{"id":7663,"date":"2016-04-21T10:00:54","date_gmt":"2016-04-21T00:00:54","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7663"},"modified":"2016-04-21T10:00:54","modified_gmt":"2016-04-21T00:00:54","slug":"we-share-a-fabulous-and-inspirational-story","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/we-share-a-fabulous-and-inspirational-story\/","title":{"rendered":"We share a fabulous and inspirational story"},"content":{"rendered":"

 
\nWe share a fabulous and inspirational story about a 30 something young person who has come to terms with her bad relationship with money management and turned it around as she is saving a deposit for her first property purchase.\u00a0 You might be surprised at how Emily Power<\/strong> is doing it.
\nTranscript:<\/strong>
\nKevin:<\/b>\u00a0 You might have heard about a story that revolves around a young lady in her 30s receiving pocket money from her parents. She\u2019s a property reporter with Domain, Emily Powers, the young lady concerned, and Emily joins me now.
\nGood morning, Emily. How are you?
\nEmily:<\/b>\u00a0 I\u2019m good. Good morning. I\u2019m well. How are you?
\nKevin<\/b>:\u00a0 I\u2019m very well. Tell me what\u2019s happening here. Is this how you\u2019re getting into the property market?
\nEmily<\/b>:\u00a0 This is. This is how I\u2019m wiping old debts and getting into the property market.
\nKevin<\/b>:\u00a0 Well, good on you, I say.
\nEmily<\/b>:\u00a0 Thank you. Now, this<\/i> pocket money is from my own salary, and I\u2019ll tell you how it works. Each fortnight, my salary goes into a bank account that only my parents know the Internet banking passwords to, and from that, they fling me $400 a fortnight out of that as my salary. And I live on that.
\nNow, I don\u2019t live at home; I rent. So out of that bulk salary comes my rent, my bills, health insurance, car repayments, all those sorts of major things. And with $200 of that a week, I buy my groceries, I put petrol in my car, I pay for my public transport, any toiletries or incidentals, and if there\u2019s a little bit left over, I will have takeaway coffees, maybe a night out with my friends, which I did last night, for example. We had a $10 bowl of noodles and I had a $5 ice cream afterwards. That\u2019s my big night out. Because I\u2019m saving for a home.
\nI was a fashion writer before I worked in real estate, and through a series of events in my life \u2013 I had an ovarian tumor, needed treatment, there was a big medical bill, then became a fashion writer \u2013 and already having a medical debt in my 20s, I started unbridled spending on my credit card. I felt I had to keep up appearances. I wanted to look the part of the fashion writer.
\nI clocked up $14,000 in credit card debt over five years. It got to mid last year and I said to my parents, \u201cI\u2019m so far behind the 8-ball in terms of having a property. Not only am I in debt, but I can\u2019t possibly start saving until I turn my habits around and my balance sheet around.\u201d
\nKevin<\/b>:\u00a0 Was it last year this all started, Emily?
\nEmily<\/b>:\u00a0 Yes, it was \u2013 in August last year I started. It was my dad\u2019s idea, too.
\nKevin<\/b>:\u00a0 So, roughly eight months down the track so far?
\nEmily<\/b>:\u00a0 Yes. That\u2019s right.
\nKevin<\/b>:\u00a0 And how\u2019s it going for you?
\nEmily<\/b>:\u00a0 You might be surprised to hear I don\u2019t know how much is in the account. I have no idea how much I\u2019ve saved, because I don\u2019t want to know. I had such an unhealthy relationship with money for so long, I decided that I don\u2019t need to know what\u2019s in that bank account; I just need to focus on developing good, frugal habits around that $200 a week that I have.
\nI said to folks that I only want to know when there\u2019s enough for an apartment deposit. I\u2019m aiming to save $50,000 in two years.
\nKevin<\/b>:\u00a0 $50,000 in two years.
\nEmily<\/b>:\u00a0 I\u2019m about a quarter of the way through, I suppose, if you do the math. I\u2019m on the way. And I\u2019ve wiped my credit card debt. It\u2019s gone.
\nKevin<\/b>:\u00a0 Well, you\u2019re well and truly on the way if you\u2019re a quarter of the way through, and I think we calculated roughly six to eight months you\u2019ve been doing it.
\nEmily<\/b>:\u00a0 Yes.
\nKevin<\/b>:\u00a0 You\u2019d better hit Fairfax up for a pay increase, too.
\nEmily<\/b>:\u00a0 I don\u2019t know if that\u2019s going to be possible. But I\u2019ll keep working hard. I\u2019ll put my head down and my bum up and hope.
\nKevin<\/b>:\u00a0 We\u2019ll put in a good word for you. Can I ask you, also, have you inspired any of your friends to do the same thing?
\nEmily<\/b>:\u00a0 No. I have to admit I haven\u2019t. They all think I\u2019m a little bit crazy, although some of them are in admiration of me but feel that it would just be a bit too hard for them to do. Reactions to this method have been mixed on social media. A lot of people have slammed me, called me immature and an embarrassment to myself.
\nKevin<\/b>:\u00a0 Really? Some people are so unfair, aren\u2019t they?
\nEmily<\/b>:\u00a0 But while I haven\u2019t taken it on board, I\u2019ve certainly listened to the criticisms, because there\u2019s no doubt that I did have a terrible<\/i> relationship with money and I\u2019m in this position through my own fault. Others, however, have been in admiration and decided to look forensically at their own finances.
\nI think money is a very uncomfortable conversation to have. If by me speaking out about it encourages another young person who has credit card debts \u2013 and we all know that there are many of us who do \u2013 if it encourages them to talk to somebody they trust, whether it\u2019s a parent, a grandparent, or go and see a financial planner and turn things around for themselves, then it\u2019s all been worth it if just one person decides to turn themselves around.
\nKevin<\/b>:\u00a0 Emily, we saw you on The Project<\/i>, of course, and I understand you got a very funny text from your grandfather after that.
\nEmily<\/b>:\u00a0 Yes, I did. Gorgi Coghlan, one of the panelists, asked me whether any sugar daddies could get in touch with me if they felt they could improve my financial balance sheet, and I said, \u201cYeah, why not? Give me a call.\u201d My grandfather who\u2019s such a card \u2013 he\u2019s 90 \u2013 texted me afterwards and said, \u201cEmily, I saw you on the show. Well done. There could be some sugar daddies out there. Just be careful. Chat later.\u201d
\nKevin<\/b>:\u00a0 Good on him.
\nEmily<\/b>:\u00a0 Yes. I have my family in support of me. It was my father\u2019s idea, and that conversation in August last year where I\u2019d hidden from them everything that I\u2019d been doing financially, and to pour it out on the table and have him come up with a solution that is working so well for me\u2026
\nKevin<\/b>:\u00a0 I think you\u2019re an inspiration, Emily. I really do. Just before I let you go, have you decided what you want to buy? I know you said an apartment; is it going to be a new one?
\nEmily<\/b>:\u00a0 No, I\u2019ve decided not to go off the plan. I\u2019d like to buy something older and add a little bit of value to it \u2013 something around the inner ring Melbourne suburbs, maybe Carnegie. It\u2019s too expensive for me to buy in close, but somewhere with a little village shopping strip, an older apartment and I\u2019ll attempt to do it up a little bit, as well, add some value hopefully. So part of that $50,000 I want to save could be some money I could dip into to add improvements. That\u2019s the plan.
\nKevin<\/b>:\u00a0 Well, good on you. We\u2019ll touch base again and see how you\u2019re getting on. Emily, all the best and thank you for giving us some time this morning.
\nEmily<\/b>:\u00a0 Please do. I\u2019d love to update everyone how I\u2019m going and hear from others who might be on the same path.
\n 
\n\u00a0<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

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