How To Pay Off Debt & Save a Deposit

Published: Oct. 18, 2020, 9 p.m.

b"https://www.youtube.com/watch?v=qBVNwxREUSA\\n\\n\\n\\n\\n\\n\\n\\n\\nOne of the hardest things as an investor is paying off debt and saving your deposit. When you don't already have those income generating assets it can be a really difficult process to do.\\n\\n\\n\\nBut there are some tips that can help you along that journey.\\n\\n\\n\\n0:00 - Introduction1:30 - Simon's Saving Story4:25 - #1: Get Realistic With Your Situation and Set Goals5:27 - #2: Pay Yourself First7:32 - #3: Reduce Expenses or Keep Them Low10:50 - #4: Make It a Habit13:33 - #5: Increase Your Income16:50 - #6: Delay Gratification17:47 - 2 Years Ago21:45 - #7: You Have To Sacrifice24:10 - It Gets Easier As Time Goes On\\n\\n\\n\\nRecommended Videos:\\n\\n\\n\\nBuying Our First Property: Our Current Plans\\n\\n\\n\\nThe 15 Minute Budget\\n\\n\\n\\nTranscription:\\n\\n\\n\\none of the hardest journeys as an investor is actually paying off your debt if you've acquired debt and then going ahead and saving your deposit when you don't already have those income generating assets it can be a really difficult process to do but there are some things that can help you along that journey some tips that both myself and simon have applied to really tackle this in our own lives and today we want to share those with you so hey simon thanks for coming on today no worries how you doing man yeah really good so in this we're gonna look at each of our situations so for simon he was able to purchase three properties in 18 months which is a huge achievement and he saved the deposits for his first two investment properties himself so really diligently saved over a number of years and for me i found myself in a situation where i went through a separation business went through a downturn i ended up in a whole bunch of debt like crippling levels of debt and i've been able to pay off tens of thousands of dollars worth of debt in the last couple of years and so i'll be sharing my examples on paying off debt and you know being in a really bad debt situation and simon will share his examples of not being in that bad situation but actually the next step which is saving the deposit and going ahead with that so simon do you want to start with your story when you decided to start saving your deposit and what steps you put into place in the beginning yeah so i really only started about three and a half years ago um actually earning enough of an income where i can really save a lot so i moved up to the sunshine coast from sydney at the beginning of 2017 and um that was the first time that i had had a full-time income prior to that i was at university or basically just around and surfing but just living up living the life to be honest and um i did always have really good saving and spending habits which was something that was incorporated from my parents from a super young age basically from the first job that i got they always encouraged me to save 10 to 20 cents out of every single dollar that i earned so that was something that i always did and for somebody that never earned a strong income but still wanted to travel and go out with friends and and have those choices i needed to when when i was only earning a little bit of income i still needed to make sure that i was saving a bit of money so i could enjoy my life so i already had those really good budgeting and savings habits but then when i came up here and i finally started to earn a good income i still maintain the same spending habits and saving habits that i had so even though my income had dramatically increased my expenses and my lifestyle stayed relatively similar which was one of the biggest things for me so creating that budget creating those saving and spending habits is super important um it's just not going to do it itself like it just really isn't like you need to sacrifice and you need to put these little things that stuck in place but it really enables you to get to where you want to be a lot faster and it's definitely allowed me to do that and you know even as my incomes consistently increase..."