922b wwgd: getting cashed up in Melbourne before a big country move
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What financial advice does Glen provide for relocating to regional Victoria?
Today on the show, we've got another What Would Glenn Do where we get listeners of the show basically to jump online or come in. And I run through their current situation, where they're at now. They want to know what I would do in their situation. couple of things on these episodes. I will direct people obviously to get personal financial advice because some of the stuff that we get into the weeds of, I just, I can't give personal financial advice on a podcast. I'm only licensed to give general financial advice. So at the end of these episodes, I'll often introduce people to financial advisors to actually model stuff out. I So it's broad stroke discussions and we have a bit of fun. If I find things that I find of personal interest, I'll just double click and open that folder and have a look around.
I may go down a rabbit warren if I think there's a story there that I want to know about. If the person is anonymous, they've either elected to be anonymous from the get-go or I've looked at their situation and have asked them to be anonymous for the show. But until then, who have we got and what are we doing? My name is Taz and you're listening to Money, Money, Money. Before we get into it, this show is general advice only. I've got a license to provide that advice. Full details can be found in the show description. My name's Glen James, former financial advisor. I host this show and a show called Retire Right. I've got some books, the award-winning Quick Start Guide to Investing and the Quick Start Guide to Your First Property available where good books are sold or in the description.
If you're new here, welcome. If you're an old hand, welcome to M3. Let's get into it right now.
All right, Taz from Melbourne, you dirty dog. Welcome to my lair. Checked up to Nui today. Yeah, love it. Love that. So what do you want to ask moi?
I'd just like to get a bit of an understanding on the situation of what you do in our shoes, me and my wife. I think we're on a pretty good wicket. We've made some, you know, solid sacrifices over the years and got us to a pretty good standing where we're at and just kind of want to think about, you know, what trajectory to set us up for the future. Our goal is to potentially more than likely relocate to country Australia Victoria, where we kind of grew up. Yeah. In eight to ten years' time. Yeah. And more than likely that'll include a career change, which we're kind of preparing for now. Yeah. But trying to, you know, maximise our salaries and ability in the capital city at the moment now and, you know, make hay while the sun is shining with the bigger dollars.
Yeah. And, yeah, there's a few things on the go with, you know, rental properties, shares, current home that we're living in, things like that.
Yeah, cool. So I might just read exactly what you wrote on the form because that's some good colour and vibe because, you know, we're not a document, a black and white text. So that's some really good insight into the future. We want to get back out to regional. and make hay while the sun's shining. Should we continue to debt recycle or just DCA? We have already debt recycled 100K from our PPOR. If our Melbourne home becomes a rental in eight-ish years, does continuing to debt recycle still provide meaningful or portfolio benefits? Purchase another investment property, question mark. Purchase the future lifestyle property early and rent it out for eight to 10 years, then move in later. or just look for an area for just growth, but also taking into account CGT changes, general feedback on how we're sitting.
Is there anything out there that we could be doing if you were in our shoes? So let's just go through the data now and we won't feel clinical, but it's just data. How old are you and your partner? I'm 38 and my wife is 32. We're just going to call her Meg for this just because I'll end up saying old mate and sound condescending if I don't pre-plan this.
You can say Brooke. Brooke. Yeah, go Brooke.
Okay. Could, might or might not be her name. Yeah. So you're 38 and Brooke is 32.
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Chapters
7 chapters
1
What financial advice does Glen provide for relocating to regional Victoria?
0:06–7:14
2
How can Taz maximize their income before moving?
7:14–20:40
3
What is Glen's sound financial house framework?
20:40–25:09
4
Should Taz buy their future home early and rent it out?
25:09–31:06
5
What strategies can be used for debt recycling?
31:06–37:51
6
How much cash should Taz keep for emergencies?
37:51–45:08
7
What are the pros and cons of buying an investment property?
45:08–49:25
Speakers
2 identifiedMore from money money money
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