investment property, Small shares portfolio and plan for a wedding and putting my partner through university. I recommend 1 person a week listens to your podcasts as it has changed the way I look at financial freedom.

After 100 episodes, my question for you is simple. Is there a place within your go to strategies where an off the plan purchase would be considered? The reason I ask is because I see a lot of spite towards them (understandably in high/med density living) however I believe that they can provide needed cashflow boosts for short term prosperity. I will use my situation as an example.

I’m a sailor in the Royal Australian Navy and my partner is looking to study paramedicine starting next year, based in Sydney. We have a combined $2000 a month in surplus at the moment with a combined salary of $130k. We managed to leverage ourselves into a $515k off the plan townhouse in Nowra, NSW with an estimated growth of 5% and a rental yield of 5.3% with minimal savings and taking use of the FHOG and First Home Buyer Assistance Scheme (FHBAS). Admittedly we have structured ourselves to have a loan at 101% LVR  but buying an off the plan property allowed us to hold the property thanks to depreciation and the FHOG whilst my partner goes to uni with no income for the next 3 years (my income will remain $86,000 after tax).

We had to lose out on some land size to achieve this but noted that the property was in a great location with a high turnover in terms its demographic change (was previously government housing area- now sold off) I understand everyone is different and that is the beauty of financial planning and investment advising, but for people starting of in property, can off the plan properties outside of high/med density living provide a lower entry point to everyday people?

I’m very passionate about seeing people use their money to benefit their future rather then the present, so I’d also ask, do you have any entry level jobs going?!

I have been in the navy since 17 and we don’t get many qualifications, so what recommendations for study paths would you have for someone aspiring to help people reach their financial goals?

Additionally, in a defence force space we have a lot of spruiker who I notice take advantage of our benefits such as FHBAS, FHOG, The Defence Home Ownership Assistance Scheme (DHOAS), Home Purchase Assistance Scheme (HPAS) and Home Purchase or Sales Expenses Allowance (HPSEA) to put young defence members in house and land as well as high/med density living.  Maybe you could provide an episode for the 26,000 + active servicemen and women to discuss the pro’s and con’s of these structures?

Best of Luck to the Hawks in 2022 – the 4peat will return in 2022 under Sammy Mitchell!

Ohh and best of luck to you guys too. 

Recommended episodes for Coban

 

 

Question from Juan about Technology for Money & Property Management

Hi Ben,

I just came up with these questions.

I hope they can help you with your podcast:

  1. Is there any particular technology (app, website or any other) that can help us better track our money management?
  2. Is cryptocurrency change (or going to change) the way we may invest in properties? And if so, how?
  3. According to your experience, when is the best time (or age) to start thinking about property investment?

By the way, I just started listening to the exodus to the region’s episode and I really enjoyed the insights of Dr Nicola Powell.Keep up the good work.

Recommended episodes for Juan:

 

 

Question from Stephen about Why Sell?

With several investment properties returning healthy margins & interest rates being as low as they are … Incentives to hold out property sales for greater returns (given interest rates are not deemed to rise for another 12 months ).

General question is >>> Why sell now if asset capital is rising??

Recommended episodes for Stephen:

 

 

 

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