Tony skinner 00:02
Hi and welcome to podcastmybsuiness.com.au and this afternoon we got Chris from masteryourmoneynow.com.au how you go there Chris. I am fantastic Tony I mean, down freezing cold in July at the moment, but all is good. How about you? Well, I’m here in Sydney and it’s nice and sunny and it’s pretty damn good. But you know, that’s what you get for living in Melbourne.
That’s true. That’s true. We will today’s good and bad times bad things with it. But yeah, I’ll take it out on the hall.
Tony skinner 00:44
Yeah, well, exactly. I mean, you know what I do love Melbourne. The culture down there is fantastic. The people and everything is just so different to Sydney, Sydney sight as we write on their beautiful heartburn and don’t make much of an effort anywhere else.
Damn it. We’ve got a few good beaches in Torquay and Anglesey, Bell’s beach of course. So, yeah, definitely if you haven’t come down here, make sure you come down for a visit.
Tony skinner 01:10
Yeah, no, that’s great. Perfect. Okay, so I guess one of the things that we’re gonna look at post event and when we’re focusing on what’s next is the online world is exploding and it’s going to continue to explode. And you are specialize in helping people manage and monitor their money. via online.
Yeah, yep. so, take a step back. So I’m a financial planner and mortgage broker and I’ve been in the industry for nine years now. I was with ANZ for a couple of years and great time, but that little thing called the Royal Commission, made me realize that I wanted to set up something do things differently. So yeah, I founded master money now in July 2018. So two years ago as we’re recording this, and it’s gone yet better than I expected, and I wanted to set up something where I could be flexible with my location. So whether we moved maybe to Sydney or somewhere else in Australia or potentially move to New Zealand, as well, I wanted to be able to do something where I could actually pick up my business move across and not have any major issues. So, yeah, and being online being an online financial planner, mortgage broker definitely helps out with that. So yeah, so I work primarily with Millennial clients, because, yeah, if you’re going to do things online, probably age care is probably not an area that you want to specialize in. But I also love working with millennials as well because what you do with your finances in your 20s and 30s is going to make far more of a difference in what you do in your 50s and 60s and I love I love just helping particularly everyday millennials, you teach As you nurse as you try these your small business owners, by their first time, sort out their cash flow, pay down debt, I really enjoy it. And to be able to do that online as well has provided so much efficiencies and to be able to access clients across Australia has been, yeah, a really cool part of my business. So, yeah, I’d say two years in, it’s all going good. And hopefully it’s onwards and upwards from here.
Tony skinner 03:28
Well, I’m gonna, you know, flick on and think like a millennial, what do you mean, pay down debt, but part of my obligation in my 20s and 30s, is to spend money wastefully and end up trashed somewhere. That’s part of my social responsibility. Surely.
I might have to disagree with you on that one Tony, but it’s I think a lot of millennials are looking at the parents and going, I don’t want to end up like that. I’d say I’ve got today too. 60 they gone Oh geez they’ve got don’t have much in Super they’ve still got a mortgage. How do I afford life? They’re not yet they looking at their parents are going I don’t want to finish up like that. So what do I need to do differently now in order to make those changes and yeah, it’s i not saying I live a life of baked beans no fine and I just leave on the cheap and nasty that’s that’s not good at all I want you to want people to travel and ate outs and I love my smashed elbow and branches and all that kind of stuff. So as my wife’s launch on me, but it’s a Yeah, it’s having that balance between the two of enjoying life now. But getting things in place so you can benefit in the future and be able to enjoy Yeah, to do our retire earlier and with more.
Tony skinner 04:53
Well, certainly one of the strategies that I know quite a few millennials that they have an investment property in one area, and they rent in another area that I could never afford to buy. Yeah, they like living there anyway. Yeah.
Rent vesting, and that’s something I do personally. And because I own a couple properties, but rents where I want to live, and I know it’s big in Sydney, where you are, it’s, it’s big in Melbourne, and I think it’s just starting to come to jewel now. And yeah, you do the numbers and owning the million dollar property just doesn’t quite doesn’t make economic sense. And I think without going too much into detail, I think you can over capitalize on a property. So it does make more sense I do and to own to rent sorry, the, the place that you want to live in a city, you know, yeah, the six $800 million property, whatever that might be, and then own a few investment properties in everyday areas, which if you’re in Melbourne beach along Ballarat Bendigo Whereas CB, leaves more central coast Parramatta, there is Newcastle areas around there that an everyday person can afford. So in
Tony skinner 06:12
lower North Shore where I am one of the upside is not
Tony skinner 06:23
Oh, yeah, exactly. All right, cool. Now, of course, one of the things and I’m jumping a little bit ahead here, but I happen to notice it before. So this is where we get to your budgeting video course. So that’s pretty handy.
Yeah, yep. So you can go on my website and there is a link to a budgeting course and that’s for $25 it’s distributed through Udemy. And for two hours, you can go through that course yourself and learn how to budget properly because again, I’m not sure about you Tony but when I went to school I learned about Pythagoras, so I learned about Fibonacci, I learned about solid calls in 10. But I never knew how to do a budget. So and then people get into the real world and go, Oh, geez, why am I struggling with budgets, because we’re never taught it. So for those who want, just want to do it yourself in your own time, there’s a course there, which you can go through, or alternatively, you can engage my services, and we can do it together and, get it effectively done for you.
Tony skinner 07:27
And that’s certainly true. And believe me, I’ve come across plenty of businesses that are terrible at doing budgets as well.
Yes, It’s definitely a unique skill sets. And but I especially, as small business owners, it’s just as much it’s just as important to get both both your business numbers right, but also your personal numbers, right, because I’ve seen a lot of business owners that say, Oh, my business is my supervisor. business, my retirement, but then something changes like a covert or legislation changes a change in the market and all of a sudden, that’s just not, that’s not happening anymore. So, yep, certainly I do see a lot of small business owners that neglected them their own personal financial situation. And I can particularly remember trading when I was at ANZ at a trading 55 years old, his back was stuffed, and he’s like, I have to retire. But he’s only got 20 grand in Super, I’m kind of like, you’ve got no options. Whereas, you know, as particularly working millennials, they’re making those changes now. What you do in your 20s and 30s will make far more of a difference to what you do in your 50s and 60s when it comes to your financial future.
Tony skinner 08:46
Yeah, but but surely, I mean, an artist refer to as the event but surely, it’s sound financial sense to take money out of my super now. No,
I would not agree. That’s it. They go on the outlet side
yes, some away with that Ten grands that you can withdraw from your super and sadly most people are doing that as spending it on games gambling and booze I think so.
Tony skinner 09:19
As a millennial, that’s all you’re required to do.
I think you might be a bad influence on millennials Tony.
But yes, look, if you are struggling and need access money if you use super, please do so if you need that to survive, but that should be your last option, not your first option.
Tony skinner 09:42
Yeah, well, then again, you know, I took it out and I put it back in for my tax break. So I’m going to do that again.
I think you might get a phone call from the CEO about that. I know.
Tony skinner 09:51
When a friend first told me about that I thought Hang on, you take it out to put it back in that you think they know what you’re doing?
I warned people about that at the start I bought PayPal again and I think those who do that are gonna get a phone call.
Tony skinner 10:11
You know, it’s quite funny I when I did my due my tax late so I just did my business tax about this few months ago and go to city accountant. And he knows more about what interests have earned on what accounts and what accounts I’ve got how much I paid and private health insurance and again, he says, well, the ATO know all this. I’m thinking holy Shin,
what chance Have I got of getting away with anything? Not if you cave in Australia now they do know everything, especially as you go digital. No point of trying to keep secrets from them.
Tony skinner 10:47
Absolutely Cool. All right. That’s good. Okay. All right. So any quick tips you’d like to share?
Yeah, I think like I said, it’s for me, the main thing is, it’s never too early to start to think About your financial situation. And for me, like you mentioned budgeting before, let me say that I think that you should be focusing far more on increasing your income, then you should be decreasing your expenses. One of the first clients ever looked after as a young grad, coming out of uni, was a client who we had a budget of $200,000 a year and could not stick to it. So they’re blowing their 200 grand a year budget, which were kind of like how is that possible? Like, because I was doing the first class trips to to Japan and America in the US and things like that. So I highlight that example because that’s an example of someone who that’s the exception rather than the rule. So that’s someone who genuinely has an expense problem. But for the overwhelming majority of people that I work with they don’t have an expense problem. They might have a structural problem and that’s where the budgeting course coming. But most People I would say is an income problem. So if people ask me for my number one tip, I would say, Stop looking at ways to decrease your income, and focus much more, try to decrease your expenses and focus far more on ways to increase your income. Whether that’s doing your own business, further education, more scale, scaling, whatever that might be, focus on ways to increase your income. And if you can do that, and get a good plan and a good budget in place to look after the expenses, you are going to go fast. So that’s my golden tip. And if you want to work with me and want to have a bit more of a chat, you can go to my website, masteryourmoneynow.com.au I’ve got plenty of resources there. And if you want to have a complimentary chat with me, you can go to the Get Started tab and have a 30 minute chat about your personal situation with me over the phone.
Tony skinner 12:56
Fantastic and better do this blah, blah, blah, blah, compliance. personal situation, take into account, blah, blah, blah, blah, all the usual stuff. There we go. We’ve covered it.
I can do my own if you’d like. I’ve done it before. Yeah. And just a friendly reminder that the information in this session is general in nature, you should speak to a financial planner or mortgage broker in regards to your financial situations and needs. Myself Chris Carlin is a employee of master your money now. And we’re licensed by infocus securities Australia.
Tony skinner 13:29
Fantastic, because I think if you don’t put that in, you just never never know.
Exactly. Yeah, yeah. Gotta keep the compliance people happy. So
Tony skinner 13:37
well, they’re probably listening in government, isn’t it?
Tony skinner 13:44
All right. No problem. Chris looks thanks very much for that and enjoy the rest of your day. Thank you
very much, Tony.