Our Best and Worst Financial Decisions

[arve url="https://www.youtube.com/watch?v=ppXWxLebvjQ" mode="lazyload" align="center" /] In marriage and life you make some good and some terrible financial decisions. Here are the best and worst financial decisions that we have made in our life. Resources Related To this Episode Barefoot Investor Bank Accounts Explained Our Budgeting Fails Transcription: In life and in marriage, there are some good financial decisions that you make and there's some bad financial decisions that you make. And so we thought that it would be fun to do an episode on our best and worst financial decisions over the last 10 years of marriage. So Hey, I'm Ryan from on-property Dotcom Day you, I hope people find property and achieve financial freedom. And today I'm joined by my wife. She's Kelly. Say Hi, I'm Kelly. Okay. And so we want to talk through. This was kind of funny like going through this list and thinking what's our best and worst financial decisions we like immediately filled out the worst color like we had. Like really we have no problem locking in this day and it took us a bit longer to work out what our best decisions were. But yeah, I think this is going to be a fun episode to talk about this of stuff. So should we do like one best one where. So she would just like start with the worst because they're the ones kind of alone with. Okay. So some of the worst decisions that we made financially, the first one was I bought a bunch of USB sticks from shine, so this was at the time were seven years ago, quick get rich quick scheme, but the idea was important things from China and then sell them on Ebay. And so I'd done some research into it and been on Alibaba and thought I thought I found an opportunity in the market and bought a bunch of USB sticks to sell on Ebay. And the other time we were living in your mom's like granny flat and we had no money basically. And so I spent about a thousand dollars on these USB sticks and they ended up, they ended up being fake. And so I sold a bunch of them on Ebay, found out they were fake because people started complaining. And so then I did the only thing that I thought was right, which was refund everyone. And so not only did I have to pay the thousand dollars, but then there's all these like Ebay fees and everything as well. And that was basically our life savings at the time. Yeah. So that was a pretty big mistake for us at the time and while a thousand dollars might not sound a lot to people out there or it might be alive for us a lot for us, for us at the time it was a lot of money and I dug us into a pretty big hole. But yeah, noodles for awhile. And so another bad decision that we had made actually prior to that was we were going over to New Zealand for a holiday slash care was going to be working over there to do up a new freedom store that they were opening and we thought, you know what we're going to be like on holidays for two weeks. One, why pay rent for those two ways? Story. It's like, yeah, we're out. And they come with the doorway. That dumb. It was so wet, we don't want to pay two weeks it was about 300 bucks a week or three slash 20 a week. At the time this was like $600. So like yeah, we don't want to do that. So let's put our stuff in storage. And then when we come home, will I live with my mum for a bit until we find another place that was so stressful. It's so stressful. And the apartment that we gave up was awesome. It was good. Hey, you could. That was like, Oh shit. It was like three. It was all white as well. So that was, that was a really dumb decision and I think we have probably a dumb financial decision, but one that I don't really regret is that we have moved so many times. We've had moved more than we've holidayed yes. Really? So we'll be married 10 years and I think this house is like our 13th or 14th place that we have lived in in 10 years. There was at one point we were on average staying in places less than six months. Like we had moved like eight, eight places in less than four street. That was like 11 months was the longest we've ever lived in one place. And so every time you move there's extra costs with moving, with moving the Internet. Ah, yeah, yeah, yeah. All the utilities. And then the crossover, the rents as well. You would never lined it up perfectly and we will be breaking rules, breaking leases, so we'd be paying double rent as well as fees on top of that. So yeah. I don't know why we do that so many times, but wait, did they on. I really like it. Let's move. But now now we feel settled. I feel like this is the first house where we actually feel settled and we want to stay here, so fingers crossed we get to stay here for awhile so it will be like, okay, another dumb financial decision. Oh yeah. That's one of those things where you bought a range rover because we thought we just love range rovers. They liked such sexy car. Awesome. This one's only like six grand. Awesome. Who will just buy it? I mean there'll be that thing wrong with it and everything was wrong with it. It was just like. So we bought this range rover for $5,000. That was obviously an older model and it was apparently when a range rover had changed companies to bmw or something. It was just like, it was like this one model that was like we found out later is like the worst model of Range Rover to buy and sell. Money was so tight at that time. We just had our second kid, I was a pharmaceutical rep but my commissions hadn't come in yet and so we were so tight on money and this thing was just a gas guzzler and we lived on the central coast and everywhere was like 15, 20 minutes drive on the freeway and we couldn't even afford put petrol in it. Like be like never filled the tank ever. When we bought it it was 80 bucks and it was and my mom paid for that way. Like do we want to go out? If we want to go out we have to like that's just petrol money. Like we can't afford to go anywhere. That'd be $20 to drive to the entrance so we could go to the beach that day. And it was just like, it was so silly and everything was broken. Like the air conditioner didn't work. It would just pump heat the whole time. So we ended up having to like duct tape over the bed so you didn't burn yourself so on and then the passenger door, like the deal didn't seal properly. So when you're on the freeway it was so loud. So then we end up having to tape the door, shut the door and you'd be like, Oh yeah, sure mate, I'll give you a ride. You just have to climb, climb over it. So yeah, we had that car for about one or two months and then we went and got it service and then the association will like, yeah, you should get rid of this Scott, how long have you had this? And we were like, we just get rid of it now. It's like there's nothing wrong with it now, but like the chance of solving happening, like really expensive events so you can get rid of it. So that was bad. But that was a. We thought okay, we young, we wanted to buy this like aspirational car and we bought one sheet when we thought okay, people who are older than us, they would have already made this mistake, they wouldn't do this. But then since then we've seen them, people in their forties, fifties who just make way worse, like the same, like they'll go and buy like a European car that's got all these problems and, and you decide, oh, I mean I made that mistake when I was younger. I feel good now. That mistake cost us a few thousand dollars and people buy them brand new $10,000 of mistakes. Oh yeah, this is, this is pretty long. And the other one that we had was we got into a lot of debt very early in our marriage. So when you were single you got a car loan, which I think was that bad because you needed that car for work because you're traveling for work. But then we also both got credit cards because for some reason the banks gave us like these big credit cards with like five grand limits each. And then we also got a loan for our honeymoon as well. We honeymooned on our credit card, which is never really. I would never advise anyone to do that now. Just go camping. Yeah. And so we started our marriage about like 20 grand in the hole basically, and having those repayments and that was leaving. It was just that we just, we're living beyond our means the entire time. Just unrealistic really. I think that was a, that was really bad and we had to deal with that and we were very fortunate that my mom kind of like helped us get out of that by taking on some of that debt, giving us a lower interest rate so that we could pay it off to her. So we're very grateful to her for helping us to get out of debt. But yes, once we got out of that debt, then I made the decision that we're not going to do that again. And so that was actually one of our best financial decisions that we've got in the best column was just that we're not going to get into debt. And so I remember having fights with you multiple times because like we had a crap car, like after the Range Rover we had a nimbus which you, which you never drive. One of those guys was like, I hate this guy driving this car, let's just get a car loan and buy another car. And I'm like, no. We're like, we're not getting anywhere, but you will. Right. You were right. And it was a good decision to make. Just pay cash until save up until you have enough to buy what you really want. Yeah. And so that's what we did. So we had the Nimbus and then that died that we had an extra that was $4,000 and then that died. And then um, yeah, we bought the jazz which was like six or $7,000 and that's going strong still. That's been a great car. But yeah, just that not getting in debt because then I feel like that gave us the freedom to then be more flexible with our life. Like to move houses, to go in the van to move up to Noosa. Well, and because that meant you could quit your job because we didn't have all these loans to pay.