On radio.
She's on The Money Radio Show with Victoria Divine starts now. Hello, everybody, welcome to that. She's on The Money Radio Show Podcast edition, the podcast for young Lenniels. Trying to save my money and get the bags in a bag account and go to Audi and get the cheap ham, get the cheap cheese.
We're not going to get cheap ham. That's disgusting. Also, how much do I owe you for serenading me on my own podcast?
Well that was a custom song. And yes, I'll see your wedding.
Oh, thank you, thank you, you're so kind.
What are your parent in law's names? What are your mum and father in law?
My mother and father in law. We've got Marlene and Chris.
Marlene and Grals. You made this happen, you made your little son and now it's Marion V.
That's do you know what? This is a lot?
This is a lot of country. I went country and I.
That wasn't country. That was not country. It was rogue, but it wasn't country.
Okay, fair enough. Trav Roebuck is out. He's horse racing, which never let this happen, of course, no, no, he wouldn't. He keeps a tight ship trave Rowbuck he should be back.
Out horse racing, which I'm not sure I agree with. How do you feel like?
He sent me a photo? He's like, look at my beautiful.
Horse, and I was like, I don't like that.
I pretended it didn't come through. I'm sorry, no service.
Oh yeah, yeah, message not delivered.
Message. It was a bit awkward. We love Trav.
Sometimes it's just easier to not say anything than start an argument. So instead we're going to take it to this podcast that gets listened to by one point two million people and I can guarantee it's gone and get back to him.
Today on the show Guys, we had a boomer Ellen truly so sweet. Yeah. I was a bit nervous. I'm like, I'm going to fight with this boomer and I will get aggressive, but I fell in love with her.
Oh she was actually so sweet. I cannot believe that she only went out for dinner once a year while trying to pay her home off like millennials these days. That's why boomers think we're entitled goods.
We are.
Yeah, if you're a millennial and you think those boomers they had it easier than us, I think Ellen will actually shed some light on what it was like back in she's from the seventies. She's also from Melbourne, but she was alive in the seventies and she's got an interesting mortgage story, so she'll unpack that. We've got some money wins, We've got some super Saver Saturday tips. It's a good show. V Right. We also talk about crocs.
We do talk about crocs. Honestly, I don't understand why people don't embrace the croc. They are practical, they are comfortable. You look really hot in them. Like, what is the problem, Amen, it's all in there.
Enjoy the show. It's that she's on the Money radio Show's Money.
Crock metch coming soon.
Happy Saturday, everybody. How are you V?
I am so good. I'm very excited because I think talking about mortgages, talking about finance and debt is absolutely my favorite part of every single week, and we're thing even more of it today.
Yeah. I didn't realize, but in twenty twenty one, Right the Bureau of Statistics released an article saying that baby boomers have officially been overtaken as the largest generational group in Australia. Millennials.
Are you a millennial Viv, I'm a millennial, Mitch, really, I run the podcast for millennials who want financial freedom. Oh are you on those or are you just a good.
Toys sucking No, I've never missed an episode. Anyway, Millennials are through the roof. There's more millennials than boomers. But the problem is millennials can't afford a mortgage or to buy a house, whereas boomers can. So I think it's really interesting Vi that there's more millennials yet boomers. Howld the percentage of market share in housing and whatnot. It's crazy.
Look, it is kind of crazy, but it's quite reflective of the times that we're in. Historically, properties would cost anywhere between two and three times an annual salary to purchase. And yes, interest rates were relatively higher. Interest rates I think in nineteen ninety were sitting at around seventeen or eighteen percent, which is crazy talk. Now. Can you imagine if we were talking about interest rates at seventeen percent? People would lose their heads?
What are they currently?
Honestly, it depends where you're going to get your mortgage, but at the moment, they're sitting anywhere between two and a half and four percent depending on that that you go with. And that's only increasing because the cash rate has been increasing recently, which means we are trying to battle inflation. Like when we say, oh my gosh, our interest rates are increasing. I know it's really stressful for people who have mortgages, but it's actually trying to really
slow down inflation. So overall, it's actually better for us to have the cash rate increase instead of bread and milk becoming ten dollars a loaf, Like we won't be able to buy a coffee anymore for under a fiver. Oh wait, MITCHI you can't.
I'd ask my barister for two cookies because that was my lunch, you know, how to give you a little cookie on top of the coffee. Sometimes that was like my favorite part.
Second one, I started going to this new cafe that puts chocolate freckles on top of their coffee, and like, if you can see my desk in front of me, I actually went and bought more chocolate freckles because I was like, these.
Are so good, such an underrated snack.
And you know what, this is why I will never afford a house.
Yeah, because we're all buying chocolate freckles. But back to my main point. I was saying before that houses cost historically between two and three times an annual salary A Mitch, you live in Sydney, yours is cooked. It's now between thirteen and fourteen times an annual salary to purchase your first home. So it's not just that, you know, interest rates have gone down, it's actually that our incomes aren't keeping up with the rising price of property, which you
know puts us in a different position. So, yes, millennials can't buy property as readily as they historically were able to. But I also think it's really about values. Do you actually want the mortgage? Is that something that we're working towards? Like, yeah, I don't know. I feel like as millennials, we have different goalposts and different things we want and need. And from my perspective, I've shared this on the pod. Before I got a mortgage because my partner really wanted to
own a property, I was really against it. I just did really because I was like, this does not make financial sense for me, Like I would like to put all my money in shares and keep it there.
I am happy renting, but my parents freak out at the thought of paying rent, which could essentially be a mortgage payment to me.
Cook, he's more property.
Yeah, ain't that well? Listen, let's get a boomera in. So we found a boomer on the street. We held up a sign that said we need boomer. Her name is Ellen. She's a gorgeous boomer. Anyway, we'll see what car Ellen drives and what her mortgage set up is. Like, I'm a millennial, so are you, So we can give that side of the argument. Now the we have a guest in studio. I'm excited for very well dressed ladies and gentlemen, please welcome the baby boomer Ellen. Hello, Ellen, Hello.
Mich Hi Vitory, Hello, thanks for coming on our show.
Oh that delighted to be here. I don't know why, honestly, well, I really do have to cleanse something up.
Oh my god, it's amazda c x five.
Yeah, okay, that's boom that's BOOMERCA. What's your mortgage set up? Like, do you have a house to your own a house? When did you get your mortgage?
Like?
Give us your sort of cash a history.
Certainly, first house purchased in nineteen seventy two, in actual fact, was six times my husband's salary.
She brought big house miitchee eleven squeeze. Oh my gosh.
Wow, had that house for forty five years, served as well, had extensions done to it, mortgaged twice, the first mortgage which we paid off in eleven years.
Wow, eleven years?
Is that normal?
Though?
No?
Absolutely not. That is very impressive.
I don't think you could do that what Ellen has done in today's times.
Right, Look, you absolutely can. And I think the one thing you guys probably don't know a lot about is that I actually do own a mortgage broking company, so do work in the mortgage space quite a bit. And I feel like it's totally possible if, as Ellen is saying, you put your mind to it, and you're on the same path, and you're on the same track. I mean, you're not going to be able to buy at one point seven million dollar first home and then all of
a sudden be able to pay it off. I think it's about being really reasonable with what that first home looks like and what that actually means today. And I think that a lot of people today really want, especially millennials, they just want their home immediately, and that's just not something that's reasonable. Often we have to go into a smaller home that becomes that stepping stone to either use equity in it to get into your next home or to sell that property for a profit to then have
more of a deposit for the next step. Ellen, you mentioned before that your husband and you bought your first home for six times your husband's and your salary.
That's great.
Was that a really big decision at the time? Was that like within budget? Was that a stretch? What did that look like?
Terrifying?
Yeah, understandably so.
However, it was about trust and faith in each other. And because we had that plan, we knew what we had to do to achieve it. And also it comes down to what you're willing to do. We only went out to dinner or had take away once a year.
Okay, when you say that, Ellen, you don't need to.
Once a year.
I used to also make most of the clothes, I did all of the cooking. I made read before even making your own bread was cool.
Wait wait, wait, you didn't TikTok aout look.
I see glimpses and and things that happen with millennials that experienced as well, but in a slightly less hectic demanding world.
I've got one last question, though, what does that mean today? So you made a whole heap of sacrifices today, what does life look like?
Life is comfortable. We worked hard, and that's the thing. I think. It wasn't all play, and it hasn't always been all play, and it still isn't. I need the seex fire to drive teenagers around. But anything worth it is worth working hard for.
Anything worth that is worth working for it, I think that is a beautiful place to leave it. Mister Mitch Cherry, this.
Is She's on the Money radio show I'm for with these crocs. By the way, sorry Victoria's wearing crocs if you're just tuning in it.
Honestly, crops are an underrated pair of footwear.
I mama's soul. Hey, we're about to do a Money Dilemma. Every week we bring someone's financial story on air, get Victoria's advice on what they should do. So Anthony send us a DM. He says, hi Ve, I have a mortgage and it's killing me. Sorry, I'm very upbeat for this kind of message from.
The mortgage is killing me and they're just like yay, hi.
Ve, I just can't see him to make ends meet. I've moved out of the city. No, it's very serious, into the verbs. I'm traveling to work every day, takes me an hour each way. My mortgage is three eight per month and he earns six seven, so it's very hard. He's a qualified personal trainer. I have an amazing business idea. He knows he can resell his home now and make a profit and perhaps use those profits to start up his own business. He knows it's a risk, but he's
tired of working so hard getting nowhere. He's thirty four. He doesn't feel like he has a life. Should he continue to get the mortgage paid off and sacrifice his dream or does he take the risk.
I feel like this is something that's so many people in our community are struggling with at the moment because things end up being really tight. So doing some really quick maths.
Victoria's got a calculator out on her phone.
All right, pull your head in. But if you are earning six seven hundred dollars each and every single month and your mortgage is thirty eight hundred dollars, that leaves you with about six hundred and sixty nine dollars each and every single week to live, which sounds like a lot of money, but it's actually not because you take out some groceries, right, Mitchie, what are we spending on groceries?
We're spending you care, So we're spending one fifty. This is taking into consideration one person like I don't steal one fifty on groceries. I know it's a bit harder. People with kids would be spending even more than we.
Use a personal trainer's protein in there.
Then we're down to five hundred bucks a week. That's not savings, that's just five hundred bucks. We haven't bought anything. We then have thousands of dollars in car registration and insurance insurance for the home that you've just bought. We would then have things like our water bill, electricity bill, our internet, our phone, and most average bills come in at about fifteen hundred dollars each and every single month.
So that's basically wiping out absolutely everything. And he can't even buy a pair of crocs with that's tie.
Yeah, So do you think he should Is it smarter for him to just keep paying off the mortgage, stay in his job, or should he try to sell the business? Like you said, and offset it like it's a big risk.
Well, it really depends on what your values are. And I think that that's what we need to go back to. Not everybody has to own property to be successful in life. And I think that there's just this massive misconception that in order to be successful you must purchase a home. And I felt that pressure, and I feel like you start to feel that pressure once you get into your thirties and as we know, Anthony's thirty four, to actually be successful in that space, and it just makes no
sense because wealth is actually really private. It is something that is not on show. And I think a lot of us just assume that having a home means that we're successful. But in the way that he's explaining his budget and what his mortgage is costing him, he's not financially able to get ahead in any other way than
paying off his mortgage. So that's actually putting a lot of eggs in one basket to say we are betting that him paying off this mortgage is going to mean that at the end of this mortgage period he is going to be in a really strong financial position. And something I always say, and I know that this is lame, as well, but I don't think that your family home should ever be considered your best asset, because in order for it to be considered an asset, you have to sell it.
I think the moral of this story, Anthony is, don't listen to stereotypes and do your own thing per personal training.
Do you do?
Yeah, it's the shoes. On the Money Radio Show, Welcome back across the Country with Victoria Devine, Australia's number one finance podcasters. She's here in studio. I'm Mitch Jury here as well. Time for this since save this Saturday, all right. Every week Victoria gives us some sneaky little tips on how to keep more bucks in your bank account. Victoria, I will say, I actually have implemented quite a few of these, and whenever I have like a win of my own, I write it down. I've gotta tell.
V you're gonna really money win. Didn't get a parking fine for parking in a loading zone, like Mitch. That's not the type of money win that we're trying to promote on this show.
Yeah, I think I've got the definition wrong, but anyway, that's all right.
The money win is the money win, and we celebrate everything in this community. All right, all right, this week I have a number of money wins for you.
All right.
First tip, though, it's for Aldi. We love Audi, We love Audi wine. You guys know I love the Audi Le Mule Rose ten out of ten Amazing Rose. It's like ten bucks a bottle. But what's even better for ninety nine a bottle? We have recently in my house discovered the south Point Estate Pinot Grigio. It just took out the top prize for the double Gold at the Melbourne International Wine Show and it's getting ninety nine.
Mitch, jeezuz I love a good pin Agreeing up to.
The family dinner on a Sunday with a bottle of that, and you're gonna be very popular, but also very financially savvy. The next tip I've got, though is air Tasker. And it's not using air Tasker in the way you would, Mitch, which is to get other people to do stuff for you because you don't want to do it. It's actually you using air Tasker and picking up random tasks so you can earn like an extra hundred bucks a week, which would work out to be just over five grand
a year. That can be an absolute money win, and there are so many different types of tasks on there that don't require any kind of professional skills like it.
There's an app for everything, like you've got a giant penis OnlyFans. Guys. There's money there.
There's money to be made everywhere. Yes, yes, all right, next you would have about that though. So Tip three is the.
Turn your air drop on.
No, thank you, I am over and out.
Okay, should we wrap up? That's no.
I have one more money win for you from Audi, and I discovered it this week.
So how much is this Scandinavian brand paying you?
I think they're German, but that's okay. Scandinavian is like Kiah. But I'm obsessed with this cream from Mecca. It's called the Sole Desonario. Seat our producers now noting at me.
I've called the salt in the yellow bottle.
Guess who's duped it? Audi? Audi has duped the Sole Desionaro entire range, and it's four dollars fifty Also.
After a couple of four ninety nine pino grease from Audi. You won't know the difference exactly.
You really won't. So I'm going to go pick up my La Mule Rose and some moisturizer and Audi is going to thank me later.
Honestly, you have a solo for me solid weekend. We'll back next week, everybody, I'm sticking around for Life Uncut Radio show next. Otherwise, Victoria de Van, we'll see you in a week.
See you later,