Speaker 1: 00:01

Speaker 2: 00:03

Speaker 1: 00:04
Growing pains.

Speaker 2: 00:05
Growing Pains.

Caroline: Brunne:  00:07
Welcome to Growing Pains.

The first stages of being financially independent can be really hard. Some of us take the opportunity to find a casual job during our teenage years but not all of us do so to thinking about the future, the allure of purchases your parents cannot or will not buy for you can sometimes be enough to want to earn your own money. But soon especially after leaving school, it becomes apparent to most young adults that being financially independent is about more than buying the smallest things. It is also about managing your living expenses and maybe one day buying your very own home.

Our guest today has had her eyes set on financial independence from a very young age and today she supports individuals to take the right steps to enter the property market. Katherine: Persoglia is the founder and director of Property Before Prada. Kath has been in the mortgage broking business for nearly two decades and is an industry expert. She has helped 1000s of customers obtain home loans and to build wealth and in that she’s helped them develop and achieve their goals. Property is her passion. Kath bought her first property at the age of 19 and over the past 23 years she has bought, sold, developed, and flipped over 20 properties.

Katherine’s educational masterclasses for first homebuyers and is launching a range of courses later this year in 2021, targeted to females and helping them make more informed financial decisions. With an all-female team and a second office in Albury that opened earlier this year. Kathy is excited to grow the business and offer more services to help and educate more clients in particular, helping women to become more financially savvy.

Now, I will say that Kath can help pretty much anyone. If you listen to today’s episode and you think that’s for me, and you’re not a woman, that’s totally fine. Don’t hesitate to contact Kath. All her details are in our show notes. She is a wealth of knowledge and may just be the key you need to own your own home. Let’s have a chat and see what she has to share with us.

Welcome to another episode of Growing Pains. This is our last episode of our six-part series and today I have with me, Katherine: Persoglia. Katherine: or Kath, it’s lovely to be chatting to you today.

Katherine Persoglia:  02:44
Thank you so much for having me on. I’m excited to have a chat with everyone today and share some of my wins and my losses and yes, thank you.

Caroline:  02:57
No problems. To loosen you up, though, I know you are a pro at this podcast thing. I know you’ve done many of these in your time. Let’s do a little bit of rapid fire.

Katherine:  03:08

Caroline:  03:09

Katherine:  03:09

Caroline:  03:10
You’re looking at me. That’s why I don’t tell anyone about rapid fires because then you’ll preempt it and you look like a planner. I get it. My first Rapid Fire question, do you consider yourself a fully grown adult?

Katherine:  03:25

Caroline:  03:27
See, it’s funny because I’ve had I’ve had near five other guests, well, actually more than five, we’ve done five other episodes of this and most people say no. The two women, independent entrepreneurs type have adamantly said yes and then there’s been some other women that some have said, yes, some have said no but most of the guys are like God, no. I don’t know if that’s a gender thing. Why do you consider yourself a fully grown adult?

Katherine:  03:55
I don’t know. I think I’ve gone through so much over the years and I’ve had so many different experiences that have helped me along the way and not all great experiences but I’ve learned a lot from it wnd I was thinking about it the other day about– I’m– I’ve got two boys of my own and trying to build resilience in them and I feel like that that’s probably one of my strongest qualities is resilience and it gives me that confidence that I can face anything. Yes, that’s– I’m confident in who I am.

Caroline:  04:35
I love that. That’s so good. Reversing that mindset, a little bit, what– Tell us about your most embarrassing adult fail. It can be something as trivial as putting your keys in the fridge or it can be something more personal. You are welcome to share whatever you like.

Katherine:  04:54
Oh my, I don’t know. It’s probably me– It’s in business. I got nominated for these big award and I was like– I posted this on Instagram as it was going live because I thought I was going to win it and I didn’t.

Caroline:  05:15

Katherine:  05:17
It was– I was so embarrassed. I’m like– Oh my god, I thought I had this. I’ve never then applied for another award ever.

Caroline:  05:25
Oh, no.

Katherine:  05:25
It’s like, how did I get that? I was like, Oh, sorry, I didn’t think it was me being cocky but I was so embarrassed. I’m like you should see my face. It was like, here it is and it was like, what?

Caroline:  05:35
Yes, wow.

Katherine:  05:42
Not get that and that’s my most recent embarrassing and then every day I do embarrassing stuff but that’s something that highlights that everyone actually saw.

Caroline:  05:56
Oh, wow. Yes, I can’t imagine but I– Though I don’t think I tried to film it. I– Yes, I’ve had those moments there– That’s actually a whole another topic. That whole, like you can only really be at the top for a really short period of time, the peak of the mountain is, there’s only room for a small amount of foot there at once. That’s a whole another conversation, we’ll move on. Thank you for sharing that. Who’s a more grown up adult that you rely on?

Katherine:  06:28
Oh, definitely my husband. I wouldn’t say he’s grown up. He’s an adult, that I rely on. Yes, I definitely rely on him because he– I need him to help me with the family, help with the boys. I absolutely brainstorm ideas. He’s great in that sales environment, and he brings a different element to our conversation because I think one way and he’s awesome at giving me another perspective.

Caroline:  07:01
Yes. Well, that’s good. That’s a good partnership. That’s fantastic. Now, random question for you in our last questions of rapid fire. If you were to choose an actor or actress or whoever to play you in a movie, you today at your current age and then you in your maybe 70s or 80s, who would you choose?

Katherine:  07:23
Definitely now Reese Witherspoon.

Caroline:  07:27
Such a good choice. 

Katherine:  07:27
I love her.

Caroline:  07:28
That would work. I totally say 100%. What about you in your elderly years?

Katherine:  07:34
Now, I’m not great with remembering names.

Caroline:  07:53
Yes [Inaudible 00:07:53].

Katherine:  08:09
Yes. She is an actress that has been in– Oh, I loved– Oh, there’s so many. I’m just now trying to think of her name. She’s got the red hair. She’s had movies with Jack Nicholson. Oh, and also Diane Keaton, love her.

Caroline:  08:09
Julia– Are you thinking of Julianne? Is it Julianne Moore?

Katherine:  08:09
Probably Julianne Moore was probably who I was thinking of but then Diane Keaton as well.

Caroline:  08:09
I love it. All powerhouse women.

Katherine:  08:09
Yes, great.

Caroline:  08:13
Great. Well, that’s the only things I’m going to spring on you without planning because I know you’re a planner. You can’t be in the position that you’re in without being a planner but we know that you have been a property owner for a really long time and to be perfectly honest with you, I’m probably in a similar boat. I invested quite young, I was probably about 20 when I purchased my first property as well but you and I are rarity.

Katherine:  08:43

Caroline:  08:44
We know that. Purchasing property at 19 is a pretty big deal and I’m curious to know because even just reflecting on my own experience, was that something you knew that you wanted? Were you that 10-year-old that was like, as soon as I finished school I’m going to buy my first property or what sparked that for you?

Katherine:  09:03
I was that person. Yes, totally. Yes. I always thought being from a really young age. I was always about building a business. I was about working hard, buying my first car. The next thing was a property for me. I was always aspiring to something and I don’t know what the first motivation for that was but in terms of property, I just fell in love with it from such a young age and it was just natural for me and I didn’t– There was no– I didn’t think about it. I just did it.

Caroline:  09:47
Yes. You sound like you had work the moment you could. I was the same, 14 nine months. That’s it. That used to be. I don’t know if that’s the rule now but that was definitely the rule when you and I were growing up and hustled and did all the things and knew what it was like to be your own boss. Babysitting was that what you were doing at the time?

Katherine:  10:09

Caroline:  10:11
That independence and freedom of spending as well but what did you– There’s a really big leap between making money as a babysitter to purchasing property at 19. That’s in itself is, even if we just do the basic math on that, that’s a leap and a commitment but what did you find to be the biggest challenges in reaching that first goal of purchasing property at 19?

Katherine:  10:36
I guess to me it was just not having the information that we’ve got available to us now.

Caroline:  10:44

Katherine:  10:44
At 19.

Caroline:  10:45
There was no internet. Well, there was but it was pretty crap.

Katherine:  10:47
It was and it wasn’t readily available. It was and brokers weren’t even considered back then. It was, you go to the bank and I went to the bank and I was very naive. I didn’t ask nearly as much questions as I should have and I was not prepared and it’s an intimidating environment when you’re sitting in the banker’s office and you’re basically begging for a loan.

Caroline:  11:27
Yes, pretty much.

Katherine:  11:28
That’s what it was like. Back then, there was nothing available, there was no mentor, there was no guide. All I had were my parents who helped me in terms of information, they’d certainly didn’t help me with a deposit. They were, I think– Growing up, they were my inspiration. I saw what mum and dad did with property in terms of renovating and selling and making money out of it. That’s where I first got that love and that passion from and I just wanted to do at the moment that I could because it was so much fun. Yes, we just– I just had no idea.

Caroline:  12:13
Did you find that in that traditional setting? Like, as I said, I feel like we’re probably of a similar age. We’ll probably having that experience of going to the bank and whatever else. Did you find that the banks were looking at you going, who’s this kid and why are we going to give them money? Did you have to go to more than one bank?

Katherine:  12:30
I didn’t at the time, however, there was a lot of scrutiny and yes, remembering back then, there were no benefits to first time–

Caroline:  12:40
[Inaudible 00:12:40] around back then?

Katherine:  12:43
Absolutely not and you had to pay mortgage insurance or you had to have a larger deposit. There was no such thing as a 95% loan back then. You saved 20%.

Caroline:  12:59

Katherine:  13:00
I paid a 20% deposit.

Caroline:  13:03

Katherine:  13:04
But remembering it’s all relative, like my first property was under $200,000.

Caroline:  13:11
Yes, it’s relative to like– The difference between that and would now be your family home to house or for review and it’s very different. I completely understand that investment and especially your first investment, it’s to get into the market. We often hear and you will well, and truly know of this myth. It may not be a myth, actually but we hear that it’s incredibly hard for people to get into the market, not only for young people. We’re talking specifically to young people at the moment and the Growing Pains of becoming young adults but I know people in their 30s that don’t own property that are still scratching their heads at how they’re going to do that. Do you think it’s actually true that it’s hard to get in into the market? Or is that just a myth that people believe because that’s what the news tells us?

Katherine:  13:56
I don’t actually think it’s a myth. I think there’s a mindset around, can I get into the market or it’s just too difficult? And I think when you’re going through this process, you actually have to make sacrifices. Getting into the market, you do have to stop your spending. You can’t live the life that you’ve lived and spend what you’re spending and expect to get a loan from the bank. 

Whilst property prices have absolutely escalated since I first bought my property, I’ve got to say that number one, I had to have a big deposit. I didn’t have the first homeowners grant. There are so many grants available right now to help young or old get into the market and that is no statuses. You’ve got the first home loan deposit scheme, which you know, takes out that mortgage insurance costs. You’ve got different building grants available now. Yes, their price kept at different points but maybe people need to walk before they run. Don’t put your emphasis on that big property, start small and maybe invest first. Get an investment property that’s maybe not what you want to live in long term at least it’s actually investing and there’s a lot of — I think there’s– 

You need to surround yourself, get yourself professional advice. I mean, we helped a lady the other day and it was actually, she came to us saying, Oh, she’s probably got three years off but she wasn’t the plan. After we’d gone through a discovery session with her, we say, what’s stopping you from doing it now because you both can? And you know what she just didn’t know.

Caroline:  15:53
Yes, well, that’s the thing. I think, be it if you are 17, 18, about to leave school, starting to think of those bigger goals because some as you and I have well and truly demonstrated, there are some out there that are already thinking that big at that age or if you or someone else who is starting to explore those financial goals that you have set for yourself and you think that it might be three years from now or whatever else. It’s so true because sometimes we can surprise ourselves at how quickly we can reach those goals but it’s about commitment. As you said, it’s a mindset and commitment pace. 

If one of our previous episodes on Growing Pains was with Johnny Di Francesco from Gradi and we talked about food and we talked about how expensive smashed avocado is and I know smashed avocado and discussions of property often go hand in hand in the news or in the media whether like people– We say, middle aged white men tell young people that they should eat less cafe brunches to make property purchases but we know that it’s a bit more complicated than that. There’s a few more things that they may need to sacrifice but it’s not in vain the sacrifices to reach the goal and with the right support and the right mentors and the right people with the ear to the ground of what the latest grant is and whatever else it. It sounds like it’s well and truly possible. It’s difficult, but there’s a path.

Katherine:  17:22
Obviously, it is difficult but if it was easy, everyone would be doing it and everyone would be building, big property portfolios but you’ve got to get yourself into a situation and go, look, I’m going to commit to this and whatever your financial goal is and it doesn’t mean that you have to buy property but looking at the way that you spend your money and being aware and just know that if you do want to achieve some of these financial goals in your life, whether it is a share portfolio or property portfolio or build your wealth or be comfortable in retirement or whatever it may be, you do need to make some sacrifices and put some hurt in yourself.

Caroline:  18:12
Yes, because that’s the thing like sacrifice isn’t something that’s easy, it’s no walk in the park, you have to give something up to get the thing. Anyway, be it– You give up your morning sleeping to go for the run to get you ready for the marathon. It’s not– It doesn’t have to be financial but sacrifice and goals are right across the board. You’ve broken down a few myths for us already. What are the myths out there exist in your industry or in the property space that you can demystify for us?

Katherine: 18:44
Look, I honestly think it’s interesting. I have clients come to me with all different things that they’ve heard for their friends or family or you can do this or you do that and it’s like, guys, just step back and actually speak to a professional. Don’t take advice from your mates that did it one way because their financial circumstances could be very different and we get a lot of these and it’s stripping it back and going you’re an individual person with your own individual needs. What is good for you is not going to be good for somebody else. There is so many ways that we can help and so many options out there to help you get into the market and you’ve just got to reach out to the professionals and that’s probably the biggest thing that I suggest is get yourself educated and in front of the right people to give you that right advice. 

That’s probably the biggest thing and you don’t need a 20% deposit. You can get in with a much less deposit. We’ve even got the single parent grant that’s out here the family guaranteed 2% to get in the market a 2% deposit. Now, there’s all ways that we can help people and I think it’s just understanding where you sit and get your numbers. I think I’m all about the numbers, understanding the numbers is the first thing and then you can start to build and plan and see how those numbers fit in with your goals. You got to understand that first.

Caroline:  20:22
Yes, and I think that understanding the numbers pace really goes back to that sacrifice piece we just talked about. It’s like, you can’t sacrifice something you don’t have. If you’re not earning X amount of money but you’re aiming for a goal, then it may not be about sacrifice, it may be about building. Going for that promotion because you know that you’re going to earn X amount of money which is going to give you that additional financial stability and guarantee. Don’t get me wrong, if you’re spending all your money on ridiculous things that like Uber Eats and things that you can sacrifice, then great but it’s also, when you look at the numbers because the numbers don’t lie, then you can well and truly make those educated decisions with the guidance of services like yourself. 

Any other myths out there? What about the market as a whole? Because you live in Melbourne, don’t you? Yes, we both live in Melbourne. Property markets a bit nutty in Melbourne at the moment, COVID has made that 10 times more nutty, more– Personally for me. We’re about to put our property on the market because our agent is like, do it now and you’ll make all the moneys and it doing run that’s really exciting but considering we’re only purchased our property in the last two years and seeing what the differences between what we bought it for and what we most likely would sell it for that to me blows my mind. Now, I know once again, we’re talking about a home for a family versus a one bedrooms or studio apartment as an investment. Is it as crazy as we think it is? What are you seeing out there? Maybe different interstate as well?

Katherine:  22:06
Oh, absolutely. It is and I guess I do have my ear close to the ground. Obviously, it’s the industry that I mean, yes, it’s crazy. In terms of suburbia, outside of the CBD, prices are so hot. In a city, Melbourne apartments have struggled since COVID in because we don’t have that huge influx of immigration and the students and so forth studying. That’s been- That’s certainly been hit. With anything to do with property, I always make sure that I go and seek out the right advice from property experts and they’re advising me what’s happening, of course, I can see what my clients are going through and it has been a very frustrating time for my clients who are trying to purchase a property and it’s going way over quoting range at auction and that’s really upsetting and frustrating when the market is moving so quick and it really– It makes it so difficult to get in that certain price point and I’m finding that I’m readjusting pre approvals for clients at the moment because they’ve gone in a certain level and it’s not getting– A year ago would have bought them that particular property. 

I think it’s about being able to understand how much you can go up to and what we do is get a pre-approval for a client with that limit, as long as they can service the loan and they can budget properly and aim for that and then you’re not having to readjust your thinking through the whole process because it’s emotional roller coaster.

Caroline:  23:53
Yes, like when you find the house you really want like you see yourself living there and you’re pre-approved and whatever else and then you go to that auction and it sells for something ridiculous outside of your pre approval. That’s heartbreaking. Yes.

Katherine:  24:07
We’re finding a lot of that at the moment and look, who knows what will happen in the future. I don’t have a crystal ball. Rates are fabulous. It’s so cheap. 2%– Under 2% for fix. Right now in our market, it’s actually cheaper to own then rent. That’s– 

Caroline:  24:28

Katherine:  24:28
But with yes, look, that’s General please [Crosstalk 00:24:32].

Caroline:  24:31
Let’s clarify that everything we’re talking about is general and we’re using examples and you definitely need to get financial advice and please don’t go get a loan based on this. 

Katherine:  24:44

Caroline:  24:44
Very casual chat we’re having. Contact Kathy, get some numbers analyzed but yes, very general information.

Katherine:  24:51
It’s so general and that’s a generalized comment like what we’re dealing with at the moment is, people can go, well look that’s less than the rent that I’m paying. It’s fabulous. It’s a really good opportunity that if you’ve got a good deposit you can get in. If you don’t have a good deposit, there’s still great opportunities but it’s actually making the commitment and preparation Caroline: is the key, you need to be prepared and that’s probably the biggest thing now is, you need to start between three and six months out from applying for a loan. You need to understand where you’re spending and tidy yourself out and really go through a financial detox because the bank looks at your spending and you can’t now just tomorrow decide to apply for a loan. You need to, as you mentioned before, cut out the Uber eat, stop the after pay.

Caroline:  25:42
After pay. I can’t even– I come from a– I don’t know if it’s just the mindset thing but when I heard the after pay was– I’ve actually never owned a credit card which is one of those we– I’m one of those really weird people and just have never been cut other than mortgages. I’ve never been comfortable using money that isn’t mine and doing it wrong, that’s not great for credit rating. Credit ratings, they like you to have debt because that’s not works when after pay started I was like this is going to destroy people’s financial stability and credit ratings. Get no after pay, no Uber aids, occasional smashed ever make it at home. 

Katherine:  26:26

Caroline:  26:27
Yes, there’s the obvious for and everyone knows what the obvious ones cause they’re all those almost in the moment delight that we have.

Katherine:  26:36
Yes, and just being aware doesn’t mean that you’ve got to stop it. It just means just think before you spend. 

Caroline:  26:44

Katherine:  26:47
That’s part of what we do is help people just to prepare and go, Well, look, do you really need that credit card limit? Maybe let’s reduce it a bit and just be aware of where your money goes, make sure your accounts aren’t overdrawn. Show them that you’re not leaving from month to month, are you putting away money? There’s a whole range of things that you can get yourself credit, ready to prove yourself to the bank and it may be that you don’t want to buy a property you want to put money away. Well, take 20% of what you earn and put it into an investment or put it into shares or put it into a savings account. Just do something that is going to help build your wealth or build your financial stability.

Caroline:  27:38
Yes. Now, for those of you who are listening that are like, Oh, this is exactly what I need, I need help with this or I don’t really know where to start and every time I decide I’m going to save 20% or whatever else that they then have bills that come in and I feel like I’m behind the eight ball. Kath’s business property before product which in itself that name, if you don’t quite know what you’re getting yourself into. The name in itself will tell you property before product. If product is your thing might, be before Uber [Inaudible 00:28:12] but we will make sure that all the Kath’s details are in the show notes. If you use a prenup in and you’re noticing that you’re starting to take some notes or you want to have a chat, then we’ll make that nice and easy for you. 

Now, there will be people listening who probably just isn’t on the radar. They might be young adults, there might not be young adults but they know that some of the guidelines that you’ve recommended or just some of the ideas you’ve recommended could be the steps they need to take financial independence. Financial independence in the sense of what you did in your early, your late teens and early 20s, are there particular things too because it just– Is the first point just knowing what you spend and where do they take it from there to start building that independence? 

Katherine:  29:00
Yes. I– Look, I just winged it basically where I didn’t know what I was doing and I fumbled and you don’t need to now. These days you don’t need to fumble. Access to really good financial advice is available for free on so many different mediums. I think what people need to do is connect with that business or that person or that financial planner that you most feel comfortable with and start following some really good healthy financial advice. I know that there are some great women in financial planning that a lot of my clients follow and they can get great free tips on budgeting on different apps to use and really start to help put together a budget and really in podcast like what we’re on today? There is.

Caroline:  30:03
Yes, there’s so much out there. 

Katherine:  30:04
It is there and it’s fantastic that it’s for free, that you don’t need to pay for a financial planner and you might say, look, I want to set myself a goal $1,000 and then I’m going to invest it. Well, you find and you connect with that financial planner that is speaking to you and go, Oh, great. I’m going to do this and maybe just start small, don’t start being set some really small targets and chip away and work about. It might be just $1,000. This is my plan. $1,000 once I reach, I’m going to pop that into shares or whatever it may be. 

Caroline:  30:43
Yes. I love that. I think that that’s such a good point because there is so much and not even on just on this topic, any topic. You can YouTube and Google and podcasts and website, search anything and you will find something. Now, don’t get me wrong. Not everything is going to be great. Not all the advice out there is the right advice and it’s similar to what Kathy was saying just a moment ago about the different circumstances. What the advice that may resonate for your neighbor, may not be the right advice for you and may not be the right guide for your initial budgeting or whatever else but have a listen. Do your research and no, we’re not talking about something that’s not important. We’re talking about money and that’s the thing that pays our bills and it’s the thing that takes us on our holidays and it’s the thing that keeps us functioning in our society. Yes, definitely great and super easy steps forward. 

Now, there will be some listeners out there who have tuned in specifically because they’re like, yes, I want to enter the property market. You have already shared with us that you need to at least be kind of three to six months out. What are the steps, be it if you– The first step from what I’m hearing from you, if you’re six months out, is to start cleaning up and getting good advice. If you’re closer to the five, six-month mark, you’ve actively been doing the right thing and you’ve been saving and cleaning things up and you think you’re ready? What– How does– How would someone approach a business like yours and what comes next?

Katherine:  32:24
Normally, we will guide someone from the three to six mark, get them cleaned up, and get them in a position that come that deadline. We’re ready to actually lodge their loan for a pre-approval. Now, when they come to u, and they might not have even started cleaning up anything now or they might be in a position where they think that they’re ready to actually go to the bank, what we do is actually go through and give them the numbers, how much can they borrow? What do they need to save? What are their monthly repayments? We work out those key things and collectively, they’re doing a financial detox, they understand that once they are ready, this is the purchase price. This is the loan amount. This is my savings. These are my monthly repayments, they are all over it. They know their numbers, that’s number one and that’s when we take it back and go right. You know your numbers, you’ve cleaned your finances up, you’re looking good for the bank. Now let’s drill down what bank is going to be the best for your particular circumstance? That’s the next step and that’s when we take them and get them a pre-approval.

Caroline:  33:55
For people out there that don’t quite understand this concept of a broker. We’ve used a broker. I understand what you’re saying. That is the service that you provide. This example does not require said individual to go in and meet with five banks because– Am I right in saying that you do that on their behalf?

Katherine:  34:18
Correct and we’ve got 60 odd lenders on our panel. 

Caroline:  34:22

Katherine:  34:23

Caroline:  34:24
People realize that there are 60 odd, probably more organizations that they can borrow money from?

Katherine:  34:31
I don’t think a lot of people know that but we have access and it’s again, it’s there’s so many different needs out there that they generally is finance for anyone and our job as a broker we are very highly regulated. Similar we’re going in a similar vein as financial planners. We are obligated by best interest duty to give our clients three different options as a minimum and as part of the organization that I work under which is loan market, we need to give our clients five different loan options. Gone are the days where brokers and this is something that I didn’t do but I do hear a lot about is when a broker just says that’s going to be your best loan that doesn’t cut the mustard any longer, it’s drilling down and sometimes I do need to say to customers, my obligation is to give you five different loan options. However, your circumstances are so unique, I can give you one or I can give you true but that needs to be documented in everything that I do to show the government to show assay that I understand my client’s needs, it is quite an in depth job that we now has to do, just to prove why we’re making some recommendations.

Caroline:  36:00
I guess what’s brilliant about that is not only for someone who, and I didn’t even think this is an age thing. I– You– We could put a 19-year-old in front of you and we could put a 49-year-old in front of you but this information is not something that people have in their brains, they unless you work in the industry and considering how quickly things can move and change with grants and opportunities and rules and whatever. This is very much why people like yourself exists because it’s a tricky system to navigate and a loan isn’t for a year, it’s for a really long time. You want to get it as close to right as possible and even then we’ve got refinancing and all of that other stuff once you in the system which is something that we could probably have a whole another podcast. 

Thank you for explaining that because I think it’s really important for, as I said, anyone who isn’t in the market and in that space has yet to at least get a bit of a taste of what some of those steps look like. 

Wow, thank you that was so much like really practical information and to be honest, I wish there was someone like you around when I was purchasing my first property, it was just daunting and I remember that actually that I remember the first time I before. I was probably about a year before I actually purchased the property. I remember the first bank I sat in front of in my naive 18-year-old self was like, we’re not giving you a loan. Are you mad? You’re 18. What? Yes, you’ve got a full time job or who cares? They almost one made me feel really uncomfortable and to eat almost felt like they were laughing at me. You’ve got to be kidding me and even then, I had the determination and the will and the options to sacrifice where I needed to but yes, it is great that this people like you just almost going in for the kill. Paul little auto saving pennies having to do that hard work. Is there anything else before we start to wrap up? I am curious to know, what would you– How do you speak to your children? Your kids are obviously younger than young adult stage but how do you talk to kids about money when it comes to things like this?

Katherine:  38:25
They are really open about money. It’s something that– Because I– Look, I’m surrounded by it and I think my kids are really privileged with what they’ve got and I don’t think that they actually understand what they have and that’s probably the biggest thing now is, my husband and I, we don’t come from wealth, everything that we’ve done, we’ve built ourselves and our children have a blessed life, they get a lot of things and they actually don’t absolutely do not understand how good they’ve got it and is actually it is quite difficult to really instill in them that it is a privilege to go to certain schools. It is not everyone has this life. 

Caroline:  39:22

Katherine:  39:24
We’ve worked really hard for it and having those real conversations and trying to get them to understand that Daddy didn’t have this, daddy had to get a scholarship and catch two buses or trying and walk three hours to get to his school. Yes, you don’t have that. You have to go to a great school and we drop you off and life is great. Not every child has this. I think that’s the hardest part is getting Parents is reminding our children to be grateful and it’s really difficult when they’re born into a not cushy little life. 

Caroline:  40:11
Yes, but you’ve worked really hard to create for them. But nonetheless, it’s privileged. 

Katherine:  40:16
Absolutely but it’s trying to keep them grounded in keeping it real so that they understand and they know how hard I work. Rafi my younger, go, Mommy, please, you’ve worked all day. They get it, they see us working so hard but yes, it is a mission and it’s an ongoing thing that it’s we’re always navigating to use the right language around them so that they know it’s not easy and you do have to work and you do have to make sacrifices. That’s the biggest thing that we, every day we’re navigating.

Caroline:  40:53
Yes, no that’s a really good point because regardless of what position you’re in, there will be people out there whose parents can assist them with their deposit, they will be or not even parents, just anyone in their lives that may have the funding. There may be people out there that have some inheritance that they can put towards property but there could be that person that’s working for jobs, that is putting themselves through university, that is hustling as hard as they can hustle to ensure that they in the next five years will have that deposit that they feel that they are comfortable with and also the the earnings to serve as the mortgage moving forward and maintain a lifestyle and all of the other bits and pieces and yes, I agree with you, it is– I have– We’ve worked as hard as we have to create the lives that we want for ourselves, but also the lives we want for our families but therefore, they’re born into these lives, they haven’t quite had to work too hard to have. I’ve just told my kids that they can, which is actually not like, which is actually true. I’m not making this up to sound mean, I’ve told my kids that they can’t have their inheritance till they’re 30. They know what it’s like to actually look for all the things.

Katherine:  42:11
I think if especially with children that are born, and like– I was never given anything, neither was my husband. It’s like, we have to work really hard for this and unfortunately, that’s the downside when you’re able to provide so much more for your children than what we were able to be given. They– You can see that they losing that burn inside of your stomach that drives you. It motivates you because if you don’t do it, no one else.

Caroline:  42:47
So true. In reflecting on that, then I’m curious with our– My last question for today. What piece of advice would you give to your 18-year-old self? You sound like you were super determined but knowing all you know now, what would you say to your 18-year-old self?

Katherine:  43:06
Just how important investing actually is like it is so important and I don’t think I fully understood back then how those financial decisions would play out and benefit me later in life. Probably the biggest thing, it’s just never under estimating that.

Caroline:  43:34
Yes, well, that in itself is brilliant. I thank you very much. There’s some people that reflect on their 18-year-old selves and say different things but yes, it does sound like you are on the right track, you just maybe needed a bit more understanding which would have come if we– You’re in a different time where podcasts existed.

Katherine:  43:56
Any help. 

Caroline:  43:59
It would have been great.

Well, Kathy thank you so much for everything you shared with us today and I’m sure regardless of the age and the life stage of our listeners, they will well and truly have benefit– Benefited from the knowledge that you shared with us. As I mentioned to our listeners, if you would like to connect with Kathy, if you would like to engage with her from a business capacity or just connect with her and follow some of the great things that she shares on social media. We’ll have all of her details in the show notes. Thank you. 

Katherine:  44:32
Thank you. 

Caroline:  44:35
To our listeners, this is yes the formal last episode of season one of Growing Pains. We will chat to you again soon as we come back for season two. 

There you have it. The last episode of the six-part series of Growing Pains. I don’t know about you but I learned a lot from Kath in this episode. I bet– Even for me, someone who has been in the property market for quite some time, there was still so much information that she shared with us today and yes, I will well and truly be taking some mental notes. For the next time, I head into that space of purchasing property. 

For you, if you have found that today’s episode has sparked some interest for you or you’d like to start thinking further on how you can gain that financial independence, do that financial cleanup, and potentially buy your first or maybe second or third property, then definitely check out Kath and her business Property before Prada. All of her details are in our show notes. 

To our listeners as a whole. I really want to say thank you for joining us on this journey. That has been the six-part series of Growing Pains. This is our first season and we can’t wait to get started on season two as it’s been so much fun creating this for you and we will really want to do more of this in the future. Thank you again for being a part of this community and if you do know someone that would love to have a listen or that you just think might benefit from some of the information that we’ve shared with you, be sure to share our details. Make sure you’ve subscribed so you don’t miss out on future seasons and yes, follow us on socials at organisecuratedesign so you can see what’s coming up for us as a team and definitely for the podcast. That is all for me. Thank you again. I’m Caroline: Brunne, and this has been Growing Pains.