1 00:00:00,120 --> 00:00:02,639 welcome to the Financial Freedom series2 00:00:02,639 --> 00:00:05,460 my name is Andrew bean and I'm here with3 00:00:05,460 --> 00:00:09,080 top mortgage broker and financial expert4 00:00:09,080 --> 00:00:13,559 via Lagos founder of Lagos Financial how5 00:00:13,559 --> 00:00:15,480 are you mate I'm good Andrew how are you6 00:00:15,480 --> 00:00:16,379 mate7 00:00:16,379 --> 00:00:19,380 I'm fantastic buddy super pumped have8 00:00:19,380 --> 00:00:21,300 you here with uh this new series mate9 00:00:21,300 --> 00:00:22,500 how are you feeling10 00:00:22,500 --> 00:00:24,900 I'm excited uh yeah it's something11 00:00:24,900 --> 00:00:26,279 that's been on my mind for a long time12 00:00:26,279 --> 00:00:28,080 to help people with their finances13 00:00:28,080 --> 00:00:30,420 prepare them for a Mortgage Firm to buy14 00:00:30,420 --> 00:00:32,820 property all right mate So today we're15 00:00:32,820 --> 00:00:35,520 actually kicking off our expat series a16 00:00:35,520 --> 00:00:38,040 six-part Financial Freedom series that17 00:00:38,040 --> 00:00:40,680 we have put together to help and educate18 00:00:40,680 --> 00:00:43,620 investors on how to improve their bond19 00:00:43,620 --> 00:00:46,020 capacity and making themselves look20 00:00:46,020 --> 00:00:48,360 overall better to the bank mate and I21 00:00:48,360 --> 00:00:50,100 know that you're uh you're the man to22 00:00:50,100 --> 00:00:52,440 talk to for that yeah well I've been in23 00:00:52,440 --> 00:00:55,620 the game for close to 17 years now so24 00:00:55,620 --> 00:00:58,440 broken for eight years so yeah happy to25 00:00:58,440 --> 00:00:59,820 be on happy to help as much as I can26 00:00:59,820 --> 00:01:02,160 That's it man and I guess like the way27 00:01:02,160 --> 00:01:03,719 you need to look at it is also like the28 00:01:03,719 --> 00:01:05,580 the more debt you can take on the more29 00:01:05,580 --> 00:01:08,040 debt that actually cash flows not debt30 00:01:08,040 --> 00:01:09,299 that it puts you in a negative position31 00:01:09,299 --> 00:01:12,060 but puts you in a positive position the32 00:01:12,060 --> 00:01:14,159 more money and more wealth you can33 00:01:14,159 --> 00:01:16,200 actually make so that's really the34 00:01:16,200 --> 00:01:17,820 important piece on this we want to be35 00:01:17,820 --> 00:01:21,000 able to help investors and you know36 00:01:21,000 --> 00:01:23,100 every single person37 00:01:23,100 --> 00:01:25,140 um to get into some kind of property38 00:01:25,140 --> 00:01:27,060 hopefully a commercial property that's39 00:01:27,060 --> 00:01:29,280 cash flowing to basically find Financial40 00:01:29,280 --> 00:01:31,380 Freedom because at the end of the day41 00:01:31,380 --> 00:01:33,180 that's why we're doing this we're trying42 00:01:33,180 --> 00:01:35,640 to get to Financial Freedom so we can43 00:01:35,640 --> 00:01:38,100 choose what what to do with our time44 00:01:38,100 --> 00:01:40,140 um instead of having to go to the nine45 00:01:40,140 --> 00:01:42,659 to five no exactly that's uh why I46 00:01:42,659 --> 00:01:45,000 started my own podcast uh because at the47 00:01:45,000 --> 00:01:46,799 end of the day you know people are going48 00:01:46,799 --> 00:01:49,020 to get into debt and if they don't have49 00:01:49,020 --> 00:01:51,780 the right help to use debt to you know50 00:01:51,780 --> 00:01:53,399 propel them forward to Financial Freedom51 00:01:53,399 --> 00:01:55,740 you can actually put them backwards so52 00:01:55,740 --> 00:01:56,939 yeah53 00:01:56,939 --> 00:01:59,399 that's it mate all right so in today's54 00:01:59,399 --> 00:02:01,560 episode we're going to be talking about55 00:02:01,560 --> 00:02:04,320 how to clean up your act how to make56 00:02:04,320 --> 00:02:07,020 yourself look better in the bank's eyes57 00:02:07,020 --> 00:02:09,840 in terms of like you know58 00:02:09,840 --> 00:02:12,560 not spending so much money on you know59 00:02:12,560 --> 00:02:14,760 incidental crap and making yourself60 00:02:14,760 --> 00:02:17,640 really being able to have really good61 00:02:17,640 --> 00:02:19,440 borrowing capacity because like we just62 00:02:19,440 --> 00:02:21,900 said The more debt you can take on the63 00:02:21,900 --> 00:02:23,879 cash flows the better position you're64 00:02:23,879 --> 00:02:26,040 going to be to actually buy more65 00:02:26,040 --> 00:02:28,080 property the cash flows and to reach66 00:02:28,080 --> 00:02:30,720 that Financial goal so mate how many67 00:02:30,720 --> 00:02:33,660 months prior to like applying for68 00:02:33,660 --> 00:02:36,780 finance would you start trying to keep69 00:02:36,780 --> 00:02:38,459 you around in terms of looking better70 00:02:38,459 --> 00:02:41,220 for Lending for the bank well it depends71 00:02:41,220 --> 00:02:43,739 on your goals so if if you're going to72 00:02:43,739 --> 00:02:45,420 want to buy a property and you don't73 00:02:45,420 --> 00:02:47,819 have a deposit well the sooner the74 00:02:47,819 --> 00:02:49,800 better and it might take you 12 months75 00:02:49,800 --> 00:02:51,480 to get there so if you can start76 00:02:51,480 --> 00:02:53,879 managing your money now to prepare to77 00:02:53,879 --> 00:02:55,260 apply for finance78 00:02:55,260 --> 00:02:57,660 between say three months before you79 00:02:57,660 --> 00:02:59,640 actually apply at that point your money80 00:02:59,640 --> 00:03:01,800 should be working and you should be81 00:03:01,800 --> 00:03:04,440 looking good ready for for a bank loan82 00:03:04,440 --> 00:03:06,599 so you think three months is enough or83 00:03:06,599 --> 00:03:08,879 would you start possibly doing this like84 00:03:08,879 --> 00:03:11,159 when you start saving for that deposit85 00:03:11,159 --> 00:03:13,319 like that could be like you know six 1286 00:03:13,319 --> 00:03:15,599 months 18 months even 36 months out87 00:03:15,599 --> 00:03:17,400 sometimes for these big big monster88 00:03:17,400 --> 00:03:18,659 deposits you need for commercial89 00:03:18,659 --> 00:03:21,480 property yeah look I mean if you just90 00:03:21,480 --> 00:03:23,519 think about how much of a deposit you91 00:03:23,519 --> 00:03:26,159 need and where you're starting from you92 00:03:26,159 --> 00:03:28,200 might need 12 to 18 months to get there93 00:03:28,200 --> 00:03:30,000 it depends on where where you're94 00:03:30,000 --> 00:03:31,800 starting from if you're really bad with95 00:03:31,800 --> 00:03:33,900 money and you've got a lot of debt yeah96 00:03:33,900 --> 00:03:36,360 you want to start well in advance I'd97 00:03:36,360 --> 00:03:40,319 say 12 months 18 months at least so when98 00:03:40,319 --> 00:03:43,140 when do you apply for finance like will99 00:03:43,140 --> 00:03:44,640 the bank go through your actual bank100 00:03:44,640 --> 00:03:46,680 statement well sorry when you actually101 00:03:46,680 --> 00:03:49,379 go through to apply for finance will the102 00:03:49,379 --> 00:03:51,480 bank just go through the statement that103 00:03:51,480 --> 00:03:53,760 you give them or do they have access to104 00:03:53,760 --> 00:03:55,920 be able to look Beyond like the digital105 00:03:55,920 --> 00:03:58,080 records what basically whatever they106 00:03:58,080 --> 00:04:00,659 want to look at yeah so at the moment uh107 00:04:00,659 --> 00:04:01,920 there's a thing that's coming out called108 00:04:01,920 --> 00:04:05,459 open banking it's not out yet but while109 00:04:05,459 --> 00:04:07,379 it's not the bank will only have access110 00:04:07,379 --> 00:04:09,000 to see the statements that you provide111 00:04:09,000 --> 00:04:11,760 them and for an application they usually112 00:04:11,760 --> 00:04:13,439 just want to see the account where113 00:04:13,439 --> 00:04:16,139 you're salary gets paid to or your main114 00:04:16,139 --> 00:04:18,478 transacting account but say you get paid115 00:04:18,478 --> 00:04:20,820 and you just transfer that money out the116 00:04:20,820 --> 00:04:22,260 same day or the next day into another117 00:04:22,260 --> 00:04:23,639 account they're going to want to see118 00:04:23,639 --> 00:04:25,800 that account too but if it's just your119 00:04:25,800 --> 00:04:27,479 main account your your bills get paid120 00:04:27,479 --> 00:04:29,340 from there but then you save in separate121 00:04:29,340 --> 00:04:30,540 accounts they're not going to ask about122 00:04:30,540 --> 00:04:31,860 the other one so just look at that main123 00:04:31,860 --> 00:04:32,759 one124 00:04:32,759 --> 00:04:35,940 and so this thing that's coming out does125 00:04:35,940 --> 00:04:38,100 that give them access to basically look126 00:04:38,100 --> 00:04:39,800 through all your bank records127 00:04:39,800 --> 00:04:41,699 willy-nilly just128 00:04:41,699 --> 00:04:43,800 you know like they'll be able to know129 00:04:43,800 --> 00:04:47,100 that at you know 11 50 on you know on a130 00:04:47,100 --> 00:04:49,680 Saturday night I ordered you know uh I'm131 00:04:49,680 --> 00:04:52,979 a McFlurry from macca's on ubereats yeah132 00:04:52,979 --> 00:04:53,940 you know133 00:04:53,940 --> 00:04:56,280 yeah look no one knows exactly what it's134 00:04:56,280 --> 00:04:58,380 going to look like because135 00:04:58,380 --> 00:05:00,900 open banking will allow you say you're136 00:05:00,900 --> 00:05:03,060 the borrower to give permission for137 00:05:03,060 --> 00:05:04,500 other Banks to see all of your138 00:05:04,500 --> 00:05:06,660 transactions and then but more139 00:05:06,660 --> 00:05:08,280 importantly it's going to have a140 00:05:08,280 --> 00:05:11,880 holistic view of money and money out and141 00:05:11,880 --> 00:05:14,100 how much is your Surplus and then what's142 00:05:14,100 --> 00:05:16,020 your affordability on that Surplus so143 00:05:16,020 --> 00:05:19,259 it's got a potential to to help a lot of144 00:05:19,259 --> 00:05:21,660 people because it's it's like true real145 00:05:21,660 --> 00:05:24,900 life real-time data and then that will146 00:05:24,900 --> 00:05:28,259 then allow you to work out well you I147 00:05:28,259 --> 00:05:29,400 think it's going to go to a point where148 00:05:29,400 --> 00:05:30,900 you're going to get interest rates and149 00:05:30,900 --> 00:05:33,000 you know risk ratings based on that150 00:05:33,000 --> 00:05:34,740 right because it'll it'll take a151 00:05:34,740 --> 00:05:36,979 holistic picture but we're not there yet152 00:05:36,979 --> 00:05:40,440 so right now the way to navigate it to153 00:05:40,440 --> 00:05:42,300 be ahead of the curve is to manage your154 00:05:42,300 --> 00:05:44,520 money well and that's why we start this155 00:05:44,520 --> 00:05:46,979 podcast yeah it's awesome man I did156 00:05:46,979 --> 00:05:48,479 notice like it's probably happened for157 00:05:48,479 --> 00:05:50,639 like you know probably last three years158 00:05:50,639 --> 00:05:52,440 something when you're looking at the159 00:05:52,440 --> 00:05:54,840 your statement in your your bank records160 00:05:54,840 --> 00:05:56,820 there's all different icons and stuff161 00:05:56,820 --> 00:05:58,740 and little pictures to make it a lot162 00:05:58,740 --> 00:06:00,539 more easier to understand is that for163 00:06:00,539 --> 00:06:02,520 the bank to understand or is that for us164 00:06:02,520 --> 00:06:04,860 to understand yeah it's definitely being165 00:06:04,860 --> 00:06:06,660 sold to us like it's for us to166 00:06:06,660 --> 00:06:09,060 categorize our expenses right yeah but167 00:06:09,060 --> 00:06:10,800 you know the thing about managing money168 00:06:10,800 --> 00:06:12,660 is that you're not going to figure out169 00:06:12,660 --> 00:06:15,360 only looking backwards right people can170 00:06:15,360 --> 00:06:17,220 there's a lot of apps that track your171 00:06:17,220 --> 00:06:20,100 expenses it can Auto categorize it you172 00:06:20,100 --> 00:06:21,900 can have these little icons that show173 00:06:21,900 --> 00:06:23,940 you what you spend it on but not until174 00:06:23,940 --> 00:06:25,979 you have an understanding of how much175 00:06:25,979 --> 00:06:28,800 money do you actually need between now176 00:06:28,800 --> 00:06:30,780 and next payday are you can you actually177 00:06:30,780 --> 00:06:32,699 get ahead and that's where people get178 00:06:32,699 --> 00:06:35,400 unstuck those those apps don't show you179 00:06:35,400 --> 00:06:36,120 that180 00:06:36,120 --> 00:06:38,220 some of them do have predictive billing181 00:06:38,220 --> 00:06:41,039 but I use I personally use another app182 00:06:41,039 --> 00:06:43,199 it's called timely bills there's a few183 00:06:43,199 --> 00:06:44,880 out there cool yeah there's been like184 00:06:44,880 --> 00:06:46,979 pocketbook and money brilliant a lot of185 00:06:46,979 --> 00:06:48,960 them get bought out by Banks but the one186 00:06:48,960 --> 00:06:50,880 I've been using is timely bills so that187 00:06:50,880 --> 00:06:52,319 way you can actually see how much money188 00:06:52,319 --> 00:06:54,840 until you get paid today and then189 00:06:54,840 --> 00:06:57,360 between now and next payday you've got190 00:06:57,360 --> 00:06:59,039 rent you've got electricity you've got a191 00:06:59,039 --> 00:07:00,960 phone bill all this stuff that has to192 00:07:00,960 --> 00:07:03,840 come out if you don't track that you193 00:07:03,840 --> 00:07:05,880 just see the paid the paycheck so say194 00:07:05,880 --> 00:07:06,840 you get paid two grand you're like195 00:07:06,840 --> 00:07:08,699 awesome I've got two grand available so196 00:07:08,699 --> 00:07:10,740 then you go spend a grand and then all197 00:07:10,740 --> 00:07:11,880 these bills start coming out it's like198 00:07:11,880 --> 00:07:13,500 whoops I actually didn't have a grand to199 00:07:13,500 --> 00:07:16,199 spend I only had like 300 bucks right so200 00:07:16,199 --> 00:07:18,300 that's what the apps uh sorry the201 00:07:18,300 --> 00:07:20,520 banking platforms are lacking so that's202 00:07:20,520 --> 00:07:22,680 why we have to be proactive to see so203 00:07:22,680 --> 00:07:24,120 once you know exactly what's going to204 00:07:24,120 --> 00:07:26,400 come out between now and then and you205 00:07:26,400 --> 00:07:28,259 put money aside for your day-to-day206 00:07:28,259 --> 00:07:30,599 spending in a separate account ideally207 00:07:30,599 --> 00:07:32,819 then you can start investing the208 00:07:32,819 --> 00:07:34,560 difference or you can hammer down debt209 00:07:34,560 --> 00:07:36,720 that's how I did it so is the time210 00:07:36,720 --> 00:07:39,060 ability uh payday or is that free no211 00:07:39,060 --> 00:07:40,740 it's free it's free so you have to212 00:07:40,740 --> 00:07:42,240 manually put in yeah it's really good so213 00:07:42,240 --> 00:07:44,819 you actually just put in the amount it214 00:07:44,819 --> 00:07:46,500 even has icons as well by the way like215 00:07:46,500 --> 00:07:48,780 so you can select the provider and say216 00:07:48,780 --> 00:07:50,520 when it's due and I've started putting217 00:07:50,520 --> 00:07:52,080 everything in there even like property218 00:07:52,080 --> 00:07:55,680 expenses so then I now know that if when219 00:07:55,680 --> 00:07:57,300 a bill is due how much it's going to be220 00:07:57,300 --> 00:07:59,699 and the good thing is in the app you can221 00:07:59,699 --> 00:08:02,220 actually tick it off when it's paid so222 00:08:02,220 --> 00:08:04,080 you just go tick paid and instead of223 00:08:04,080 --> 00:08:06,060 getting a negative feeling because this224 00:08:06,060 --> 00:08:07,440 is what happens with people they get a225 00:08:07,440 --> 00:08:09,780 bill and they're like oh I'm going to226 00:08:09,780 --> 00:08:11,880 pay a bill but why are they feeling227 00:08:11,880 --> 00:08:13,440 negative they've got a service for that228 00:08:13,440 --> 00:08:15,300 right they just had internet for a month229 00:08:15,300 --> 00:08:16,919 or they just had electricity for a month230 00:08:16,919 --> 00:08:18,479 or three months so why should they feel231 00:08:18,479 --> 00:08:20,099 negative it's because it's232 00:08:20,099 --> 00:08:21,960 sent to them by email and then they233 00:08:21,960 --> 00:08:23,940 didn't know was coming but if you know234 00:08:23,940 --> 00:08:26,099 that it's due and you have to pay it and235 00:08:26,099 --> 00:08:28,379 you have a little tick box it's like a236 00:08:28,379 --> 00:08:29,940 little dopamine hit so you end up237 00:08:29,940 --> 00:08:31,560 getting a like a positive feeling to pay238 00:08:31,560 --> 00:08:33,779 a bill so you know that's where it239 00:08:33,779 --> 00:08:35,339 really helps to recondition yourself240 00:08:35,339 --> 00:08:38,580 yeah I remember when um my fiancee and I241 00:08:38,580 --> 00:08:41,339 a long time ago I'm saving for um our242 00:08:41,339 --> 00:08:43,080 principal place of residence243 00:08:43,080 --> 00:08:44,880 um we obviously we live in Sydney um so244 00:08:44,880 --> 00:08:47,040 we needed to save a fair chunk245 00:08:47,040 --> 00:08:49,560 um and we got excited when you know we'd246 00:08:49,560 --> 00:08:52,440 be able to like pay all our expenses and247 00:08:52,440 --> 00:08:54,300 then you saw like okay I can put away248 00:08:54,300 --> 00:08:57,839 like like three or four K this month you249 00:08:57,839 --> 00:08:59,100 know and you start seeing it like build250 00:08:59,100 --> 00:09:00,839 up and build up and build up251 00:09:00,839 --> 00:09:03,000 um so it is quite exciting252 00:09:03,000 --> 00:09:04,860 um but I think it's also one of those253 00:09:04,860 --> 00:09:08,040 things that maybe this app like you have254 00:09:08,040 --> 00:09:09,720 to keep your finger on the pulse if you255 00:09:09,720 --> 00:09:11,760 look at it every day like something that256 00:09:11,760 --> 00:09:14,580 you pay attention to every single day is257 00:09:14,580 --> 00:09:16,800 front of mind and you're more likely to258 00:09:16,800 --> 00:09:18,600 actually keep on going and keep on259 00:09:18,600 --> 00:09:21,360 saving it's like when you like say you260 00:09:21,360 --> 00:09:22,980 started the gym right say you started a261 00:09:22,980 --> 00:09:25,800 CrossFit gym the first month is going to262 00:09:25,800 --> 00:09:28,800 suck like so bad then after you've done263 00:09:28,800 --> 00:09:30,240 it for like two months you'll probably264 00:09:30,240 --> 00:09:32,519 start seeing um noticeable change in265 00:09:32,519 --> 00:09:33,720 your body266 00:09:33,720 --> 00:09:35,399 um and then you'll start like seeing ABS267 00:09:35,399 --> 00:09:36,660 or you'll start seeing a few muscles268 00:09:36,660 --> 00:09:37,860 come up and that's when you get more269 00:09:37,860 --> 00:09:40,260 spurred on to do it so I think the app I270 00:09:40,260 --> 00:09:41,339 mean I'm definitely going to download271 00:09:41,339 --> 00:09:43,380 that after this session272 00:09:43,380 --> 00:09:45,060 um you know because keeping your finger273 00:09:45,060 --> 00:09:47,880 on the post because I I'm not sure how274 00:09:47,880 --> 00:09:50,820 long or how many times a day or how many275 00:09:50,820 --> 00:09:52,680 how freaking people check their Bank276 00:09:52,680 --> 00:09:55,200 balances but like I do it pretty much277 00:09:55,200 --> 00:09:56,820 every day because I'm already always278 00:09:56,820 --> 00:10:00,240 like want to see progress you know this279 00:10:00,240 --> 00:10:01,800 that might be a game changer for that280 00:10:01,800 --> 00:10:04,080 yeah look it's helped me uh and I've281 00:10:04,080 --> 00:10:05,580 been doing it I used a different app282 00:10:05,580 --> 00:10:07,440 before but I've been doing it for at283 00:10:07,440 --> 00:10:09,060 least two and a half years maybe even284 00:10:09,060 --> 00:10:11,040 three years now and that was a game285 00:10:11,040 --> 00:10:13,440 changer for me because I always knew286 00:10:13,440 --> 00:10:15,240 that I was going to have enough money287 00:10:15,240 --> 00:10:18,300 for my bills when they're due and then I288 00:10:18,300 --> 00:10:21,300 knew what was left and I would transfer289 00:10:21,300 --> 00:10:23,160 that money into other accounts so then290 00:10:23,160 --> 00:10:24,959 you know obviously the word budget291 00:10:24,959 --> 00:10:27,120 people don't like that word budget but292 00:10:27,120 --> 00:10:30,240 if you know what your cost is to live293 00:10:30,240 --> 00:10:32,459 like your groceries and you know having294 00:10:32,459 --> 00:10:33,959 an account like you said you're married295 00:10:33,959 --> 00:10:36,180 my wife and I had personal accounts that296 00:10:36,180 --> 00:10:37,620 we would have our personal spending297 00:10:37,620 --> 00:10:39,959 because you still got to have some298 00:10:39,959 --> 00:10:41,820 freedom to spend money the way you want299 00:10:41,820 --> 00:10:43,500 but up to a certain limit right if300 00:10:43,500 --> 00:10:44,839 you've got access to the main account301 00:10:44,839 --> 00:10:48,360 you can easily overspend so then it's302 00:10:48,360 --> 00:10:50,100 like a weekly allowance so then if I303 00:10:50,100 --> 00:10:52,200 want to buy flowers she doesn't know I304 00:10:52,200 --> 00:10:54,120 bought them right because she has an305 00:10:54,120 --> 00:10:55,740 accident account if she wants to you306 00:10:55,740 --> 00:10:57,660 know buy something for me for my307 00:10:57,660 --> 00:10:59,459 birthday I won't know what you bought so308 00:10:59,459 --> 00:11:01,019 it's important to have that freedom as309 00:11:01,019 --> 00:11:04,140 well up to a certain limit and then you310 00:11:04,140 --> 00:11:05,940 can adjust it as you go that's the thing311 00:11:05,940 --> 00:11:07,440 people think that oh once I've set a312 00:11:07,440 --> 00:11:09,779 budget it's stuck now I can't live live313 00:11:09,779 --> 00:11:13,800 freely the key is to be able to uh you314 00:11:13,800 --> 00:11:15,959 know spend the way you want to spend and315 00:11:15,959 --> 00:11:19,260 not feel poor but still save up money316 00:11:19,260 --> 00:11:21,360 and and then you know you add another317 00:11:21,360 --> 00:11:22,860 layer to that you have to automate it318 00:11:22,860 --> 00:11:24,360 all right and we'll talk more about319 00:11:24,360 --> 00:11:27,360 automation later yeah well I I totally320 00:11:27,360 --> 00:11:29,760 agree with that like having a a separate321 00:11:29,760 --> 00:11:32,339 account or a bucket for spending and I322 00:11:32,339 --> 00:11:34,680 remember like a little while ago323 00:11:34,680 --> 00:11:36,000 actually was quite a while ago when324 00:11:36,000 --> 00:11:38,160 we're in our saving mode325 00:11:38,160 --> 00:11:39,779 um they say like you put you know x326 00:11:39,779 --> 00:11:42,480 amount away in that account and no327 00:11:42,480 --> 00:11:45,240 matter what you have to spend it even if328 00:11:45,240 --> 00:11:47,459 you just spend it on the like thing you329 00:11:47,459 --> 00:11:49,019 just have to spend it has it has to go330 00:11:49,019 --> 00:11:51,899 to zero every single month so it feels331 00:11:51,899 --> 00:11:53,760 like you're not like332 00:11:53,760 --> 00:11:55,920 um you're not holding back you're not333 00:11:55,920 --> 00:11:57,540 you're not feeling like you're missing334 00:11:57,540 --> 00:11:59,100 out so you can still go out there and335 00:11:59,100 --> 00:12:00,720 you know you can go have a really nice336 00:12:00,720 --> 00:12:02,940 night or you can go spend you know a337 00:12:02,940 --> 00:12:04,380 hundred dollars on a big night out with338 00:12:04,380 --> 00:12:06,360 him and stuff like that and not feel bad339 00:12:06,360 --> 00:12:08,459 about it yeah yeah but I think the key340 00:12:08,459 --> 00:12:10,140 is that you can do what you want with it341 00:12:10,140 --> 00:12:12,839 it's guilt-free spending so some people342 00:12:12,839 --> 00:12:14,940 want to put some money on crypto you343 00:12:14,940 --> 00:12:16,260 know that's just what they enjoy doing344 00:12:16,260 --> 00:12:17,579 but then that you're going to want to345 00:12:17,579 --> 00:12:18,959 have access to all your savings to do346 00:12:18,959 --> 00:12:20,160 that but if you've got a personal347 00:12:20,160 --> 00:12:21,480 account that you're putting away you348 00:12:21,480 --> 00:12:23,220 know 50 bucks or 100 a week or whatever349 00:12:23,220 --> 00:12:25,140 and you build that up and you can go350 00:12:25,140 --> 00:12:27,720 invest in different little things you351 00:12:27,720 --> 00:12:29,160 can if you want or if you want to pay352 00:12:29,160 --> 00:12:31,260 back you know your joint debt or if you353 00:12:31,260 --> 00:12:32,940 want to add it to your combined savings354 00:12:32,940 --> 00:12:34,380 you can but at least it's your choice355 00:12:34,380 --> 00:12:36,060 and you've got to have that guilt-free356 00:12:36,060 --> 00:12:37,800 spending as well357 00:12:37,800 --> 00:12:40,200 yeah I did notice that uh Bitcoin has358 00:12:40,200 --> 00:12:41,700 actually gone up not that I have any359 00:12:41,700 --> 00:12:43,320 invested in Bitcoin but I do have a bit360 00:12:43,320 --> 00:12:46,079 of a paper trading for fun and I bought361 00:12:46,079 --> 00:12:48,120 us some Bitcoin at like I think it was362 00:12:48,120 --> 00:12:49,380 like 17363 00:12:49,380 --> 00:12:51,720 000 us and that's you know up a little364 00:12:51,720 --> 00:12:53,700 bit so yeah not a good investment in my365 00:12:53,700 --> 00:12:56,040 mind but still no for fun I used to put366 00:12:56,040 --> 00:12:57,899 money into crypto and I don't anymore367 00:12:57,899 --> 00:12:59,339 and and you know you talked about368 00:12:59,339 --> 00:13:01,139 earlier about you know using your net369 00:13:01,139 --> 00:13:03,420 banking account every day checking it370 00:13:03,420 --> 00:13:05,279 well when you've got a crypto or371 00:13:05,279 --> 00:13:07,139 multiple crypto wallets and you're372 00:13:07,139 --> 00:13:09,000 seeing the news and you're seeing all373 00:13:09,000 --> 00:13:10,320 these updates on YouTube because you're374 00:13:10,320 --> 00:13:11,820 following those people they're always375 00:13:11,820 --> 00:13:14,339 talking about the price so what it does376 00:13:14,339 --> 00:13:16,560 is it takes you on an emotional roller377 00:13:16,560 --> 00:13:18,959 coaster so that's what I realized I378 00:13:18,959 --> 00:13:20,540 don't want to invest in anymore because379 00:13:20,540 --> 00:13:22,740 it's going up and down and it's taking380 00:13:22,740 --> 00:13:24,540 all of my attention and my emotions with381 00:13:24,540 --> 00:13:26,040 it so382 00:13:26,040 --> 00:13:27,779 um and it's not stable and it's not383 00:13:27,779 --> 00:13:29,760 income producing you know of course384 00:13:29,760 --> 00:13:31,680 there's things like that's right385 00:13:31,680 --> 00:13:35,040 um D5 and whatnot but I I think to keep386 00:13:35,040 --> 00:13:36,779 it simple when you invest in property387 00:13:36,779 --> 00:13:39,180 you know you're leveraging you're388 00:13:39,180 --> 00:13:40,980 borrowing you're contributing your your389 00:13:40,980 --> 00:13:42,420 savings but you're it's an income390 00:13:42,420 --> 00:13:43,680 producing asset and you're getting391 00:13:43,680 --> 00:13:45,360 Capital Growth if you invest well as392 00:13:45,360 --> 00:13:47,160 well so it just makes more yeah well393 00:13:47,160 --> 00:13:49,560 that's the big issue with like stocks394 00:13:49,560 --> 00:13:51,600 and shares and you know crypto and stuff395 00:13:51,600 --> 00:13:54,120 like that is it so liquid that you can396 00:13:54,120 --> 00:13:56,100 make a decision on an emotion straight397 00:13:56,100 --> 00:13:58,980 away whereas with property you know if398 00:13:58,980 --> 00:14:01,860 you decide to sell a property that's a399 00:14:01,860 --> 00:14:04,260 good like you know 30 60 days400 00:14:04,260 --> 00:14:06,360 potentially and you're committed you401 00:14:06,360 --> 00:14:07,800 know you've made there's many many402 00:14:07,800 --> 00:14:10,139 different choices you have to make along403 00:14:10,139 --> 00:14:12,720 the way to actually sell a property you404 00:14:12,720 --> 00:14:14,339 know like I want to sell it okay I've405 00:14:14,339 --> 00:14:16,620 got to find an agent I've got to find a406 00:14:16,620 --> 00:14:18,180 seller I've got to do all this kind of407 00:14:18,180 --> 00:14:19,920 stuff you know so there's like I've got408 00:14:19,920 --> 00:14:23,459 to have lots of little mini like choices409 00:14:23,459 --> 00:14:25,920 and selections that you have to make so410 00:14:25,920 --> 00:14:27,420 you can actually sell that property it's411 00:14:27,420 --> 00:14:30,660 not just a click of a button but so in412 00:14:30,660 --> 00:14:34,860 future if you know property does get413 00:14:34,860 --> 00:14:37,620 um you know uh put on to the blockchain414 00:14:37,620 --> 00:14:40,800 and using like um what's the what's the415 00:14:40,800 --> 00:14:42,060 thing called416 00:14:42,060 --> 00:14:44,820 um God I'm blanking on the you know the417 00:14:44,820 --> 00:14:46,740 art artwork digital artwork they're418 00:14:46,740 --> 00:14:50,519 using now nfts yeah nfts yeah that's it419 00:14:50,519 --> 00:14:53,940 so if you use like nfts for like uh420 00:14:53,940 --> 00:14:55,800 property which people are starting to do421 00:14:55,800 --> 00:14:58,320 will you like externalize it or you like422 00:14:58,320 --> 00:15:00,660 you basically can buy into a property423 00:15:00,660 --> 00:15:02,940 through using an nft424 00:15:02,940 --> 00:15:04,560 um you know it might become more425 00:15:04,560 --> 00:15:07,560 liquid-like and then so with426 00:15:07,560 --> 00:15:10,380 um the way that uh the conveyancing can427 00:15:10,380 --> 00:15:12,959 be done online even now or like in428 00:15:12,959 --> 00:15:14,220 future through the blockchain429 00:15:14,220 --> 00:15:15,660 potentially430 00:15:15,660 --> 00:15:17,279 um you know it could unfortunate431 00:15:17,279 --> 00:15:19,320 originally become more liquided so it432 00:15:19,320 --> 00:15:20,760 could become a more of emotional asset433 00:15:20,760 --> 00:15:22,440 as well yeah yeah I mean it's already434 00:15:22,440 --> 00:15:25,019 emotional as it is right for people that435 00:15:25,019 --> 00:15:26,820 you know want to chase residential yeah436 00:15:26,820 --> 00:15:29,279 residential yeah exactly buying yeah I437 00:15:29,279 --> 00:15:31,380 guess if they could buy and sell in the438 00:15:31,380 --> 00:15:34,320 same day oh man I don't know it would be439 00:15:34,320 --> 00:15:35,880 hard because there's people living in440 00:15:35,880 --> 00:15:37,320 there right there's going to be rules441 00:15:37,320 --> 00:15:39,660 around them so by the way I don't own442 00:15:39,660 --> 00:15:41,340 your product before commercial property443 00:15:41,340 --> 00:15:44,360 [Laughter]444 00:15:44,360 --> 00:15:48,420 so I think yeah so I think um that app445 00:15:48,420 --> 00:15:51,000 might be a game changer so what do you446 00:15:51,000 --> 00:15:52,920 think about putting together some kind447 00:15:52,920 --> 00:15:56,040 of how to use app um something like that448 00:15:56,040 --> 00:15:59,519 or how to use like uh timely build and449 00:15:59,519 --> 00:16:01,320 then we can set it up as a free giveaway450 00:16:01,320 --> 00:16:03,540 for the um for the listeners what do you451 00:16:03,540 --> 00:16:05,399 reckon yeah yeah happy to do that452 00:16:05,399 --> 00:16:07,620 actually I can do some screenshots and453 00:16:07,620 --> 00:16:09,899 you know show you yeah how to utilize454 00:16:09,899 --> 00:16:11,880 the tool better yeah yeah it's not too455 00:16:11,880 --> 00:16:14,279 difficult yeah you go yeah give it a go456 00:16:14,279 --> 00:16:15,959 but yeah for sure we can do that for the457 00:16:15,959 --> 00:16:18,959 listeners because yeah it has really458 00:16:18,959 --> 00:16:21,060 changed the way I look at money it's459 00:16:21,060 --> 00:16:22,980 given me a positive feeling when I pay460 00:16:22,980 --> 00:16:25,800 bills I always have enough and you know461 00:16:25,800 --> 00:16:28,199 even if you don't like say you you know462 00:16:28,199 --> 00:16:29,880 you have to you know your investment463 00:16:29,880 --> 00:16:31,260 property and there's not enough money464 00:16:31,260 --> 00:16:33,060 that month because you had to fix the465 00:16:33,060 --> 00:16:35,579 water heater like you mentioned right466 00:16:35,579 --> 00:16:38,040 um but of course you now you know that467 00:16:38,040 --> 00:16:39,540 you need to move money into that account468 00:16:39,540 --> 00:16:41,519 right because yeah you've got something469 00:16:41,519 --> 00:16:43,980 to do but if if you didn't monitor it470 00:16:43,980 --> 00:16:45,720 and you're relying just on the cash flow471 00:16:45,720 --> 00:16:48,240 on the property to pay all the costs uh472 00:16:48,240 --> 00:16:50,459 you could easily fall in the rears and473 00:16:50,459 --> 00:16:52,079 if you're preparing yourself for Future474 00:16:52,079 --> 00:16:54,420 Finance one of the things you never want475 00:16:54,420 --> 00:16:57,060 to have on any of your accounts is Aries476 00:16:57,060 --> 00:16:59,579 or late payments or late payment fees477 00:16:59,579 --> 00:17:02,040 yep those are the things that Banks as478 00:17:02,040 --> 00:17:03,720 soon as they see that they don't want to479 00:17:03,720 --> 00:17:05,640 touch you I mean yes they want an480 00:17:05,640 --> 00:17:07,260 explanation sometimes things do happen481 00:17:07,260 --> 00:17:10,859 like admin issues but if you don't move482 00:17:10,859 --> 00:17:12,240 regularly you don't put your money in483 00:17:12,240 --> 00:17:13,380 the right account and you're late on484 00:17:13,380 --> 00:17:15,299 things especially Financial commitments485 00:17:15,299 --> 00:17:17,459 like loans and credit cards and whatnot486 00:17:17,459 --> 00:17:18,900 forget about it you shouldn't be487 00:17:18,900 --> 00:17:21,299 applying for a loan you're not ready488 00:17:21,299 --> 00:17:24,059 so I mean so you're saying that any kind489 00:17:24,059 --> 00:17:27,839 of late fee so I actually have had a few490 00:17:27,839 --> 00:17:30,419 times where like we haven't we have like491 00:17:30,419 --> 00:17:31,799 different accounts492 00:17:31,799 --> 00:17:33,480 um especially in offset accounts and493 00:17:33,480 --> 00:17:36,000 stuff where we'll have like you know494 00:17:36,000 --> 00:17:37,980 your your medibank or like something495 00:17:37,980 --> 00:17:39,840 like that uh any Private health color496 00:17:39,840 --> 00:17:42,660 coming out of and for some reason you497 00:17:42,660 --> 00:17:44,280 know it's like a couple of dollars short498 00:17:44,280 --> 00:17:46,320 and it it goes to a late payment or499 00:17:46,320 --> 00:17:48,480 something like that yeah I know that's500 00:17:48,480 --> 00:17:49,620 bad501 00:17:49,620 --> 00:17:52,140 um what ramifications like realistically502 00:17:52,140 --> 00:17:54,960 does that does that have503 00:17:54,960 --> 00:17:56,820 it depends on what you're applying for504 00:17:56,820 --> 00:17:58,620 and the bank that's looking at it so505 00:17:58,620 --> 00:18:00,960 some banks actually don't want to see a506 00:18:00,960 --> 00:18:03,780 bank statement so you know about two or507 00:18:03,780 --> 00:18:05,880 three years ago that's all they wanted508 00:18:05,880 --> 00:18:07,380 to see there was this thing about509 00:18:07,380 --> 00:18:09,900 expenses and I don't know if you if you510 00:18:09,900 --> 00:18:11,460 followed this there was a court case511 00:18:11,460 --> 00:18:14,340 with Westpac and and Asic I think it was512 00:18:14,340 --> 00:18:16,380 apra maybe and it was about513 00:18:16,380 --> 00:18:18,900 um they're called like the Shiraz thing514 00:18:18,900 --> 00:18:20,460 basically saying that people can adjust515 00:18:20,460 --> 00:18:22,919 their living expenses when they when516 00:18:22,919 --> 00:18:24,900 they commit to a to a property right or517 00:18:24,900 --> 00:18:27,539 a mortgage so then they started to hone518 00:18:27,539 --> 00:18:29,580 hone back on that because it adds more519 00:18:29,580 --> 00:18:31,740 workload to the bank to constantly check520 00:18:31,740 --> 00:18:33,419 bank statements and go through line by521 00:18:33,419 --> 00:18:34,679 line522 00:18:34,679 --> 00:18:36,900 um so if so if you go to a bank that523 00:18:36,900 --> 00:18:38,640 doesn't ask for them524 00:18:38,640 --> 00:18:40,860 um then and your expenses are what525 00:18:40,860 --> 00:18:42,600 you're declaring are reasonable for your526 00:18:42,600 --> 00:18:45,539 household then yeah late fee they won't527 00:18:45,539 --> 00:18:47,220 even know it exists but if you're going528 00:18:47,220 --> 00:18:49,080 to the same bank they're that late fee529 00:18:49,080 --> 00:18:51,000 was charged from of course they're going530 00:18:51,000 --> 00:18:51,960 to see it they're gonna they're gonna531 00:18:51,960 --> 00:18:54,419 ask about it and if it's a logical532 00:18:54,419 --> 00:18:56,820 reason like I had money in the other533 00:18:56,820 --> 00:18:58,260 account just forgot to transfer the534 00:18:58,260 --> 00:19:00,059 one-offs it's fine we just got to cover535 00:19:00,059 --> 00:19:02,760 it off in commentary but if it's every536 00:19:02,760 --> 00:19:03,660 month537 00:19:03,660 --> 00:19:05,580 and you're always late and you're538 00:19:05,580 --> 00:19:06,600 constantly putting money from another539 00:19:06,600 --> 00:19:07,620 account or you're borrowing from540 00:19:07,620 --> 00:19:10,140 somewhere else then yeah it's a red flag541 00:19:10,140 --> 00:19:11,940 it means like if you can't even stay on542 00:19:11,940 --> 00:19:13,500 top of you you know your private health543 00:19:13,500 --> 00:19:15,000 insurance how you can stay on top of a544 00:19:15,000 --> 00:19:16,740 mortgage payment545 00:19:16,740 --> 00:19:19,320 yeah it's just because um it doesn't546 00:19:19,320 --> 00:19:20,880 happen often but it's happened probably547 00:19:20,880 --> 00:19:23,460 like you know three times in the last 10548 00:19:23,460 --> 00:19:25,679 years so like it it has happened549 00:19:25,679 --> 00:19:27,059 um yeah and it's just purely because550 00:19:27,059 --> 00:19:29,700 like for some reason we got because he551 00:19:29,700 --> 00:19:31,260 split up the money in different buckets552 00:19:31,260 --> 00:19:32,940 like you were saying553 00:19:32,940 --> 00:19:34,559 um and for some reason that's been554 00:19:34,559 --> 00:19:37,260 overdrawn like on occasion I'm like oh555 00:19:37,260 --> 00:19:39,419 my God like this better not screw my my556 00:19:39,419 --> 00:19:40,740 whole credit rating I'm not gonna hold557 00:19:40,740 --> 00:19:43,260 his my whole career on one one transfer558 00:19:43,260 --> 00:19:45,720 for a private health insurance yeah no559 00:19:45,720 --> 00:19:48,299 look to be honest it's not going to and560 00:19:48,299 --> 00:19:49,980 I think timely bills will help you a lot561 00:19:49,980 --> 00:19:52,020 with that because that that only happens562 00:19:52,020 --> 00:19:53,820 because you forgot that that was due and563 00:19:53,820 --> 00:19:54,960 you didn't have enough money even if564 00:19:54,960 --> 00:19:57,539 it's you know two dollars difference565 00:19:57,539 --> 00:19:59,039 um you know that's what happens when you566 00:19:59,039 --> 00:20:00,480 allocate money into different buckets567 00:20:00,480 --> 00:20:02,400 into other bank accounts you need to568 00:20:02,400 --> 00:20:03,900 make sure that that main account where569 00:20:03,900 --> 00:20:05,820 all your bills get taken out from always570 00:20:05,820 --> 00:20:08,460 has enough to cover or to do so571 00:20:08,460 --> 00:20:09,900 sometimes you get excited you know I572 00:20:09,900 --> 00:20:11,340 want to put four grand in savings like573 00:20:11,340 --> 00:20:13,500 awesome it's so exciting it's a574 00:20:13,500 --> 00:20:15,480 foreground in this account but then you575 00:20:15,480 --> 00:20:16,740 know 500 of that you probably should576 00:20:16,740 --> 00:20:18,720 have left because you got you know577 00:20:18,720 --> 00:20:22,020 yeah yeah578 00:20:22,080 --> 00:20:24,539 it was so mate like in terms of charges579 00:20:24,539 --> 00:20:26,100 on your account580 00:20:26,100 --> 00:20:28,380 um what are the worst types of charges581 00:20:28,380 --> 00:20:29,940 you can start putting on your account582 00:20:29,940 --> 00:20:31,799 apart from late fees has already touched583 00:20:31,799 --> 00:20:34,200 on that but like things like what does584 00:20:34,200 --> 00:20:36,360 the bank absolutely not want to see you585 00:20:36,360 --> 00:20:38,580 spending your money on okay I'll tell586 00:20:38,580 --> 00:20:39,660 you a few587 00:20:39,660 --> 00:20:43,320 one is uh gambling so if they can see588 00:20:43,320 --> 00:20:45,660 you're going to the casino tab online589 00:20:45,660 --> 00:20:47,460 gambling590 00:20:47,460 --> 00:20:49,919 um even crypto some of them do see591 00:20:49,919 --> 00:20:52,320 crypto as as gambling592 00:20:52,320 --> 00:20:55,440 um that's that's a red flag for sure uh593 00:20:55,440 --> 00:20:58,140 another one which is like basically an594 00:20:58,140 --> 00:21:01,200 instant decline would be595 00:21:01,200 --> 00:21:03,960 um payday loans Cash Converters and you596 00:21:03,960 --> 00:21:05,280 know these pawn shops and stuff that597 00:21:05,280 --> 00:21:07,380 they they give you uh give you finance598 00:21:07,380 --> 00:21:09,360 here that that's anyone who needs that599 00:21:09,360 --> 00:21:12,480 type of Finance means that they600 00:21:12,480 --> 00:21:15,000 um can't live within their means so601 00:21:15,000 --> 00:21:17,039 they're behind they're always chasing602 00:21:17,039 --> 00:21:20,100 the tail so that their paycheck they're603 00:21:20,100 --> 00:21:22,380 not not even living paycheck to paycheck604 00:21:22,380 --> 00:21:23,880 because that paycheck doesn't get them605 00:21:23,880 --> 00:21:25,620 to the next one they need to get a loan606 00:21:25,620 --> 00:21:28,080 to cover them to the next paycheck so607 00:21:28,080 --> 00:21:31,679 yeah that's that's a no-go and uh608 00:21:31,679 --> 00:21:35,220 Believe It or Not uh excess alcohol uh609 00:21:35,220 --> 00:21:37,260 so if someone's spending too much on610 00:21:37,260 --> 00:21:39,900 alcohol that's uh that's also a red flag611 00:21:39,900 --> 00:21:41,700 you know you can drink as much as you612 00:21:41,700 --> 00:21:43,740 want but I had a customer that was613 00:21:43,740 --> 00:21:45,720 legitimately buying wines through covert614 00:21:45,720 --> 00:21:47,520 he you know he was collecting them so615 00:21:47,520 --> 00:21:49,140 that that flagged and you know I made616 00:21:49,140 --> 00:21:50,460 some commentary about it and they were617 00:21:50,460 --> 00:21:52,080 fine but if if someone's going to the618 00:21:52,080 --> 00:21:55,080 pub all the time well it's a pattern and619 00:21:55,080 --> 00:21:56,580 they know that if you're going to keep620 00:21:56,580 --> 00:21:58,380 spending that much you can't say you621 00:21:58,380 --> 00:21:59,760 you're gonna drop that because you're622 00:21:59,760 --> 00:22:02,100 probably um you know an alcoholic623 00:22:02,100 --> 00:22:04,380 potentially yeah624 00:22:04,380 --> 00:22:08,220 so what I'm hearing is bio alcohol from625 00:22:08,220 --> 00:22:11,159 Aldi to mask what you're actually buying626 00:22:11,159 --> 00:22:13,080 that's what I'm hearing627 00:22:13,080 --> 00:22:15,000 that's not what I said but yeah actually628 00:22:15,000 --> 00:22:18,179 it's probably a good strategy629 00:22:18,179 --> 00:22:19,799 you're right it's not a separate store630 00:22:19,799 --> 00:22:22,280 like liquorland though631 00:22:22,280 --> 00:22:25,500 conflict yeah yeah fair enough so mate632 00:22:25,500 --> 00:22:27,059 what are the good transactions what do633 00:22:27,059 --> 00:22:28,679 they actually want to see you doing like634 00:22:28,679 --> 00:22:30,960 how do we boost the um you know the the635 00:22:30,960 --> 00:22:34,020 red box or the ticks in our box okay so636 00:22:34,020 --> 00:22:35,760 they wanna what they're really just637 00:22:35,760 --> 00:22:37,559 looking for more than anything is that638 00:22:37,559 --> 00:22:39,960 your pay is consistent so they want to639 00:22:39,960 --> 00:22:41,760 see your pay matches the amount on your640 00:22:41,760 --> 00:22:43,679 pay slip and the date that you get paid641 00:22:43,679 --> 00:22:44,880 is the same day you got paid in the642 00:22:44,880 --> 00:22:48,000 basically and the amount doesn't drop643 00:22:48,000 --> 00:22:49,679 right because someone might be permanent644 00:22:49,679 --> 00:22:51,480 but then all of a sudden the last three645 00:22:51,480 --> 00:22:53,640 months their pay's gone down and it's646 00:22:53,640 --> 00:22:55,020 gone up well that's a sign that you647 00:22:55,020 --> 00:22:56,940 might be casual or that you've got you648 00:22:56,940 --> 00:22:59,039 know there's no consistency in your pay649 00:22:59,039 --> 00:23:00,360 so that's the that's the number one650 00:23:00,360 --> 00:23:01,740 thing they're looking for to verify that651 00:23:01,740 --> 00:23:02,940 you actually get paid the amount that652 00:23:02,940 --> 00:23:04,620 you've that you've declared on your653 00:23:04,620 --> 00:23:07,380 payslip second thing is they want to see654 00:23:07,380 --> 00:23:10,340 that the expenses that you've declared655 00:23:10,340 --> 00:23:13,380 for your outgoing costs656 00:23:13,380 --> 00:23:15,240 um your day-to-day living expenses657 00:23:15,240 --> 00:23:16,860 especially the fixed costs like we658 00:23:16,860 --> 00:23:18,419 talked about bills659 00:23:18,419 --> 00:23:20,820 people guess a lot of stuff but if if660 00:23:20,820 --> 00:23:22,500 you're way off they're going to compare661 00:23:22,500 --> 00:23:25,200 that so if you say you spend you know662 00:23:25,200 --> 00:23:27,600 100 on you know Private health insurance663 00:23:27,600 --> 00:23:29,880 but you're actually spending 400 and664 00:23:29,880 --> 00:23:31,200 they see that in your transactions665 00:23:31,200 --> 00:23:32,520 they're gonna ask the question if you666 00:23:32,520 --> 00:23:34,919 say I only spend 300 bucks on child care667 00:23:34,919 --> 00:23:37,860 and they say 1500 that month well that's668 00:23:37,860 --> 00:23:39,240 a they're going to question that so669 00:23:39,240 --> 00:23:40,740 they're just looking for consistency670 00:23:40,740 --> 00:23:42,360 from what you declare and what what671 00:23:42,360 --> 00:23:44,280 documents you provide all the stuff672 00:23:44,280 --> 00:23:46,200 about going to the grocery store or or673 00:23:46,200 --> 00:23:48,659 going out to dinner they don't really674 00:23:48,659 --> 00:23:50,700 care about that because let's face it675 00:23:50,700 --> 00:23:52,679 like you could have a big event it's a676 00:23:52,679 --> 00:23:54,360 birthday it's an anniversary and you can677 00:23:54,360 --> 00:23:56,159 spend a lot that month but that doesn't678 00:23:56,159 --> 00:23:57,780 mean you can do it every month679 00:23:57,780 --> 00:23:59,760 so they're logical right they're not680 00:23:59,760 --> 00:24:01,200 going to say oh look they spent you know681 00:24:01,200 --> 00:24:03,360 500 on dinner let's account for that682 00:24:03,360 --> 00:24:05,400 every month well you know that's just683 00:24:05,400 --> 00:24:07,679 that month so it's more the fixed cost684 00:24:07,679 --> 00:24:10,140 and then they're also looking for685 00:24:10,140 --> 00:24:13,440 uh bills I'm sorry um debts that you686 00:24:13,440 --> 00:24:15,299 that you may not have disclosed in your687 00:24:15,299 --> 00:24:16,559 financial statement your financial688 00:24:16,559 --> 00:24:17,640 position689 00:24:17,640 --> 00:24:19,919 so if you if you say you don't have690 00:24:19,919 --> 00:24:20,940 credit cards and all of a sudden there's691 00:24:20,940 --> 00:24:22,620 a credit card payment well what's that692 00:24:22,620 --> 00:24:24,659 well you didn't say you've got you know693 00:24:24,659 --> 00:24:27,000 buy now pay later you know after pay or694 00:24:27,000 --> 00:24:29,100 zip pay so things like that but as long695 00:24:29,100 --> 00:24:30,539 as your pay is coming in and as long as696 00:24:30,539 --> 00:24:32,520 you're uh also not going in the negative697 00:24:32,520 --> 00:24:35,100 so um over drawing the account so698 00:24:35,100 --> 00:24:37,320 there's always some money left then then699 00:24:37,320 --> 00:24:41,340 you're good but yeah yeah cool so with700 00:24:41,340 --> 00:24:43,020 that Timely app can you actually share701 00:24:43,020 --> 00:24:44,400 that with your partner as well because702 00:24:44,400 --> 00:24:45,960 it's obviously a big thing and it's not703 00:24:45,960 --> 00:24:47,880 just one person like you know working704 00:24:47,880 --> 00:24:49,919 the finances it's usually a team of705 00:24:49,919 --> 00:24:51,900 people like you know a husband and wife706 00:24:51,900 --> 00:24:55,080 well I'm sure there is a paid version707 00:24:55,080 --> 00:24:56,520 and I'm sure you can do a lot more with708 00:24:56,520 --> 00:24:59,159 it I just use it myself just to manage709 00:24:59,159 --> 00:25:01,080 what the bills are so it doesn't manage710 00:25:01,080 --> 00:25:04,260 my expenses so that is something that I711 00:25:04,260 --> 00:25:06,059 need to figure out and I can tell you712 00:25:06,059 --> 00:25:07,500 the strategy that my wife and I did for713 00:25:07,500 --> 00:25:09,240 that because everyone's got their own714 00:25:09,240 --> 00:25:11,900 way of managing their you know their715 00:25:11,900 --> 00:25:14,220 discretionary spend716 00:25:14,220 --> 00:25:15,780 um and you can share your story how you717 00:25:15,780 --> 00:25:17,340 guys figured it out but my iPhone I718 00:25:17,340 --> 00:25:19,320 actually went went to a park and we719 00:25:19,320 --> 00:25:20,460 printed out three months of bank720 00:25:20,460 --> 00:25:22,500 statements and we brought a highlighter721 00:25:22,500 --> 00:25:25,260 and we we brought a pen and we started722 00:25:25,260 --> 00:25:27,600 to understand how much have we spent in723 00:25:27,600 --> 00:25:29,700 the last three months on going out724 00:25:29,700 --> 00:25:32,700 whether it's you know birthday party or725 00:25:32,700 --> 00:25:34,860 you know dinner or whatever and then we726 00:25:34,860 --> 00:25:37,080 just like that was a kind of a wake-up727 00:25:37,080 --> 00:25:38,760 call right just to see if I well we've728 00:25:38,760 --> 00:25:39,960 actually spent that much in the last729 00:25:39,960 --> 00:25:41,220 three months and you know averaged it730 00:25:41,220 --> 00:25:43,740 out per month and then then we've731 00:25:43,740 --> 00:25:46,080 decided how much can we actually how732 00:25:46,080 --> 00:25:47,880 much do we want to spend733 00:25:47,880 --> 00:25:50,760 and then that was the amount that we you734 00:25:50,760 --> 00:25:53,760 know sort of committed to spend for uh735 00:25:53,760 --> 00:25:56,520 you know going out together so we had a736 00:25:56,520 --> 00:25:58,500 joint account for going out737 00:25:58,500 --> 00:26:00,840 and then we worked out our individual738 00:26:00,840 --> 00:26:02,580 amount and how much we want to have739 00:26:02,580 --> 00:26:04,980 every single week uh for ourselves and740 00:26:04,980 --> 00:26:05,940 to be honest with you it wasn't much741 00:26:05,940 --> 00:26:08,400 it's like 50 bucks a week it wasn't mine742 00:26:08,400 --> 00:26:10,679 um we had to adjust it sometimes you743 00:26:10,679 --> 00:26:11,700 know borrow money from a different744 00:26:11,700 --> 00:26:13,860 account but then we set up separate bank745 00:26:13,860 --> 00:26:16,320 accounts so then on payday746 00:26:16,320 --> 00:26:19,200 money will go to you know the joint747 00:26:19,200 --> 00:26:20,640 going out account748 00:26:20,640 --> 00:26:23,880 uh money will go to the grocery account749 00:26:23,880 --> 00:26:25,919 money will go to our individual spending750 00:26:25,919 --> 00:26:28,860 account uh and more importantly and this751 00:26:28,860 --> 00:26:30,419 is what you talked about earlier752 00:26:30,419 --> 00:26:32,400 I'd we'd have a savings account753 00:26:32,400 --> 00:26:36,779 and when we stuck to this set budget and754 00:26:36,779 --> 00:26:39,000 we obviously our main account which is755 00:26:39,000 --> 00:26:40,380 what we talked about the bills coming756 00:26:40,380 --> 00:26:41,700 out of that there's always enough money757 00:26:41,700 --> 00:26:43,260 to cover the bills but everything else758 00:26:43,260 --> 00:26:45,480 got this dispersed into other accounts759 00:26:45,480 --> 00:26:48,419 so then we'd watch yep our savings go up760 00:26:48,419 --> 00:26:51,059 and up so then what happened was761 00:26:51,059 --> 00:26:53,460 um my wife will get a pay Rise762 00:26:53,460 --> 00:26:57,539 um and I'd get a pay rise but all that763 00:26:57,539 --> 00:26:59,580 would change in our budget764 00:26:59,580 --> 00:27:01,860 is US saving more now because all the765 00:27:01,860 --> 00:27:03,659 expending is the same766 00:27:03,659 --> 00:27:05,640 and there's a there's something I read a767 00:27:05,640 --> 00:27:08,640 while ago saying that wealthy people768 00:27:08,640 --> 00:27:11,159 um earn more but spend the same whereas769 00:27:11,159 --> 00:27:14,159 everyone else earns more and spends more770 00:27:14,159 --> 00:27:16,320 all right and that's that's the Trap771 00:27:16,320 --> 00:27:18,059 that people fall under they're making772 00:27:18,059 --> 00:27:19,679 more money but they start living a773 00:27:19,679 --> 00:27:22,020 lavish lifestyle and then but if you're774 00:27:22,020 --> 00:27:24,360 saving more as you earn more then you775 00:27:24,360 --> 00:27:26,640 can buy property uh or you can you know776 00:27:26,640 --> 00:27:28,620 invest in other other things777 00:27:28,620 --> 00:27:31,020 yes um it's like keeping up with the778 00:27:31,020 --> 00:27:33,360 Joneses like uh you have lifestyle creep779 00:27:33,360 --> 00:27:34,500 that's what they call it you know you780 00:27:34,500 --> 00:27:37,080 see everyone in in a nice car781 00:27:37,080 --> 00:27:38,940 um you know and not potentially in a782 00:27:38,940 --> 00:27:40,559 nice house but like renting a nice house783 00:27:40,559 --> 00:27:42,059 and you think oh I need that nice car784 00:27:42,059 --> 00:27:44,520 too and we I am literally about to785 00:27:44,520 --> 00:27:47,220 upgrade my my car because we need we786 00:27:47,220 --> 00:27:50,340 have you know children and more room is787 00:27:50,340 --> 00:27:52,260 required after five years of having kids788 00:27:52,260 --> 00:27:53,340 so789 00:27:53,340 --> 00:27:54,960 um definitely looking into a new car but790 00:27:54,960 --> 00:27:56,520 it's just like it's like that it's like791 00:27:56,520 --> 00:27:58,559 lifestyle creep yeah um and you really792 00:27:58,559 --> 00:28:00,480 got to uh watch out for that and it's793 00:28:00,480 --> 00:28:02,400 actually Robert Kiyosaki actually talks794 00:28:02,400 --> 00:28:04,140 about this where you pay yourself first795 00:28:04,140 --> 00:28:06,779 so like if you're working like you know796 00:28:06,779 --> 00:28:08,580 38 hours a week797 00:28:08,580 --> 00:28:09,900 um you don't want to just be working to798 00:28:09,900 --> 00:28:11,340 pay other people you actually want to799 00:28:11,340 --> 00:28:12,840 pay yourself800 00:28:12,840 --> 00:28:14,700 um and you know he would famously pay801 00:28:14,700 --> 00:28:17,400 himself first and then not have enough802 00:28:17,400 --> 00:28:19,679 money for his bills and then he'd have803 00:28:19,679 --> 00:28:21,539 to he'd put himself in a position where804 00:28:21,539 --> 00:28:23,460 he had to work out805 00:28:23,460 --> 00:28:26,159 how to figure out like to make more806 00:28:26,159 --> 00:28:29,580 money so you know it's yeah unless he807 00:28:29,580 --> 00:28:30,720 made more money he wasn't going to be808 00:28:30,720 --> 00:28:31,919 able to pay this bill but the most809 00:28:31,919 --> 00:28:33,720 important thing was paying himself first810 00:28:33,720 --> 00:28:36,179 into that savings account no I actually811 00:28:36,179 --> 00:28:38,279 I've read that book Rich Dad Poor Dad812 00:28:38,279 --> 00:28:39,419 and813 00:28:39,419 --> 00:28:41,039 um you know for me the thing that stuck814 00:28:41,039 --> 00:28:43,020 out was um you know building your your815 00:28:43,020 --> 00:28:45,299 assets and reducing your liabilities and816 00:28:45,299 --> 00:28:47,340 building the income producing assets so817 00:28:47,340 --> 00:28:49,980 not things like cars or your home which818 00:28:49,980 --> 00:28:51,120 are819 00:28:51,120 --> 00:28:52,559 um you know the cars are depreciate820 00:28:52,559 --> 00:28:54,059 asset of course it's not income821 00:28:54,059 --> 00:28:55,980 generating in your home you know it's822 00:28:55,980 --> 00:28:57,480 not tax deductible it's not income823 00:28:57,480 --> 00:29:00,360 generating so um liability because it's824 00:29:00,360 --> 00:29:02,039 not paying for it unless someone else is825 00:29:02,039 --> 00:29:03,779 paying for it and paying for itself yeah826 00:29:03,779 --> 00:29:06,360 correct right it gives you shelter so827 00:29:06,360 --> 00:29:08,580 that's the benefit but it's costing you828 00:29:08,580 --> 00:29:10,260 money every single month and if the race829 00:29:10,260 --> 00:29:11,940 go up that's another cost830 00:29:11,940 --> 00:29:13,679 um but one thing I wanted to touch on831 00:29:13,679 --> 00:29:15,900 which also helped me because it's it's a832 00:29:15,900 --> 00:29:17,640 psychology thing as well right833 00:29:17,640 --> 00:29:21,419 um and what people don't realize is they834 00:29:21,419 --> 00:29:24,000 end up spending more than what they when835 00:29:24,000 --> 00:29:26,399 when they've got access to credit like836 00:29:26,399 --> 00:29:27,840 credit cards837 00:29:27,840 --> 00:29:31,140 buy now pay later or even payday loans838 00:29:31,140 --> 00:29:32,820 if they've gone down that path so they839 00:29:32,820 --> 00:29:34,860 end up spending more than they earn so840 00:29:34,860 --> 00:29:36,840 that doing this money management that we841 00:29:36,840 --> 00:29:38,159 talked about is so that you can spend842 00:29:38,159 --> 00:29:39,960 less than you earn and invest the843 00:29:39,960 --> 00:29:42,840 difference or save the difference844 00:29:42,840 --> 00:29:43,799 um845 00:29:43,799 --> 00:29:46,559 but the way it is uh that I understood846 00:29:46,559 --> 00:29:49,320 it that helped me was every time you847 00:29:49,320 --> 00:29:50,940 spend on credit848 00:29:50,940 --> 00:29:52,799 you're actually stealing from your849 00:29:52,799 --> 00:29:54,120 future self850 00:29:54,120 --> 00:29:57,000 so say you want to buy a new car right851 00:29:57,000 --> 00:30:00,000 and you take out a car loan852 00:30:00,000 --> 00:30:01,980 you got three you know 30 grand 40 Grand853 00:30:01,980 --> 00:30:03,480 whatever854 00:30:03,480 --> 00:30:06,000 um that feeling of driving a new car855 00:30:06,000 --> 00:30:09,299 feels great but it doesn't last it might856 00:30:09,299 --> 00:30:11,880 last like I don't know a few weeks as857 00:30:11,880 --> 00:30:14,159 soon as the car gets dirty or you know858 00:30:14,159 --> 00:30:15,899 the kids vomit on the seat or you know859 00:30:15,899 --> 00:30:17,580 you put a dog in the back or do whatever860 00:30:17,580 --> 00:30:19,380 it is it doesn't give you that same861 00:30:19,380 --> 00:30:22,260 feeling anymore but so your your past862 00:30:22,260 --> 00:30:24,960 self got to enjoy the feeling of that863 00:30:24,960 --> 00:30:28,140 brand new car but your future self is864 00:30:28,140 --> 00:30:30,659 the one paying for it right if you just865 00:30:30,659 --> 00:30:31,980 help someone like oh now I've got to pay866 00:30:31,980 --> 00:30:33,059 for this but you're the one that got to867 00:30:33,059 --> 00:30:34,980 enjoy it not me now it's just a car I'm868 00:30:34,980 --> 00:30:37,500 just getting from A to B right869 00:30:37,500 --> 00:30:39,360 um but a car's okay because obviously870 00:30:39,360 --> 00:30:40,740 it's something that you need for the871 00:30:40,740 --> 00:30:42,179 family and whatnot but I'm just talking872 00:30:42,179 --> 00:30:43,740 about in general like if you bought873 00:30:43,740 --> 00:30:46,200 yourself a um you know874 00:30:46,200 --> 00:30:48,000 I don't know what do people buy a Rolex875 00:30:48,000 --> 00:30:50,100 or something yeah like that just uh just876 00:30:50,100 --> 00:30:52,679 a flash you know you're getting the877 00:30:52,679 --> 00:30:54,360 blink to to build up your Instagram878 00:30:54,360 --> 00:30:55,380 account879 00:30:55,380 --> 00:30:57,539 exactly and it's a an instant880 00:30:57,539 --> 00:30:59,159 gratification right they feel good then881 00:30:59,159 --> 00:31:00,960 in the moment but even the Rolex won't882 00:31:00,960 --> 00:31:02,820 feel that good after a while because you883 00:31:02,820 --> 00:31:04,140 might scratch it and you don't want to884 00:31:04,140 --> 00:31:05,760 wear it anymore right because you don't885 00:31:05,760 --> 00:31:07,200 want to damage it886 00:31:07,200 --> 00:31:09,659 um so so then but if you flip it on it's887 00:31:09,659 --> 00:31:11,399 if you flip on its head and say you know888 00:31:11,399 --> 00:31:13,260 what I do want a Rolex it's important to889 00:31:13,260 --> 00:31:13,919 me890 00:31:13,919 --> 00:31:16,020 but I'm not going to borrow the money to891 00:31:16,020 --> 00:31:18,179 get it I'm Gonna Save for it so you892 00:31:18,179 --> 00:31:19,620 manage your money the same way we talked893 00:31:19,620 --> 00:31:21,720 about and then you start putting away894 00:31:21,720 --> 00:31:23,880 money every week and you can set up a895 00:31:23,880 --> 00:31:25,200 bank account like the good thing about896 00:31:25,200 --> 00:31:27,299 Australia is bank accounts are free you897 00:31:27,299 --> 00:31:28,440 can have multiple accounts they don't898 00:31:28,440 --> 00:31:30,360 charge you overseas in Europe they899 00:31:30,360 --> 00:31:31,740 charge you monthly fees for every bank900 00:31:31,740 --> 00:31:33,539 account you've got whereas here you can901 00:31:33,539 --> 00:31:36,419 have like seven eight sub-accounts with902 00:31:36,419 --> 00:31:38,880 no fees and you can have one and you can903 00:31:38,880 --> 00:31:40,559 literally call it a Rolex account if you904 00:31:40,559 --> 00:31:41,640 wanted to905 00:31:41,640 --> 00:31:43,679 um relabel it and you can put away even906 00:31:43,679 --> 00:31:45,779 100 bucks a week or whatever it is that907 00:31:45,779 --> 00:31:47,880 you can afford to put aside every week908 00:31:47,880 --> 00:31:49,740 so you get a positive feeling because909 00:31:49,740 --> 00:31:51,899 you see it grow right and then910 00:31:51,899 --> 00:31:53,520 eventually you have that911 00:31:53,520 --> 00:31:55,200 whatever it costs to say it's 10 grand912 00:31:55,200 --> 00:31:56,940 to buy the watch913 00:31:56,940 --> 00:31:59,100 um you eventually get the 10 grand and914 00:31:59,100 --> 00:32:00,960 you go buy it outright915 00:32:00,960 --> 00:32:02,760 so now you have a positive feeling916 00:32:02,760 --> 00:32:04,620 throughout the whole process because you917 00:32:04,620 --> 00:32:06,720 were saving you get the positive feeling918 00:32:06,720 --> 00:32:09,059 because you just bought it and you saved919 00:32:09,059 --> 00:32:11,580 it to get it there and you you get to920 00:32:11,580 --> 00:32:13,320 carry that feeling because you now know921 00:32:13,320 --> 00:32:15,600 that you worked and you put money aside922 00:32:15,600 --> 00:32:17,940 to get that watch and you get to wear it923 00:32:17,940 --> 00:32:19,620 the rest of your life with no debt tied924 00:32:19,620 --> 00:32:20,700 to it925 00:32:20,700 --> 00:32:22,620 so you're giving to your future self by926 00:32:22,620 --> 00:32:24,899 Saving yeah it's awesome what do you927 00:32:24,899 --> 00:32:25,860 think about928 00:32:25,860 --> 00:32:28,080 um saving so you're saving for an asset929 00:32:28,080 --> 00:32:29,580 right or you're saving for something930 00:32:29,580 --> 00:32:31,380 like a watch or a car or something like931 00:32:31,380 --> 00:32:34,080 that but you keep on saving and saving932 00:32:34,080 --> 00:32:36,600 this thing but you buy a cash flowing933 00:32:36,600 --> 00:32:40,020 asset that then you can take out a loan934 00:32:40,020 --> 00:32:43,559 and then that buys the car and for the935 00:32:43,559 --> 00:32:46,020 so you have the asset and then you also936 00:32:46,020 --> 00:32:49,200 have the car and then that actually the937 00:32:49,200 --> 00:32:51,539 asset pays for itself over time so you938 00:32:51,539 --> 00:32:53,940 have both of those things and one of939 00:32:53,940 --> 00:32:55,559 them is obviously producing cash flow940 00:32:55,559 --> 00:32:58,200 producing potential Capital Growth in941 00:32:58,200 --> 00:32:59,460 the future942 00:32:59,460 --> 00:33:01,200 um obviously the car is not going to do943 00:33:01,200 --> 00:33:02,580 anything for you except for make you944 00:33:02,580 --> 00:33:04,320 feel good and get you from A to B it's945 00:33:04,320 --> 00:33:07,080 going to depreciate over time but that's946 00:33:07,080 --> 00:33:08,820 a very common way to do it too what do947 00:33:08,820 --> 00:33:10,440 you think of that way so you're saying948 00:33:10,440 --> 00:33:12,480 that you get the property first and it949 00:33:12,480 --> 00:33:14,159 goes up in value and then you buy a car950 00:33:14,159 --> 00:33:17,279 with the with the no no no so only I'm951 00:33:17,279 --> 00:33:19,440 only talking about like cash flowing952 00:33:19,440 --> 00:33:21,240 State like commercial properties so953 00:33:21,240 --> 00:33:23,760 you're saving and saving and instead of954 00:33:23,760 --> 00:33:25,500 dumping the money thirty thousand955 00:33:25,500 --> 00:33:27,840 dollars say you could buy a a have a956 00:33:27,840 --> 00:33:29,460 deposit for a commercial property for957 00:33:29,460 --> 00:33:30,779 thirty thousand dollars or say it's a958 00:33:30,779 --> 00:33:32,580 really expensive car you know so it's959 00:33:32,580 --> 00:33:34,500 like a three hundred thousand dollar car960 00:33:34,500 --> 00:33:36,840 like a Lambo or something like that so961 00:33:36,840 --> 00:33:38,460 you save up that money but instead of962 00:33:38,460 --> 00:33:42,659 buying a Lambo first you buy a uh a963 00:33:42,659 --> 00:33:45,000 warehouse and that warehouse is paying964 00:33:45,000 --> 00:33:47,880 you sixty thousand dollars a year and965 00:33:47,880 --> 00:33:49,919 then you can take out a car loan because966 00:33:49,919 --> 00:33:52,080 the car loan is only forty thousand967 00:33:52,080 --> 00:33:53,760 dollars a year so your net twenty968 00:33:53,760 --> 00:33:55,919 thousand dollars okay and it's actually969 00:33:55,919 --> 00:33:57,899 paying the property is paying itself off970 00:33:57,899 --> 00:34:00,240 and it's paying for you to have that car971 00:34:00,240 --> 00:34:02,460 as well so you get Best of Both Worlds972 00:34:02,460 --> 00:34:04,559 yeah yeah and I get yeah no I think973 00:34:04,559 --> 00:34:06,120 that's a that's an awesome strategy974 00:34:06,120 --> 00:34:07,320 because975 00:34:07,320 --> 00:34:07,860 um976 00:34:07,860 --> 00:34:10,379 while it's paying for itself as well977 00:34:10,379 --> 00:34:13,320 you're getting the uh the growth right978 00:34:13,320 --> 00:34:15,960 of course you know speculation I979 00:34:15,960 --> 00:34:17,520 understand that you can't guarantee980 00:34:17,520 --> 00:34:18,960 growth when you're investing in property981 00:34:18,960 --> 00:34:21,300 but say you did invest in a good area982 00:34:21,300 --> 00:34:24,060 and if you just look at Stats and and983 00:34:24,060 --> 00:34:25,800 whatnot in that area and it's grown over984 00:34:25,800 --> 00:34:28,460 time the longer you hold a property so985 00:34:28,460 --> 00:34:31,320 you're you're using the bank's money to986 00:34:31,320 --> 00:34:33,239 get you that asset so whether it's 600987 00:34:33,239 --> 00:34:35,219 Grand or whatnot so that's just there988 00:34:35,219 --> 00:34:37,739 going up in value the tenants paying you989 00:34:37,739 --> 00:34:39,960 the rent that's covering the cost which990 00:34:39,960 --> 00:34:43,020 is just the mortgage because the991 00:34:43,020 --> 00:34:45,000 um because they're paying the rent and992 00:34:45,000 --> 00:34:46,320 they're also paying the outgoings993 00:34:46,320 --> 00:34:47,280 directly994 00:34:47,280 --> 00:34:49,560 and if there's still enough money that995 00:34:49,560 --> 00:34:52,859 you can now fund a car as well right so996 00:34:52,859 --> 00:34:55,020 it's paying the car loan repayment now997 00:34:55,020 --> 00:34:57,420 all of a sudden you've made998 00:34:57,420 --> 00:35:00,119 um your your initial contribution or999 00:35:00,119 --> 00:35:02,099 your initial savings works so much1000 00:35:02,099 --> 00:35:03,060 harder for you that's what you call1001 00:35:03,060 --> 00:35:05,280 leverage yeah so you've leveraged other1002 00:35:05,280 --> 00:35:07,920 people's money to help you build your1003 00:35:07,920 --> 00:35:09,960 wealth and give you the lifestyle at the1004 00:35:09,960 --> 00:35:12,420 same time so I think that's yeah if1005 00:35:12,420 --> 00:35:13,859 anyone can figure out how to do that1006 00:35:13,859 --> 00:35:16,380 well they've got enough money aside to1007 00:35:16,380 --> 00:35:17,640 buy an asset that's going to generate1008 00:35:17,640 --> 00:35:20,880 that much yeah hats off to them1009 00:35:20,880 --> 00:35:23,640 yeah that's it I mean so I mean the only1010 00:35:23,640 --> 00:35:25,680 way that you can uh you know guarantee1011 00:35:25,680 --> 00:35:28,500 Capital Growth is by force appreciation1012 00:35:28,500 --> 00:35:30,000 on commercial property where you're1013 00:35:30,000 --> 00:35:31,680 increasing the income so that's really1014 00:35:31,680 --> 00:35:33,540 the only way and that's that's the thing1015 00:35:33,540 --> 00:35:35,040 where I never think of like the market1016 00:35:35,040 --> 00:35:37,440 going to make me uh or like speculating1017 00:35:37,440 --> 00:35:39,660 on the markets or Capital Growth it's1018 00:35:39,660 --> 00:35:42,060 how can I force uh income onto this1019 00:35:42,060 --> 00:35:44,520 property to guarantee the value going up1020 00:35:44,520 --> 00:35:46,079 so that's kind of how I think about it1021 00:35:46,079 --> 00:35:47,880 yeah and that's something that you help1022 00:35:47,880 --> 00:35:50,460 a lot of your your clients with um is to1023 00:35:50,460 --> 00:35:53,220 yeah look for value-add strategies and I1024 00:35:53,220 --> 00:35:54,839 think that's important before you buy a1025 00:35:54,839 --> 00:35:56,700 property or commit to something is to1026 00:35:56,700 --> 00:35:58,800 know what are the value-add strategies1027 00:35:58,800 --> 00:36:00,420 that you can Implement as soon as you1028 00:36:00,420 --> 00:36:04,440 own that so you can already predict1029 00:36:04,440 --> 00:36:07,680 and you know project your money based on1030 00:36:07,680 --> 00:36:09,599 that future income and then of course1031 00:36:09,599 --> 00:36:11,280 like I said you know that that property1032 00:36:11,280 --> 00:36:12,960 is going to be uh higher value for that1033 00:36:12,960 --> 00:36:15,240 reason so yeah it's not based on the1034 00:36:15,240 --> 00:36:16,740 market itself it's just based on the1035 00:36:16,740 --> 00:36:19,740 rent no speculation there yeah so mate1036 00:36:19,740 --> 00:36:22,680 in terms of like say you do want to like1037 00:36:22,680 --> 00:36:23,760 buy1038 00:36:23,760 --> 00:36:25,500 um you know some fast food or you want1039 00:36:25,500 --> 00:36:28,079 to go out and you know buy a new outfit1040 00:36:28,079 --> 00:36:30,060 or something like that would you1041 00:36:30,060 --> 00:36:32,040 recommend potentially drawing that money1042 00:36:32,040 --> 00:36:34,500 out from the bank like actually drawing1043 00:36:34,500 --> 00:36:38,280 money out and so you would pay that by1044 00:36:38,280 --> 00:36:40,500 um with cash so there's no like digital1045 00:36:40,500 --> 00:36:42,000 record of what you've bought for the1046 00:36:42,000 --> 00:36:45,119 bank to like scrutinize yeah1047 00:36:45,119 --> 00:36:46,920 I'd say it probably doesn't make a1048 00:36:46,920 --> 00:36:49,079 difference because if you if you take1049 00:36:49,079 --> 00:36:51,300 the money as cash1050 00:36:51,300 --> 00:36:54,060 um and then go spend it on clothes the1051 00:36:54,060 --> 00:36:55,980 bank would just see it as an expense1052 00:36:55,980 --> 00:36:57,599 right and if you just spent it on1053 00:36:57,599 --> 00:36:58,980 clothes they're just going to see it as1054 00:36:58,980 --> 00:37:01,140 an expense so it's not like it actually1055 00:37:01,140 --> 00:37:03,240 lets them see it differently if anything1056 00:37:03,240 --> 00:37:05,579 if they see too many cash withdrawals1057 00:37:05,579 --> 00:37:08,040 that might raise a flag because they1058 00:37:08,040 --> 00:37:09,180 don't know what it's been especially if1059 00:37:09,180 --> 00:37:10,260 it's large amounts if there's a couple1060 00:37:10,260 --> 00:37:11,520 hundred bucks here and there it's fine1061 00:37:11,520 --> 00:37:13,560 but if you're taking out you know two1062 00:37:13,560 --> 00:37:15,900 grand every single paycheck1063 00:37:15,900 --> 00:37:17,940 and there's no record of how you spend1064 00:37:17,940 --> 00:37:20,280 your money yeah it's going to raise a1065 00:37:20,280 --> 00:37:21,599 flag if the bank sees that because1066 00:37:21,599 --> 00:37:23,220 they're gonna not gonna understand how1067 00:37:23,220 --> 00:37:25,200 do you spend your money another thing I1068 00:37:25,200 --> 00:37:27,119 didn't touch on is that1069 00:37:27,119 --> 00:37:30,420 um there's a requirement for Brokers and1070 00:37:30,420 --> 00:37:33,960 and for banks to report uh you know1071 00:37:33,960 --> 00:37:37,200 things under the AML act AML CTF so1072 00:37:37,200 --> 00:37:38,760 anti-money laundering and1073 00:37:38,760 --> 00:37:40,859 counterterrorism that's something that1074 00:37:40,859 --> 00:37:42,680 they always look and they've got1075 00:37:42,680 --> 00:37:45,119 algorithms and you know things that1076 00:37:45,119 --> 00:37:47,339 actually Check accounts so if it's if1077 00:37:47,339 --> 00:37:49,800 it's money coming in and money going out1078 00:37:49,800 --> 00:37:52,200 and being moved to multiple accounts1079 00:37:52,200 --> 00:37:54,720 um that yeah that's a red flag even for1080 00:37:54,720 --> 00:37:56,099 me it's broke if I see something like1081 00:37:56,099 --> 00:37:58,680 that so while we're on the topic of like1082 00:37:58,680 --> 00:38:00,839 creating like a bit of a history of like1083 00:38:00,839 --> 00:38:03,660 actually using career would is it ever a1084 00:38:03,660 --> 00:38:07,079 good idea to take out a credit card1085 00:38:07,079 --> 00:38:09,060 um just to get the credit history up1086 00:38:09,060 --> 00:38:10,320 even though you're not going to use it1087 00:38:10,320 --> 00:38:11,880 much like if you've never had a credit1088 00:38:11,880 --> 00:38:14,520 card you never borrowed any money the1089 00:38:14,520 --> 00:38:16,440 bank like how do they look at you1090 00:38:16,440 --> 00:38:18,000 differently like how does that change1091 00:38:18,000 --> 00:38:20,220 like what they want to do because they1092 00:38:20,220 --> 00:38:21,960 in their eyes you're kind of what have1093 00:38:21,960 --> 00:38:23,520 you been doing just you know sitting in1094 00:38:23,520 --> 00:38:25,380 a corner just eating you know Fruit1095 00:38:25,380 --> 00:38:27,060 Loops or something1096 00:38:27,060 --> 00:38:28,920 it's funny you say that um not the Fruit1097 00:38:28,920 --> 00:38:30,599 Loops a bit that is funny but the funny1098 00:38:30,599 --> 00:38:32,880 thing is about the credit file1099 00:38:32,880 --> 00:38:34,320 um because probably should have said two1100 00:38:34,320 --> 00:38:35,520 minute noodles that would have been the1101 00:38:35,520 --> 00:38:37,560 more realistic you know Fruit Loops I1102 00:38:37,560 --> 00:38:38,820 don't know why it's that but anyway1103 00:38:38,820 --> 00:38:41,160 that's your favorite breakfast isn't it1104 00:38:41,160 --> 00:38:44,400 oh I used to have Nutri grain when I was1105 00:38:44,400 --> 00:38:46,260 a kid that was the bomb but um not1106 00:38:46,260 --> 00:38:48,599 anymore I actually did have it I tell1107 00:38:48,599 --> 00:38:50,700 you for the first time in like 15 years1108 00:38:50,700 --> 00:38:53,460 like it's just like pink sugar at my1109 00:38:53,460 --> 00:38:55,619 sister's house and we had a big day uh1110 00:38:55,619 --> 00:38:56,940 in you know swimming in the pool that1111 00:38:56,940 --> 00:38:58,380 was only that was the only thing to eat1112 00:38:58,380 --> 00:39:01,619 and uh I did go back to it and it was uh1113 00:39:01,619 --> 00:39:04,920 you know lethargic1114 00:39:05,160 --> 00:39:08,300 um nostalgic and probably imagine1115 00:39:08,300 --> 00:39:11,060 yeah sugar crash1116 00:39:11,060 --> 00:39:14,520 yeah that's it uh so yes uh back to your1117 00:39:14,520 --> 00:39:15,599 question1118 00:39:15,599 --> 00:39:17,400 um what was the question again can you1119 00:39:17,400 --> 00:39:19,380 repeat it yeah so in terms of like1120 00:39:19,380 --> 00:39:20,760 should you ever take out a credit card1121 00:39:20,760 --> 00:39:22,680 just to get credit history to better1122 00:39:22,680 --> 00:39:25,020 your personal lending so there are some1123 00:39:25,020 --> 00:39:27,240 people who have never taken out any debt1124 00:39:27,240 --> 00:39:29,700 at all and they get to their late 20s1125 00:39:29,700 --> 00:39:31,859 and then they realize you know what I've1126 00:39:31,859 --> 00:39:33,660 saved up some money now I want to1127 00:39:33,660 --> 00:39:36,420 actually buy a house or a property for1128 00:39:36,420 --> 00:39:39,240 investment if they've never had a credit1129 00:39:39,240 --> 00:39:42,720 file then it can flag to the bank and1130 00:39:42,720 --> 00:39:44,220 they'll ask a question like how is this1131 00:39:44,220 --> 00:39:45,839 person 28 years old and they don't have1132 00:39:45,839 --> 00:39:48,300 a credit file yeah it doesn't mean they1133 00:39:48,300 --> 00:39:50,220 won't approve it it just means that1134 00:39:50,220 --> 00:39:52,079 we've got to explain it because it's it1135 00:39:52,079 --> 00:39:53,700 you got no credit score1136 00:39:53,700 --> 00:39:56,400 and and Australia has moved on to1137 00:39:56,400 --> 00:39:58,320 um comprehensive credit reporting or1138 00:39:58,320 --> 00:39:59,820 positive credit reporting they call it1139 00:39:59,820 --> 00:40:01,800 in America and that's where they give1140 00:40:01,800 --> 00:40:05,820 you a score based on uh you staying on1141 00:40:05,820 --> 00:40:08,760 time for your debts so they keep a1142 00:40:08,760 --> 00:40:10,980 record of that you can actually see your1143 00:40:10,980 --> 00:40:12,960 your if you're late on any repayments1144 00:40:12,960 --> 00:40:14,940 whereas before you only used to keep a1145 00:40:14,940 --> 00:40:16,980 record if you were um you know defaulted1146 00:40:16,980 --> 00:40:19,800 for example so having a credit file does1147 00:40:19,800 --> 00:40:21,780 help because you have a credit score and1148 00:40:21,780 --> 00:40:23,940 if you've got a credit score of over1149 00:40:23,940 --> 00:40:26,820 800 you're you're pretty much in the in1150 00:40:26,820 --> 00:40:29,160 the top T of a bar of a borrower if1151 00:40:29,160 --> 00:40:31,619 you're below 600 there's some negative1152 00:40:31,619 --> 00:40:34,079 stuff on there uh if you never had a1153 00:40:34,079 --> 00:40:35,460 file then yeah I don't even know what1154 00:40:35,460 --> 00:40:37,560 your score will be to start with1155 00:40:37,560 --> 00:40:40,260 um so what I would say is it doesn't1156 00:40:40,260 --> 00:40:41,940 have to be a credit card1157 00:40:41,940 --> 00:40:43,980 um it can be like you know zip money or1158 00:40:43,980 --> 00:40:45,060 something like that with a thousand1159 00:40:45,060 --> 00:40:47,220 dollar limit it can even be a phone bill1160 00:40:47,220 --> 00:40:49,859 like a mobile contract that creates uh1161 00:40:49,859 --> 00:40:51,960 okay yeah or a utility bill if you move1162 00:40:51,960 --> 00:40:53,400 out of home something just to create1163 00:40:53,400 --> 00:40:55,440 your file and as long as you've got a1164 00:40:55,440 --> 00:40:56,880 file then that's okay you don't have to1165 00:40:56,880 --> 00:40:59,160 take out debt in order for you to um get1166 00:40:59,160 --> 00:41:00,720 that score1167 00:41:00,720 --> 00:41:02,460 um so that's something to keep in mind1168 00:41:02,460 --> 00:41:03,660 but1169 00:41:03,660 --> 00:41:05,700 um where if someone does want to have a1170 00:41:05,700 --> 00:41:07,500 credit card1171 00:41:07,500 --> 00:41:09,480 I recommend getting good with money1172 00:41:09,480 --> 00:41:11,099 first1173 00:41:11,099 --> 00:41:13,740 um so what I mean by that is we talked1174 00:41:13,740 --> 00:41:15,420 about managing money1175 00:41:15,420 --> 00:41:17,820 um if you're if you're borrowing money1176 00:41:17,820 --> 00:41:19,980 from anywhere because you can't afford1177 00:41:19,980 --> 00:41:21,599 to cover your expenses between this1178 00:41:21,599 --> 00:41:23,520 paycheck and the next one a credit card1179 00:41:23,520 --> 00:41:25,560 is not going to help you with that1180 00:41:25,560 --> 00:41:28,560 so better not get one but if you're1181 00:41:28,560 --> 00:41:30,960 always ahead and you've got savings put1182 00:41:30,960 --> 00:41:33,900 aside a credit card can make it easier1183 00:41:33,900 --> 00:41:37,200 for you just to um to manage a lot of1184 00:41:37,200 --> 00:41:38,820 different direct debits and whatever and1185 00:41:38,820 --> 00:41:40,140 then you can clear that as long as you1186 00:41:40,140 --> 00:41:42,020 clear the balance in full every month1187 00:41:42,020 --> 00:41:45,060 and some banks will make you fill out a1188 00:41:45,060 --> 00:41:46,980 form to do that some will do it through1189 00:41:46,980 --> 00:41:48,300 their Bank some you have to call up1190 00:41:48,300 --> 00:41:49,740 because I don't want you to clear it in1191 00:41:49,740 --> 00:41:50,940 full they want you to carry the balance1192 00:41:50,940 --> 00:41:52,680 and pay interest rate interest on it1193 00:41:52,680 --> 00:41:54,000 right1194 00:41:54,000 --> 00:41:56,460 um so that's when I would say it's worth1195 00:41:56,460 --> 00:41:59,460 it and in terms of a limit me personally1196 00:41:59,460 --> 00:42:02,339 I'll just go to the minimum which is six1197 00:42:02,339 --> 00:42:05,760 grand which gives me reward points1198 00:42:05,760 --> 00:42:07,800 right whereas some people you know can1199 00:42:07,800 --> 00:42:09,599 go lower but if it's not giving you1200 00:42:09,599 --> 00:42:11,099 reward points all it is is just1201 00:42:11,099 --> 00:42:13,560 temptation to use money you don't have1202 00:42:13,560 --> 00:42:15,420 because the whale should use it so I1203 00:42:15,420 --> 00:42:16,800 think reward points is fair enough so1204 00:42:16,800 --> 00:42:18,720 what's your credit score out of is it1205 00:42:18,720 --> 00:42:20,520 out of a thousand or something1206 00:42:20,520 --> 00:42:22,800 uh no I think it goes all the way up to1207 00:42:22,800 --> 00:42:25,079 like 1200 plus1208 00:42:25,079 --> 00:42:26,579 um so anyone who's over a thousand has1209 00:42:26,579 --> 00:42:28,260 got a really good a really good score1210 00:42:28,260 --> 00:42:30,480 but I really see that so 800 is a good1211 00:42:30,480 --> 00:42:32,280 score yeah 800 and above and you can go1212 00:42:32,280 --> 00:42:34,680 to a website there's a couple of them uh1213 00:42:34,680 --> 00:42:36,260 credit Savvy another one is1214 00:42:36,260 --> 00:42:39,480 getcreditscore.com and it's free1215 00:42:39,480 --> 00:42:41,220 um they will probably send you you know1216 00:42:41,220 --> 00:42:43,260 some marketing emails but you can keep1217 00:42:43,260 --> 00:42:45,300 track of your score uh you just you know1218 00:42:45,300 --> 00:42:47,760 it doesn't actually do a credit check so1219 00:42:47,760 --> 00:42:49,400 it's not imprint1220 00:42:49,400 --> 00:42:51,420 imprinting on your file like you're1221 00:42:51,420 --> 00:42:54,180 applying for finance it's just a Seeker1222 00:42:54,180 --> 00:42:56,940 view it's like just you wanting to see1223 00:42:56,940 --> 00:42:58,260 it and then you can just see what your1224 00:42:58,260 --> 00:42:59,339 score is1225 00:42:59,339 --> 00:43:01,020 and that could also help you if you've1226 00:43:01,020 --> 00:43:02,579 got something bad sometimes people have1227 00:43:02,579 --> 00:43:04,079 fallen behind or something like years1228 00:43:04,079 --> 00:43:05,400 ago they moved the dresses and they1229 00:43:05,400 --> 00:43:06,359 don't even realize they've got something1230 00:43:06,359 --> 00:43:08,460 a negative mark on there by looking at1231 00:43:08,460 --> 00:43:10,740 your score if it's under 600 then you1232 00:43:10,740 --> 00:43:12,420 need to get a copy of your report ASAP1233 00:43:12,420 --> 00:43:15,180 and see what's on there yeah well1234 00:43:15,180 --> 00:43:16,920 yeah so I guess it's one of those things1235 00:43:16,920 --> 00:43:18,300 I mean it's unpacking a little bit1236 00:43:18,300 --> 00:43:20,460 further so it doesn't put any kind of1237 00:43:20,460 --> 00:43:22,619 like Mark on your record where you can1238 00:43:22,619 --> 00:43:24,000 see like someone's checked this I mean1239 00:43:24,000 --> 00:43:26,579 like you know how when you find it if1240 00:43:26,579 --> 00:43:28,260 you're applying for loans for like1241 00:43:28,260 --> 00:43:29,400 different things from all different1242 00:43:29,400 --> 00:43:31,740 people that actually puts like uh a flag1243 00:43:31,740 --> 00:43:33,960 or some kind of like tick or mark on1244 00:43:33,960 --> 00:43:36,119 your your account or something yeah so1245 00:43:36,119 --> 00:43:38,940 if you apply for finance then it's not1246 00:43:38,940 --> 00:43:41,160 really a problem it doesn't affect your1247 00:43:41,160 --> 00:43:43,140 score whether you're approved or1248 00:43:43,140 --> 00:43:46,619 declined right it's only if because they1249 00:43:46,619 --> 00:43:47,819 don't update it and say this wasn't1250 00:43:47,819 --> 00:43:49,319 approved right it just showed that1251 00:43:49,319 --> 00:43:51,359 you've applied it only starts to reduce1252 00:43:51,359 --> 00:43:53,099 your score if you keep applying1253 00:43:53,099 --> 00:43:55,020 elsewhere and this is really important1254 00:43:55,020 --> 00:43:57,240 because some people who come from you1255 00:43:57,240 --> 00:43:58,800 know migrants that come to Australia and1256 00:43:58,800 --> 00:44:00,359 in their countries that's how they get1257 00:44:00,359 --> 00:44:01,920 Finance they go around to different1258 00:44:01,920 --> 00:44:03,900 banks and they try to negotiate their1259 00:44:03,900 --> 00:44:06,119 rates and then they apply for loans1260 00:44:06,119 --> 00:44:07,560 because a bank is not going to give you1261 00:44:07,560 --> 00:44:09,079 an interest rate1262 00:44:09,079 --> 00:44:11,280 unless you apply so sometimes people1263 00:44:11,280 --> 00:44:12,720 don't realize that by talking to a1264 00:44:12,720 --> 00:44:15,839 banker or checking for rates online that1265 00:44:15,839 --> 00:44:18,000 they're actually applying for a loan1266 00:44:18,000 --> 00:44:19,500 um and that that leaves a mark on their1267 00:44:19,500 --> 00:44:20,700 credit file and if they do that three1268 00:44:20,700 --> 00:44:21,900 four times1269 00:44:21,900 --> 00:44:24,300 um in a week or in a month their score1270 00:44:24,300 --> 00:44:26,880 is going to drop significantly so it's1271 00:44:26,880 --> 00:44:28,800 important to not apply for loans so1272 00:44:28,800 --> 00:44:30,480 working with a mortgage broker like1273 00:44:30,480 --> 00:44:33,240 myself I will actually check your file1274 00:44:33,240 --> 00:44:35,339 do an assessment on it and I used to1275 00:44:35,339 --> 00:44:38,520 work for a bank so I used to do credit1276 00:44:38,520 --> 00:44:40,380 assessments on behalf of the bank so I1277 00:44:40,380 --> 00:44:41,880 know what they look for that's why I can1278 00:44:41,880 --> 00:44:43,619 answer all of these questions1279 00:44:43,619 --> 00:44:45,599 um so I do my assessment first without1280 00:44:45,599 --> 00:44:48,119 putting any application forward so if I1281 00:44:48,119 --> 00:44:49,980 need to do a credit check1282 00:44:49,980 --> 00:44:52,560 it doesn't impact the file like the1283 00:44:52,560 --> 00:44:53,640 credit file like it's an action1284 00:44:53,640 --> 00:44:55,859 application it's just to see it and then1285 00:44:55,859 --> 00:44:57,420 I can send a copy to my customers and1286 00:44:57,420 --> 00:44:59,040 they can have a look at it as well it1287 00:44:59,040 --> 00:45:00,599 doesn't cost them anything but I only1288 00:45:00,599 --> 00:45:02,280 obviously do it sometimes if it's1289 00:45:02,280 --> 00:45:03,720 required but I don't always do credit1290 00:45:03,720 --> 00:45:05,099 checks because sometimes you don't need1291 00:45:05,099 --> 00:45:06,240 to know1292 00:45:06,240 --> 00:45:08,339 yeah awesome I mean so because there's1293 00:45:08,339 --> 00:45:10,020 all these like little like websites1294 00:45:10,020 --> 00:45:12,060 where they say like oh you know 24-hour1295 00:45:12,060 --> 00:45:14,040 like Finance like you know they'll1296 00:45:14,040 --> 00:45:16,079 they'll let go in you know 24 hours or1297 00:45:16,079 --> 00:45:18,240 48 hours and then some of them do say1298 00:45:18,240 --> 00:45:20,819 does not like put a credit Mark like a1299 00:45:20,819 --> 00:45:22,980 mark on your credit score is that1300 00:45:22,980 --> 00:45:24,900 actually true or is that just like to1301 00:45:24,900 --> 00:45:27,000 trying to hook you in to actually do it1302 00:45:27,000 --> 00:45:29,400 well I haven't seen specifically what1303 00:45:29,400 --> 00:45:30,780 you're talking about with the ads but if1304 00:45:30,780 --> 00:45:32,760 you are getting Finance then it is1305 00:45:32,760 --> 00:45:34,319 leaving an imprint on your credit file1306 00:45:34,319 --> 00:45:36,780 100 what are you just applying to like1307 00:45:36,780 --> 00:45:38,579 you'll go through like a questionnaire1308 00:45:38,579 --> 00:45:41,400 that'll like give you a couple of ads1309 00:45:41,400 --> 00:45:42,720 and liabilities and what you get paid1310 00:45:42,720 --> 00:45:44,940 and what you want to actually1311 00:45:44,940 --> 00:45:46,619 um you know what you're trying to get1312 00:45:46,619 --> 00:45:48,960 how much money you're trying to borrow1313 00:45:48,960 --> 00:45:50,640 um and then they come back to you I'll1314 00:45:50,640 --> 00:45:52,200 give you a call and tell you yes or no1315 00:45:52,200 --> 00:45:53,880 or what you what assets you have and1316 00:45:53,880 --> 00:45:56,280 stuff like that if it's if you're1317 00:45:56,280 --> 00:45:58,980 sharing your usually there's um there1318 00:45:58,980 --> 00:46:00,839 are a few of them these personal loan1319 00:46:00,839 --> 00:46:03,300 lenders and and um short-term business1320 00:46:03,300 --> 00:46:06,960 lenders and they might have a tool1321 00:46:06,960 --> 00:46:09,240 initially which will do like a quick1322 00:46:09,240 --> 00:46:11,180 check which may not be an application1323 00:46:11,180 --> 00:46:15,300 but the next stage to that is for them1324 00:46:15,300 --> 00:46:18,720 to actually give you uh like um an offer1325 00:46:18,720 --> 00:46:20,819 they'll actually ask you usually to1326 00:46:20,819 --> 00:46:23,760 provide bank statements and but they're1327 00:46:23,760 --> 00:46:25,260 not going to ask for bank statements or1328 00:46:25,260 --> 00:46:26,640 you download them from your netbank1329 00:46:26,640 --> 00:46:28,079 they're actually going to ask you to1330 00:46:28,079 --> 00:46:29,940 plug in your credentials using a tool1331 00:46:29,940 --> 00:46:31,560 which is similar to open banking but1332 00:46:31,560 --> 00:46:33,900 it's using another tool1333 00:46:33,900 --> 00:46:36,540 um and you and that just shares all your1334 00:46:36,540 --> 00:46:38,339 data to them from that particular bank1335 00:46:38,339 --> 00:46:39,180 account1336 00:46:39,180 --> 00:46:42,000 so that is an application in itself and1337 00:46:42,000 --> 00:46:43,619 that yeah okay but in the in the1338 00:46:43,619 --> 00:46:45,960 beginning we're just getting a quote1339 00:46:45,960 --> 00:46:47,880 um it depends on on the lender some of1340 00:46:47,880 --> 00:46:49,619 them will do one application first1341 00:46:49,619 --> 00:46:51,240 others will just do what's called a1342 00:46:51,240 --> 00:46:53,160 seeker and you've got to check the fine1343 00:46:53,160 --> 00:46:56,819 print if it says Secrets or swker1344 00:46:56,819 --> 00:46:58,800 uh then you know that's not going to1345 00:46:58,800 --> 00:47:01,500 impact your credit file1346 00:47:01,500 --> 00:47:03,540 and so with credit card I just want to1347 00:47:03,540 --> 00:47:04,740 go back to that1348 00:47:04,740 --> 00:47:07,680 um in terms of like Max limit1349 00:47:07,680 --> 00:47:09,660 what would you suggest would be the max1350 00:47:09,660 --> 00:47:12,599 limit you should have or the minimum you1351 00:47:12,599 --> 00:47:14,819 can actually get I think it's you got to1352 00:47:14,819 --> 00:47:17,160 base it on1353 00:47:17,160 --> 00:47:19,380 one what's the minimum limit for that1354 00:47:19,380 --> 00:47:20,700 particular card1355 00:47:20,700 --> 00:47:23,099 so you know you might want an Amex but1356 00:47:23,099 --> 00:47:25,980 an Amex is uh you know 15 grand1357 00:47:25,980 --> 00:47:28,079 but if you're wanting to apply for1358 00:47:28,079 --> 00:47:30,540 finance and buy a property 15 gram will1359 00:47:30,540 --> 00:47:32,099 actually hinder you in terms of your1360 00:47:32,099 --> 00:47:34,260 buying capacity so you may need to1361 00:47:34,260 --> 00:47:36,720 rethink that and get you know another1362 00:47:36,720 --> 00:47:39,359 credit card from another provider1363 00:47:39,359 --> 00:47:40,800 um that gives you like a lower limit1364 00:47:40,800 --> 00:47:43,500 like five or six thousand but I think a1365 00:47:43,500 --> 00:47:45,660 good rule of thumb would be only have a1366 00:47:45,660 --> 00:47:47,700 limit that you can clear with one1367 00:47:47,700 --> 00:47:49,319 month's pay1368 00:47:49,319 --> 00:47:51,720 yeah so that way you can never get into1369 00:47:51,720 --> 00:47:53,819 trouble so as soon as you go fifteen1370 00:47:53,819 --> 00:47:54,780 thousand1371 00:47:54,780 --> 00:47:57,180 uh in above or something like that then1372 00:47:57,180 --> 00:47:59,099 and you can't clear it you're going to1373 00:47:59,099 --> 00:48:01,260 carry you can The Temptations there or1374 00:48:01,260 --> 00:48:02,760 something can happen where you can1375 00:48:02,760 --> 00:48:04,260 access more money that you can afford to1376 00:48:04,260 --> 00:48:05,880 cover and clear and you're gonna be1377 00:48:05,880 --> 00:48:07,740 paying interest and then you're you know1378 00:48:07,740 --> 00:48:09,960 in a hole basically trying to get out so1379 00:48:09,960 --> 00:48:13,319 in terms of like um like so say like1380 00:48:13,319 --> 00:48:15,720 back a long time ago when I first got1381 00:48:15,720 --> 00:48:18,420 into the you know property and investing1382 00:48:18,420 --> 00:48:20,220 and things like that there was a lot of1383 00:48:20,220 --> 00:48:23,160 talk about um offset accounts1384 00:48:23,160 --> 00:48:25,380 um so we have our offset accounts we1385 00:48:25,380 --> 00:48:27,180 have split mortgages1386 00:48:27,180 --> 00:48:29,640 um and the idea was do you have a credit1387 00:48:29,640 --> 00:48:33,060 card you you pay um your you know your1388 00:48:33,060 --> 00:48:34,859 wage or your money into your offset1389 00:48:34,859 --> 00:48:36,119 account because you're offsetting your1390 00:48:36,119 --> 00:48:38,400 loan and then you pay everything for the1391 00:48:38,400 --> 00:48:39,920 card and then you clear the credit card1392 00:48:39,920 --> 00:48:42,660 every single month1393 00:48:42,660 --> 00:48:44,880 um is that still a good strategy in your1394 00:48:44,880 --> 00:48:47,579 mind in you know 2023 or does that1395 00:48:47,579 --> 00:48:49,079 really need to be updated because the1396 00:48:49,079 --> 00:48:50,520 offset account doesn't really do too1397 00:48:50,520 --> 00:48:52,260 much yeah1398 00:48:52,260 --> 00:48:54,780 um I have heard of that strategy it's1399 00:48:54,780 --> 00:48:56,700 actually being promoted a lot from1400 00:48:56,700 --> 00:48:58,740 different um it does get promoted a lot1401 00:48:58,740 --> 00:49:00,540 yeah it does1402 00:49:00,540 --> 00:49:02,640 um I I personally don't think it's that1403 00:49:02,640 --> 00:49:06,599 effective because it's too easy to spend1404 00:49:06,599 --> 00:49:09,180 more than you would normally spend1405 00:49:09,180 --> 00:49:11,579 so we because it all comes down to1406 00:49:11,579 --> 00:49:14,040 visibility right we talked about earlier1407 00:49:14,040 --> 00:49:16,920 allocating money for certain buckets but1408 00:49:16,920 --> 00:49:18,420 if you have a credit card that you put1409 00:49:18,420 --> 00:49:19,800 everything on1410 00:49:19,800 --> 00:49:21,960 you don't really have visibility of how1411 00:49:21,960 --> 00:49:24,119 much you spend for certain things1412 00:49:24,119 --> 00:49:25,500 so1413 00:49:25,500 --> 00:49:27,780 um and you you sort of focus in on1414 00:49:27,780 --> 00:49:29,579 available funds rather than the balance1415 00:49:29,579 --> 00:49:32,460 as well so if you've got a fifteen1416 00:49:32,460 --> 00:49:34,319 thousand dollar card and you've put two1417 00:49:34,319 --> 00:49:38,099 grand on it right you still see 18 0001418 00:49:38,099 --> 00:49:40,200 available on netbank1419 00:49:40,200 --> 00:49:42,720 so in your mind you're like oh 18 Grand1420 00:49:42,720 --> 00:49:44,640 I haven't spent that much but if imagine1421 00:49:44,640 --> 00:49:48,000 you had a a two and a half Grand limit1422 00:49:48,000 --> 00:49:49,740 and you look on it says I've only1423 00:49:49,740 --> 00:49:52,260 got 500 left now all of a sudden you're1424 00:49:52,260 --> 00:49:54,480 not thinking the same way about spending1425 00:49:54,480 --> 00:49:56,160 because you're like I'm nearly maxed out1426 00:49:56,160 --> 00:49:57,180 here1427 00:49:57,180 --> 00:49:59,460 so that's that's that's why I think it1428 00:49:59,460 --> 00:50:00,900 doesn't work because you end up spending1429 00:50:00,900 --> 00:50:02,819 more and I think I did read an article1430 00:50:02,819 --> 00:50:04,740 recently I don't I don't remember where1431 00:50:04,740 --> 00:50:06,359 it was but it was it was just showing1432 00:50:06,359 --> 00:50:08,220 the statistics of how much people1433 00:50:08,220 --> 00:50:10,980 actually end up spending more1434 00:50:10,980 --> 00:50:13,680 because they have a credit card if they1435 00:50:13,680 --> 00:50:15,720 didn't they'd actually spend a lot less1436 00:50:15,720 --> 00:50:18,359 so which makes sense even though they1437 00:50:18,359 --> 00:50:20,220 think they're managing it well when you1438 00:50:20,220 --> 00:50:22,920 when you have everything on the card you1439 00:50:22,920 --> 00:50:24,420 can't categorize it the same way you1440 00:50:24,420 --> 00:50:25,980 can't bucket it the same way1441 00:50:25,980 --> 00:50:29,099 so yeah it makes more sense to to not1442 00:50:29,099 --> 00:50:30,480 have it for that1443 00:50:30,480 --> 00:50:32,700 um but an offset account can be1444 00:50:32,700 --> 00:50:34,260 can be powerful1445 00:50:34,260 --> 00:50:36,180 um so some people do the the card thing1446 00:50:36,180 --> 00:50:37,980 for bills and then you know it's1447 00:50:37,980 --> 00:50:39,480 interest-free money while their money1448 00:50:39,480 --> 00:50:41,220 sits in the offset and then1449 00:50:41,220 --> 00:50:43,079 automatically once a month it will1450 00:50:43,079 --> 00:50:45,480 direct debit from that it's called a1451 00:50:45,480 --> 00:50:47,940 sweep they'll clear the the card in full1452 00:50:47,940 --> 00:50:49,680 and that's gone1453 00:50:49,680 --> 00:50:51,839 I'd say that's a good strategy just for1454 00:50:51,839 --> 00:50:53,940 maybe your fixed costs1455 00:50:53,940 --> 00:50:56,280 so so you know what your bills are right1456 00:50:56,280 --> 00:50:57,599 everything that's going to come out1457 00:50:57,599 --> 00:50:59,579 they're fixed if you're if you have that1458 00:50:59,579 --> 00:51:01,800 coming from your credit card1459 00:51:01,800 --> 00:51:04,440 um then you know that you're using the1460 00:51:04,440 --> 00:51:07,020 banks money which is interest-free while1461 00:51:07,020 --> 00:51:08,819 your money sits in the offset saving you1462 00:51:08,819 --> 00:51:11,880 on interest but you're not overspending1463 00:51:11,880 --> 00:51:13,140 because you're just spending what you're1464 00:51:13,140 --> 00:51:14,940 going to spend anyway right1465 00:51:14,940 --> 00:51:16,859 you're not using it to go for the you1466 00:51:16,859 --> 00:51:18,780 know midnight macca's run1467 00:51:18,780 --> 00:51:22,020 or or whatever it is that you might end1468 00:51:22,020 --> 00:51:23,339 up you know buying a Rolex or whatever1469 00:51:23,339 --> 00:51:24,540 you're not going to be tempted because1470 00:51:24,540 --> 00:51:26,640 you made a decision all your other costs1471 00:51:26,640 --> 00:51:28,380 your your discretion you're spending or1472 00:51:28,380 --> 00:51:29,940 your groceries and all that stuff is1473 00:51:29,940 --> 00:51:32,220 being paid from an actual bank account1474 00:51:32,220 --> 00:51:34,440 which you set a limit for per week1475 00:51:34,440 --> 00:51:36,839 and um and only the bills come out of1476 00:51:36,839 --> 00:51:38,579 the credit card does that make sense1477 00:51:38,579 --> 00:51:40,500 yeah definitely I mean because we've1478 00:51:40,500 --> 00:51:43,500 been doing like this way like for quite1479 00:51:43,500 --> 00:51:45,720 a while now like you know probably at1480 00:51:45,720 --> 00:51:47,819 least you know seven five six seven1481 00:51:47,819 --> 00:51:49,380 years or something like that but I've1482 00:51:49,380 --> 00:51:51,359 been looking at it I'm like I mean it1483 00:51:51,359 --> 00:51:52,859 doesn't seem like it's really making1484 00:51:52,859 --> 00:51:55,260 much of a difference like unless you've1485 00:51:55,260 --> 00:51:57,300 got you know a really large portion of1486 00:51:57,300 --> 00:51:59,700 your mortgage um up against that loan to1487 00:51:59,700 --> 00:52:01,020 offset it1488 00:52:01,020 --> 00:52:03,359 um it's really you know not doing that1489 00:52:03,359 --> 00:52:05,240 much so it's true1490 00:52:05,240 --> 00:52:06,960 we've only got a three and a half1491 00:52:06,960 --> 00:52:09,480 thousand dollar limit on our credit card1492 00:52:09,480 --> 00:52:11,280 um and you know we clear it every month1493 00:52:11,280 --> 00:52:13,559 and it's you know it never goes close to1494 00:52:13,559 --> 00:52:15,420 even using that1495 00:52:15,420 --> 00:52:17,400 um but I just1496 00:52:17,400 --> 00:52:19,440 I just know I'm not seeing the value in1497 00:52:19,440 --> 00:52:21,420 it anymore and it just annoys me having1498 00:52:21,420 --> 00:52:22,920 a credit card1499 00:52:22,920 --> 00:52:24,900 um so I might be changing that very very1500 00:52:24,900 --> 00:52:27,059 shortly I think yeah just doing the1501 00:52:27,059 --> 00:52:28,619 other thing with timely bills and having1502 00:52:28,619 --> 00:52:30,420 different accounts for and bucketing1503 00:52:30,420 --> 00:52:32,099 your funds that way I think that's much1504 00:52:32,099 --> 00:52:33,900 simpler and not even needing a credit1505 00:52:33,900 --> 00:52:35,400 card and then you've I think you just1506 00:52:35,400 --> 00:52:37,079 feel free and you have full visibility1507 00:52:37,079 --> 00:52:39,000 of how much you spend that month1508 00:52:39,000 --> 00:52:42,119 yeah that's it so my obviously it would1509 00:52:42,119 --> 00:52:44,280 suggest that you should close credit1510 00:52:44,280 --> 00:52:46,200 cards when you're applying for finance1511 00:52:46,200 --> 00:52:49,200 like how how long or how far out should1512 00:52:49,200 --> 00:52:51,540 you start close credit cards1513 00:52:51,540 --> 00:52:52,859 um sooner than you know does that have1514 00:52:52,859 --> 00:52:55,020 any impact yeah it does on anything like1515 00:52:55,020 --> 00:52:57,480 yeah sooner the better so depending on1516 00:52:57,480 --> 00:52:59,040 if you're carrying a balance or not so1517 00:52:59,040 --> 00:53:00,839 some people actually have credit cards1518 00:53:00,839 --> 00:53:02,819 that they just have open but they don't1519 00:53:02,819 --> 00:53:05,099 even use them they're just there they1520 00:53:05,099 --> 00:53:06,599 might use it occasionally oh I'm going1521 00:53:06,599 --> 00:53:07,680 to keep that open if I'm traveling1522 00:53:07,680 --> 00:53:10,680 overseas or whatever but that can reduce1523 00:53:10,680 --> 00:53:12,900 your buying capacity a lot by having a1524 00:53:12,900 --> 00:53:14,339 credit card open even if you never use1525 00:53:14,339 --> 00:53:15,660 it because the bank will always look at1526 00:53:15,660 --> 00:53:17,400 worst case scenario how much can you1527 00:53:17,400 --> 00:53:19,200 spend up to if you wanted to and that's1528 00:53:19,200 --> 00:53:21,119 the limit so if you if you don't use the1529 00:53:21,119 --> 00:53:22,079 funds1530 00:53:22,079 --> 00:53:24,180 close the cut like this doesn't make1531 00:53:24,180 --> 00:53:26,040 sense and if you can reduce the limit to1532 00:53:26,040 --> 00:53:28,200 something the lowest possible do that if1533 00:53:28,200 --> 00:53:29,220 you need to keep it open for whatever1534 00:53:29,220 --> 00:53:30,000 reason1535 00:53:30,000 --> 00:53:32,520 so sooner the better if you're carrying1536 00:53:32,520 --> 00:53:33,720 a balance1537 00:53:33,720 --> 00:53:36,420 so this is someone who who has at some1538 00:53:36,420 --> 00:53:38,040 point needed to use the funds and hasn't1539 00:53:38,040 --> 00:53:40,079 been able to clear it with one paycheck1540 00:53:40,079 --> 00:53:42,480 then you need to have1541 00:53:42,480 --> 00:53:46,440 um you know a debt a way to structure1542 00:53:46,440 --> 00:53:47,700 your money so you can pay that debt back1543 00:53:47,700 --> 00:53:50,640 faster and one way to do that is a1544 00:53:50,640 --> 00:53:53,160 balance transfer so you you say you got1545 00:53:53,160 --> 00:53:54,480 one credit card you're paying say 201546 00:53:54,480 --> 00:53:57,059 interest on it and you go to another1547 00:53:57,059 --> 00:53:59,700 bank and you apply for another credit1548 00:53:59,700 --> 00:54:02,099 card to pay out that card so it's like a1549 00:54:02,099 --> 00:54:04,200 consolidation or a refinance but they1550 00:54:04,200 --> 00:54:06,420 call it um a balance transfer so then1551 00:54:06,420 --> 00:54:08,640 that a new card provider will pay out1552 00:54:08,640 --> 00:54:10,859 the old card but they don't enforce that1553 00:54:10,859 --> 00:54:13,020 you close it that's the problem so this1554 00:54:13,020 --> 00:54:14,700 is where people fall into a trap and1555 00:54:14,700 --> 00:54:16,440 I've felt fell for this many years ago1556 00:54:16,440 --> 00:54:18,839 so say you've got a five grand card you1557 00:54:18,839 --> 00:54:20,280 apply for another five grand card that1558 00:54:20,280 --> 00:54:21,720 one pays that one out now you're going1559 00:54:21,720 --> 00:54:23,940 to zero percent interest for say 121560 00:54:23,940 --> 00:54:25,380 months or two years whatever the offer1561 00:54:25,380 --> 00:54:26,280 is1562 00:54:26,280 --> 00:54:28,079 but you don't close the other card so1563 00:54:28,079 --> 00:54:30,480 now you've got 5 000 available here so1564 00:54:30,480 --> 00:54:31,559 then you're going to spend on that card1565 00:54:31,559 --> 00:54:32,940 so now all of a sudden you've got 101566 00:54:32,940 --> 00:54:35,460 grand worth of debt so that's where it's1567 00:54:35,460 --> 00:54:37,020 not a good strategy if you don't close1568 00:54:37,020 --> 00:54:38,040 that card you need to do that1569 00:54:38,040 --> 00:54:39,960 immediately so as soon as you balance1570 00:54:39,960 --> 00:54:41,760 transferred close that other card now1571 00:54:41,760 --> 00:54:44,099 you've got 5 000 owing zero percent1572 00:54:44,099 --> 00:54:45,359 interest1573 00:54:45,359 --> 00:54:47,520 you start hammering that debt down every1574 00:54:47,520 --> 00:54:49,260 time you make a payment it goes all to1575 00:54:49,260 --> 00:54:51,059 the principal it there's no interest1576 00:54:51,059 --> 00:54:52,260 anymore because you've balance1577 00:54:52,260 --> 00:54:54,000 transferred it but if you kept that at1578 00:54:54,000 --> 00:54:56,339 18 and then you started making the same1579 00:54:56,339 --> 00:54:58,440 repayments every week there'll be1580 00:54:58,440 --> 00:54:59,880 interest as well so it's going to take1581 00:54:59,880 --> 00:55:01,920 you longer to pay it off yeah definitely1582 00:55:01,920 --> 00:55:05,280 I mean I mean the only the reason that1583 00:55:05,280 --> 00:55:08,339 like I like to have the credit card when1584 00:55:08,339 --> 00:55:11,280 there's like no balance on it is like1585 00:55:11,280 --> 00:55:13,680 the the what if what if I need three and1586 00:55:13,680 --> 00:55:15,540 a half thousand dollars quickly you know1587 00:55:15,540 --> 00:55:17,400 you know like a buffer like like an1588 00:55:17,400 --> 00:55:18,900 emergency1589 00:55:18,900 --> 00:55:20,280 um but like three and a half thousand1590 00:55:20,280 --> 00:55:22,079 dollars is nothing like you know it's1591 00:55:22,079 --> 00:55:25,319 it's it's even silly to have that anyway1592 00:55:25,319 --> 00:55:27,119 um but the other like time that we've1593 00:55:27,119 --> 00:55:29,280 had a reasonably1594 00:55:29,280 --> 00:55:31,380 um large I guess it was a credit card1595 00:55:31,380 --> 00:55:34,500 was we renovated uh a kitchen1596 00:55:34,500 --> 00:55:36,420 um and it was from Ikea and they were1597 00:55:36,420 --> 00:55:38,880 like okay well we can spend we you can1598 00:55:38,880 --> 00:55:40,740 you can take out a fifteen thousand1599 00:55:40,740 --> 00:55:44,460 dollar credit to pay for this um Ikea1600 00:55:44,460 --> 00:55:45,300 kitchen1601 00:55:45,300 --> 00:55:48,180 and you can pay it off if you pay it off1602 00:55:48,180 --> 00:55:50,339 for three years you pay absolutely no1603 00:55:50,339 --> 00:55:52,140 interest on it so I'm like all right1604 00:55:52,140 --> 00:55:53,819 well I'm pretty good with money I'm1605 00:55:53,819 --> 00:55:55,619 pretty sure if I just pay it off every1606 00:55:55,619 --> 00:55:56,640 month1607 00:55:56,640 --> 00:55:58,559 um we'll be able to pay it off within1608 00:55:58,559 --> 00:56:00,300 the three years and lo and behold we1609 00:56:00,300 --> 00:56:01,800 stuck to it and they didn't get a dollar1610 00:56:01,800 --> 00:56:04,319 off us of interest and then as soon as1611 00:56:04,319 --> 00:56:07,140 we paid it off like we are we are1612 00:56:07,140 --> 00:56:09,119 shutting this credit card down we are1613 00:56:09,119 --> 00:56:10,440 not having it1614 00:56:10,440 --> 00:56:13,140 um and we did it like it was like I1615 00:56:13,140 --> 00:56:15,359 guess if you're if you're diligent and1616 00:56:15,359 --> 00:56:16,800 you have the discipline to be able to1617 00:56:16,800 --> 00:56:18,900 pay it off all the time and we were only1618 00:56:18,900 --> 00:56:21,300 paying off like probably like three four1619 00:56:21,300 --> 00:56:23,339 hundred dollars uh off a month and then1620 00:56:23,339 --> 00:56:25,440 it obviously got less or more and more I1621 00:56:25,440 --> 00:56:27,900 can't remember but you just have to be1622 00:56:27,900 --> 00:56:30,960 diligent with the the plan1623 00:56:30,960 --> 00:56:32,579 um and it worked out great but I'm sure1624 00:56:32,579 --> 00:56:35,579 there are lots of people that had the1625 00:56:35,579 --> 00:56:38,160 same like opportunity through Ikea and I1626 00:56:38,160 --> 00:56:39,900 think the company was called hum1627 00:56:39,900 --> 00:56:41,819 possibly1628 00:56:41,819 --> 00:56:44,940 um that had the had the the offer but1629 00:56:44,940 --> 00:56:46,680 I'm sure or there are people that have1630 00:56:46,680 --> 00:56:48,900 it and that that catches them because1631 00:56:48,900 --> 00:56:51,480 you know it's human nature that you know1632 00:56:51,480 --> 00:56:53,760 if you can get it now like get it now1633 00:56:53,760 --> 00:56:55,319 and you you feel like you've got that1634 00:56:55,319 --> 00:56:56,940 reward like you said before like it's1635 00:56:56,940 --> 00:56:59,640 it's costing your future self yeah um1636 00:56:59,640 --> 00:57:01,740 and it's just it's a big trap for people1637 00:57:01,740 --> 00:57:03,420 yeah and it actually is costing your1638 00:57:03,420 --> 00:57:04,980 future so even if you don't pay any1639 00:57:04,980 --> 00:57:06,599 interest on it and you manage it like1640 00:57:06,599 --> 00:57:08,760 what you did if you went and applied for1641 00:57:08,760 --> 00:57:10,980 a loan to buy a property in that time1642 00:57:10,980 --> 00:57:13,260 it's it's affected you because now1643 00:57:13,260 --> 00:57:14,880 they're going to look at that loan as a1644 00:57:14,880 --> 00:57:16,319 commitment and that's going to reduce1645 00:57:16,319 --> 00:57:18,300 your buying capacity even if it was1646 00:57:18,300 --> 00:57:20,099 interest-free1647 00:57:20,099 --> 00:57:22,859 um so yeah for sure it does I get it and1648 00:57:22,859 --> 00:57:24,240 it does help but you're right many1649 00:57:24,240 --> 00:57:26,880 people have tried that and they get to1650 00:57:26,880 --> 00:57:28,020 the end and they haven't actually paid1651 00:57:28,020 --> 00:57:29,339 off the full balance and now they're1652 00:57:29,339 --> 00:57:30,900 paying a huge amount of interest on it1653 00:57:30,900 --> 00:57:32,640 this has been gone for years with Harvey1654 00:57:32,640 --> 00:57:34,380 Norman and all these you know different1655 00:57:34,380 --> 00:57:36,180 providers yeah1656 00:57:36,180 --> 00:57:38,160 um GE Money used to do it now it's hum1657 00:57:38,160 --> 00:57:42,240 yeah it's um it is a big trap so uh get1658 00:57:42,240 --> 00:57:44,400 away from the instant gratification you1659 00:57:44,400 --> 00:57:46,319 know think I'm gonna I don't wanna steal1660 00:57:46,319 --> 00:57:47,640 from my future self I want to actually1661 00:57:47,640 --> 00:57:50,819 give to my future self and just wait put1662 00:57:50,819 --> 00:57:53,099 money aside you know save for it you1663 00:57:53,099 --> 00:57:56,040 know the the old um layby is actually a1664 00:57:56,040 --> 00:57:58,200 good thing because you're wanting to buy1665 00:57:58,200 --> 00:57:59,339 something and you're putting money away1666 00:57:59,339 --> 00:58:00,780 but you don't get to walk out with it1667 00:58:00,780 --> 00:58:03,119 right bye now okay later I mean you walk1668 00:58:03,119 --> 00:58:04,079 out with them now but you're gonna pay1669 00:58:04,079 --> 00:58:06,480 it later so I actually like the old1670 00:58:06,480 --> 00:58:08,760 label it's better yeah I see it the old1671 00:58:08,760 --> 00:58:10,079 lay buyers haven't laid bites something1672 00:58:10,079 --> 00:58:11,579 for a long time1673 00:58:11,579 --> 00:58:13,500 that's crazy1674 00:58:13,500 --> 00:58:15,540 um so I mean are there any other ways1675 00:58:15,540 --> 00:58:18,000 that you know you would suggest that how1676 00:58:18,000 --> 00:58:20,220 to like put yourself better in A bank's1677 00:58:20,220 --> 00:58:21,660 Bank size like what are the other1678 00:58:21,660 --> 00:58:23,400 suggestions that we have like you know1679 00:58:23,400 --> 00:58:25,980 consolidating debt or like what what do1680 00:58:25,980 --> 00:58:27,839 you have for me consolidating debt1681 00:58:27,839 --> 00:58:30,599 definitely helps so even hex debt so a1682 00:58:30,599 --> 00:58:31,920 lot of people carrying hacks and they're1683 00:58:31,920 --> 00:58:33,420 like well I don't need to pay back my1684 00:58:33,420 --> 00:58:34,619 hair because I need to pay back when I1685 00:58:34,619 --> 00:58:36,480 earn a certain income but that actually1686 00:58:36,480 --> 00:58:39,059 does impact your borrowing quite a lot1687 00:58:39,059 --> 00:58:43,020 so if you can clear that ASAP or1688 00:58:43,020 --> 00:58:44,640 consolidate it into one if you've1689 00:58:44,640 --> 00:58:46,020 already got a property and you've got1690 00:58:46,020 --> 00:58:47,940 equity which a lot of people do because1691 00:58:47,940 --> 00:58:49,920 they bought in the last two or three1692 00:58:49,920 --> 00:58:51,540 years or before that and they already1693 00:58:51,540 --> 00:58:53,579 held that property they can borrow at1694 00:58:53,579 --> 00:58:56,280 say you know five percent interest or a1695 00:58:56,280 --> 00:58:57,180 little bit less than that episode1696 00:58:57,180 --> 00:59:00,000 occupied and they can you know clear1697 00:59:00,000 --> 00:59:01,500 their credit card and clear the person1698 00:59:01,500 --> 00:59:03,240 along click the car loan clear the hex1699 00:59:03,240 --> 00:59:05,780 and have it all Consolidated into one1700 00:59:05,780 --> 00:59:09,599 they can still pay that portion faster1701 00:59:09,599 --> 00:59:12,480 so sometimes you know the downfall is1702 00:59:12,480 --> 00:59:13,740 you're going to spread it out over 301703 00:59:13,740 --> 00:59:16,440 years compared to say five years on a1704 00:59:16,440 --> 00:59:19,200 personal loan or a car loan but if you1705 00:59:19,200 --> 00:59:21,720 split the loan and sometimes people do1706 00:59:21,720 --> 00:59:23,940 this who are smart with money so say you1707 00:59:23,940 --> 00:59:26,700 owe you know 500 Grand on your home loan1708 00:59:26,700 --> 00:59:28,680 and you're consolidating a hundred1709 00:59:28,680 --> 00:59:30,780 thousand worth of personal debt1710 00:59:30,780 --> 00:59:32,760 well you're going to clear all those1711 00:59:32,760 --> 00:59:35,220 other loans not pay high interest on1712 00:59:35,220 --> 00:59:36,720 them and you're going to improve your1713 00:59:36,720 --> 00:59:39,599 borrowing capacity but now you've got a1714 00:59:39,599 --> 00:59:41,160 mortgage of you know six hundred1715 00:59:41,160 --> 00:59:43,200 thousand so what you do is you keep the1716 00:59:43,200 --> 00:59:45,420 500 000 as your regular home loan that1717 00:59:45,420 --> 00:59:47,460 you already owed before and you have a1718 00:59:47,460 --> 00:59:49,740 second loan a loan split for a hundred1719 00:59:49,740 --> 00:59:51,960 grand so now you know that 100 Grand1720 00:59:51,960 --> 00:59:53,880 relates to all your other debts that you1721 00:59:53,880 --> 00:59:56,280 Consolidated so when you're making and1722 00:59:56,280 --> 00:59:58,260 you're managing your money you can start1723 00:59:58,260 --> 01:00:00,299 to automate and pay back that hundred1724 01:00:00,299 --> 01:00:02,880 grand as soon as possible so I still pay1725 01:00:02,880 --> 01:00:04,500 the minimum on your 500 Grand because1726 01:00:04,500 --> 01:00:05,460 you're gonna have to pay that anyway1727 01:00:05,460 --> 01:00:08,339 right but hammer down that that hundred1728 01:00:08,339 --> 01:00:09,839 grand loan don't put in your offset pay1729 01:00:09,839 --> 01:00:11,460 it straight to the loan and another1730 01:00:11,460 --> 01:00:13,500 thing that helps1731 01:00:13,500 --> 01:00:16,380 is to ask your employer to do it so1732 01:00:16,380 --> 01:00:18,540 they've got sophisticated payroll1733 01:00:18,540 --> 01:00:20,599 systems that you can actually just say1734 01:00:20,599 --> 01:00:23,940 can you pay this amount to my normal pay1735 01:00:23,940 --> 01:00:26,160 um bank account but pay this amount into1736 01:00:26,160 --> 01:00:27,839 this other account so you can give them1737 01:00:27,839 --> 01:00:29,220 the BSB and account number of that1738 01:00:29,220 --> 01:00:31,500 consolidated loan and then they'll pay1739 01:00:31,500 --> 01:00:33,000 that amount straight out of your pay so1740 01:00:33,000 --> 01:00:34,559 you never even see it out of sight out1741 01:00:34,559 --> 01:00:36,420 of mine and that debt will just get paid1742 01:00:36,420 --> 01:00:37,980 every single payday right and you start1743 01:00:37,980 --> 01:00:40,500 living off of what you what's left and1744 01:00:40,500 --> 01:00:42,299 it'll disappear so 100 Grand you end up1745 01:00:42,299 --> 01:00:44,040 paying what four and a half percent on1746 01:00:44,040 --> 01:00:46,559 100 Grand over five years or however1747 01:00:46,559 --> 01:00:47,880 long it takes you depending how much you1748 01:00:47,880 --> 01:00:51,119 can pay to it compared to having taxi1749 01:00:51,119 --> 01:00:53,579 car loan there paying high rates there1750 01:00:53,579 --> 01:00:55,319 and then you know ultimately you might1751 01:00:55,319 --> 01:00:56,880 end up paying1752 01:00:56,880 --> 01:00:58,920 um you know I don't know the exact1753 01:00:58,920 --> 01:01:00,660 figures but the amount of Interest you'd1754 01:01:00,660 --> 01:01:02,700 pay back would be significantly less and1755 01:01:02,700 --> 01:01:05,160 that saving can now go towards your home1756 01:01:05,160 --> 01:01:06,720 loan because then that 100 Grand will be1757 01:01:06,720 --> 01:01:08,040 gone all of a sudden you've just freed1758 01:01:08,040 --> 01:01:10,079 up a whole bunch of cash flow and now it1759 01:01:10,079 --> 01:01:11,099 goes to your home loan you start1760 01:01:11,099 --> 01:01:13,079 building that up so that's how it's like1761 01:01:13,079 --> 01:01:15,240 this comp pounding effect the more you1762 01:01:15,240 --> 01:01:16,799 start it you start to get that1763 01:01:16,799 --> 01:01:18,540 compounding effect and then that can1764 01:01:18,540 --> 01:01:20,520 help you to build more equity and then1765 01:01:20,520 --> 01:01:22,799 you know the loans coming down value is1766 01:01:22,799 --> 01:01:25,079 going up you got more equity and you can1767 01:01:25,079 --> 01:01:26,640 use that to to buy you know yourself a1768 01:01:26,640 --> 01:01:27,660 commercial property or an income1769 01:01:27,660 --> 01:01:30,119 producing asset yeah that's awesome and1770 01:01:30,119 --> 01:01:31,559 I guess um I don't think people know1771 01:01:31,559 --> 01:01:34,079 that like a credit card debt or like1772 01:01:34,079 --> 01:01:36,240 um you know the interest on that is like1773 01:01:36,240 --> 01:01:39,299 like 18 19 20 like it's it's through the1774 01:01:39,299 --> 01:01:42,359 roof interest like it's crazy yeah um so1775 01:01:42,359 --> 01:01:44,819 when you're looking at debt should you1776 01:01:44,819 --> 01:01:46,920 attack the uh the debt that has the1777 01:01:46,920 --> 01:01:49,799 highest interest first yeah for sure and1778 01:01:49,799 --> 01:01:51,299 that's why I mentioned the consolidation1779 01:01:51,299 --> 01:01:53,460 or the balance transfer because if there1780 01:01:53,460 --> 01:01:55,619 is a strategy that you can get that1781 01:01:55,619 --> 01:01:57,599 highest interest rate to a lower rate1782 01:01:57,599 --> 01:02:00,240 sooner than later and then pay it down1783 01:02:00,240 --> 01:02:01,319 then you're going to be paying off the1784 01:02:01,319 --> 01:02:04,140 principal faster but if you just if you1785 01:02:04,140 --> 01:02:06,059 can't do that for whatever reason you1786 01:02:06,059 --> 01:02:08,099 can't get a balance transfer you can't1787 01:02:08,099 --> 01:02:10,079 consolidate to a lower rate then yes1788 01:02:10,079 --> 01:02:13,020 just redirect all your extra repayments1789 01:02:13,020 --> 01:02:16,200 to that highest interest loan first and1790 01:02:16,200 --> 01:02:18,000 that could also be through through your1791 01:02:18,000 --> 01:02:20,520 employer or a dedicated debt repayment1792 01:02:20,520 --> 01:02:21,839 account right because some of them don't1793 01:02:21,839 --> 01:02:23,880 accept beers being an account number1794 01:02:23,880 --> 01:02:26,400 they only do bpay so then you open up1795 01:02:26,400 --> 01:02:28,799 like a debt repayment bank account and1796 01:02:28,799 --> 01:02:30,059 you automate1797 01:02:30,059 --> 01:02:32,160 so you set up an automatic transfer for1798 01:02:32,160 --> 01:02:33,540 a set amount to go every single week1799 01:02:33,540 --> 01:02:35,460 into that account or every single1800 01:02:35,460 --> 01:02:37,260 paycheck and then from there you set up1801 01:02:37,260 --> 01:02:39,480 a bpay or a direct debit and you pay1802 01:02:39,480 --> 01:02:40,859 that straight to the credit card the1803 01:02:40,859 --> 01:02:42,480 highest interest rate and that will that1804 01:02:42,480 --> 01:02:44,400 will disappear I did that you know and1805 01:02:44,400 --> 01:02:46,500 then once you once the debts are gone1806 01:02:46,500 --> 01:02:49,859 you keep up that same level of1807 01:02:49,859 --> 01:02:51,240 um that same amount that you're1808 01:02:51,240 --> 01:02:53,099 automating but now you'd redirect it to1809 01:02:53,099 --> 01:02:54,059 savings1810 01:02:54,059 --> 01:02:56,960 or you redirect it to um you know1811 01:02:56,960 --> 01:02:59,040 something that you're saving for1812 01:02:59,040 --> 01:03:01,260 specifically where it's a property or1813 01:03:01,260 --> 01:03:03,839 having a baby or going overseas but at1814 01:03:03,839 --> 01:03:06,839 least you can you know expedite that and1815 01:03:06,839 --> 01:03:08,819 then you know when you realize that you1816 01:03:08,819 --> 01:03:11,040 all your money is now being put to1817 01:03:11,040 --> 01:03:12,720 savings and you don't have any more debt1818 01:03:12,720 --> 01:03:14,760 that's the most liberating feeling and1819 01:03:14,760 --> 01:03:17,460 then the only debt you ever take is1820 01:03:17,460 --> 01:03:19,200 leverage that where it's income1821 01:03:19,200 --> 01:03:21,299 producing and tax deductible then it's1822 01:03:21,299 --> 01:03:23,460 not bad that it's good debt yeah awesome1823 01:03:23,460 --> 01:03:25,559 do you do you help your clients like1824 01:03:25,559 --> 01:03:27,420 look through debt and like figure out1825 01:03:27,420 --> 01:03:29,400 the best ways to consolidate that yeah1826 01:03:29,400 --> 01:03:30,960 definitely if there's if there's Equity1827 01:03:30,960 --> 01:03:32,579 there I always propose the idea to do1828 01:03:32,579 --> 01:03:34,319 that and if they don't use the credit1829 01:03:34,319 --> 01:03:35,880 cards I always get them to reduce the1830 01:03:35,880 --> 01:03:37,260 limits1831 01:03:37,260 --> 01:03:39,420 um at the end of the day most of my1832 01:03:39,420 --> 01:03:40,859 customers they want to build a portfolio1833 01:03:40,859 --> 01:03:42,359 so they need buying capacity and1834 01:03:42,359 --> 01:03:44,640 borrowing capacity has has been squeezed1835 01:03:44,640 --> 01:03:46,319 because of interest rate Rises so1836 01:03:46,319 --> 01:03:48,119 whatever they can do to drop that I'll1837 01:03:48,119 --> 01:03:49,859 help them to do that yeah so if you're1838 01:03:49,859 --> 01:03:51,780 up to your eyeballs in in debt and you1839 01:03:51,780 --> 01:03:54,240 don't know what to do then then Victor1840 01:03:54,240 --> 01:03:55,740 should be able to help you out give you1841 01:03:55,740 --> 01:03:57,839 a solid strategy1842 01:03:57,839 --> 01:03:59,579 um you know have a time frame and you1843 01:03:59,579 --> 01:04:01,859 know I'm sure he's uh you know it has1844 01:04:01,859 --> 01:04:04,079 the accountability uh to uh you know1845 01:04:04,079 --> 01:04:05,700 keep you on the right track so1846 01:04:05,700 --> 01:04:07,980 definitely uh try that out it definitely1847 01:04:07,980 --> 01:04:09,599 should be good yeah I just want to say1848 01:04:09,599 --> 01:04:12,180 one thing is that when1849 01:04:12,180 --> 01:04:15,240 as a broker it's great that Banks pay me1850 01:04:15,240 --> 01:04:16,680 for the commission for introducing1851 01:04:16,680 --> 01:04:18,780 business to them but1852 01:04:18,780 --> 01:04:20,880 at the in a weird way I'm incentivized1853 01:04:20,880 --> 01:04:22,380 for people to borrow more because I get1854 01:04:22,380 --> 01:04:25,440 paid more all right so some Brokers I1855 01:04:25,440 --> 01:04:26,640 don't know them personally but I know1856 01:04:26,640 --> 01:04:29,819 they exist they will focus on getting1857 01:04:29,819 --> 01:04:31,799 people more debt because they get paid1858 01:04:31,799 --> 01:04:33,180 more right1859 01:04:33,180 --> 01:04:35,460 but for me it doesn't matter how much1860 01:04:35,460 --> 01:04:38,099 debt you get what matters to me is that1861 01:04:38,099 --> 01:04:39,900 you've got the right debt and that1862 01:04:39,900 --> 01:04:42,180 you're actually paying down the bad debt1863 01:04:42,180 --> 01:04:44,520 so if you've got lower loan amounts1864 01:04:44,520 --> 01:04:46,619 doesn't matter if my pay is affected by1865 01:04:46,619 --> 01:04:48,420 that because I know that I do right by1866 01:04:48,420 --> 01:04:50,160 you you're going to come back to me1867 01:04:50,160 --> 01:04:51,299 you're going to refer your friends and1868 01:04:51,299 --> 01:04:52,740 your family all right you're going to be1869 01:04:52,740 --> 01:04:54,240 my client for life you know we build a1870 01:04:54,240 --> 01:04:55,859 long-term relationship because I'm doing1871 01:04:55,859 --> 01:04:58,079 right by you but that's also how I think1872 01:04:58,079 --> 01:05:00,900 so I want to help people get to that1873 01:05:00,900 --> 01:05:02,520 Financial Freedom and they're not going1874 01:05:02,520 --> 01:05:03,900 to get there by accumulating more and1875 01:05:03,900 --> 01:05:05,160 more personal debt it's just not going1876 01:05:05,160 --> 01:05:06,780 to happen they need to get to a point1877 01:05:06,780 --> 01:05:08,760 where they spend much less than they1878 01:05:08,760 --> 01:05:10,619 earn and they invest the difference and1879 01:05:10,619 --> 01:05:13,020 they use the power of Leverage and use1880 01:05:13,020 --> 01:05:14,460 other people's money to help them grow1881 01:05:14,460 --> 01:05:15,660 their wealth1882 01:05:15,660 --> 01:05:17,220 yeah 100 percent1883 01:05:17,220 --> 01:05:19,260 all right man well I I guess that kind1884 01:05:19,260 --> 01:05:21,420 of wraps up the first episode of the1885 01:05:21,420 --> 01:05:25,020 Financial Freedom series mate where can1886 01:05:25,020 --> 01:05:27,420 listeners go to find out more about you1887 01:05:27,420 --> 01:05:30,960 and also your awesome services so they1888 01:05:30,960 --> 01:05:33,900 can follow me on uh pretty much any1889 01:05:33,900 --> 01:05:35,940 social platform you can or you go to my1890 01:05:35,940 --> 01:05:38,720 website which is lagosfinancial.com1891 01:05:38,720 --> 01:05:41,520 and I have my own podcast called debt to1892 01:05:41,520 --> 01:05:43,260 Financial Freedom and you'll find me on1893 01:05:43,260 --> 01:05:45,839 all the podcasting platforms as well as1894 01:05:45,839 --> 01:05:49,200 a YouTube channel uh so yeah and of1895 01:05:49,200 --> 01:05:50,520 course from there if you're wanting to1896 01:05:50,520 --> 01:05:52,980 have a chat there's uh my email my1897 01:05:52,980 --> 01:05:54,799 mobile number will be there as well as a1898 01:05:54,799 --> 01:05:56,940 calendar booking so if you want to book1899 01:05:56,940 --> 01:05:59,579 a chat with me schedule a call and see1900 01:05:59,579 --> 01:06:01,799 what's possible for you and even if it's1901 01:06:01,799 --> 01:06:03,240 not the right time for you to borrow1902 01:06:03,240 --> 01:06:05,640 I'll help you as much as I can to get1903 01:06:05,640 --> 01:06:07,440 you on the right track awesome man and1904 01:06:07,440 --> 01:06:09,240 did you have a free giveaway um for the1905 01:06:09,240 --> 01:06:11,640 listeners as well um something like a1906 01:06:11,640 --> 01:06:14,880 guy or something yeah so I I really do1907 01:06:14,880 --> 01:06:17,280 believe that commercial property is a1908 01:06:17,280 --> 01:06:19,020 Way Forward because of the1909 01:06:19,020 --> 01:06:20,640 predictability of the income it's going1910 01:06:20,640 --> 01:06:23,339 to go up long-term tenants and you know1911 01:06:23,339 --> 01:06:24,480 your listeners will know a lot about1912 01:06:24,480 --> 01:06:26,099 commercial property so I don't need to1913 01:06:26,099 --> 01:06:28,740 be preaching to the choir but a lot of1914 01:06:28,740 --> 01:06:30,720 people don't understand the the benefits1915 01:06:30,720 --> 01:06:33,480 of commercial versus residential so I've1916 01:06:33,480 --> 01:06:35,520 created a guide which is what I believe1917 01:06:35,520 --> 01:06:37,859 are five benefits of commercial versus1918 01:06:37,859 --> 01:06:41,339 residential so yeah I'm giving that away1919 01:06:41,339 --> 01:06:43,740 listeners can download that there'll be1920 01:06:43,740 --> 01:06:45,359 a link I'm guessing in your description1921 01:06:45,359 --> 01:06:47,280 you can put that in there and they'll be1922 01:06:47,280 --> 01:06:48,660 able to just provide their email and1923 01:06:48,660 --> 01:06:50,280 I'll get that sent out to them1924 01:06:50,280 --> 01:06:52,260 and we're also going to put together a1925 01:06:52,260 --> 01:06:55,559 how to use the guide for the timely1926 01:06:55,559 --> 01:06:59,460 build app best and and worst ways to use1927 01:06:59,460 --> 01:07:01,619 the app a lot of the best ways I'm sure1928 01:07:01,619 --> 01:07:04,799 and Victor is going to uh I've literally1929 01:07:04,799 --> 01:07:06,660 just seen this on him now he has he did1930 01:07:06,660 --> 01:07:08,160 not know about this at all1931 01:07:08,160 --> 01:07:10,799 um there's going to be a second free1932 01:07:10,799 --> 01:07:12,180 giveaway1933 01:07:12,180 --> 01:07:14,160 um and uh I'm gonna use download there1934 01:07:14,160 --> 01:07:16,079 by right now and I'm looking forward to1935 01:07:16,079 --> 01:07:18,839 uh Victor's how to to use guide as well1936 01:07:18,839 --> 01:07:21,420 that he'll be sure making at some point1937 01:07:21,420 --> 01:07:23,520 yeah not because he wants to because1938 01:07:23,520 --> 01:07:26,220 basically putting on the spot look if it1939 01:07:26,220 --> 01:07:28,440 helps people I'll definitely put it and1940 01:07:28,440 --> 01:07:30,059 I know it's helped me so for sure I'm1941 01:07:30,059 --> 01:07:31,799 going to help to help us make it as easy1942 01:07:31,799 --> 01:07:33,359 as possible yeah1943 01:07:33,359 --> 01:07:35,039 thanks man thanks for having me on1944 01:07:35,039 --> 01:07:37,619 really appreciate it all right this has1945 01:07:37,619 --> 01:07:40,920 been Financial expert Victor Lagos and1946 01:07:40,920 --> 01:07:43,380 Andrew Bean on the Financial Freedom1947 01:07:43,380 --> 01:07:46,400 series thanks guys