{"version":"1.0.0","segments":[{"speaker":"Andrew Bean","startTime":7.89,"endTime":11.04,"body":"This is the"},{"speaker":"Andrew Bean","startTime":7.89,"endTime":11.04,"body":"financial freedom series"},{"speaker":"Andrew Bean","startTime":11.04,"endTime":16.08,"body":"designed to show you how to cash"},{"speaker":"Andrew Bean","startTime":11.04,"endTime":16.08,"body":"flow your way to financial"},{"speaker":"Andrew Bean","startTime":16.14,"endTime":22.02,"body":"freedom brought to you by Lagos"},{"speaker":"Andrew Bean","startTime":16.14,"endTime":22.02,"body":"financial, the road to financial"},{"speaker":"Andrew Bean","startTime":22.02,"endTime":24.0,"body":"freedom starts today."},{"speaker":"Andrew Bean","startTime":26.49,"endTime":30.24,"body":"Welcome to the Financial Freedom"},{"speaker":"Andrew Bean","startTime":26.49,"endTime":30.24,"body":"series. My name is Andrew Bean,"},{"speaker":"Andrew Bean","startTime":30.42,"endTime":35.4,"body":"and I'm here with top mortgage"},{"speaker":"Andrew Bean","startTime":30.42,"endTime":35.4,"body":"broker and financial expert."},{"speaker":"Andrew Bean","startTime":35.55,"endTime":39.63,"body":"Victor Lagos, founder of Lagos"},{"speaker":"Andrew Bean","startTime":35.55,"endTime":39.63,"body":"Financial"},{"speaker":"Andrew Bean","startTime":39.63,"endTime":40.41,"body":"how are you mate?"},{"speaker":"Victor Lagos","startTime":40.56,"endTime":42.0,"body":"I'm good, Andrew,"},{"speaker":"Victor Lagos","startTime":40.56,"endTime":42.0,"body":"how are you? Mate?"},{"speaker":"Andrew Bean","startTime":41.99,"endTime":44.99,"body":"I'm fantastic buddy"},{"speaker":"Andrew Bean","startTime":41.99,"endTime":44.99,"body":"Super pumped to have you here"},{"speaker":"Andrew Bean","startTime":44.99,"endTime":47.12,"body":"with this new series made? How"},{"speaker":"Andrew Bean","startTime":44.99,"endTime":47.12,"body":"are you feeling?"},{"speaker":"Victor Lagos","startTime":47.4,"endTime":49.29,"body":"I'm excited,"},{"speaker":"Victor Lagos","startTime":47.4,"endTime":49.29,"body":"something that's been on my mind"},{"speaker":"Victor Lagos","startTime":49.29,"endTime":51.81,"body":"for a long time to help people"},{"speaker":"Victor Lagos","startTime":49.29,"endTime":51.81,"body":"with their finances preparing"},{"speaker":"Victor Lagos","startTime":51.81,"endTime":54.0,"body":"for a mortgage payment to buy"},{"speaker":"Victor Lagos","startTime":51.81,"endTime":54.0,"body":"property,"},{"speaker":"Andrew Bean","startTime":54.54,"endTime":57.42,"body":"All right mate so"},{"speaker":"Andrew Bean","startTime":54.54,"endTime":57.42,"body":"today we're actually kicking off"},{"speaker":"Andrew Bean","startTime":57.45,"endTime":61.35,"body":"a six part series, a six part"},{"speaker":"Andrew Bean","startTime":57.45,"endTime":61.35,"body":"financial freedom series that we"},{"speaker":"Andrew Bean","startTime":61.35,"endTime":65.46,"body":"have put together to help and"},{"speaker":"Andrew Bean","startTime":61.35,"endTime":65.46,"body":"educate investors on how to"},{"speaker":"Andrew Bean","startTime":65.46,"endTime":69.3,"body":"improve their borrowing capacity"},{"speaker":"Andrew Bean","startTime":65.46,"endTime":69.3,"body":"and making themselves look"},{"speaker":"Andrew Bean","startTime":69.33,"endTime":72.15,"body":"overall better to the bank."},{"speaker":"Andrew Bean","startTime":69.33,"endTime":72.15,"body":"Right. And I know that you're"},{"speaker":"Andrew Bean","startTime":72.15,"endTime":73.38,"body":"the man to talk to you for that"},{"speaker":"Victor Lagos","startTime":73.44,"endTime":77.07,"body":". Yeah, well, I've"},{"speaker":"Victor Lagos","startTime":73.44,"endTime":77.07,"body":"been in the game for close to 17"},{"speaker":"Victor Lagos","startTime":77.1,"endTime":80.85,"body":"years now. So broker for eight"},{"speaker":"Victor Lagos","startTime":77.1,"endTime":80.85,"body":"years. So yeah, happy to be on"},{"speaker":"Victor Lagos","startTime":80.85,"endTime":82.02,"body":"happy to help as much as I can."},{"speaker":"Andrew Bean","startTime":82.33,"endTime":84.76,"body":"That's it, man, I"},{"speaker":"Andrew Bean","startTime":82.33,"endTime":84.76,"body":"guess like, the way you need to"},{"speaker":"Andrew Bean","startTime":84.76,"endTime":87.64,"body":"look at it is also like the more"},{"speaker":"Andrew Bean","startTime":84.76,"endTime":87.64,"body":"debt you can take on the more"},{"speaker":"Andrew Bean","startTime":87.64,"endTime":90.61,"body":"debt that actually cashflow is"},{"speaker":"Andrew Bean","startTime":87.64,"endTime":90.61,"body":"not debt that puts you in a"},{"speaker":"Andrew Bean","startTime":90.61,"endTime":94.15,"body":"negative position that puts you"},{"speaker":"Andrew Bean","startTime":90.61,"endTime":94.15,"body":"in a positive position, the more"},{"speaker":"Andrew Bean","startTime":94.18,"endTime":97.03,"body":"money and the more wealth you"},{"speaker":"Andrew Bean","startTime":94.18,"endTime":97.03,"body":"can actually make. So that's"},{"speaker":"Andrew Bean","startTime":97.03,"endTime":100.87,"body":"really the important piece on"},{"speaker":"Andrew Bean","startTime":97.03,"endTime":100.87,"body":"this, we want to be able to help"},{"speaker":"Andrew Bean","startTime":100.87,"endTime":105.49,"body":"investors and every single"},{"speaker":"Andrew Bean","startTime":100.87,"endTime":105.49,"body":"person to get into some kind of"},{"speaker":"Andrew Bean","startTime":105.49,"endTime":108.88,"body":"property, hopefully a commercial"},{"speaker":"Andrew Bean","startTime":105.49,"endTime":108.88,"body":"property that's cash flowing, to"},{"speaker":"Andrew Bean","startTime":108.88,"endTime":112.0,"body":"basically find financial"},{"speaker":"Andrew Bean","startTime":108.88,"endTime":112.0,"body":"freedom, because at the end of"},{"speaker":"Andrew Bean","startTime":112.0,"endTime":114.94,"body":"the day, that's why we're doing"},{"speaker":"Andrew Bean","startTime":112.0,"endTime":114.94,"body":"this, we're trying to get to"},{"speaker":"Andrew Bean","startTime":114.94,"endTime":118.15,"body":"financial freedom, so we can"},{"speaker":"Andrew Bean","startTime":114.94,"endTime":118.15,"body":"choose what to do with our time,"},{"speaker":"Andrew Bean","startTime":118.36,"endTime":121.0,"body":"instead of having to go to the"},{"speaker":"Andrew Bean","startTime":118.36,"endTime":121.0,"body":"nine to five."},{"speaker":"Victor Lagos","startTime":121.15,"endTime":123.34,"body":"No, exactly."},{"speaker":"Victor Lagos","startTime":121.15,"endTime":123.34,"body":"That's why I started my own"},{"speaker":"Victor Lagos","startTime":123.34,"endTime":126.43,"body":"podcast, because at the end of"},{"speaker":"Victor Lagos","startTime":123.34,"endTime":126.43,"body":"the day, people are gonna get"},{"speaker":"Victor Lagos","startTime":126.43,"endTime":129.58,"body":"into debt. And if they don't"},{"speaker":"Victor Lagos","startTime":126.43,"endTime":129.58,"body":"have the right help to use debt"},{"speaker":"Victor Lagos","startTime":129.58,"endTime":132.01,"body":"to propel them forward to"},{"speaker":"Victor Lagos","startTime":129.58,"endTime":132.01,"body":"financial freedom, it can"},{"speaker":"Victor Lagos","startTime":132.01,"endTime":133.27,"body":"actually put them backwards."},{"speaker":"Andrew Bean","startTime":133.54,"endTime":135.88,"body":"That's it night."},{"speaker":"Andrew Bean","startTime":133.54,"endTime":135.88,"body":"All right. So in today's"},{"speaker":"Andrew Bean","startTime":135.88,"endTime":139.42,"body":"episode, we're going to be"},{"speaker":"Andrew Bean","startTime":135.88,"endTime":139.42,"body":"talking about how to clean up"},{"speaker":"Andrew Bean","startTime":139.42,"endTime":143.59,"body":"your act, how to make yourself"},{"speaker":"Andrew Bean","startTime":139.42,"endTime":143.59,"body":"look better in the bank's eyes"},{"speaker":"Andrew Bean","startTime":143.59,"endTime":148.42,"body":"in terms of like, not spending"},{"speaker":"Andrew Bean","startTime":143.59,"endTime":148.42,"body":"so much money on incidental crap"},{"speaker":"Andrew Bean","startTime":148.42,"endTime":152.11,"body":"and making yourself really being"},{"speaker":"Andrew Bean","startTime":148.42,"endTime":152.11,"body":"able to have really good"},{"speaker":"Andrew Bean","startTime":152.11,"endTime":155.35,"body":"borrowing capacity, because like"},{"speaker":"Andrew Bean","startTime":152.11,"endTime":155.35,"body":"we just said, the more debt you"},{"speaker":"Andrew Bean","startTime":155.35,"endTime":158.5,"body":"can take on the cash flows, the"},{"speaker":"Andrew Bean","startTime":155.35,"endTime":158.5,"body":"better position, you're going to"},{"speaker":"Andrew Bean","startTime":158.5,"endTime":162.4,"body":"be to actually buy more property"},{"speaker":"Andrew Bean","startTime":158.5,"endTime":162.4,"body":"that cash flows and to reach"},{"speaker":"Andrew Bean","startTime":162.4,"endTime":166.9,"body":"that financial goal. So mate how"},{"speaker":"Andrew Bean","startTime":162.4,"endTime":166.9,"body":"many months prior to like"},{"speaker":"Andrew Bean","startTime":166.93,"endTime":171.49,"body":"applying for finance? Would you"},{"speaker":"Andrew Bean","startTime":166.93,"endTime":171.49,"body":"start trying to clean up your"},{"speaker":"Andrew Bean","startTime":171.49,"endTime":174.31,"body":"act in terms of looking better"},{"speaker":"Andrew Bean","startTime":171.49,"endTime":174.31,"body":"for lending for the bank?"},{"speaker":"Victor Lagos","startTime":174.48,"endTime":177.03,"body":"Well, it depends"},{"speaker":"Victor Lagos","startTime":174.48,"endTime":177.03,"body":"on your goals. So if you're"},{"speaker":"Victor Lagos","startTime":177.03,"endTime":179.88,"body":"going to want to buy a property,"},{"speaker":"Victor Lagos","startTime":177.03,"endTime":179.88,"body":"and you don't have a deposit,"},{"speaker":"Victor Lagos","startTime":180.12,"endTime":183.06,"body":"the sooner the better, it might"},{"speaker":"Victor Lagos","startTime":180.12,"endTime":183.06,"body":"take you 12 months to get there."},{"speaker":"Victor Lagos","startTime":183.33,"endTime":186.48,"body":"So if you can start managing"},{"speaker":"Victor Lagos","startTime":183.33,"endTime":186.48,"body":"your money now, to prepare to"},{"speaker":"Victor Lagos","startTime":186.48,"endTime":190.26,"body":"apply for finance, between say"},{"speaker":"Victor Lagos","startTime":186.48,"endTime":190.26,"body":"three months before you actually"},{"speaker":"Victor Lagos","startTime":190.26,"endTime":193.74,"body":"apply at that point, your mind"},{"speaker":"Victor Lagos","startTime":190.26,"endTime":193.74,"body":"is should be working. And you"},{"speaker":"Victor Lagos","startTime":193.74,"endTime":195.72,"body":"should be looking good ready for"},{"speaker":"Victor Lagos","startTime":193.74,"endTime":195.72,"body":"a bank loan?"},{"speaker":"Andrew Bean","startTime":195.99,"endTime":198.21,"body":"So you think three"},{"speaker":"Andrew Bean","startTime":195.99,"endTime":198.21,"body":"months is enough for would you"},{"speaker":"Andrew Bean","startTime":198.21,"endTime":201.18,"body":"start possibly doing this when"},{"speaker":"Andrew Bean","startTime":198.21,"endTime":201.18,"body":"you start saving for that"},{"speaker":"Andrew Bean","startTime":201.18,"endTime":204.99,"body":"deposit? Like it could be like"},{"speaker":"Andrew Bean","startTime":201.18,"endTime":204.99,"body":"612 months, 18 months, even 36"},{"speaker":"Andrew Bean","startTime":204.99,"endTime":207.66,"body":"months out sometimes for these"},{"speaker":"Andrew Bean","startTime":204.99,"endTime":207.66,"body":"big monster deposits you need"},{"speaker":"Andrew Bean","startTime":207.66,"endTime":208.71,"body":"for commercial property?"},{"speaker":"Victor Lagos","startTime":208.9,"endTime":211.57,"body":"Yeah, look, if you"},{"speaker":"Victor Lagos","startTime":208.9,"endTime":211.57,"body":"just think about how much of a"},{"speaker":"Victor Lagos","startTime":211.57,"endTime":214.69,"body":"deposit you need, and where"},{"speaker":"Victor Lagos","startTime":211.57,"endTime":214.69,"body":"you're starting from, you might"},{"speaker":"Victor Lagos","startTime":214.69,"endTime":217.93,"body":"need 12 to 18 months to get"},{"speaker":"Victor Lagos","startTime":214.69,"endTime":217.93,"body":"there. It depends on where"},{"speaker":"Victor Lagos","startTime":217.93,"endTime":220.63,"body":"you're starting from. If you're"},{"speaker":"Victor Lagos","startTime":217.93,"endTime":220.63,"body":"really bad with money, and you"},{"speaker":"Victor Lagos","startTime":220.63,"endTime":224.11,"body":"got a lot of debt, you want to"},{"speaker":"Victor Lagos","startTime":220.63,"endTime":224.11,"body":"start well in advance, I'd say"},{"speaker":"Victor Lagos","startTime":224.14,"endTime":225.58,"body":"12 months, 18 months at least."},{"speaker":"Andrew Bean","startTime":225.97,"endTime":228.37,"body":"So when you"},{"speaker":"Andrew Bean","startTime":225.97,"endTime":228.37,"body":"actually go through to apply for"},{"speaker":"Andrew Bean","startTime":228.37,"endTime":232.09,"body":"finance, will the bank just go"},{"speaker":"Andrew Bean","startTime":228.37,"endTime":232.09,"body":"through the statement that you"},{"speaker":"Andrew Bean","startTime":232.09,"endTime":235.63,"body":"give them? Or do they have"},{"speaker":"Andrew Bean","startTime":232.09,"endTime":235.63,"body":"access to be able to look beyond"},{"speaker":"Andrew Bean","startTime":235.63,"endTime":238.51,"body":"like the digital records, or"},{"speaker":"Andrew Bean","startTime":235.63,"endTime":238.51,"body":"basically whatever they want to"},{"speaker":"Andrew Bean","startTime":238.51,"endTime":238.93,"body":"look at?"},{"speaker":"Victor Lagos","startTime":239.14,"endTime":240.97,"body":"Yeah, so at the"},{"speaker":"Victor Lagos","startTime":239.14,"endTime":240.97,"body":"moment, there's a thing that's"},{"speaker":"Victor Lagos","startTime":240.97,"endTime":244.87,"body":"coming out called Open banking,"},{"speaker":"Victor Lagos","startTime":240.97,"endTime":244.87,"body":"it's not out yet. But while it's"},{"speaker":"Victor Lagos","startTime":244.87,"endTime":247.66,"body":"not, the bank will only have"},{"speaker":"Victor Lagos","startTime":244.87,"endTime":247.66,"body":"access to see the statements"},{"speaker":"Victor Lagos","startTime":247.66,"endTime":251.11,"body":"that you provide them. And for"},{"speaker":"Victor Lagos","startTime":247.66,"endTime":251.11,"body":"an application, they usually"},{"speaker":"Victor Lagos","startTime":251.11,"endTime":254.89,"body":"just want to see the account"},{"speaker":"Victor Lagos","startTime":251.11,"endTime":254.89,"body":"where your salary gets paid to"},{"speaker":"Victor Lagos","startTime":254.89,"endTime":258.04,"body":"are your main transacting"},{"speaker":"Victor Lagos","startTime":254.89,"endTime":258.04,"body":"account. But say you get paid"},{"speaker":"Victor Lagos","startTime":258.07,"endTime":261.25,"body":"and you just transfer that money"},{"speaker":"Victor Lagos","startTime":258.07,"endTime":261.25,"body":"out the same day or the next day"},{"speaker":"Victor Lagos","startTime":261.25,"endTime":263.47,"body":"to another account, they're"},{"speaker":"Victor Lagos","startTime":261.25,"endTime":263.47,"body":"gonna want to see that account"},{"speaker":"Victor Lagos","startTime":263.47,"endTime":266.59,"body":"too. But if it's just your main"},{"speaker":"Victor Lagos","startTime":263.47,"endTime":266.59,"body":"account, your bills get paid"},{"speaker":"Victor Lagos","startTime":266.59,"endTime":268.9,"body":"from there, but then you save"},{"speaker":"Victor Lagos","startTime":266.59,"endTime":268.9,"body":"and separate accounts are not"},{"speaker":"Victor Lagos","startTime":268.9,"endTime":270.97,"body":"going to ask about the other"},{"speaker":"Victor Lagos","startTime":268.9,"endTime":270.97,"body":"ones. So just look at that main"},{"speaker":"Victor Lagos","startTime":270.97,"endTime":271.15,"body":"one."},{"speaker":"Andrew Bean","startTime":272.05,"endTime":274.93,"body":"And so this thing"},{"speaker":"Andrew Bean","startTime":272.05,"endTime":274.93,"body":"that's coming out, does that"},{"speaker":"Andrew Bean","startTime":274.93,"endTime":277.96,"body":"give them access to basically"},{"speaker":"Andrew Bean","startTime":274.93,"endTime":277.96,"body":"look through all your bank"},{"speaker":"Andrew Bean","startTime":277.96,"endTime":281.05,"body":"records willy nilly, just like"},{"speaker":"Andrew Bean","startTime":277.96,"endTime":281.05,"body":"they'll be able to know that"},{"speaker":"Andrew Bean","startTime":281.38,"endTime":286.12,"body":"1150 on on a Saturday night I"},{"speaker":"Andrew Bean","startTime":281.38,"endTime":286.12,"body":"ordered McFlurry from Maccas on"},{"speaker":"Andrew Bean","startTime":286.12,"endTime":286.93,"body":"UberEATS."},{"speaker":"Victor Lagos","startTime":286.96,"endTime":289.36,"body":"Yeah, look, no one"},{"speaker":"Victor Lagos","startTime":286.96,"endTime":289.36,"body":"knows exactly what it's going to"},{"speaker":"Victor Lagos","startTime":289.36,"endTime":293.2,"body":"look like. Because open banking"},{"speaker":"Victor Lagos","startTime":289.36,"endTime":293.2,"body":"will allow you so you're the"},{"speaker":"Victor Lagos","startTime":293.2,"endTime":296.65,"body":"borrower to give permission for"},{"speaker":"Victor Lagos","startTime":293.2,"endTime":296.65,"body":"other banks to see all of your"},{"speaker":"Victor Lagos","startTime":296.65,"endTime":299.53,"body":"transactions, but more"},{"speaker":"Victor Lagos","startTime":296.65,"endTime":299.53,"body":"importantly, it's going to have"},{"speaker":"Victor Lagos","startTime":299.53,"endTime":304.09,"body":"a holistic view of money in"},{"speaker":"Victor Lagos","startTime":299.53,"endTime":304.09,"body":"money out? And how much is your"},{"speaker":"Victor Lagos","startTime":304.09,"endTime":307.27,"body":"surplus? And then what's your"},{"speaker":"Victor Lagos","startTime":304.09,"endTime":307.27,"body":"affordability on that surplus."},{"speaker":"Victor Lagos","startTime":307.27,"endTime":310.99,"body":"So it's got a potential to help"},{"speaker":"Victor Lagos","startTime":307.27,"endTime":310.99,"body":"a lot of people because it's"},{"speaker":"Victor Lagos","startTime":311.02,"endTime":315.31,"body":"true real time data. And then"},{"speaker":"Victor Lagos","startTime":311.02,"endTime":315.31,"body":"that will then allow you to work"},{"speaker":"Victor Lagos","startTime":315.31,"endTime":317.44,"body":"out, I think it's gonna go to a"},{"speaker":"Victor Lagos","startTime":315.31,"endTime":317.44,"body":"point where you're gonna get"},{"speaker":"Victor Lagos","startTime":317.47,"endTime":320.59,"body":"interest rates, and, you know,"},{"speaker":"Victor Lagos","startTime":317.47,"endTime":320.59,"body":"risk ratings based on that,"},{"speaker":"Victor Lagos","startTime":320.62,"endTime":323.68,"body":"because it'll take a holistic"},{"speaker":"Victor Lagos","startTime":320.62,"endTime":323.68,"body":"picture, but we're not there"},{"speaker":"Victor Lagos","startTime":323.68,"endTime":327.25,"body":"yet. So right now, the way to"},{"speaker":"Victor Lagos","startTime":323.68,"endTime":327.25,"body":"navigate it, to be ahead of the"},{"speaker":"Victor Lagos","startTime":327.25,"endTime":330.67,"body":"curve is to manage your money."},{"speaker":"Victor Lagos","startTime":327.25,"endTime":330.67,"body":"Well. And that's why we started"},{"speaker":"Victor Lagos","startTime":330.67,"endTime":331.3,"body":"this podcast."},{"speaker":"Andrew Bean","startTime":331.9,"endTime":334.33,"body":"Yeah, it's awesome."},{"speaker":"Andrew Bean","startTime":331.9,"endTime":334.33,"body":"Man. I did notice like, it's"},{"speaker":"Andrew Bean","startTime":334.33,"endTime":336.37,"body":"probably happened for like,"},{"speaker":"Andrew Bean","startTime":334.33,"endTime":336.37,"body":"probably the last three or four"},{"speaker":"Andrew Bean","startTime":336.37,"endTime":339.73,"body":"years or something. When you're"},{"speaker":"Andrew Bean","startTime":336.37,"endTime":339.73,"body":"looking at the your statement in"},{"speaker":"Andrew Bean","startTime":339.73,"endTime":343.24,"body":"your bank records. There's all"},{"speaker":"Andrew Bean","startTime":339.73,"endTime":343.24,"body":"different icons and stuff and"},{"speaker":"Andrew Bean","startTime":343.24,"endTime":346.06,"body":"little pictures to make it a lot"},{"speaker":"Andrew Bean","startTime":343.24,"endTime":346.06,"body":"more easier to understand. Is"},{"speaker":"Andrew Bean","startTime":346.06,"endTime":349.33,"body":"that for the bank to understand,"},{"speaker":"Andrew Bean","startTime":346.06,"endTime":349.33,"body":"or is that for us to understand?"},{"speaker":"Victor Lagos","startTime":350.29,"endTime":352.75,"body":"Yeah, definitely"},{"speaker":"Victor Lagos","startTime":350.29,"endTime":352.75,"body":"being sold to us like it's for"},{"speaker":"Victor Lagos","startTime":352.75,"endTime":356.38,"body":"us to categorize expenses are,"},{"speaker":"Victor Lagos","startTime":352.75,"endTime":356.38,"body":"the thing about managing money"},{"speaker":"Victor Lagos","startTime":356.68,"endTime":358.99,"body":"is that you're not going to"},{"speaker":"Victor Lagos","startTime":356.68,"endTime":358.99,"body":"figure it out only looking"},{"speaker":"Victor Lagos","startTime":359.05,"endTime":362.65,"body":"backwards. There's a lot of apps"},{"speaker":"Victor Lagos","startTime":359.05,"endTime":362.65,"body":"that track your expenses. You"},{"speaker":"Victor Lagos","startTime":362.65,"endTime":366.22,"body":"can order categorize, it can"},{"speaker":"Victor Lagos","startTime":362.65,"endTime":366.22,"body":"have these little icons to show"},{"speaker":"Victor Lagos","startTime":366.22,"endTime":369.4,"body":"you what you spend it on. But"},{"speaker":"Victor Lagos","startTime":366.22,"endTime":369.4,"body":"not until you have an"},{"speaker":"Victor Lagos","startTime":369.4,"endTime":372.76,"body":"understanding of how much money"},{"speaker":"Victor Lagos","startTime":369.4,"endTime":372.76,"body":"do you actually need between now"},{"speaker":"Victor Lagos","startTime":372.76,"endTime":375.64,"body":"and next payday? Can you"},{"speaker":"Victor Lagos","startTime":372.76,"endTime":375.64,"body":"actually get ahead. And that's"},{"speaker":"Victor Lagos","startTime":375.64,"endTime":378.88,"body":"where people get unstuck. Those"},{"speaker":"Victor Lagos","startTime":375.64,"endTime":378.88,"body":"apps don't show you that. Some"},{"speaker":"Victor Lagos","startTime":378.88,"endTime":381.85,"body":"of them do have predictive"},{"speaker":"Victor Lagos","startTime":378.88,"endTime":381.85,"body":"billing. But I personally use"},{"speaker":"Victor Lagos","startTime":381.85,"endTime":385.09,"body":"another app. It's called timely"},{"speaker":"Victor Lagos","startTime":381.85,"endTime":385.09,"body":"bills. There's a few out there."},{"speaker":"Victor Lagos","startTime":385.24,"endTime":388.27,"body":"Yeah, there's been like pocket"},{"speaker":"Victor Lagos","startTime":385.24,"endTime":388.27,"body":"book and money, brilliant lot of"},{"speaker":"Victor Lagos","startTime":388.27,"endTime":390.4,"body":"them get bought out by banks,"},{"speaker":"Victor Lagos","startTime":388.27,"endTime":390.4,"body":"but the one I've been using his"},{"speaker":"Victor Lagos","startTime":390.4,"endTime":393.34,"body":"timely bills. So that way, you"},{"speaker":"Victor Lagos","startTime":390.4,"endTime":393.34,"body":"can actually see how much money"},{"speaker":"Victor Lagos","startTime":393.49,"endTime":396.88,"body":"so you get paid today. And then"},{"speaker":"Victor Lagos","startTime":393.49,"endTime":396.88,"body":"between now and next payday,"},{"speaker":"Victor Lagos","startTime":397.3,"endTime":400.42,"body":"you've got rent, you got"},{"speaker":"Victor Lagos","startTime":397.3,"endTime":400.42,"body":"electricity, phone bill, all"},{"speaker":"Victor Lagos","startTime":400.42,"endTime":404.05,"body":"this stuff that has to come out."},{"speaker":"Victor Lagos","startTime":400.42,"endTime":404.05,"body":"If you don't track that, you"},{"speaker":"Victor Lagos","startTime":404.05,"endTime":406.6,"body":"just see the paycheck. So say"},{"speaker":"Victor Lagos","startTime":404.05,"endTime":406.6,"body":"you get paid two grand, you're"},{"speaker":"Victor Lagos","startTime":406.6,"endTime":409.27,"body":"like, awesome, I got two grand"},{"speaker":"Victor Lagos","startTime":406.6,"endTime":409.27,"body":"available. So then you go spend"},{"speaker":"Victor Lagos","startTime":409.27,"endTime":411.61,"body":"a grant. And then all these"},{"speaker":"Victor Lagos","startTime":409.27,"endTime":411.61,"body":"bills start coming out. It's"},{"speaker":"Victor Lagos","startTime":411.61,"endTime":414.55,"body":"like, Oops, I actually didn't"},{"speaker":"Victor Lagos","startTime":411.61,"endTime":414.55,"body":"have a grant to spend, like 300"},{"speaker":"Victor Lagos","startTime":414.55,"endTime":418.21,"body":"bucks. Right? So that's what the"},{"speaker":"Victor Lagos","startTime":414.55,"endTime":418.21,"body":"banking platforms are lacking."},{"speaker":"Victor Lagos","startTime":418.24,"endTime":421.03,"body":"So that's why we have to be"},{"speaker":"Victor Lagos","startTime":418.24,"endTime":421.03,"body":"proactive to see. So once you"},{"speaker":"Victor Lagos","startTime":421.03,"endTime":423.76,"body":"know exactly what's going to"},{"speaker":"Victor Lagos","startTime":421.03,"endTime":423.76,"body":"come out between now and then."},{"speaker":"Victor Lagos","startTime":424.03,"endTime":427.12,"body":"And you put money aside for your"},{"speaker":"Victor Lagos","startTime":424.03,"endTime":427.12,"body":"day to day spending in a"},{"speaker":"Victor Lagos","startTime":427.12,"endTime":430.36,"body":"separate account, ideally, then"},{"speaker":"Victor Lagos","startTime":427.12,"endTime":430.36,"body":"you can start investing the"},{"speaker":"Victor Lagos","startTime":430.36,"endTime":433.33,"body":"difference, or you can have a"},{"speaker":"Victor Lagos","startTime":430.36,"endTime":433.33,"body":"down debt. That's how I did it."},{"speaker":"Andrew Bean","startTime":433.66,"endTime":436.36,"body":"So is the timely"},{"speaker":"Andrew Bean","startTime":433.66,"endTime":436.36,"body":"build, is that a paid app? Or is"},{"speaker":"Victor Lagos","startTime":436.0,"endTime":439.09,"body":"It's free. So you"},{"speaker":"Victor Lagos","startTime":436.0,"endTime":439.09,"body":"have to manually put in Yeah,"},{"speaker":"Victor Lagos","startTime":436.36,"endTime":436.87,"body":"that free?"},{"speaker":"Victor Lagos","startTime":439.09,"endTime":441.76,"body":"it's really good. So you"},{"speaker":"Victor Lagos","startTime":439.09,"endTime":441.76,"body":"actually just put in the amount."},{"speaker":"Victor Lagos","startTime":441.97,"endTime":444.82,"body":"It even has icons as well, by"},{"speaker":"Victor Lagos","startTime":441.97,"endTime":444.82,"body":"the way, you can select the"},{"speaker":"Victor Lagos","startTime":445.06,"endTime":447.76,"body":"provider and say when it's due."},{"speaker":"Victor Lagos","startTime":445.06,"endTime":447.76,"body":"And I've started putting"},{"speaker":"Victor Lagos","startTime":447.76,"endTime":451.57,"body":"everything in the even like"},{"speaker":"Victor Lagos","startTime":447.76,"endTime":451.57,"body":"property expenses. So then I now"},{"speaker":"Victor Lagos","startTime":451.57,"endTime":454.72,"body":"know that if when a bill is due"},{"speaker":"Victor Lagos","startTime":451.57,"endTime":454.72,"body":"how much it's going to be. And"},{"speaker":"Victor Lagos","startTime":454.72,"endTime":457.51,"body":"the good thing is in the app,"},{"speaker":"Victor Lagos","startTime":454.72,"endTime":457.51,"body":"you can actually tick it off"},{"speaker":"Victor Lagos","startTime":457.51,"endTime":460.96,"body":"when it's paid. So you just go"},{"speaker":"Victor Lagos","startTime":457.51,"endTime":460.96,"body":"tick paid and instead of getting"},{"speaker":"Victor Lagos","startTime":460.96,"endTime":463.78,"body":"a negative feeling, because this"},{"speaker":"Victor Lagos","startTime":460.96,"endTime":463.78,"body":"what happens with people, they"},{"speaker":"Victor Lagos","startTime":463.78,"endTime":467.68,"body":"get a bill. And they're like,"},{"speaker":"Victor Lagos","startTime":463.78,"endTime":467.68,"body":"Oh, we're gonna pay a bill. But"},{"speaker":"Victor Lagos","startTime":467.74,"endTime":470.11,"body":"why are they feeling negative?"},{"speaker":"Victor Lagos","startTime":467.74,"endTime":470.11,"body":"They got a service for that,"},{"speaker":"Victor Lagos","startTime":470.14,"endTime":472.6,"body":"right? They just had internet"},{"speaker":"Victor Lagos","startTime":470.14,"endTime":472.6,"body":"for a month, or they just had"},{"speaker":"Victor Lagos","startTime":472.6,"endTime":475.09,"body":"electricity for a month or"},{"speaker":"Victor Lagos","startTime":472.6,"endTime":475.09,"body":"three. So why should they feel"},{"speaker":"Victor Lagos","startTime":475.09,"endTime":478.27,"body":"negative is because it's sent to"},{"speaker":"Victor Lagos","startTime":475.09,"endTime":478.27,"body":"them by email, and then they"},{"speaker":"Victor Lagos","startTime":478.27,"endTime":481.15,"body":"didn't know what's coming. But"},{"speaker":"Victor Lagos","startTime":478.27,"endTime":481.15,"body":"if you know that is true, and"},{"speaker":"Victor Lagos","startTime":481.15,"endTime":484.15,"body":"you have to pay it, you have a"},{"speaker":"Victor Lagos","startTime":481.15,"endTime":484.15,"body":"little tick box. It's like a"},{"speaker":"Victor Lagos","startTime":484.15,"endTime":486.82,"body":"little dopamine hit. So you end"},{"speaker":"Victor Lagos","startTime":484.15,"endTime":486.82,"body":"up getting like a positive"},{"speaker":"Victor Lagos","startTime":486.82,"endTime":490.3,"body":"feeling to pay a bill. So yeah,"},{"speaker":"Victor Lagos","startTime":486.82,"endTime":490.3,"body":"that's where it really helps to"},{"speaker":"Victor Lagos","startTime":490.3,"endTime":491.32,"body":"recondition yourself."},{"speaker":"Andrew Bean","startTime":491.71,"endTime":494.56,"body":"Yeah, I remember"},{"speaker":"Andrew Bean","startTime":491.71,"endTime":494.56,"body":"when my fiancee and I a long"},{"speaker":"Andrew Bean","startTime":494.56,"endTime":497.26,"body":"time ago, when we're saving for"},{"speaker":"Andrew Bean","startTime":494.56,"endTime":497.26,"body":"our principal place of"},{"speaker":"Andrew Bean","startTime":497.26,"endTime":500.35,"body":"residence, we obviously that we"},{"speaker":"Andrew Bean","startTime":497.26,"endTime":500.35,"body":"live in Sydney. So we needed to"},{"speaker":"Andrew Bean","startTime":500.35,"endTime":504.58,"body":"save a fair chunk. And we got"},{"speaker":"Andrew Bean","startTime":500.35,"endTime":504.58,"body":"excited when we'd be able to"},{"speaker":"Andrew Bean","startTime":504.58,"endTime":508.36,"body":"like pay all our expenses. And"},{"speaker":"Andrew Bean","startTime":504.58,"endTime":508.36,"body":"then you saw like, okay, I can"},{"speaker":"Andrew Bean","startTime":508.36,"endTime":511.66,"body":"put away like three or 4k this"},{"speaker":"Andrew Bean","startTime":508.36,"endTime":511.66,"body":"month sweet, like we're going to"},{"speaker":"Andrew Bean","startTime":512.02,"endTime":515.29,"body":"start seeing like build up and"},{"speaker":"Andrew Bean","startTime":512.02,"endTime":515.29,"body":"build up and build up. So it is"},{"speaker":"Andrew Bean","startTime":515.29,"endTime":518.77,"body":"quite exciting. But I think it's"},{"speaker":"Andrew Bean","startTime":515.29,"endTime":518.77,"body":"also one of those things that"},{"speaker":"Andrew Bean","startTime":518.83,"endTime":522.07,"body":"maybe with this app, like you"},{"speaker":"Andrew Bean","startTime":518.83,"endTime":522.07,"body":"have to keep your finger on the"},{"speaker":"Andrew Bean","startTime":522.07,"endTime":525.01,"body":"pulse. If you look at it every"},{"speaker":"Andrew Bean","startTime":522.07,"endTime":525.01,"body":"day, like something that you pay"},{"speaker":"Andrew Bean","startTime":525.01,"endTime":529.12,"body":"attention to every single day is"},{"speaker":"Andrew Bean","startTime":525.01,"endTime":529.12,"body":"front of mind, and you're more"},{"speaker":"Andrew Bean","startTime":529.12,"endTime":532.63,"body":"likely to actually keep on going"},{"speaker":"Andrew Bean","startTime":529.12,"endTime":532.63,"body":"and keep on saving. So you"},{"speaker":"Andrew Bean","startTime":532.63,"endTime":536.5,"body":"started a CrossFit gym, the"},{"speaker":"Andrew Bean","startTime":532.63,"endTime":536.5,"body":"first month is going to suck,"},{"speaker":"Andrew Bean","startTime":536.53,"endTime":539.95,"body":"like so bad, then after you've"},{"speaker":"Andrew Bean","startTime":536.53,"endTime":539.95,"body":"done it for like two months,"},{"speaker":"Andrew Bean","startTime":539.95,"endTime":542.95,"body":"you'll probably start seeing"},{"speaker":"Andrew Bean","startTime":539.95,"endTime":542.95,"body":"noticeable change in your body."},{"speaker":"Andrew Bean","startTime":543.07,"endTime":545.32,"body":"And then you'll start like"},{"speaker":"Andrew Bean","startTime":543.07,"endTime":545.32,"body":"seeing Abs or you'll start"},{"speaker":"Andrew Bean","startTime":545.32,"endTime":547.3,"body":"seeing a few muscles come up."},{"speaker":"Andrew Bean","startTime":545.32,"endTime":547.3,"body":"And that's when you get more"},{"speaker":"Andrew Bean","startTime":547.3,"endTime":550.39,"body":"spurred on to do it. So I think"},{"speaker":"Andrew Bean","startTime":547.3,"endTime":550.39,"body":"the app I mean, I'm definitely"},{"speaker":"Andrew Bean","startTime":550.39,"endTime":553.45,"body":"going to download that after"},{"speaker":"Andrew Bean","startTime":550.39,"endTime":553.45,"body":"this session. Because keeping"},{"speaker":"Andrew Bean","startTime":553.45,"endTime":557.26,"body":"your finger on the pulse because"},{"speaker":"Andrew Bean","startTime":553.45,"endTime":557.26,"body":"I'm not sure how long or how"},{"speaker":"Andrew Bean","startTime":557.26,"endTime":560.68,"body":"many times a day or how many for"},{"speaker":"Andrew Bean","startTime":557.26,"endTime":560.68,"body":"how frequent people check their"},{"speaker":"Andrew Bean","startTime":560.68,"endTime":563.68,"body":"bank balances. But I do it"},{"speaker":"Andrew Bean","startTime":560.68,"endTime":563.68,"body":"pretty much every day because"},{"speaker":"Andrew Bean","startTime":563.68,"endTime":568.3,"body":"I'm already always like, want to"},{"speaker":"Andrew Bean","startTime":563.68,"endTime":568.3,"body":"see progress. So that might be a"},{"speaker":"Andrew Bean","startTime":568.3,"endTime":569.32,"body":"game changer for that."},{"speaker":"Victor Lagos","startTime":569.0,"endTime":571.73,"body":"Yeah, look, it's"},{"speaker":"Victor Lagos","startTime":569.0,"endTime":571.73,"body":"helped me I use a different app"},{"speaker":"Victor Lagos","startTime":571.73,"endTime":574.67,"body":"before but I've been doing it"},{"speaker":"Victor Lagos","startTime":571.73,"endTime":574.67,"body":"for at least two and a half"},{"speaker":"Victor Lagos","startTime":574.67,"endTime":577.52,"body":"years, maybe even three years"},{"speaker":"Victor Lagos","startTime":574.67,"endTime":577.52,"body":"now. And that was a game changer"},{"speaker":"Victor Lagos","startTime":577.52,"endTime":581.18,"body":"for me because I always knew"},{"speaker":"Victor Lagos","startTime":577.52,"endTime":581.18,"body":"that I was going to have enough"},{"speaker":"Victor Lagos","startTime":581.18,"endTime":584.96,"body":"money for my bills when they're"},{"speaker":"Victor Lagos","startTime":581.18,"endTime":584.96,"body":"due. And then I knew what was"},{"speaker":"Victor Lagos","startTime":584.96,"endTime":588.68,"body":"left. And I would transfer that"},{"speaker":"Victor Lagos","startTime":584.96,"endTime":588.68,"body":"money into other accounts. So"},{"speaker":"Victor Lagos","startTime":588.68,"endTime":591.89,"body":"then, you know, obviously the"},{"speaker":"Victor Lagos","startTime":588.68,"endTime":591.89,"body":"word budget. People don't like"},{"speaker":"Victor Lagos","startTime":591.89,"endTime":595.7,"body":"that word budget. But yeah, if"},{"speaker":"Victor Lagos","startTime":591.89,"endTime":595.7,"body":"you know what your cost is to"},{"speaker":"Victor Lagos","startTime":595.7,"endTime":599.0,"body":"live like your groceries and"},{"speaker":"Victor Lagos","startTime":595.7,"endTime":599.0,"body":"having an account like you said"},{"speaker":"Victor Lagos","startTime":599.0,"endTime":601.7,"body":"you're married. My wife and I"},{"speaker":"Victor Lagos","startTime":599.0,"endTime":601.7,"body":"had personal accounts that we"},{"speaker":"Victor Lagos","startTime":601.7,"endTime":604.82,"body":"would have our personal"},{"speaker":"Victor Lagos","startTime":601.7,"endTime":604.82,"body":"spending, because you still got"},{"speaker":"Victor Lagos","startTime":604.82,"endTime":607.85,"body":"to have some freedom to spend"},{"speaker":"Victor Lagos","startTime":604.82,"endTime":607.85,"body":"money the way you want, but up"},{"speaker":"Victor Lagos","startTime":607.85,"endTime":609.95,"body":"to a certain limit, right? If"},{"speaker":"Victor Lagos","startTime":607.85,"endTime":609.95,"body":"you got access to your main"},{"speaker":"Victor Lagos","startTime":609.95,"endTime":613.82,"body":"account, you can easily"},{"speaker":"Victor Lagos","startTime":609.95,"endTime":613.82,"body":"overspend. So then it's like a"},{"speaker":"Victor Lagos","startTime":613.82,"endTime":616.55,"body":"weekly allowance. So then if I"},{"speaker":"Victor Lagos","startTime":613.82,"endTime":616.55,"body":"want to buy her flowers, she"},{"speaker":"Victor Lagos","startTime":616.55,"endTime":618.83,"body":"doesn't know about them. Right?"},{"speaker":"Victor Lagos","startTime":616.55,"endTime":618.83,"body":"Yeah, because she doesn't have"},{"speaker":"Victor Lagos","startTime":618.83,"endTime":621.44,"body":"access to your account. If she"},{"speaker":"Victor Lagos","startTime":618.83,"endTime":621.44,"body":"wants to buy something from me"},{"speaker":"Victor Lagos","startTime":621.44,"endTime":623.72,"body":"for my birthday, I won't know"},{"speaker":"Victor Lagos","startTime":621.44,"endTime":623.72,"body":"what you bought. So it's"},{"speaker":"Victor Lagos","startTime":623.72,"endTime":626.48,"body":"important to have that freedom"},{"speaker":"Victor Lagos","startTime":623.72,"endTime":626.48,"body":"as well up to a certain limit."},{"speaker":"Victor Lagos","startTime":627.02,"endTime":630.02,"body":"And then you can adjust it as"},{"speaker":"Victor Lagos","startTime":627.02,"endTime":630.02,"body":"you go. That's the thing. People"},{"speaker":"Victor Lagos","startTime":630.05,"endTime":632.78,"body":"think that oh, once I've set a"},{"speaker":"Victor Lagos","startTime":630.05,"endTime":632.78,"body":"budget, it's stuck. Now I can't"},{"speaker":"Victor Lagos","startTime":632.78,"endTime":636.47,"body":"live freely. The key is to be"},{"speaker":"Victor Lagos","startTime":632.78,"endTime":636.47,"body":"able to spend the way you want"},{"speaker":"Victor Lagos","startTime":636.47,"endTime":641.18,"body":"to spend and not feel poor, but"},{"speaker":"Victor Lagos","startTime":636.47,"endTime":641.18,"body":"still save up money, and then"},{"speaker":"Victor Lagos","startTime":641.24,"endTime":643.85,"body":"another layer to that you have"},{"speaker":"Victor Lagos","startTime":641.24,"endTime":643.85,"body":"to automate it. Alright, and"},{"speaker":"Victor Lagos","startTime":643.85,"endTime":645.44,"body":"we'll talk more about automation"},{"speaker":"Victor Lagos","startTime":643.85,"endTime":645.44,"body":"later."},{"speaker":"Andrew Bean","startTime":645.69,"endTime":647.91,"body":"Yeah, well, I"},{"speaker":"Andrew Bean","startTime":645.69,"endTime":647.91,"body":"totally agree with that, like"},{"speaker":"Andrew Bean","startTime":647.91,"endTime":651.42,"body":"having a separate account or a"},{"speaker":"Andrew Bean","startTime":647.91,"endTime":651.42,"body":"bucket for spending. And I"},{"speaker":"Andrew Bean","startTime":651.42,"endTime":654.18,"body":"remember a little while ago,"},{"speaker":"Andrew Bean","startTime":651.42,"endTime":654.18,"body":"actually was quite a while ago,"},{"speaker":"Andrew Bean","startTime":654.18,"endTime":657.75,"body":"when we're in our saving mode,"},{"speaker":"Andrew Bean","startTime":654.18,"endTime":657.75,"body":"they say like you put x amount"},{"speaker":"Andrew Bean","startTime":657.75,"endTime":662.1,"body":"away in that account. And no"},{"speaker":"Andrew Bean","startTime":657.75,"endTime":662.1,"body":"matter what you have to spend"},{"speaker":"Andrew Bean","startTime":662.1,"endTime":664.89,"body":"it, even if you just spend it on"},{"speaker":"Andrew Bean","startTime":662.1,"endTime":664.89,"body":"something, you just have to"},{"speaker":"Andrew Bean","startTime":664.89,"endTime":668.58,"body":"spend, it has to go to zero"},{"speaker":"Andrew Bean","startTime":664.89,"endTime":668.58,"body":"every single month. So it feels"},{"speaker":"Andrew Bean","startTime":668.58,"endTime":671.55,"body":"like you're not holding back,"},{"speaker":"Andrew Bean","startTime":668.58,"endTime":671.55,"body":"you're not feeling like you're"},{"speaker":"Andrew Bean","startTime":671.55,"endTime":674.46,"body":"missing out. So you can still go"},{"speaker":"Andrew Bean","startTime":671.55,"endTime":674.46,"body":"out there. And you can go have a"},{"speaker":"Andrew Bean","startTime":674.46,"endTime":678.12,"body":"really nice night, or you can go"},{"speaker":"Andrew Bean","startTime":674.46,"endTime":678.12,"body":"spend $100 on a big night out"},{"speaker":"Andrew Bean","startTime":678.12,"endTime":680.55,"body":"with your mates and stuff like"},{"speaker":"Andrew Bean","startTime":678.12,"endTime":680.55,"body":"that, and not feel bad about it."},{"speaker":"Victor Lagos","startTime":680.64,"endTime":683.04,"body":"Yeah. But I think"},{"speaker":"Victor Lagos","startTime":680.64,"endTime":683.04,"body":"the key is that you can do what"},{"speaker":"Victor Lagos","startTime":683.04,"endTime":686.16,"body":"you want with it. It's guilt"},{"speaker":"Victor Lagos","startTime":683.04,"endTime":686.16,"body":"free spending. So some people"},{"speaker":"Victor Lagos","startTime":686.16,"endTime":689.07,"body":"want to put money on crypto,"},{"speaker":"Victor Lagos","startTime":686.16,"endTime":689.07,"body":"that's just what they enjoy"},{"speaker":"Victor Lagos","startTime":689.07,"endTime":691.41,"body":"doing. But you got to want to"},{"speaker":"Victor Lagos","startTime":689.07,"endTime":691.41,"body":"have access to all your savings"},{"speaker":"Victor Lagos","startTime":691.41,"endTime":693.54,"body":"to data. But if you've got a"},{"speaker":"Victor Lagos","startTime":691.41,"endTime":693.54,"body":"personal account that you're"},{"speaker":"Victor Lagos","startTime":693.54,"endTime":696.69,"body":"putting away $50 bucks or $100 a"},{"speaker":"Victor Lagos","startTime":693.54,"endTime":696.69,"body":"week or whatever, and you build"},{"speaker":"Victor Lagos","startTime":696.69,"endTime":700.02,"body":"that up, and you can go invest"},{"speaker":"Victor Lagos","startTime":696.69,"endTime":700.02,"body":"in different little things. You"},{"speaker":"Victor Lagos","startTime":700.02,"endTime":703.08,"body":"can if you want or if you want"},{"speaker":"Victor Lagos","startTime":700.02,"endTime":703.08,"body":"to pay back your joint debt. Or"},{"speaker":"Victor Lagos","startTime":703.08,"endTime":705.63,"body":"if you want to add it to your"},{"speaker":"Victor Lagos","startTime":703.08,"endTime":705.63,"body":"combined savings, you can but at"},{"speaker":"Victor Lagos","startTime":705.63,"endTime":707.94,"body":"least it's your choice. And"},{"speaker":"Victor Lagos","startTime":705.63,"endTime":707.94,"body":"you've got to have that guilt"},{"speaker":"Victor Lagos","startTime":707.94,"endTime":708.87,"body":"free spending as well."},{"speaker":"Andrew Bean","startTime":708.96,"endTime":711.21,"body":"Yeah, I did notice"},{"speaker":"Andrew Bean","startTime":708.96,"endTime":711.21,"body":"that Bitcoin has actually gone"},{"speaker":"Andrew Bean","startTime":711.21,"endTime":713.58,"body":"up not that I have anything"},{"speaker":"Andrew Bean","startTime":711.21,"endTime":713.58,"body":"invested in Bitcoin, but I do"},{"speaker":"Andrew Bean","startTime":713.58,"endTime":717.15,"body":"have a bit of a paper trading"},{"speaker":"Andrew Bean","startTime":713.58,"endTime":717.15,"body":"for fun. And I bought us some"},{"speaker":"Andrew Bean","startTime":717.15,"endTime":721.56,"body":"bitcoin at like, I think it was"},{"speaker":"Andrew Bean","startTime":717.15,"endTime":721.56,"body":"like 17,000. Us. And now it's"},{"speaker":"Andrew Bean","startTime":721.56,"endTime":724.62,"body":"you know up a little bit. So not"},{"speaker":"Andrew Bean","startTime":721.56,"endTime":724.62,"body":"a good investment in my mind."},{"speaker":"Andrew Bean","startTime":724.62,"endTime":725.79,"body":"But still Just for fun."},{"speaker":"Victor Lagos","startTime":726.05,"endTime":728.54,"body":"Look, I used to"},{"speaker":"Victor Lagos","startTime":726.05,"endTime":728.54,"body":"put money into crypto and I"},{"speaker":"Victor Lagos","startTime":728.54,"endTime":731.63,"body":"don't anymore. And you know, you"},{"speaker":"Victor Lagos","startTime":728.54,"endTime":731.63,"body":"talked about earlier about using"},{"speaker":"Victor Lagos","startTime":731.63,"endTime":734.93,"body":"your net banking account every"},{"speaker":"Victor Lagos","startTime":731.63,"endTime":734.93,"body":"day checking it? Well, when"},{"speaker":"Victor Lagos","startTime":734.93,"endTime":737.87,"body":"you've got a crypto or multiple"},{"speaker":"Victor Lagos","startTime":734.93,"endTime":737.87,"body":"crypto wallets. And you're"},{"speaker":"Victor Lagos","startTime":737.87,"endTime":740.45,"body":"seeing the news, and you're"},{"speaker":"Victor Lagos","startTime":737.87,"endTime":740.45,"body":"seeing all these updates on"},{"speaker":"Victor Lagos","startTime":740.45,"endTime":742.4,"body":"YouTube, because you're"},{"speaker":"Victor Lagos","startTime":740.45,"endTime":742.4,"body":"following those people. They're"},{"speaker":"Victor Lagos","startTime":742.4,"endTime":746.15,"body":"always talking about the price."},{"speaker":"Victor Lagos","startTime":742.4,"endTime":746.15,"body":"So what it does is it takes you"},{"speaker":"Victor Lagos","startTime":746.15,"endTime":749.54,"body":"on an emotional rollercoaster."},{"speaker":"Victor Lagos","startTime":746.15,"endTime":749.54,"body":"Yeah. So that's when I realized"},{"speaker":"Victor Lagos","startTime":749.54,"endTime":752.27,"body":"I don't want to invest in"},{"speaker":"Victor Lagos","startTime":749.54,"endTime":752.27,"body":"anymore because it's going up"},{"speaker":"Victor Lagos","startTime":752.27,"endTime":754.76,"body":"and down. And it's taking all of"},{"speaker":"Victor Lagos","startTime":752.27,"endTime":754.76,"body":"my attention and my emotions"},{"speaker":"Victor Lagos","startTime":754.76,"endTime":757.94,"body":"with it. And it's not stable."},{"speaker":"Victor Lagos","startTime":754.76,"endTime":757.94,"body":"And it's not income producing,"},{"speaker":"Victor Lagos","startTime":758.09,"endTime":762.32,"body":"yeah, versus defy and what not."},{"speaker":"Victor Lagos","startTime":758.09,"endTime":762.32,"body":"But to keep it simple, when you"},{"speaker":"Victor Lagos","startTime":762.32,"endTime":765.62,"body":"invest in property, you're"},{"speaker":"Victor Lagos","startTime":762.32,"endTime":765.62,"body":"leveraging, you're borrowing,"},{"speaker":"Victor Lagos","startTime":765.65,"endTime":767.72,"body":"you're contributing your"},{"speaker":"Victor Lagos","startTime":765.65,"endTime":767.72,"body":"savings, but you're it's an"},{"speaker":"Victor Lagos","startTime":767.72,"endTime":770.18,"body":"income producing asset, and"},{"speaker":"Victor Lagos","startTime":767.72,"endTime":770.18,"body":"you're getting capital growth if"},{"speaker":"Victor Lagos","startTime":770.18,"endTime":771.95,"body":"you invest well, as well. So"},{"speaker":"Victor Lagos","startTime":770.18,"endTime":771.95,"body":"yeah,"},{"speaker":"Andrew Bean","startTime":771.84,"endTime":774.69,"body":"well, that's the"},{"speaker":"Andrew Bean","startTime":771.84,"endTime":774.69,"body":"big issue with like, stocks and"},{"speaker":"Andrew Bean","startTime":774.69,"endTime":778.11,"body":"shares and crypto and stuff like"},{"speaker":"Andrew Bean","startTime":774.69,"endTime":778.11,"body":"that is it's so liquid, that you"},{"speaker":"Andrew Bean","startTime":778.11,"endTime":781.62,"body":"can make a decision on an"},{"speaker":"Andrew Bean","startTime":778.11,"endTime":781.62,"body":"emotion straightaway. Whereas we"},{"speaker":"Andrew Bean","startTime":781.62,"endTime":786.57,"body":"property, if you decide to sell"},{"speaker":"Andrew Bean","startTime":781.62,"endTime":786.57,"body":"a property, that's a good like"},{"speaker":"Andrew Bean","startTime":786.69,"endTime":790.23,"body":"30-60 days, potentially, and"},{"speaker":"Andrew Bean","startTime":786.69,"endTime":790.23,"body":"you're committed, there's many,"},{"speaker":"Andrew Bean","startTime":790.23,"endTime":793.89,"body":"many different choices, you have"},{"speaker":"Andrew Bean","startTime":790.23,"endTime":793.89,"body":"to make along the way to"},{"speaker":"Andrew Bean","startTime":793.89,"endTime":796.38,"body":"actually sell a property, you"},{"speaker":"Andrew Bean","startTime":793.89,"endTime":796.38,"body":"know, like, I want to sell it,"},{"speaker":"Andrew Bean","startTime":796.53,"endTime":799.71,"body":"okay, I've got to find an agent,"},{"speaker":"Andrew Bean","startTime":796.53,"endTime":799.71,"body":"I've got to find a seller, I've"},{"speaker":"Andrew Bean","startTime":799.71,"endTime":802.02,"body":"got to do all this kind of"},{"speaker":"Andrew Bean","startTime":799.71,"endTime":802.02,"body":"stuff. So there's like, I've got"},{"speaker":"Andrew Bean","startTime":802.02,"endTime":805.14,"body":"to have a solicitor like there's"},{"speaker":"Andrew Bean","startTime":802.02,"endTime":805.14,"body":"lots of little mini choices and"},{"speaker":"Andrew Bean","startTime":805.14,"endTime":807.99,"body":"selections that you have to"},{"speaker":"Andrew Bean","startTime":805.14,"endTime":807.99,"body":"make. So you can actually sell"},{"speaker":"Andrew Bean","startTime":807.99,"endTime":811.08,"body":"that property. It's not just a"},{"speaker":"Andrew Bean","startTime":807.99,"endTime":811.08,"body":"click of a button. But in"},{"speaker":"Andrew Bean","startTime":811.08,"endTime":816.12,"body":"future, if you use like NF T's"},{"speaker":"Andrew Bean","startTime":811.08,"endTime":816.12,"body":"for like property, which people"},{"speaker":"Andrew Bean","startTime":816.12,"endTime":819.15,"body":"are starting to do, were you"},{"speaker":"Andrew Bean","startTime":816.12,"endTime":819.15,"body":"like sectionalize it or are you"},{"speaker":"Andrew Bean","startTime":819.15,"endTime":823.5,"body":"like, you basically can buy into"},{"speaker":"Andrew Bean","startTime":819.15,"endTime":823.5,"body":"a property through using an NFT."},{"speaker":"Andrew Bean","startTime":823.68,"endTime":827.22,"body":"It might become more liquid like"},{"speaker":"Andrew Bean","startTime":823.68,"endTime":827.22,"body":"that. And then also with the"},{"speaker":"Andrew Bean","startTime":827.22,"endTime":831.42,"body":"ways that the conveyancing can"},{"speaker":"Andrew Bean","startTime":827.22,"endTime":831.42,"body":"be done online, even now or like"},{"speaker":"Andrew Bean","startTime":831.42,"endTime":834.57,"body":"in future through the blockchain"},{"speaker":"Andrew Bean","startTime":831.42,"endTime":834.57,"body":"Potentially, it could,"},{"speaker":"Andrew Bean","startTime":834.69,"endTime":837.48,"body":"unfortunately become more"},{"speaker":"Andrew Bean","startTime":834.69,"endTime":837.48,"body":"liquid. So it could become a"},{"speaker":"Andrew Bean","startTime":837.48,"endTime":839.1,"body":"more emotional asset as well."},{"speaker":"Victor Lagos","startTime":839.4,"endTime":842.31,"body":"Yeah, I mean, it's"},{"speaker":"Victor Lagos","startTime":839.4,"endTime":842.31,"body":"already emotional as it is right"},{"speaker":"Victor Lagos","startTime":842.31,"endTime":845.52,"body":"for people that you know,"},{"speaker":"Victor Lagos","startTime":842.31,"endTime":845.52,"body":"residential. Residential,"},{"speaker":"Victor Lagos","startTime":845.79,"endTime":848.28,"body":"exactly selling I guess so"},{"speaker":"Victor Lagos","startTime":845.79,"endTime":848.28,"body":"you're right. If they could buy"},{"speaker":"Victor Lagos","startTime":848.28,"endTime":853.08,"body":"and sell on the same day, man, I"},{"speaker":"Victor Lagos","startTime":848.28,"endTime":853.08,"body":"don't know. It'd be hard because"},{"speaker":"Victor Lagos","startTime":853.08,"endTime":854.61,"body":"there's people living in there,"},{"speaker":"Victor Lagos","startTime":853.08,"endTime":854.61,"body":"right."},{"speaker":"Andrew Bean","startTime":856.74,"endTime":859.29,"body":"Yeah. So what do"},{"speaker":"Andrew Bean","startTime":856.74,"endTime":859.29,"body":"you think about putting together"},{"speaker":"Andrew Bean","startTime":859.29,"endTime":863.43,"body":"some kind of how to use App"},{"speaker":"Andrew Bean","startTime":859.29,"endTime":863.43,"body":"something like that? Or how to"},{"speaker":"Andrew Bean","startTime":863.43,"endTime":867.39,"body":"use timely build, and then we"},{"speaker":"Andrew Bean","startTime":863.43,"endTime":867.39,"body":"can set it up as a free giveaway"},{"speaker":"Andrew Bean","startTime":867.39,"endTime":868.83,"body":"for the listeners? What do you"},{"speaker":"Andrew Bean","startTime":867.39,"endTime":868.83,"body":"reckon?"},{"speaker":"Victor Lagos","startTime":868.0,"endTime":870.94,"body":"I'm happy to do"},{"speaker":"Victor Lagos","startTime":868.0,"endTime":870.94,"body":"that. Actually. I can do some"},{"speaker":"Victor Lagos","startTime":871.06,"endTime":874.18,"body":"screenshots and Yeah, show you"},{"speaker":"Victor Lagos","startTime":871.06,"endTime":874.18,"body":"how to utilize that a little"},{"speaker":"Victor Lagos","startTime":874.18,"endTime":877.63,"body":"better. Yeah, yep. Yeah, it's"},{"speaker":"Victor Lagos","startTime":874.18,"endTime":877.63,"body":"not too difficult. Give it a go."},{"speaker":"Victor Lagos","startTime":877.63,"endTime":880.6,"body":"But yeah, for sure. We can do"},{"speaker":"Victor Lagos","startTime":877.63,"endTime":880.6,"body":"that for the listeners, because"},{"speaker":"Victor Lagos","startTime":880.72,"endTime":884.47,"body":"it has really changed the way I"},{"speaker":"Victor Lagos","startTime":880.72,"endTime":884.47,"body":"look at money. It's given me a"},{"speaker":"Victor Lagos","startTime":884.5,"endTime":888.01,"body":"positive feeling when I pay"},{"speaker":"Victor Lagos","startTime":884.5,"endTime":888.01,"body":"bills. I always have enough and"},{"speaker":"Victor Lagos","startTime":888.04,"endTime":891.43,"body":"even if you don't like say you,"},{"speaker":"Victor Lagos","startTime":888.04,"endTime":891.43,"body":"you had your investment property"},{"speaker":"Victor Lagos","startTime":891.43,"endTime":894.58,"body":"and not enough money that month"},{"speaker":"Victor Lagos","startTime":891.43,"endTime":894.58,"body":"because you had to fix the water"},{"speaker":"Victor Lagos","startTime":894.58,"endTime":897.7,"body":"heater, like you mentioned,"},{"speaker":"Victor Lagos","startTime":894.58,"endTime":897.7,"body":"right? But of course, now you"},{"speaker":"Victor Lagos","startTime":897.7,"endTime":900.91,"body":"know that you need to move money"},{"speaker":"Victor Lagos","startTime":897.7,"endTime":900.91,"body":"into that. Right, yeah, cuz"},{"speaker":"Victor Lagos","startTime":900.97,"endTime":904.15,"body":"you've got something due. But if"},{"speaker":"Victor Lagos","startTime":900.97,"endTime":904.15,"body":"you didn't monitor and you're"},{"speaker":"Victor Lagos","startTime":904.15,"endTime":906.61,"body":"relying just on the cash flow on"},{"speaker":"Victor Lagos","startTime":904.15,"endTime":906.61,"body":"the property to pay all the"},{"speaker":"Victor Lagos","startTime":906.61,"endTime":910.63,"body":"costs, you could easily fall in"},{"speaker":"Victor Lagos","startTime":906.61,"endTime":910.63,"body":"arrears. And if you're preparing"},{"speaker":"Victor Lagos","startTime":910.63,"endTime":913.48,"body":"yourself for future finance, one"},{"speaker":"Victor Lagos","startTime":910.63,"endTime":913.48,"body":"of the things you'd never want"},{"speaker":"Victor Lagos","startTime":913.48,"endTime":917.29,"body":"to have on any other accounts is"},{"speaker":"Victor Lagos","startTime":913.48,"endTime":917.29,"body":"arrears, or late payment fees."},{"speaker":"Victor Lagos","startTime":917.56,"endTime":920.71,"body":"Those are the things that banks"},{"speaker":"Victor Lagos","startTime":917.56,"endTime":920.71,"body":"as soon as I see that, they"},{"speaker":"Victor Lagos","startTime":920.71,"endTime":923.89,"body":"don't want to touch you. They"},{"speaker":"Victor Lagos","startTime":920.71,"endTime":923.89,"body":"want an explanation. Sometimes"},{"speaker":"Victor Lagos","startTime":923.89,"endTime":927.85,"body":"things do happen, like admin"},{"speaker":"Victor Lagos","startTime":923.89,"endTime":927.85,"body":"issues. But if you don't move"},{"speaker":"Victor Lagos","startTime":927.91,"endTime":929.86,"body":"regularly, you don't put your"},{"speaker":"Victor Lagos","startTime":927.91,"endTime":929.86,"body":"money in the right account, and"},{"speaker":"Victor Lagos","startTime":929.86,"endTime":931.57,"body":"you're late on things,"},{"speaker":"Victor Lagos","startTime":929.86,"endTime":931.57,"body":"especially financial"},{"speaker":"Victor Lagos","startTime":931.57,"endTime":935.02,"body":"commitments, like loans and"},{"speaker":"Victor Lagos","startTime":931.57,"endTime":935.02,"body":"credit cards and whatnot, forget"},{"speaker":"Victor Lagos","startTime":935.02,"endTime":936.46,"body":"about it, you shouldn't be"},{"speaker":"Victor Lagos","startTime":935.02,"endTime":936.46,"body":"applying for a loan, you're not"},{"speaker":"Andrew Bean","startTime":936.0,"endTime":940.41,"body":"So you're saying"},{"speaker":"Andrew Bean","startTime":936.0,"endTime":940.41,"body":"that any kind of late fee, so I"},{"speaker":"Andrew Bean","startTime":936.46,"endTime":936.76,"body":"ready."},{"speaker":"Andrew Bean","startTime":940.41,"endTime":944.22,"body":"actually have had a few times"},{"speaker":"Andrew Bean","startTime":940.41,"endTime":944.22,"body":"where like, because we have like"},{"speaker":"Andrew Bean","startTime":944.22,"endTime":947.28,"body":"different accounts, especially"},{"speaker":"Andrew Bean","startTime":944.22,"endTime":947.28,"body":"in offset accounts and stuff,"},{"speaker":"Andrew Bean","startTime":947.49,"endTime":950.73,"body":"where we'll have like your MIDI"},{"speaker":"Andrew Bean","startTime":947.49,"endTime":950.73,"body":"bank or like something like"},{"speaker":"Andrew Bean","startTime":950.73,"endTime":953.49,"body":"that, and your private health"},{"speaker":"Andrew Bean","startTime":950.73,"endTime":953.49,"body":"color coming out of, and for"},{"speaker":"Andrew Bean","startTime":953.49,"endTime":956.94,"body":"some reason, it's like a couple"},{"speaker":"Andrew Bean","startTime":953.49,"endTime":956.94,"body":"of dollars short, and it goes to"},{"speaker":"Andrew Bean","startTime":956.94,"endTime":960.78,"body":"a late payment or something like"},{"speaker":"Andrew Bean","startTime":956.94,"endTime":960.78,"body":"that. I know, that's bad, what"},{"speaker":"Andrew Bean","startTime":960.81,"endTime":963.75,"body":"ramifications like realistically"},{"speaker":"Andrew Bean","startTime":960.81,"endTime":963.75,"body":"does that have?"},{"speaker":"Victor Lagos","startTime":964.02,"endTime":965.91,"body":"It depends on what"},{"speaker":"Victor Lagos","startTime":964.02,"endTime":965.91,"body":"you're applying for, and the"},{"speaker":"Victor Lagos","startTime":965.91,"endTime":969.42,"body":"bank that's looking at it. So"},{"speaker":"Victor Lagos","startTime":965.91,"endTime":969.42,"body":"some banks actually don't want"},{"speaker":"Victor Lagos","startTime":969.42,"endTime":972.78,"body":"to see your bank statement. So"},{"speaker":"Victor Lagos","startTime":969.42,"endTime":972.78,"body":"about two or three years ago,"},{"speaker":"Victor Lagos","startTime":972.96,"endTime":975.39,"body":"that's all they wanted to see."},{"speaker":"Victor Lagos","startTime":972.96,"endTime":975.39,"body":"There was a thing about"},{"speaker":"Victor Lagos","startTime":975.51,"endTime":978.3,"body":"expenses. And I don't know if"},{"speaker":"Victor Lagos","startTime":975.51,"endTime":978.3,"body":"you follow this, there was a"},{"speaker":"Victor Lagos","startTime":978.3,"endTime":981.54,"body":"court case with Westpac and"},{"speaker":"Victor Lagos","startTime":978.3,"endTime":981.54,"body":"Asik, I think was APRA. Maybe."},{"speaker":"Victor Lagos","startTime":981.78,"endTime":985.29,"body":"And it was about the court like"},{"speaker":"Victor Lagos","startTime":981.78,"endTime":985.29,"body":"the Chavez thing, basically"},{"speaker":"Victor Lagos","startTime":985.29,"endTime":988.47,"body":"saying that people can adjust to"},{"speaker":"Victor Lagos","startTime":985.29,"endTime":988.47,"body":"living expenses when they commit"},{"speaker":"Victor Lagos","startTime":988.47,"endTime":991.74,"body":"to a property right or a"},{"speaker":"Victor Lagos","startTime":988.47,"endTime":991.74,"body":"mortgage. So then they started"},{"speaker":"Victor Lagos","startTime":991.74,"endTime":995.01,"body":"to hold back on that, because it"},{"speaker":"Victor Lagos","startTime":991.74,"endTime":995.01,"body":"adds more workload to the bank"},{"speaker":"Victor Lagos","startTime":995.01,"endTime":997.38,"body":"to constantly check bank"},{"speaker":"Victor Lagos","startTime":995.01,"endTime":997.38,"body":"statements and go through line"},{"speaker":"Victor Lagos","startTime":997.38,"endTime":1000.86,"body":"by line. So if you go to a bank"},{"speaker":"Victor Lagos","startTime":997.38,"endTime":1000.86,"body":"that doesn't ask for them, and"},{"speaker":"Victor Lagos","startTime":1000.86,"endTime":1003.83,"body":"your expenses, or what you're"},{"speaker":"Victor Lagos","startTime":1000.86,"endTime":1003.83,"body":"declaring reasonable for your"},{"speaker":"Victor Lagos","startTime":1003.83,"endTime":1007.25,"body":"household, then yeah, late fee,"},{"speaker":"Victor Lagos","startTime":1003.83,"endTime":1007.25,"body":"they won't even know it exists."},{"speaker":"Victor Lagos","startTime":1007.49,"endTime":1010.61,"body":"But if you go into the same bank"},{"speaker":"Victor Lagos","startTime":1007.49,"endTime":1010.61,"body":"that that late fee was charged"},{"speaker":"Victor Lagos","startTime":1010.61,"endTime":1012.68,"body":"from, of course, they're gonna"},{"speaker":"Victor Lagos","startTime":1010.61,"endTime":1012.68,"body":"see it they're gonna ask about,"},{"speaker":"Victor Lagos","startTime":1013.22,"endTime":1016.43,"body":"and if it's a logical reason,"},{"speaker":"Victor Lagos","startTime":1013.22,"endTime":1016.43,"body":"like, I had money on the other"},{"speaker":"Victor Lagos","startTime":1016.43,"endTime":1019.25,"body":"account, just forgot to transfer"},{"speaker":"Victor Lagos","startTime":1016.43,"endTime":1019.25,"body":"the one off, it's fine. We just"},{"speaker":"Victor Lagos","startTime":1019.25,"endTime":1021.98,"body":"got to cover it off in"},{"speaker":"Victor Lagos","startTime":1019.25,"endTime":1021.98,"body":"commentary. But if it's every"},{"speaker":"Victor Lagos","startTime":1021.98,"endTime":1024.65,"body":"month, and yeah, you're always"},{"speaker":"Victor Lagos","startTime":1021.98,"endTime":1024.65,"body":"late, and you're constantly"},{"speaker":"Victor Lagos","startTime":1024.65,"endTime":1026.39,"body":"putting money from another"},{"speaker":"Victor Lagos","startTime":1024.65,"endTime":1026.39,"body":"account, you're borrowing for"},{"speaker":"Victor Lagos","startTime":1026.39,"endTime":1029.78,"body":"somewhere else, then yeah, it's"},{"speaker":"Victor Lagos","startTime":1026.39,"endTime":1029.78,"body":"a red flag. It means like, if"},{"speaker":"Victor Lagos","startTime":1029.78,"endTime":1032.18,"body":"you can't even stay on top you"},{"speaker":"Victor Lagos","startTime":1029.78,"endTime":1032.18,"body":"your private health insurance, I"},{"speaker":"Victor Lagos","startTime":1032.18,"endTime":1033.65,"body":"can stand up for mortgage"},{"speaker":"Victor Lagos","startTime":1032.18,"endTime":1033.65,"body":"payment."},{"speaker":"Andrew Bean","startTime":1034.4,"endTime":1036.32,"body":"Yeah, it's just"},{"speaker":"Andrew Bean","startTime":1034.4,"endTime":1036.32,"body":"because, um, it doesn't happen"},{"speaker":"Andrew Bean","startTime":1036.32,"endTime":1039.08,"body":"often. But it's happened"},{"speaker":"Andrew Bean","startTime":1036.32,"endTime":1039.08,"body":"probably like three times in the"},{"speaker":"Andrew Bean","startTime":1039.08,"endTime":1042.23,"body":"last 10 years. So like it, it"},{"speaker":"Andrew Bean","startTime":1039.08,"endTime":1042.23,"body":"has happened. And it's just"},{"speaker":"Andrew Bean","startTime":1042.23,"endTime":1045.98,"body":"purely because like, for some"},{"speaker":"Andrew Bean","startTime":1042.23,"endTime":1045.98,"body":"reason, we because he split up"},{"speaker":"Andrew Bean","startTime":1045.98,"endTime":1048.83,"body":"the money in different buckets,"},{"speaker":"Andrew Bean","startTime":1045.98,"endTime":1048.83,"body":"like you were saying, and for"},{"speaker":"Andrew Bean","startTime":1048.83,"endTime":1052.28,"body":"some reason, that's been"},{"speaker":"Andrew Bean","startTime":1048.83,"endTime":1052.28,"body":"overdrawn. Like on one occasion,"},{"speaker":"Andrew Bean","startTime":1052.28,"endTime":1055.01,"body":"I'm like, Oh, my God, like this"},{"speaker":"Andrew Bean","startTime":1052.28,"endTime":1055.01,"body":"better not screw my, my whole"},{"speaker":"Andrew Bean","startTime":1055.01,"endTime":1057.2,"body":"credit rating. I'm not gonna"},{"speaker":"Andrew Bean","startTime":1055.01,"endTime":1057.2,"body":"hold these my whole career on"},{"speaker":"Andrew Bean","startTime":1057.2,"endTime":1060.71,"body":"one transfer for private health"},{"speaker":"Andrew Bean","startTime":1057.2,"endTime":1060.71,"body":"insurance. Yeah"},{"speaker":"Victor Lagos","startTime":1061.46,"endTime":1063.56,"body":". To be honest,"},{"speaker":"Victor Lagos","startTime":1061.46,"endTime":1063.56,"body":"it's not going to and I think"},{"speaker":"Victor Lagos","startTime":1063.56,"endTime":1066.77,"body":"timely bills will help you a lot"},{"speaker":"Victor Lagos","startTime":1063.56,"endTime":1066.77,"body":"with that. Because that only"},{"speaker":"Victor Lagos","startTime":1066.77,"endTime":1069.14,"body":"happens because you forgot that"},{"speaker":"Victor Lagos","startTime":1066.77,"endTime":1069.14,"body":"that was due and you didn't have"},{"speaker":"Victor Lagos","startTime":1069.14,"endTime":1071.87,"body":"enough money even if it's $2"},{"speaker":"Victor Lagos","startTime":1069.14,"endTime":1071.87,"body":"difference. And that's what"},{"speaker":"Victor Lagos","startTime":1071.87,"endTime":1074.06,"body":"happens when you allocate money"},{"speaker":"Victor Lagos","startTime":1071.87,"endTime":1074.06,"body":"into different buckets into"},{"speaker":"Victor Lagos","startTime":1074.06,"endTime":1077.12,"body":"other bank accounts. You need to"},{"speaker":"Victor Lagos","startTime":1074.06,"endTime":1077.12,"body":"make sure that that main account"},{"speaker":"Victor Lagos","startTime":1077.12,"endTime":1079.79,"body":"where will your bills get taken"},{"speaker":"Victor Lagos","startTime":1077.12,"endTime":1079.79,"body":"out from always has enough to"},{"speaker":"Victor Lagos","startTime":1079.79,"endTime":1083.03,"body":"cover what's up? So sometimes"},{"speaker":"Victor Lagos","startTime":1079.79,"endTime":1083.03,"body":"you get excited, you know, I"},{"speaker":"Victor Lagos","startTime":1083.03,"endTime":1086.21,"body":"want to put 4 grand in savings"},{"speaker":"Victor Lagos","startTime":1083.03,"endTime":1086.21,"body":"like awesome, it's so exciting."},{"speaker":"Victor Lagos","startTime":1086.27,"endTime":1089.24,"body":"So 4 grand in this account, but"},{"speaker":"Victor Lagos","startTime":1086.27,"endTime":1089.24,"body":"then you know, $500 of that you"},{"speaker":"Victor Lagos","startTime":1089.24,"endTime":1090.8,"body":"probably should have left"},{"speaker":"Victor Lagos","startTime":1089.24,"endTime":1090.8,"body":"because you got Yeah."},{"speaker":"Andrew Bean","startTime":1097.84,"endTime":1100.45,"body":"If you have ever"},{"speaker":"Andrew Bean","startTime":1097.84,"endTime":1100.45,"body":"tried to run numbers in your"},{"speaker":"Andrew Bean","startTime":1100.45,"endTime":1104.29,"body":"cash flow calculator, you'll"},{"speaker":"Andrew Bean","startTime":1100.45,"endTime":1104.29,"body":"know how important it is to have"},{"speaker":"Andrew Bean","startTime":1104.29,"endTime":1109.09,"body":"the right inputs. stamp duty"},{"speaker":"Andrew Bean","startTime":1104.29,"endTime":1109.09,"body":"alone can vary wildly depending"},{"speaker":"Andrew Bean","startTime":1109.09,"endTime":1113.23,"body":"on what state you are buying in."},{"speaker":"Andrew Bean","startTime":1109.09,"endTime":1113.23,"body":"That's why you need to know the"},{"speaker":"Andrew Bean","startTime":1113.23,"endTime":1118.87,"body":"exact figure loggers financial"},{"speaker":"Andrew Bean","startTime":1113.23,"endTime":1118.87,"body":"have a full suite of calculators"},{"speaker":"Andrew Bean","startTime":1119.05,"endTime":1123.49,"body":"ready for you to start crunching"},{"speaker":"Andrew Bean","startTime":1119.05,"endTime":1123.49,"body":"your numbers today. Go check out"},{"speaker":"Andrew Bean","startTime":1123.49,"endTime":1127.54,"body":"your borrowing power budgeting"},{"speaker":"Andrew Bean","startTime":1123.49,"endTime":1127.54,"body":"income tax refinance"},{"speaker":"Andrew Bean","startTime":1127.54,"endTime":1130.84,"body":"calculators, repayment"},{"speaker":"Andrew Bean","startTime":1127.54,"endTime":1130.84,"body":"calculators, or my personal"},{"speaker":"Andrew Bean","startTime":1130.84,"endTime":1135.28,"body":"favorite, the stamp duty"},{"speaker":"Andrew Bean","startTime":1130.84,"endTime":1135.28,"body":"calculator just to name a few go"},{"speaker":"Andrew Bean","startTime":1135.28,"endTime":1145.69,"body":"to lagosfinancial.com.au That's"},{"speaker":"Andrew Bean","startTime":1135.28,"endTime":1145.69,"body":"L A G O S financial.com.au To"},{"speaker":"Andrew Bean","startTime":1145.69,"endTime":1148.3,"body":"start using these calculators"},{"speaker":"Andrew Bean","startTime":1145.69,"endTime":1148.3,"body":"today."},{"speaker":"Andrew Bean","startTime":1149.899,"endTime":1153.199,"body":"So might like in terms of"},{"speaker":"Andrew Bean","startTime":1149.899,"endTime":1153.199,"body":"charges on your account. What"},{"speaker":"Andrew Bean","startTime":1153.199,"endTime":1156.379,"body":"are the worst types of charges"},{"speaker":"Andrew Bean","startTime":1153.199,"endTime":1156.379,"body":"you can start putting on your"},{"speaker":"Andrew Bean","startTime":1156.379,"endTime":1159.019,"body":"account apart from late fees as"},{"speaker":"Andrew Bean","startTime":1156.379,"endTime":1159.019,"body":"already touched on that but"},{"speaker":"Andrew Bean","startTime":1159.019,"endTime":1162.499,"body":"things like what does the bank"},{"speaker":"Andrew Bean","startTime":1159.019,"endTime":1162.499,"body":"absolutely not want to see you"},{"speaker":"Andrew Bean","startTime":1162.499,"endTime":1163.519,"body":"spending your money on?"},{"speaker":"Victor Lagos","startTime":1163.7,"endTime":1167.69,"body":"Okay, I'll tell"},{"speaker":"Victor Lagos","startTime":1163.7,"endTime":1167.69,"body":"you a few. One is gambling. So"},{"speaker":"Victor Lagos","startTime":1167.69,"endTime":1170.87,"body":"if they can see you're going"},{"speaker":"Victor Lagos","startTime":1167.69,"endTime":1170.87,"body":"into the casino to be online"},{"speaker":"Victor Lagos","startTime":1170.87,"endTime":1175.16,"body":"gambling, even crypto, some of"},{"speaker":"Victor Lagos","startTime":1170.87,"endTime":1175.16,"body":"them do see crypto as gambling"},{"speaker":"Victor Lagos","startTime":1175.34,"endTime":1178.46,"body":"that's a red flag for sure."},{"speaker":"Victor Lagos","startTime":1175.34,"endTime":1178.46,"body":"Another one which is like an"},{"speaker":"Victor Lagos","startTime":1178.46,"endTime":1183.2,"body":"instant decline would be payday"},{"speaker":"Victor Lagos","startTime":1178.46,"endTime":1183.2,"body":"loans Cash Converters and you"},{"speaker":"Victor Lagos","startTime":1183.2,"endTime":1186.26,"body":"know these pawn shops and stuff"},{"speaker":"Victor Lagos","startTime":1183.2,"endTime":1186.26,"body":"that they give you give you"},{"speaker":"Victor Lagos","startTime":1186.26,"endTime":1190.37,"body":"financier that that anyone who"},{"speaker":"Victor Lagos","startTime":1186.26,"endTime":1190.37,"body":"needs that type of finance means"},{"speaker":"Victor Lagos","startTime":1190.37,"endTime":1194.09,"body":"that they can't live within"},{"speaker":"Victor Lagos","startTime":1190.37,"endTime":1194.09,"body":"their means. So they're always"},{"speaker":"Victor Lagos","startTime":1194.09,"endTime":1196.94,"body":"chasing the tail, not even"},{"speaker":"Victor Lagos","startTime":1194.09,"endTime":1196.94,"body":"living paycheck to paycheck,"},{"speaker":"Victor Lagos","startTime":1197.06,"endTime":1199.43,"body":"because that paycheck doesn't"},{"speaker":"Victor Lagos","startTime":1197.06,"endTime":1199.43,"body":"get them to the next one. They"},{"speaker":"Victor Lagos","startTime":1199.43,"endTime":1202.7,"body":"need to get along Don't to cover"},{"speaker":"Victor Lagos","startTime":1199.43,"endTime":1202.7,"body":"them to the next paycheck. So"},{"speaker":"Victor Lagos","startTime":1202.7,"endTime":1206.63,"body":"yeah, that's a no go, believe it"},{"speaker":"Victor Lagos","startTime":1202.7,"endTime":1206.63,"body":"or not excess alcohol. So if"},{"speaker":"Victor Lagos","startTime":1206.63,"endTime":1209.66,"body":"someone's spending too much on"},{"speaker":"Victor Lagos","startTime":1206.63,"endTime":1209.66,"body":"alcohol, that's also a red flag,"},{"speaker":"Victor Lagos","startTime":1209.84,"endTime":1212.81,"body":"you can drink as much as you"},{"speaker":"Victor Lagos","startTime":1209.84,"endTime":1212.81,"body":"want. But I had a customer that"},{"speaker":"Victor Lagos","startTime":1212.81,"endTime":1215.87,"body":"was legitimately buying wine"},{"speaker":"Victor Lagos","startTime":1212.81,"endTime":1215.87,"body":"through COVID. He was collecting"},{"speaker":"Victor Lagos","startTime":1216.05,"endTime":1218.57,"body":"that flag and, you know, made"},{"speaker":"Victor Lagos","startTime":1216.05,"endTime":1218.57,"body":"some commentary about and"},{"speaker":"Victor Lagos","startTime":1218.57,"endTime":1221.75,"body":"they'll find if someone's going"},{"speaker":"Victor Lagos","startTime":1218.57,"endTime":1221.75,"body":"to the pub all the time. Well,"},{"speaker":"Victor Lagos","startTime":1221.87,"endTime":1223.91,"body":"it's a pattern. And they know"},{"speaker":"Victor Lagos","startTime":1221.87,"endTime":1223.91,"body":"that if you're going to keep"},{"speaker":"Victor Lagos","startTime":1223.94,"endTime":1226.7,"body":"spending that much, you can't"},{"speaker":"Victor Lagos","startTime":1223.94,"endTime":1226.7,"body":"say you drop that, because"},{"speaker":"Victor Lagos","startTime":1226.7,"endTime":1228.59,"body":"you're probably an alcoholic,"},{"speaker":"Victor Lagos","startTime":1226.7,"endTime":1228.59,"body":"potentially."},{"speaker":"Andrew Bean","startTime":1230.13,"endTime":1234.81,"body":"So what I'm hearing"},{"speaker":"Andrew Bean","startTime":1230.13,"endTime":1234.81,"body":"is buy your alcohol from Aldi to"},{"speaker":"Andrew Bean","startTime":1234.81,"endTime":1237.81,"body":"mask what you're actually"},{"speaker":"Andrew Bean","startTime":1234.81,"endTime":1237.81,"body":"buying. That's what I'm hearing."},{"speaker":"Victor Lagos","startTime":1238.29,"endTime":1240.81,"body":"That's not what I"},{"speaker":"Victor Lagos","startTime":1238.29,"endTime":1240.81,"body":"said. But yeah, probably a good"},{"speaker":"Victor Lagos","startTime":1240.81,"endTime":1248.01,"body":"strategy. That a separate store"},{"speaker":"Victor Lagos","startTime":1240.81,"endTime":1248.01,"body":"like in the same company,"},{"speaker":"Andrew Bean","startTime":1248.04,"endTime":1250.2,"body":"yeah. Fair enough."},{"speaker":"Andrew Bean","startTime":1248.04,"endTime":1250.2,"body":"So what are the good"},{"speaker":"Andrew Bean","startTime":1250.2,"endTime":1252.72,"body":"transactions? What are they"},{"speaker":"Andrew Bean","startTime":1250.2,"endTime":1252.72,"body":"actually want to see you doing?"},{"speaker":"Andrew Bean","startTime":1252.72,"endTime":1255.63,"body":"Like? How do we boost the red"},{"speaker":"Andrew Bean","startTime":1252.72,"endTime":1255.63,"body":"box, so that ticks in our box,"},{"speaker":"Victor Lagos","startTime":1255.81,"endTime":1258.45,"body":"okay, so what"},{"speaker":"Victor Lagos","startTime":1255.81,"endTime":1258.45,"body":"they're really just looking for"},{"speaker":"Victor Lagos","startTime":1258.45,"endTime":1261.99,"body":"more than anything is that your"},{"speaker":"Victor Lagos","startTime":1258.45,"endTime":1261.99,"body":"pay is consistent. So they want"},{"speaker":"Victor Lagos","startTime":1261.99,"endTime":1265.08,"body":"to see your pay matches the"},{"speaker":"Victor Lagos","startTime":1261.99,"endTime":1265.08,"body":"amount on your pay slip. And the"},{"speaker":"Victor Lagos","startTime":1265.08,"endTime":1266.94,"body":"date that you get paid is the"},{"speaker":"Victor Lagos","startTime":1265.08,"endTime":1266.94,"body":"same that you got paid on the"},{"speaker":"Victor Lagos","startTime":1266.94,"endTime":1271.14,"body":"pay slip, and the amount doesn't"},{"speaker":"Victor Lagos","startTime":1266.94,"endTime":1271.14,"body":"drop, right? Because someone"},{"speaker":"Victor Lagos","startTime":1271.14,"endTime":1273.54,"body":"might be permanent. But then all"},{"speaker":"Victor Lagos","startTime":1271.14,"endTime":1273.54,"body":"of a sudden, in the last three"},{"speaker":"Victor Lagos","startTime":1273.54,"endTime":1276.63,"body":"months, their pay has gone down"},{"speaker":"Victor Lagos","startTime":1273.54,"endTime":1276.63,"body":"and it's gone up, well, that's a"},{"speaker":"Victor Lagos","startTime":1276.63,"endTime":1279.18,"body":"sign that you might be casual,"},{"speaker":"Victor Lagos","startTime":1276.63,"endTime":1279.18,"body":"or that you've got, there's no"},{"speaker":"Victor Lagos","startTime":1279.21,"endTime":1281.49,"body":"consistency in your pay. So"},{"speaker":"Victor Lagos","startTime":1279.21,"endTime":1281.49,"body":"that's the number one thing"},{"speaker":"Victor Lagos","startTime":1281.49,"endTime":1283.35,"body":"they're looking for to verify"},{"speaker":"Victor Lagos","startTime":1281.49,"endTime":1283.35,"body":"that you actually get paid the"},{"speaker":"Victor Lagos","startTime":1283.35,"endTime":1285.78,"body":"amount that you've that you've"},{"speaker":"Victor Lagos","startTime":1283.35,"endTime":1285.78,"body":"declared on your pay slip."},{"speaker":"Victor Lagos","startTime":1286.29,"endTime":1290.43,"body":"Second thing is they want to see"},{"speaker":"Victor Lagos","startTime":1286.29,"endTime":1290.43,"body":"that the expenses that you've"},{"speaker":"Victor Lagos","startTime":1290.43,"endTime":1294.96,"body":"declared for your outgoing"},{"speaker":"Victor Lagos","startTime":1290.43,"endTime":1294.96,"body":"costs, your day to day living"},{"speaker":"Victor Lagos","startTime":1294.96,"endTime":1297.48,"body":"expenses, especially the fixed"},{"speaker":"Victor Lagos","startTime":1294.96,"endTime":1297.48,"body":"costs, like we talked about"},{"speaker":"Victor Lagos","startTime":1297.48,"endTime":1300.99,"body":"bills, people guess a lot of"},{"speaker":"Victor Lagos","startTime":1297.48,"endTime":1300.99,"body":"stuff. But if you're way off,"},{"speaker":"Victor Lagos","startTime":1301.05,"endTime":1304.71,"body":"they're going to compare that."},{"speaker":"Victor Lagos","startTime":1301.05,"endTime":1304.71,"body":"So if you say you spend $100, on"},{"speaker":"Victor Lagos","startTime":1304.77,"endTime":1307.68,"body":"private health insurance, but"},{"speaker":"Victor Lagos","startTime":1304.77,"endTime":1307.68,"body":"you're actually spending 400."},{"speaker":"Victor Lagos","startTime":1307.68,"endTime":1309.54,"body":"And I see that in your in your"},{"speaker":"Victor Lagos","startTime":1307.68,"endTime":1309.54,"body":"transaction, they're gonna ask"},{"speaker":"Victor Lagos","startTime":1309.54,"endTime":1312.3,"body":"the question, if you say I only"},{"speaker":"Victor Lagos","startTime":1309.54,"endTime":1312.3,"body":"spent 300 bucks on childcare,"},{"speaker":"Victor Lagos","startTime":1312.6,"endTime":1316.71,"body":"and they see 1500 That month, or"},{"speaker":"Victor Lagos","startTime":1312.6,"endTime":1316.71,"body":"they're gonna question that. So"},{"speaker":"Victor Lagos","startTime":1316.71,"endTime":1318.9,"body":"they're just looking for"},{"speaker":"Victor Lagos","startTime":1316.71,"endTime":1318.9,"body":"consistency from what you"},{"speaker":"Victor Lagos","startTime":1318.9,"endTime":1321.78,"body":"declare, and what documents you"},{"speaker":"Victor Lagos","startTime":1318.9,"endTime":1321.78,"body":"provide all the stuff about"},{"speaker":"Victor Lagos","startTime":1321.78,"endTime":1325.05,"body":"going to the grocery store, or"},{"speaker":"Victor Lagos","startTime":1321.78,"endTime":1325.05,"body":"going out to dinner. They don't"},{"speaker":"Victor Lagos","startTime":1325.05,"endTime":1327.72,"body":"really care about that. Because"},{"speaker":"Victor Lagos","startTime":1325.05,"endTime":1327.72,"body":"let's face it, like you could"},{"speaker":"Victor Lagos","startTime":1327.72,"endTime":1330.81,"body":"have a big event to birthday,"},{"speaker":"Victor Lagos","startTime":1327.72,"endTime":1330.81,"body":"its anniversary, and you can"},{"speaker":"Victor Lagos","startTime":1330.81,"endTime":1333.57,"body":"spend a lot that month. But that"},{"speaker":"Victor Lagos","startTime":1330.81,"endTime":1333.57,"body":"doesn't mean you can do every"},{"speaker":"Victor Lagos","startTime":1333.57,"endTime":1336.78,"body":"month. So they logical, right?"},{"speaker":"Victor Lagos","startTime":1333.57,"endTime":1336.78,"body":"They're not gonna say, Oh, look,"},{"speaker":"Victor Lagos","startTime":1336.78,"endTime":1339.69,"body":"they spent, you know, $500 on"},{"speaker":"Victor Lagos","startTime":1336.78,"endTime":1339.69,"body":"dinner, let's account for that"},{"speaker":"Victor Lagos","startTime":1339.69,"endTime":1342.84,"body":"every month. Well, it's just"},{"speaker":"Victor Lagos","startTime":1339.69,"endTime":1342.84,"body":"that month. So it's more the"},{"speaker":"Victor Lagos","startTime":1342.84,"endTime":1346.53,"body":"fixed costs. And then they're"},{"speaker":"Victor Lagos","startTime":1342.84,"endTime":1346.53,"body":"also looking for debts that you"},{"speaker":"Victor Lagos","startTime":1346.59,"endTime":1349.2,"body":"that you may not have disclosed"},{"speaker":"Victor Lagos","startTime":1346.59,"endTime":1349.2,"body":"in your financial statement,"},{"speaker":"Victor Lagos","startTime":1349.23,"endTime":1352.2,"body":"your financial position. If you"},{"speaker":"Victor Lagos","startTime":1349.23,"endTime":1352.2,"body":"say you don't have credit cards,"},{"speaker":"Victor Lagos","startTime":1352.2,"endTime":1353.82,"body":"and all of a sudden there's a"},{"speaker":"Victor Lagos","startTime":1352.2,"endTime":1353.82,"body":"credit card payment. Well,"},{"speaker":"Victor Lagos","startTime":1353.91,"endTime":1357.0,"body":"what's that, oh, even tell"},{"speaker":"Victor Lagos","startTime":1353.91,"endTime":1357.0,"body":"you've got, you know, by now pay"},{"speaker":"Victor Lagos","startTime":1357.0,"endTime":1360.48,"body":"later afterpay or zippay. So"},{"speaker":"Victor Lagos","startTime":1357.0,"endTime":1360.48,"body":"things like that. But as long as"},{"speaker":"Victor Lagos","startTime":1360.48,"endTime":1363.15,"body":"your pay is coming in, and as"},{"speaker":"Victor Lagos","startTime":1360.48,"endTime":1363.15,"body":"long as you're also not going in"},{"speaker":"Victor Lagos","startTime":1363.15,"endTime":1365.97,"body":"the negative. So over drawing"},{"speaker":"Victor Lagos","startTime":1363.15,"endTime":1365.97,"body":"the account, so there's always"},{"speaker":"Victor Lagos","startTime":1366.0,"endTime":1367.83,"body":"some money left, then you're"},{"speaker":"Victor Lagos","startTime":1366.0,"endTime":1367.83,"body":"good."},{"speaker":"Andrew Bean","startTime":1367.24,"endTime":1370.78,"body":"Yeah, cool. So with"},{"speaker":"Andrew Bean","startTime":1367.24,"endTime":1370.78,"body":"that timely app, can you"},{"speaker":"Andrew Bean","startTime":1370.78,"endTime":1373.06,"body":"actually share that with your"},{"speaker":"Andrew Bean","startTime":1370.78,"endTime":1373.06,"body":"partner as well, because it's"},{"speaker":"Andrew Bean","startTime":1373.06,"endTime":1375.88,"body":"obviously a big thing. It's not"},{"speaker":"Andrew Bean","startTime":1373.06,"endTime":1375.88,"body":"just one person, like working"},{"speaker":"Andrew Bean","startTime":1375.88,"endTime":1378.76,"body":"the finances, it's usually a"},{"speaker":"Andrew Bean","startTime":1375.88,"endTime":1378.76,"body":"team of people like a husband"},{"speaker":"Andrew Bean","startTime":1378.76,"endTime":1379.36,"body":"and wife,"},{"speaker":"Victor Lagos","startTime":1379.0,"endTime":1382.27,"body":"I'm sure there is"},{"speaker":"Victor Lagos","startTime":1379.0,"endTime":1382.27,"body":"a paid version. And I'm sure you"},{"speaker":"Victor Lagos","startTime":1382.27,"endTime":1385.3,"body":"can do a lot more with it. I"},{"speaker":"Victor Lagos","startTime":1382.27,"endTime":1385.3,"body":"just use it myself just to"},{"speaker":"Victor Lagos","startTime":1385.3,"endTime":1389.08,"body":"manage what the bills are. So it"},{"speaker":"Victor Lagos","startTime":1385.3,"endTime":1389.08,"body":"doesn't manage my expenses. That"},{"speaker":"Victor Lagos","startTime":1389.08,"endTime":1391.75,"body":"is something that I need to"},{"speaker":"Victor Lagos","startTime":1389.08,"endTime":1391.75,"body":"figure out. And I can tell you"},{"speaker":"Victor Lagos","startTime":1391.75,"endTime":1393.88,"body":"the strategies that my wife and"},{"speaker":"Victor Lagos","startTime":1391.75,"endTime":1393.88,"body":"I did for that, because"},{"speaker":"Victor Lagos","startTime":1394.06,"endTime":1397.6,"body":"everyone's got their own way of"},{"speaker":"Victor Lagos","startTime":1394.06,"endTime":1397.6,"body":"managing their discretionary"},{"speaker":"Victor Lagos","startTime":1397.6,"endTime":1400.48,"body":"spend, and you can share your"},{"speaker":"Victor Lagos","startTime":1397.6,"endTime":1400.48,"body":"story, you guys figured it out."},{"speaker":"Victor Lagos","startTime":1400.48,"endTime":1403.81,"body":"But my wife and I actually went"},{"speaker":"Victor Lagos","startTime":1400.48,"endTime":1403.81,"body":"to a park and we printed out"},{"speaker":"Victor Lagos","startTime":1403.81,"endTime":1406.57,"body":"three months of bank statements."},{"speaker":"Victor Lagos","startTime":1403.81,"endTime":1406.57,"body":"And we brought a highlighter,"},{"speaker":"Victor Lagos","startTime":1406.57,"endTime":1411.07,"body":"and we we brought a pen. And we"},{"speaker":"Victor Lagos","startTime":1406.57,"endTime":1411.07,"body":"started to understand how much"},{"speaker":"Victor Lagos","startTime":1411.07,"endTime":1414.34,"body":"have we spent in the last three"},{"speaker":"Victor Lagos","startTime":1411.07,"endTime":1414.34,"body":"months on going out? Whether"},{"speaker":"Victor Lagos","startTime":1414.34,"endTime":1418.42,"body":"it's birthday party or dinner or"},{"speaker":"Victor Lagos","startTime":1414.34,"endTime":1418.42,"body":"whatever. Like that was kind of"},{"speaker":"Victor Lagos","startTime":1418.42,"endTime":1420.61,"body":"a wake up call, right? Just to"},{"speaker":"Victor Lagos","startTime":1418.42,"endTime":1420.61,"body":"see if that well, we've actually"},{"speaker":"Victor Lagos","startTime":1420.61,"endTime":1422.5,"body":"spent that much in the last"},{"speaker":"Victor Lagos","startTime":1420.61,"endTime":1422.5,"body":"three months and you know,"},{"speaker":"Victor Lagos","startTime":1422.5,"endTime":1425.44,"body":"averaged it out per month, then"},{"speaker":"Victor Lagos","startTime":1422.5,"endTime":1425.44,"body":"we decided how much do we want"},{"speaker":"Victor Lagos","startTime":1425.44,"endTime":1429.4,"body":"to spend. And then that was the"},{"speaker":"Victor Lagos","startTime":1425.44,"endTime":1429.4,"body":"amount that we committed to"},{"speaker":"Victor Lagos","startTime":1429.4,"endTime":1433.9,"body":"spend for going out together. So"},{"speaker":"Victor Lagos","startTime":1429.4,"endTime":1433.9,"body":"we had a joint account for going"},{"speaker":"Victor Lagos","startTime":1433.9,"endTime":1438.16,"body":"out. And then we worked out our"},{"speaker":"Victor Lagos","startTime":1433.9,"endTime":1438.16,"body":"individual amount, and how much"},{"speaker":"Victor Lagos","startTime":1438.16,"endTime":1441.01,"body":"we want to have every single"},{"speaker":"Victor Lagos","startTime":1438.16,"endTime":1441.01,"body":"week for ourselves. And to be"},{"speaker":"Victor Lagos","startTime":1441.01,"endTime":1442.87,"body":"honest with you, it wasn't much"},{"speaker":"Victor Lagos","startTime":1441.01,"endTime":1442.87,"body":"it's like $50 bucks a week, it"},{"speaker":"Victor Lagos","startTime":1442.87,"endTime":1445.87,"body":"wasn't we had to adjust it"},{"speaker":"Victor Lagos","startTime":1442.87,"endTime":1445.87,"body":"sometimes, you know, borrow"},{"speaker":"Victor Lagos","startTime":1445.87,"endTime":1448.78,"body":"money from a different account."},{"speaker":"Victor Lagos","startTime":1445.87,"endTime":1448.78,"body":"But then we set up separate bank"},{"speaker":"Victor Lagos","startTime":1448.78,"endTime":1453.04,"body":"accounts. So then on payday"},{"speaker":"Victor Lagos","startTime":1448.78,"endTime":1453.04,"body":"money will go to joint going out"},{"speaker":"Victor Lagos","startTime":1453.04,"endTime":1456.67,"body":"account, money will go to the"},{"speaker":"Victor Lagos","startTime":1453.04,"endTime":1456.67,"body":"grocery account, money will go"},{"speaker":"Victor Lagos","startTime":1456.67,"endTime":1459.85,"body":"to our individual spending"},{"speaker":"Victor Lagos","startTime":1456.67,"endTime":1459.85,"body":"account. And more importantly,"},{"speaker":"Victor Lagos","startTime":1459.88,"endTime":1462.22,"body":"and this will you talked about"},{"speaker":"Victor Lagos","startTime":1459.88,"endTime":1462.22,"body":"earlier, we'd have a savings"},{"speaker":"Victor Lagos","startTime":1462.22,"endTime":1467.02,"body":"account when we stuck to this"},{"speaker":"Victor Lagos","startTime":1462.22,"endTime":1467.02,"body":"set budget. And we obviously our"},{"speaker":"Victor Lagos","startTime":1467.02,"endTime":1469.57,"body":"main account, which is what we"},{"speaker":"Victor Lagos","startTime":1467.02,"endTime":1469.57,"body":"talked about the bills coming"},{"speaker":"Victor Lagos","startTime":1469.57,"endTime":1471.55,"body":"out of that there's always"},{"speaker":"Victor Lagos","startTime":1469.57,"endTime":1471.55,"body":"enough money to cover the bills,"},{"speaker":"Victor Lagos","startTime":1471.55,"endTime":1473.98,"body":"but everything else got"},{"speaker":"Victor Lagos","startTime":1471.55,"endTime":1473.98,"body":"dispersed into other accounts."},{"speaker":"Victor Lagos","startTime":1474.4,"endTime":1477.64,"body":"So then we'd watch our savings"},{"speaker":"Victor Lagos","startTime":1474.4,"endTime":1477.64,"body":"go up and up. So then what"},{"speaker":"Victor Lagos","startTime":1477.64,"endTime":1481.81,"body":"happened was my wife will get a"},{"speaker":"Victor Lagos","startTime":1477.64,"endTime":1481.81,"body":"pay rise, and I'd get a pay"},{"speaker":"Victor Lagos","startTime":1481.81,"endTime":1486.04,"body":"rise. But all that will change"},{"speaker":"Victor Lagos","startTime":1481.81,"endTime":1486.04,"body":"in our budget is our saving more"},{"speaker":"Victor Lagos","startTime":1486.04,"endTime":1489.91,"body":"now. Because all the expending"},{"speaker":"Victor Lagos","startTime":1486.04,"endTime":1489.91,"body":"is the same. And there's"},{"speaker":"Victor Lagos","startTime":1489.91,"endTime":1493.39,"body":"something I read a while ago"},{"speaker":"Victor Lagos","startTime":1489.91,"endTime":1493.39,"body":"saying that wealthy people earn"},{"speaker":"Victor Lagos","startTime":1493.39,"endTime":1497.89,"body":"more but spend the same, whereas"},{"speaker":"Victor Lagos","startTime":1493.39,"endTime":1497.89,"body":"everyone else earns more and"},{"speaker":"Victor Lagos","startTime":1497.89,"endTime":1501.37,"body":"spends more. Alright and that's"},{"speaker":"Victor Lagos","startTime":1497.89,"endTime":1501.37,"body":"it. that people fall under,"},{"speaker":"Victor Lagos","startTime":1501.61,"endTime":1503.95,"body":"they're making more money, but"},{"speaker":"Victor Lagos","startTime":1501.61,"endTime":1503.95,"body":"they start living a lavish"},{"speaker":"Victor Lagos","startTime":1503.95,"endTime":1507.64,"body":"lifestyle. But if you're saving"},{"speaker":"Victor Lagos","startTime":1503.95,"endTime":1507.64,"body":"more as you earn more, then you"},{"speaker":"Victor Lagos","startTime":1507.64,"endTime":1510.91,"body":"can buy property. Or you can"},{"speaker":"Victor Lagos","startTime":1507.64,"endTime":1510.91,"body":"invest in other other things."},{"speaker":"Andrew Bean","startTime":1511.16,"endTime":1513.77,"body":"It's like keeping"},{"speaker":"Andrew Bean","startTime":1511.16,"endTime":1513.77,"body":"up with the Joneses like you"},{"speaker":"Andrew Bean","startTime":1513.77,"endTime":1516.05,"body":"have lifestyle creep, that's"},{"speaker":"Andrew Bean","startTime":1513.77,"endTime":1516.05,"body":"what they call it, you know, you"},{"speaker":"Andrew Bean","startTime":1516.05,"endTime":1519.98,"body":"see everyone in a nice car, not"},{"speaker":"Andrew Bean","startTime":1516.05,"endTime":1519.98,"body":"potentially in a nice house, but"},{"speaker":"Andrew Bean","startTime":1519.98,"endTime":1522.59,"body":"like renting a nice house, and"},{"speaker":"Andrew Bean","startTime":1519.98,"endTime":1522.59,"body":"you think I need that nice car"},{"speaker":"Andrew Bean","startTime":1522.59,"endTime":1526.91,"body":"to where I am literally about to"},{"speaker":"Andrew Bean","startTime":1522.59,"endTime":1526.91,"body":"upgrade my car, because we have"},{"speaker":"Andrew Bean","startTime":1526.94,"endTime":1530.66,"body":"children, and more room is"},{"speaker":"Andrew Bean","startTime":1526.94,"endTime":1530.66,"body":"required after five years of"},{"speaker":"Andrew Bean","startTime":1530.66,"endTime":1533.66,"body":"having kids. So definitely"},{"speaker":"Andrew Bean","startTime":1530.66,"endTime":1533.66,"body":"looking into a new car, but it's"},{"speaker":"Andrew Bean","startTime":1533.66,"endTime":1536.45,"body":"just like, it's like that. It's"},{"speaker":"Andrew Bean","startTime":1533.66,"endTime":1536.45,"body":"like lifestyle creep. And you've"},{"speaker":"Andrew Bean","startTime":1536.45,"endTime":1539.18,"body":"really got to watch out for"},{"speaker":"Andrew Bean","startTime":1536.45,"endTime":1539.18,"body":"that. And it's actually Robert"},{"speaker":"Andrew Bean","startTime":1539.18,"endTime":1541.88,"body":"Kiyosaki actually talks about"},{"speaker":"Andrew Bean","startTime":1539.18,"endTime":1541.88,"body":"this, where you pay yourself"},{"speaker":"Andrew Bean","startTime":1541.88,"endTime":1545.69,"body":"first. So like, if you're"},{"speaker":"Andrew Bean","startTime":1541.88,"endTime":1545.69,"body":"working like 38 hours a week,"},{"speaker":"Andrew Bean","startTime":1545.84,"endTime":1548.06,"body":"you don't want to just be"},{"speaker":"Andrew Bean","startTime":1545.84,"endTime":1548.06,"body":"working to pay other people you"},{"speaker":"Andrew Bean","startTime":1548.06,"endTime":1551.3,"body":"actually want to pay yourself,"},{"speaker":"Andrew Bean","startTime":1548.06,"endTime":1551.3,"body":"he would famously pay himself"},{"speaker":"Andrew Bean","startTime":1551.3,"endTime":1555.47,"body":"first, and then not have enough"},{"speaker":"Andrew Bean","startTime":1551.3,"endTime":1555.47,"body":"money for his bills, he put"},{"speaker":"Andrew Bean","startTime":1555.47,"endTime":1559.13,"body":"himself in a position where he"},{"speaker":"Andrew Bean","startTime":1555.47,"endTime":1559.13,"body":"had to work out how to figure"},{"speaker":"Andrew Bean","startTime":1559.13,"endTime":1562.97,"body":"out like to make more money. So"},{"speaker":"Andrew Bean","startTime":1559.13,"endTime":1562.97,"body":"unless he made more money, he"},{"speaker":"Andrew Bean","startTime":1562.97,"endTime":1565.28,"body":"wasn't gonna be able to pay this"},{"speaker":"Andrew Bean","startTime":1562.97,"endTime":1565.28,"body":"bill. But the most important"},{"speaker":"Andrew Bean","startTime":1565.28,"endTime":1568.01,"body":"thing was paying himself first"},{"speaker":"Andrew Bean","startTime":1565.28,"endTime":1568.01,"body":"into that savings account."},{"speaker":"Victor Lagos","startTime":1568.49,"endTime":1571.16,"body":"No, actually, I've"},{"speaker":"Victor Lagos","startTime":1568.49,"endTime":1571.16,"body":"read that book Rich Dad, Poor"},{"speaker":"Victor Lagos","startTime":1571.16,"endTime":1574.52,"body":"Dad. And for me, the thing that"},{"speaker":"Victor Lagos","startTime":1571.16,"endTime":1574.52,"body":"stuck out was building your your"},{"speaker":"Victor Lagos","startTime":1574.52,"endTime":1577.37,"body":"assets and reducing your"},{"speaker":"Victor Lagos","startTime":1574.52,"endTime":1577.37,"body":"liabilities and building the"},{"speaker":"Victor Lagos","startTime":1577.43,"endTime":1581.0,"body":"income producing assets. So not"},{"speaker":"Victor Lagos","startTime":1577.43,"endTime":1581.0,"body":"things like cars or your home"},{"speaker":"Victor Lagos","startTime":1581.03,"endTime":1584.39,"body":"which are because a depreciating"},{"speaker":"Victor Lagos","startTime":1581.03,"endTime":1584.39,"body":"asset, of course, it's not"},{"speaker":"Victor Lagos","startTime":1584.39,"endTime":1587.36,"body":"income generating and your home."},{"speaker":"Victor Lagos","startTime":1584.39,"endTime":1587.36,"body":"It's not tax deductible, it's"},{"speaker":"Victor Lagos","startTime":1587.36,"endTime":1588.2,"body":"not income generating."},{"speaker":"Andrew Bean","startTime":1588.65,"endTime":1590.75,"body":"So it's a liability"},{"speaker":"Andrew Bean","startTime":1588.65,"endTime":1590.75,"body":"because you're paying for to"},{"speaker":"Andrew Bean","startTime":1590.75,"endTime":1592.82,"body":"load unless someone else or"},{"speaker":"Andrew Bean","startTime":1590.75,"endTime":1592.82,"body":"paying for it and paying for"},{"speaker":"Andrew Bean","startTime":1592.82,"endTime":1593.6,"body":"itself. Yeah,"},{"speaker":"Victor Lagos","startTime":1594.109,"endTime":1595.939,"body":"I agree. It's a"},{"speaker":"Victor Lagos","startTime":1594.109,"endTime":1595.939,"body":"cost, right? It gives you"},{"speaker":"Victor Lagos","startTime":1595.939,"endTime":1599.359,"body":"shelter. So that's the benefit,"},{"speaker":"Victor Lagos","startTime":1595.939,"endTime":1599.359,"body":"but it's costing you money every"},{"speaker":"Victor Lagos","startTime":1599.359,"endTime":1602.149,"body":"single month. And if the rates"},{"speaker":"Victor Lagos","startTime":1599.359,"endTime":1602.149,"body":"go up, that's another cost. But"},{"speaker":"Victor Lagos","startTime":1602.149,"endTime":1604.609,"body":"one thing I wanted to touch on,"},{"speaker":"Victor Lagos","startTime":1602.149,"endTime":1604.609,"body":"which also helped me because"},{"speaker":"Victor Lagos","startTime":1604.609,"endTime":1608.239,"body":"it's a psychology thing as well,"},{"speaker":"Victor Lagos","startTime":1604.609,"endTime":1608.239,"body":"right? What people don't realize"},{"speaker":"Victor Lagos","startTime":1608.299,"endTime":1611.959,"body":"is they end up spending more"},{"speaker":"Victor Lagos","startTime":1608.299,"endTime":1611.959,"body":"than what they earn, when"},{"speaker":"Victor Lagos","startTime":1611.959,"endTime":1615.949,"body":"they've got access to credit,"},{"speaker":"Victor Lagos","startTime":1611.959,"endTime":1615.949,"body":"like credit cards, buy now pay"},{"speaker":"Victor Lagos","startTime":1615.949,"endTime":1619.459,"body":"later, or even payday loans if"},{"speaker":"Victor Lagos","startTime":1615.949,"endTime":1619.459,"body":"they've gone down that path. So"},{"speaker":"Victor Lagos","startTime":1619.459,"endTime":1622.879,"body":"they end up spending more than"},{"speaker":"Victor Lagos","startTime":1619.459,"endTime":1622.879,"body":"they earn. So doing this money"},{"speaker":"Victor Lagos","startTime":1622.879,"endTime":1625.219,"body":"management that we talked about"},{"speaker":"Victor Lagos","startTime":1622.879,"endTime":1625.219,"body":"is so that you can spend less"},{"speaker":"Victor Lagos","startTime":1625.219,"endTime":1628.099,"body":"than you earn and invest the"},{"speaker":"Victor Lagos","startTime":1625.219,"endTime":1628.099,"body":"difference, or save the"},{"speaker":"Victor Lagos","startTime":1628.099,"endTime":1631.909,"body":"difference. But the way that I"},{"speaker":"Victor Lagos","startTime":1628.099,"endTime":1631.909,"body":"understood it, that helped me"},{"speaker":"Victor Lagos","startTime":1632.329,"endTime":1636.019,"body":"was, every time you spend on"},{"speaker":"Victor Lagos","startTime":1632.329,"endTime":1636.019,"body":"credit, you're actually stealing"},{"speaker":"Victor Lagos","startTime":1636.019,"endTime":1640.549,"body":"from your future self, say you"},{"speaker":"Victor Lagos","startTime":1636.019,"endTime":1640.549,"body":"want to buy a new car, and you"},{"speaker":"Victor Lagos","startTime":1640.549,"endTime":1643.789,"body":"take out a car loan, 30, grand,"},{"speaker":"Victor Lagos","startTime":1640.549,"endTime":1643.789,"body":"40, grand, whatever, that"},{"speaker":"Victor Lagos","startTime":1643.789,"endTime":1647.569,"body":"feeling of driving a new car,"},{"speaker":"Victor Lagos","startTime":1643.789,"endTime":1647.569,"body":"she was great. But it doesn't"},{"speaker":"Victor Lagos","startTime":1647.569,"endTime":1651.859,"body":"last, it might last a few weeks,"},{"speaker":"Victor Lagos","startTime":1647.569,"endTime":1651.859,"body":"soon as the car gets dirty. Kids"},{"speaker":"Victor Lagos","startTime":1651.859,"endTime":1655.129,"body":"vomit on the seat, or you put a"},{"speaker":"Victor Lagos","startTime":1651.859,"endTime":1655.129,"body":"dog in the back or whatever it"},{"speaker":"Victor Lagos","startTime":1655.129,"endTime":1658.699,"body":"is, it doesn't give you that"},{"speaker":"Victor Lagos","startTime":1655.129,"endTime":1658.699,"body":"same feeling anymore. Your past"},{"speaker":"Victor Lagos","startTime":1658.699,"endTime":1663.049,"body":"self got to enjoy the feeling of"},{"speaker":"Victor Lagos","startTime":1658.699,"endTime":1663.049,"body":"that brand new car, but your"},{"speaker":"Victor Lagos","startTime":1663.049,"endTime":1667.099,"body":"future self is the one paying"},{"speaker":"Victor Lagos","startTime":1663.049,"endTime":1667.099,"body":"for it. Right? If you just have"},{"speaker":"Victor Lagos","startTime":1667.099,"endTime":1669.019,"body":"someone like oh, now I gotta pay"},{"speaker":"Victor Lagos","startTime":1667.099,"endTime":1669.019,"body":"for this. But you're the one"},{"speaker":"Victor Lagos","startTime":1669.019,"endTime":1671.419,"body":"that got to enjoy it not me. Now"},{"speaker":"Victor Lagos","startTime":1669.019,"endTime":1671.419,"body":"it's just a car, I'm just"},{"speaker":"Victor Lagos","startTime":1671.419,"endTime":1674.389,"body":"getting from A to B, but a cars,"},{"speaker":"Victor Lagos","startTime":1671.419,"endTime":1674.389,"body":"okay, because obviously, it's"},{"speaker":"Victor Lagos","startTime":1674.389,"endTime":1676.909,"body":"something that you need for the"},{"speaker":"Victor Lagos","startTime":1674.389,"endTime":1676.909,"body":"family and whatnot. But I'm just"},{"speaker":"Victor Lagos","startTime":1676.909,"endTime":1680.269,"body":"talking about in general, like"},{"speaker":"Victor Lagos","startTime":1676.909,"endTime":1680.269,"body":"if you bought yourself a, I"},{"speaker":"Victor Lagos","startTime":1680.269,"endTime":1680.659,"body":"don't know what"},{"speaker":"Andrew Bean","startTime":1680.66,"endTime":1683.15,"body":"role it was"},{"speaker":"Andrew Bean","startTime":1680.66,"endTime":1683.15,"body":"something crazy, like just a"},{"speaker":"Andrew Bean","startTime":1683.15,"endTime":1687.68,"body":"flash, you know, you just link"},{"speaker":"Andrew Bean","startTime":1683.15,"endTime":1687.68,"body":"to build up your Instagram"},{"speaker":"Andrew Bean","startTime":1687.68,"endTime":1688.07,"body":"account."},{"speaker":"Victor Lagos","startTime":1689.0,"endTime":1692.12,"body":"Exactly. And it's"},{"speaker":"Victor Lagos","startTime":1689.0,"endTime":1692.12,"body":"instant gratification, right?"},{"speaker":"Victor Lagos","startTime":1692.12,"endTime":1694.64,"body":"They feel good then in the"},{"speaker":"Victor Lagos","startTime":1692.12,"endTime":1694.64,"body":"moment, but even the Rolex won't"},{"speaker":"Victor Lagos","startTime":1694.64,"endTime":1697.13,"body":"feel that good after a while,"},{"speaker":"Victor Lagos","startTime":1694.64,"endTime":1697.13,"body":"because you might scratch it,"},{"speaker":"Victor Lagos","startTime":1697.13,"endTime":1699.47,"body":"and you don't want to wear it"},{"speaker":"Victor Lagos","startTime":1697.13,"endTime":1699.47,"body":"anymore. Because you don't want"},{"speaker":"Victor Lagos","startTime":1699.47,"endTime":1702.77,"body":"to damage it. So if you flip it"},{"speaker":"Victor Lagos","startTime":1699.47,"endTime":1702.77,"body":"on its head and say, you know, I"},{"speaker":"Victor Lagos","startTime":1702.77,"endTime":1706.16,"body":"do want a Rolex, it's important"},{"speaker":"Victor Lagos","startTime":1702.77,"endTime":1706.16,"body":"to me, but I'm not going to"},{"speaker":"Victor Lagos","startTime":1706.19,"endTime":1709.16,"body":"borrow the money to get it, I'm"},{"speaker":"Victor Lagos","startTime":1706.19,"endTime":1709.16,"body":"going to save for it. So you"},{"speaker":"Victor Lagos","startTime":1709.16,"endTime":1712.01,"body":"manage your money the same way"},{"speaker":"Victor Lagos","startTime":1709.16,"endTime":1712.01,"body":"we talked about. And then you"},{"speaker":"Victor Lagos","startTime":1712.01,"endTime":1715.1,"body":"start putting away money every"},{"speaker":"Victor Lagos","startTime":1712.01,"endTime":1715.1,"body":"week. And you can set up a bank"},{"speaker":"Victor Lagos","startTime":1715.1,"endTime":1717.59,"body":"account, like the good thing"},{"speaker":"Victor Lagos","startTime":1715.1,"endTime":1717.59,"body":"about Australia's bank accounts,"},{"speaker":"Victor Lagos","startTime":1717.8,"endTime":1719.84,"body":"a free, you can have multiple"},{"speaker":"Victor Lagos","startTime":1717.8,"endTime":1719.84,"body":"accounts, they don't charge you"},{"speaker":"Victor Lagos","startTime":1719.87,"endTime":1722.84,"body":"overseas. In Europe, they charge"},{"speaker":"Victor Lagos","startTime":1719.87,"endTime":1722.84,"body":"you monthly fees for every bank"},{"speaker":"Victor Lagos","startTime":1722.84,"endTime":1725.54,"body":"account you've got. Whereas here"},{"speaker":"Victor Lagos","startTime":1722.84,"endTime":1725.54,"body":"you can have like seven, eight"},{"speaker":"Victor Lagos","startTime":1725.6,"endTime":1728.12,"body":"sub accounts with no fees. And"},{"speaker":"Victor Lagos","startTime":1725.6,"endTime":1728.12,"body":"you can literally call it a"},{"speaker":"Victor Lagos","startTime":1728.12,"endTime":1731.0,"body":"Rolex account, if you wanted to"},{"speaker":"Victor Lagos","startTime":1728.12,"endTime":1731.0,"body":"re label it. And you can put"},{"speaker":"Victor Lagos","startTime":1731.0,"endTime":1733.91,"body":"away even 100 bucks a week or"},{"speaker":"Victor Lagos","startTime":1731.0,"endTime":1733.91,"body":"whatever it is that you can"},{"speaker":"Victor Lagos","startTime":1733.91,"endTime":1737.57,"body":"afford to put aside every week."},{"speaker":"Victor Lagos","startTime":1733.91,"endTime":1737.57,"body":"So you get a positive feeling"},{"speaker":"Victor Lagos","startTime":1737.57,"endTime":1740.63,"body":"because you see it grow, right."},{"speaker":"Victor Lagos","startTime":1737.57,"endTime":1740.63,"body":"And then eventually you have"},{"speaker":"Victor Lagos","startTime":1740.63,"endTime":1743.81,"body":"that whatever it costs, say it's"},{"speaker":"Victor Lagos","startTime":1740.63,"endTime":1743.81,"body":"10 grand by the watch, you"},{"speaker":"Victor Lagos","startTime":1743.81,"endTime":1747.5,"body":"eventually get the 10 Grand, and"},{"speaker":"Victor Lagos","startTime":1743.81,"endTime":1747.5,"body":"you go buy it outright. So now"},{"speaker":"Victor Lagos","startTime":1747.5,"endTime":1750.14,"body":"you have a positive feeling"},{"speaker":"Victor Lagos","startTime":1747.5,"endTime":1750.14,"body":"throughout the whole process,"},{"speaker":"Victor Lagos","startTime":1750.14,"endTime":1752.69,"body":"because you were saving, you get"},{"speaker":"Victor Lagos","startTime":1750.14,"endTime":1752.69,"body":"the positive feeling because you"},{"speaker":"Victor Lagos","startTime":1752.69,"endTime":1755.99,"body":"just bought it. And you save"},{"speaker":"Victor Lagos","startTime":1752.69,"endTime":1755.99,"body":"that to get it there. You get to"},{"speaker":"Victor Lagos","startTime":1755.99,"endTime":1759.23,"body":"carry that fill in because you"},{"speaker":"Victor Lagos","startTime":1755.99,"endTime":1759.23,"body":"now know that you worked, and"},{"speaker":"Victor Lagos","startTime":1759.23,"endTime":1762.38,"body":"you put money aside to get that"},{"speaker":"Victor Lagos","startTime":1759.23,"endTime":1762.38,"body":"watch. And you get to wear it"},{"speaker":"Victor Lagos","startTime":1762.38,"endTime":1765.08,"body":"the rest of your life had no"},{"speaker":"Victor Lagos","startTime":1762.38,"endTime":1765.08,"body":"debt tied to it. Yeah, so you're"},{"speaker":"Victor Lagos","startTime":1765.08,"endTime":1766.82,"body":"giving to your future self by"},{"speaker":"Victor Lagos","startTime":1765.08,"endTime":1766.82,"body":"saving?"},{"speaker":"Andrew Bean","startTime":1767.38,"endTime":1769.54,"body":"Yeah, that's"},{"speaker":"Andrew Bean","startTime":1767.38,"endTime":1769.54,"body":"awesome. What do you think about"},{"speaker":"Andrew Bean","startTime":1769.54,"endTime":1772.78,"body":"saving, so you're saving for an"},{"speaker":"Andrew Bean","startTime":1769.54,"endTime":1772.78,"body":"asset Right? Or you're saving"},{"speaker":"Andrew Bean","startTime":1772.78,"endTime":1776.14,"body":"for something like a watch or a"},{"speaker":"Andrew Bean","startTime":1772.78,"endTime":1776.14,"body":"car or something like that. But"},{"speaker":"Andrew Bean","startTime":1776.17,"endTime":1779.95,"body":"you keep on saving and saving"},{"speaker":"Andrew Bean","startTime":1776.17,"endTime":1779.95,"body":"and saving, but you buy a cash"},{"speaker":"Andrew Bean","startTime":1779.95,"endTime":1785.05,"body":"flowing asset, that then you can"},{"speaker":"Andrew Bean","startTime":1779.95,"endTime":1785.05,"body":"take out a loan, and then that"},{"speaker":"Andrew Bean","startTime":1785.05,"endTime":1789.16,"body":"buys the car and pays for the"},{"speaker":"Andrew Bean","startTime":1785.05,"endTime":1789.16,"body":"car. So you have the asset, and"},{"speaker":"Andrew Bean","startTime":1789.16,"endTime":1793.3,"body":"then you also have the car and"},{"speaker":"Andrew Bean","startTime":1789.16,"endTime":1793.3,"body":"then that actually the asset"},{"speaker":"Andrew Bean","startTime":1793.3,"endTime":1796.93,"body":"pays for itself over time. So"},{"speaker":"Andrew Bean","startTime":1793.3,"endTime":1796.93,"body":"you have both of those things"},{"speaker":"Andrew Bean","startTime":1796.96,"endTime":1800.05,"body":"and one of them is obviously"},{"speaker":"Andrew Bean","startTime":1796.96,"endTime":1800.05,"body":"producing cash flow, producing."},{"speaker":"Andrew Bean","startTime":1800.05,"endTime":1803.23,"body":"Seeing potential capital growth"},{"speaker":"Andrew Bean","startTime":1800.05,"endTime":1803.23,"body":"in the future. Obviously, the"},{"speaker":"Andrew Bean","startTime":1803.23,"endTime":1805.84,"body":"car's not going to do anything"},{"speaker":"Andrew Bean","startTime":1803.23,"endTime":1805.84,"body":"for you, except for make you"},{"speaker":"Andrew Bean","startTime":1805.84,"endTime":1808.6,"body":"feel good and get you from A to"},{"speaker":"Andrew Bean","startTime":1805.84,"endTime":1808.6,"body":"B. It's going to depreciate over"},{"speaker":"Andrew Bean","startTime":1808.6,"endTime":1812.14,"body":"time. But that's a very common"},{"speaker":"Andrew Bean","startTime":1808.6,"endTime":1812.14,"body":"way to do it too. What do you"},{"speaker":"Andrew Bean","startTime":1812.14,"endTime":1812.98,"body":"think of that way?"},{"speaker":"Victor Lagos","startTime":1813.22,"endTime":1815.65,"body":"So you're saying"},{"speaker":"Victor Lagos","startTime":1813.22,"endTime":1815.65,"body":"that you get the property first,"},{"speaker":"Victor Lagos","startTime":1815.68,"endTime":1817.93,"body":"and it goes up in value? And"},{"speaker":"Victor Lagos","startTime":1815.68,"endTime":1817.93,"body":"then you buy a car with a?"},{"speaker":"Andrew Bean","startTime":1818.26,"endTime":1821.74,"body":"No, no, no, I'm"},{"speaker":"Andrew Bean","startTime":1818.26,"endTime":1821.74,"body":"only talking about like cash"},{"speaker":"Andrew Bean","startTime":1821.74,"endTime":1824.44,"body":"flowing real estate like"},{"speaker":"Andrew Bean","startTime":1821.74,"endTime":1824.44,"body":"commercial property. So you're"},{"speaker":"Andrew Bean","startTime":1824.44,"endTime":1827.77,"body":"saving and saving, and instead"},{"speaker":"Andrew Bean","startTime":1824.44,"endTime":1827.77,"body":"of dumping the money, it's a"},{"speaker":"Andrew Bean","startTime":1827.77,"endTime":1832.15,"body":"it's a really expensive car. So"},{"speaker":"Andrew Bean","startTime":1827.77,"endTime":1832.15,"body":"it's like a $300,000 car like a"},{"speaker":"Andrew Bean","startTime":1832.15,"endTime":1835.0,"body":"Lambo or something like that. So"},{"speaker":"Andrew Bean","startTime":1832.15,"endTime":1835.0,"body":"you're saving up that money, but"},{"speaker":"Andrew Bean","startTime":1835.0,"endTime":1839.47,"body":"instead of buying the Lambo"},{"speaker":"Andrew Bean","startTime":1835.0,"endTime":1839.47,"body":"first, you buy a warehouse, and"},{"speaker":"Andrew Bean","startTime":1839.47,"endTime":1844.12,"body":"that warehouse is paying you"},{"speaker":"Andrew Bean","startTime":1839.47,"endTime":1844.12,"body":"$60,000 a year. And then you can"},{"speaker":"Andrew Bean","startTime":1844.12,"endTime":1848.26,"body":"take out a car loan because the"},{"speaker":"Andrew Bean","startTime":1844.12,"endTime":1848.26,"body":"car loan is only $40,000 a year."},{"speaker":"Andrew Bean","startTime":1848.26,"endTime":1852.16,"body":"So your net $20,000, the"},{"speaker":"Andrew Bean","startTime":1848.26,"endTime":1852.16,"body":"property is paying itself off,"},{"speaker":"Andrew Bean","startTime":1852.28,"endTime":1855.58,"body":"and it's paying for you to have"},{"speaker":"Andrew Bean","startTime":1852.28,"endTime":1855.58,"body":"that car as well. So you get the"},{"speaker":"Andrew Bean","startTime":1855.58,"endTime":1856.72,"body":"best of both worlds."},{"speaker":"Victor Lagos","startTime":1856.9,"endTime":1859.39,"body":"That's an awesome"},{"speaker":"Victor Lagos","startTime":1856.9,"endTime":1859.39,"body":"strategy. Because while it's"},{"speaker":"Victor Lagos","startTime":1859.39,"endTime":1863.14,"body":"paying for itself, as well,"},{"speaker":"Victor Lagos","startTime":1859.39,"endTime":1863.14,"body":"you're getting the growth,"},{"speaker":"Victor Lagos","startTime":1863.17,"endTime":1865.99,"body":"right, of course, it's"},{"speaker":"Victor Lagos","startTime":1863.17,"endTime":1865.99,"body":"speculation, I understand that"},{"speaker":"Victor Lagos","startTime":1866.02,"endTime":1868.33,"body":"you can't guarantee growth when"},{"speaker":"Victor Lagos","startTime":1866.02,"endTime":1868.33,"body":"you're investing in property."},{"speaker":"Victor Lagos","startTime":1868.69,"endTime":1872.32,"body":"But say you did invest in a good"},{"speaker":"Victor Lagos","startTime":1868.69,"endTime":1872.32,"body":"area. And if you just look at"},{"speaker":"Victor Lagos","startTime":1872.35,"endTime":1875.5,"body":"stats and in whatnot in that"},{"speaker":"Victor Lagos","startTime":1872.35,"endTime":1875.5,"body":"area, and it's grown over time,"},{"speaker":"Victor Lagos","startTime":1875.5,"endTime":1879.25,"body":"the longer you hold a property."},{"speaker":"Victor Lagos","startTime":1875.5,"endTime":1879.25,"body":"So you're using the bank's money"},{"speaker":"Victor Lagos","startTime":1879.25,"endTime":1881.74,"body":"to get you that asset. So"},{"speaker":"Victor Lagos","startTime":1879.25,"endTime":1881.74,"body":"whether it's $600 grand or"},{"speaker":"Victor Lagos","startTime":1881.74,"endTime":1885.31,"body":"whatnot. So that's just they're"},{"speaker":"Victor Lagos","startTime":1881.74,"endTime":1885.31,"body":"going up in value, the tenants"},{"speaker":"Victor Lagos","startTime":1885.31,"endTime":1888.46,"body":"paying the rent that's covering"},{"speaker":"Victor Lagos","startTime":1885.31,"endTime":1888.46,"body":"the cost, which is just the"},{"speaker":"Victor Lagos","startTime":1888.46,"endTime":1891.1,"body":"mortgage, because they're paying"},{"speaker":"Victor Lagos","startTime":1888.46,"endTime":1891.1,"body":"the rent, and they're also"},{"speaker":"Victor Lagos","startTime":1891.1,"endTime":1894.25,"body":"paying the outgoings directly."},{"speaker":"Victor Lagos","startTime":1891.1,"endTime":1894.25,"body":"And if there's still enough"},{"speaker":"Victor Lagos","startTime":1894.25,"endTime":1899.05,"body":"money, that you can now fund the"},{"speaker":"Victor Lagos","startTime":1894.25,"endTime":1899.05,"body":"car, as well. So it's paying the"},{"speaker":"Victor Lagos","startTime":1899.05,"endTime":1903.31,"body":"car loan repayment. Now all of a"},{"speaker":"Victor Lagos","startTime":1899.05,"endTime":1903.31,"body":"sudden, you've made your initial"},{"speaker":"Victor Lagos","startTime":1903.31,"endTime":1906.55,"body":"contribution or your initial"},{"speaker":"Victor Lagos","startTime":1903.31,"endTime":1906.55,"body":"savings work so much harder for"},{"speaker":"Victor Lagos","startTime":1906.55,"endTime":1909.91,"body":"you. That's leverage. So you've"},{"speaker":"Victor Lagos","startTime":1906.55,"endTime":1909.91,"body":"leveraged other people's money"},{"speaker":"Victor Lagos","startTime":1909.91,"endTime":1913.27,"body":"to help you build your wealth,"},{"speaker":"Victor Lagos","startTime":1909.91,"endTime":1913.27,"body":"and give you the lifestyle at"},{"speaker":"Victor Lagos","startTime":1913.27,"endTime":1916.87,"body":"the same time. So I think that's"},{"speaker":"Victor Lagos","startTime":1913.27,"endTime":1916.87,"body":"yeah, if anyone can figure out"},{"speaker":"Victor Lagos","startTime":1916.87,"endTime":1919.57,"body":"how to do that, well, they've"},{"speaker":"Victor Lagos","startTime":1916.87,"endTime":1919.57,"body":"got enough money set aside to"},{"speaker":"Victor Lagos","startTime":1919.57,"endTime":1922.36,"body":"buy an asset that's going to"},{"speaker":"Victor Lagos","startTime":1919.57,"endTime":1922.36,"body":"generate that much. hat's off to"},{"speaker":"Victor Lagos","startTime":1922.36,"endTime":1922.54,"body":"him."},{"speaker":"Andrew Bean","startTime":1922.96,"endTime":1925.66,"body":"Yeah, that's it. I"},{"speaker":"Andrew Bean","startTime":1922.96,"endTime":1925.66,"body":"mean, so I mean, the only way"},{"speaker":"Andrew Bean","startTime":1925.66,"endTime":1928.96,"body":"that you can really, you know,"},{"speaker":"Andrew Bean","startTime":1925.66,"endTime":1928.96,"body":"guarantee capital growth is by"},{"speaker":"Andrew Bean","startTime":1928.99,"endTime":1932.35,"body":"force appreciation on commercial"},{"speaker":"Andrew Bean","startTime":1928.99,"endTime":1932.35,"body":"property where you're increasing"},{"speaker":"Andrew Bean","startTime":1932.35,"endTime":1935.08,"body":"the income. So that's really the"},{"speaker":"Andrew Bean","startTime":1932.35,"endTime":1935.08,"body":"only way. And that's the only"},{"speaker":"Andrew Bean","startTime":1935.08,"endTime":1937.69,"body":"way I think I never think of"},{"speaker":"Andrew Bean","startTime":1935.08,"endTime":1937.69,"body":"like the market going to make me"},{"speaker":"Andrew Bean","startTime":1937.75,"endTime":1940.99,"body":"or like speculating on the"},{"speaker":"Andrew Bean","startTime":1937.75,"endTime":1940.99,"body":"market. So capital growth, it's"},{"speaker":"Andrew Bean","startTime":1940.99,"endTime":1945.1,"body":"how can I force income onto this"},{"speaker":"Andrew Bean","startTime":1940.99,"endTime":1945.1,"body":"property to guarantee the value"},{"speaker":"Andrew Bean","startTime":1945.1,"endTime":1947.08,"body":"going up? So that's kind of how"},{"speaker":"Andrew Bean","startTime":1945.1,"endTime":1947.08,"body":"I think about it."},{"speaker":"Victor Lagos","startTime":1947.0,"endTime":1949.25,"body":"Yeah. And that's"},{"speaker":"Victor Lagos","startTime":1947.0,"endTime":1949.25,"body":"something that you help a lot of"},{"speaker":"Victor Lagos","startTime":1949.25,"endTime":1953.6,"body":"your, your clients with, look"},{"speaker":"Victor Lagos","startTime":1949.25,"endTime":1953.6,"body":"for value add strategies, and I"},{"speaker":"Victor Lagos","startTime":1953.6,"endTime":1956.03,"body":"think that's important before"},{"speaker":"Victor Lagos","startTime":1953.6,"endTime":1956.03,"body":"you buy a property or commit to"},{"speaker":"Victor Lagos","startTime":1956.03,"endTime":1959.45,"body":"something is to know, what are"},{"speaker":"Victor Lagos","startTime":1956.03,"endTime":1959.45,"body":"the value add strategies that"},{"speaker":"Victor Lagos","startTime":1959.45,"endTime":1962.72,"body":"you can implement as soon as you"},{"speaker":"Victor Lagos","startTime":1959.45,"endTime":1962.72,"body":"own that? So you can already"},{"speaker":"Victor Lagos","startTime":1962.9,"endTime":1967.55,"body":"predict and project your money"},{"speaker":"Victor Lagos","startTime":1962.9,"endTime":1967.55,"body":"based on that future income? And"},{"speaker":"Victor Lagos","startTime":1967.55,"endTime":1969.8,"body":"then of course, like you said,"},{"speaker":"Victor Lagos","startTime":1967.55,"endTime":1969.8,"body":"you know that that property is"},{"speaker":"Victor Lagos","startTime":1969.8,"endTime":1973.1,"body":"going to be higher value for"},{"speaker":"Victor Lagos","startTime":1969.8,"endTime":1973.1,"body":"that reason. So yeah, it's not"},{"speaker":"Victor Lagos","startTime":1973.1,"endTime":1975.5,"body":"based on the market itself. It's"},{"speaker":"Victor Lagos","startTime":1973.1,"endTime":1975.5,"body":"just based on the rent."},{"speaker":"Andrew Bean","startTime":1975.68,"endTime":1978.32,"body":"Yeah, no"},{"speaker":"Andrew Bean","startTime":1975.68,"endTime":1978.32,"body":"speculation there. So maybe in"},{"speaker":"Andrew Bean","startTime":1978.32,"endTime":1982.88,"body":"terms of like, say, you do want"},{"speaker":"Andrew Bean","startTime":1978.32,"endTime":1982.88,"body":"to, like buy some fast food, or"},{"speaker":"Andrew Bean","startTime":1982.88,"endTime":1986.27,"body":"you want to go out and buy a new"},{"speaker":"Andrew Bean","startTime":1982.88,"endTime":1986.27,"body":"outfit or something like that?"},{"speaker":"Andrew Bean","startTime":1986.69,"endTime":1989.27,"body":"Do would you recommend"},{"speaker":"Andrew Bean","startTime":1986.69,"endTime":1989.27,"body":"potentially drawing that money"},{"speaker":"Andrew Bean","startTime":1989.27,"endTime":1993.05,"body":"out from the bank actually"},{"speaker":"Andrew Bean","startTime":1989.27,"endTime":1993.05,"body":"drawing money out, and so you"},{"speaker":"Andrew Bean","startTime":1993.05,"endTime":1996.53,"body":"would pay that with cash, so"},{"speaker":"Andrew Bean","startTime":1993.05,"endTime":1996.53,"body":"there's no like digital record"},{"speaker":"Andrew Bean","startTime":1996.53,"endTime":1999.47,"body":"of what you've bought for the"},{"speaker":"Andrew Bean","startTime":1996.53,"endTime":1999.47,"body":"bank to like, scrutinise,"},{"speaker":"Victor Lagos","startTime":1999.0,"endTime":2001.37,"body":"I'd say it"},{"speaker":"Victor Lagos","startTime":1999.0,"endTime":2001.37,"body":"probably doesn't make a"},{"speaker":"Victor Lagos","startTime":2001.37,"endTime":2005.36,"body":"difference. Because if you take"},{"speaker":"Victor Lagos","startTime":2001.37,"endTime":2005.36,"body":"the money as cash, and then go"},{"speaker":"Victor Lagos","startTime":2005.36,"endTime":2009.02,"body":"spend it on clouds, the bank"},{"speaker":"Victor Lagos","startTime":2005.36,"endTime":2009.02,"body":"would just see it as an expense,"},{"speaker":"Victor Lagos","startTime":2009.02,"endTime":2011.48,"body":"right. And if you just spent it"},{"speaker":"Victor Lagos","startTime":2009.02,"endTime":2011.48,"body":"on clothes, they're just gonna"},{"speaker":"Victor Lagos","startTime":2011.48,"endTime":2014.66,"body":"see it as an expense. So it's"},{"speaker":"Victor Lagos","startTime":2011.48,"endTime":2014.66,"body":"not like it actually lets them"},{"speaker":"Victor Lagos","startTime":2014.66,"endTime":2017.93,"body":"see it differently. If anything,"},{"speaker":"Victor Lagos","startTime":2014.66,"endTime":2017.93,"body":"if they see too many cash"},{"speaker":"Victor Lagos","startTime":2017.93,"endTime":2021.35,"body":"withdrawals, that might raise a"},{"speaker":"Victor Lagos","startTime":2017.93,"endTime":2021.35,"body":"flag, because they don't know"},{"speaker":"Victor Lagos","startTime":2021.35,"endTime":2023.27,"body":"what to spend, especially if"},{"speaker":"Victor Lagos","startTime":2021.35,"endTime":2023.27,"body":"it's large amounts for a couple"},{"speaker":"Victor Lagos","startTime":2023.27,"endTime":2025.76,"body":"of 100 bucks here, and that's"},{"speaker":"Victor Lagos","startTime":2023.27,"endTime":2025.76,"body":"fine. But if you're taking out"},{"speaker":"Victor Lagos","startTime":2026.0,"endTime":2029.96,"body":"two grand every single paycheck,"},{"speaker":"Victor Lagos","startTime":2026.0,"endTime":2029.96,"body":"and there's no record of how you"},{"speaker":"Victor Lagos","startTime":2029.96,"endTime":2032.99,"body":"spend your money, it's gonna"},{"speaker":"Victor Lagos","startTime":2029.96,"endTime":2032.99,"body":"raise a flag if the bank sees"},{"speaker":"Victor Lagos","startTime":2032.99,"endTime":2035.54,"body":"that, because they're gonna"},{"speaker":"Victor Lagos","startTime":2032.99,"endTime":2035.54,"body":"understand how do you spend your"},{"speaker":"Victor Lagos","startTime":2035.54,"endTime":2038.09,"body":"money? Yeah, and nothing I"},{"speaker":"Victor Lagos","startTime":2035.54,"endTime":2038.09,"body":"didn't touch on is that there's"},{"speaker":"Victor Lagos","startTime":2038.15,"endTime":2042.68,"body":"a requirement for brokers and"},{"speaker":"Victor Lagos","startTime":2038.15,"endTime":2042.68,"body":"for banks to report things under"},{"speaker":"Victor Lagos","startTime":2042.68,"endTime":2046.49,"body":"the AML act AML. CTF. So anti"},{"speaker":"Victor Lagos","startTime":2042.68,"endTime":2046.49,"body":"money laundering and"},{"speaker":"Victor Lagos","startTime":2046.49,"endTime":2049.82,"body":"counterterrorism. That's"},{"speaker":"Victor Lagos","startTime":2046.49,"endTime":2049.82,"body":"something that they always look"},{"speaker":"Victor Lagos","startTime":2049.82,"endTime":2052.97,"body":"in, they've got algorithms and"},{"speaker":"Victor Lagos","startTime":2049.82,"endTime":2052.97,"body":"things that actually check"},{"speaker":"Victor Lagos","startTime":2052.97,"endTime":2056.39,"body":"account. So if there's money"},{"speaker":"Victor Lagos","startTime":2052.97,"endTime":2056.39,"body":"coming in, and money going out"},{"speaker":"Victor Lagos","startTime":2056.39,"endTime":2058.97,"body":"and being moved to multiple"},{"speaker":"Victor Lagos","startTime":2056.39,"endTime":2058.97,"body":"accounts, that's a red flag,"},{"speaker":"Victor Lagos","startTime":2059.15,"endTime":2061.19,"body":"even for me it was broke, if I"},{"speaker":"Victor Lagos","startTime":2059.15,"endTime":2061.19,"body":"see something like that."},{"speaker":"Andrew Bean","startTime":2061.19,"endTime":2064.34,"body":"So yeah, fair"},{"speaker":"Andrew Bean","startTime":2061.19,"endTime":2064.34,"body":"enough. While we're on the topic"},{"speaker":"Andrew Bean","startTime":2064.37,"endTime":2067.97,"body":"of creating like a bit of a"},{"speaker":"Andrew Bean","startTime":2064.37,"endTime":2067.97,"body":"history of like, actually using"},{"speaker":"Andrew Bean","startTime":2067.97,"endTime":2072.71,"body":"credit, is it ever a good idea"},{"speaker":"Andrew Bean","startTime":2067.97,"endTime":2072.71,"body":"to take out a credit card, just"},{"speaker":"Andrew Bean","startTime":2072.71,"endTime":2075.11,"body":"to get the credit history up,"},{"speaker":"Andrew Bean","startTime":2072.71,"endTime":2075.11,"body":"even though you're not going to"},{"speaker":"Andrew Bean","startTime":2075.11,"endTime":2077.33,"body":"use it much like because if"},{"speaker":"Andrew Bean","startTime":2075.11,"endTime":2077.33,"body":"you've never had a credit card,"},{"speaker":"Andrew Bean","startTime":2077.45,"endTime":2080.21,"body":"you never borrowed any money?"},{"speaker":"Andrew Bean","startTime":2077.45,"endTime":2080.21,"body":"How do they look at you"},{"speaker":"Andrew Bean","startTime":2080.21,"endTime":2082.97,"body":"differently? Like how does that"},{"speaker":"Andrew Bean","startTime":2080.21,"endTime":2082.97,"body":"change like what they want to"},{"speaker":"Andrew Bean","startTime":2082.97,"endTime":2085.7,"body":"do? Because I guess, in their"},{"speaker":"Andrew Bean","startTime":2082.97,"endTime":2085.7,"body":"eyes, you kind of what have you"},{"speaker":"Andrew Bean","startTime":2085.7,"endTime":2088.7,"body":"been doing just sitting in a"},{"speaker":"Andrew Bean","startTime":2085.7,"endTime":2088.7,"body":"corner just tweeting, you know,"},{"speaker":"Andrew Bean","startTime":2088.7,"endTime":2089.66,"body":"Froot Loops or something?"},{"speaker":"Victor Lagos","startTime":2091.42,"endTime":2093.16,"body":"It's funny you say"},{"speaker":"Victor Lagos","startTime":2091.42,"endTime":2093.16,"body":"that not the for loops of it."},{"speaker":"Victor Lagos","startTime":2093.19,"endTime":2096.07,"body":"That is funny, but the funny"},{"speaker":"Victor Lagos","startTime":2093.19,"endTime":2096.07,"body":"thing is about the credit file,"},{"speaker":"Victor Lagos","startTime":2096.34,"endTime":2099.7,"body":"so there are some people who"},{"speaker":"Victor Lagos","startTime":2096.34,"endTime":2099.7,"body":"have never taken up any debt at"},{"speaker":"Victor Lagos","startTime":2099.7,"endTime":2103.33,"body":"all. And they get to their late"},{"speaker":"Victor Lagos","startTime":2099.7,"endTime":2103.33,"body":"20s. And then they realize, you"},{"speaker":"Victor Lagos","startTime":2103.33,"endTime":2105.88,"body":"know what, I've saved up some"},{"speaker":"Victor Lagos","startTime":2103.33,"endTime":2105.88,"body":"money. Now I want to actually"},{"speaker":"Victor Lagos","startTime":2106.18,"endTime":2111.04,"body":"buy a house or property for"},{"speaker":"Victor Lagos","startTime":2106.18,"endTime":2111.04,"body":"investment. If they've never had"},{"speaker":"Victor Lagos","startTime":2111.04,"endTime":2115.09,"body":"a credit file, then it can flag"},{"speaker":"Victor Lagos","startTime":2111.04,"endTime":2115.09,"body":"to the bank. And they'll ask the"},{"speaker":"Victor Lagos","startTime":2115.09,"endTime":2117.61,"body":"question like, how is this"},{"speaker":"Victor Lagos","startTime":2115.09,"endTime":2117.61,"body":"person 28 years old, and they"},{"speaker":"Victor Lagos","startTime":2117.61,"endTime":2120.22,"body":"don't have a credit for, it"},{"speaker":"Victor Lagos","startTime":2117.61,"endTime":2120.22,"body":"doesn't mean they won't approve"},{"speaker":"Victor Lagos","startTime":2120.22,"endTime":2123.28,"body":"it, it just means that we've got"},{"speaker":"Victor Lagos","startTime":2120.22,"endTime":2123.28,"body":"to explain it. Because it's,"},{"speaker":"Victor Lagos","startTime":2123.31,"endTime":2126.82,"body":"you've got no credit score. And"},{"speaker":"Victor Lagos","startTime":2123.31,"endTime":2126.82,"body":"Australia has moved on to"},{"speaker":"Victor Lagos","startTime":2126.85,"endTime":2129.64,"body":"comprehensive credit reporting"},{"speaker":"Victor Lagos","startTime":2126.85,"endTime":2129.64,"body":"or positive credit reporting,"},{"speaker":"Victor Lagos","startTime":2129.64,"endTime":2131.71,"body":"they call it in America. And"},{"speaker":"Victor Lagos","startTime":2129.64,"endTime":2131.71,"body":"that's where they give you a"},{"speaker":"Victor Lagos","startTime":2131.71,"endTime":2136.45,"body":"score based on you staying on"},{"speaker":"Victor Lagos","startTime":2131.71,"endTime":2136.45,"body":"time for your debt. So they keep"},{"speaker":"Victor Lagos","startTime":2136.48,"endTime":2139.21,"body":"a record of that, you can"},{"speaker":"Victor Lagos","startTime":2136.48,"endTime":2139.21,"body":"actually see if you're late on"},{"speaker":"Victor Lagos","startTime":2139.21,"endTime":2142.33,"body":"any repayments, whereas before"},{"speaker":"Victor Lagos","startTime":2139.21,"endTime":2142.33,"body":"only used to keep a record if"},{"speaker":"Victor Lagos","startTime":2142.33,"endTime":2146.35,"body":"you defaulted, for example. So"},{"speaker":"Victor Lagos","startTime":2142.33,"endTime":2146.35,"body":"having a credit file does help"},{"speaker":"Victor Lagos","startTime":2146.35,"endTime":2148.93,"body":"because you have a credit score."},{"speaker":"Victor Lagos","startTime":2146.35,"endTime":2148.93,"body":"And if you've got a credit score"},{"speaker":"Victor Lagos","startTime":2148.93,"endTime":2152.83,"body":"of over 800, you're pretty much"},{"speaker":"Victor Lagos","startTime":2148.93,"endTime":2152.83,"body":"in the top tier of a borrower,"},{"speaker":"Victor Lagos","startTime":2152.89,"endTime":2156.7,"body":"if you're below 600. There's"},{"speaker":"Victor Lagos","startTime":2152.89,"endTime":2156.7,"body":"some negative stuff on there. If"},{"speaker":"Victor Lagos","startTime":2156.7,"endTime":2158.83,"body":"you never had a file, then yeah,"},{"speaker":"Victor Lagos","startTime":2156.7,"endTime":2158.83,"body":"I don't even know what your"},{"speaker":"Victor Lagos","startTime":2158.83,"endTime":2162.1,"body":"score will be to start with,"},{"speaker":"Victor Lagos","startTime":2158.83,"endTime":2162.1,"body":"what I would say is doesn't have"},{"speaker":"Victor Lagos","startTime":2162.1,"endTime":2165.01,"body":"to be a credit card, it can be"},{"speaker":"Victor Lagos","startTime":2162.1,"endTime":2165.01,"body":"like, you know, Is it money or"},{"speaker":"Victor Lagos","startTime":2165.01,"endTime":2167.8,"body":"something like that with the"},{"speaker":"Victor Lagos","startTime":2165.01,"endTime":2167.8,"body":"$1,000 limit. It can even be a"},{"speaker":"Victor Lagos","startTime":2167.8,"endTime":2171.46,"body":"phone bill, like a mobile"},{"speaker":"Victor Lagos","startTime":2167.8,"endTime":2171.46,"body":"contract, that creator or"},{"speaker":"Victor Lagos","startTime":2171.46,"endTime":2174.1,"body":"utility bill, if you move out of"},{"speaker":"Victor Lagos","startTime":2171.46,"endTime":2174.1,"body":"home, something just to create"},{"speaker":"Victor Lagos","startTime":2174.1,"endTime":2176.98,"body":"your file. And as long as you've"},{"speaker":"Victor Lagos","startTime":2174.1,"endTime":2176.98,"body":"got a file, then that's okay,"},{"speaker":"Victor Lagos","startTime":2176.98,"endTime":2179.53,"body":"you don't have to take out debt"},{"speaker":"Victor Lagos","startTime":2176.98,"endTime":2179.53,"body":"in order for you to get that"},{"speaker":"Victor Lagos","startTime":2179.53,"endTime":2182.95,"body":"score. So that's something to"},{"speaker":"Victor Lagos","startTime":2179.53,"endTime":2182.95,"body":"keep in mind. But if someone"},{"speaker":"Victor Lagos","startTime":2182.95,"endTime":2185.77,"body":"does want to have a credit card,"},{"speaker":"Victor Lagos","startTime":2182.95,"endTime":2185.77,"body":"I'd recommend getting good with"},{"speaker":"Victor Lagos","startTime":2185.77,"endTime":2188.68,"body":"money first. What I mean by that"},{"speaker":"Victor Lagos","startTime":2185.77,"endTime":2188.68,"body":"is we talked about managing"},{"speaker":"Victor Lagos","startTime":2188.68,"endTime":2192.73,"body":"money, if you're borrowing money"},{"speaker":"Victor Lagos","startTime":2188.68,"endTime":2192.73,"body":"from anywhere, because you can't"},{"speaker":"Victor Lagos","startTime":2192.73,"endTime":2195.22,"body":"afford to cover your expenses"},{"speaker":"Victor Lagos","startTime":2192.73,"endTime":2195.22,"body":"between this paycheck and the"},{"speaker":"Victor Lagos","startTime":2195.22,"endTime":2197.68,"body":"next one, a credit card is not"},{"speaker":"Victor Lagos","startTime":2195.22,"endTime":2197.68,"body":"going to help you with that."},{"speaker":"Victor Lagos","startTime":2198.4,"endTime":2201.7,"body":"Better not get one. But if"},{"speaker":"Victor Lagos","startTime":2198.4,"endTime":2201.7,"body":"you're always ahead and you've"},{"speaker":"Victor Lagos","startTime":2201.7,"endTime":2205.36,"body":"got savings, put aside, a credit"},{"speaker":"Victor Lagos","startTime":2201.7,"endTime":2205.36,"body":"card can make it easier for you"},{"speaker":"Victor Lagos","startTime":2205.39,"endTime":2208.24,"body":"just to manage a lot of"},{"speaker":"Victor Lagos","startTime":2205.39,"endTime":2208.24,"body":"different direct debits and"},{"speaker":"Victor Lagos","startTime":2208.24,"endTime":2210.25,"body":"whatever. And then you can clear"},{"speaker":"Victor Lagos","startTime":2208.24,"endTime":2210.25,"body":"that as long as you clear the"},{"speaker":"Victor Lagos","startTime":2210.25,"endTime":2214.15,"body":"balance in full every month. And"},{"speaker":"Victor Lagos","startTime":2210.25,"endTime":2214.15,"body":"some banks will make you fill"},{"speaker":"Victor Lagos","startTime":2214.15,"endTime":2216.4,"body":"out a form to do that some will"},{"speaker":"Victor Lagos","startTime":2214.15,"endTime":2216.4,"body":"look through it not through"},{"speaker":"Victor Lagos","startTime":2216.4,"endTime":2218.53,"body":"their bank, some you have to"},{"speaker":"Victor Lagos","startTime":2216.4,"endTime":2218.53,"body":"call up, because they don't want"},{"speaker":"Victor Lagos","startTime":2218.53,"endTime":2220.39,"body":"you to clear it in full, they"},{"speaker":"Victor Lagos","startTime":2218.53,"endTime":2220.39,"body":"want you to carry the balance"},{"speaker":"Victor Lagos","startTime":2220.39,"endTime":2224.29,"body":"and pay interest rate interest"},{"speaker":"Victor Lagos","startTime":2220.39,"endTime":2224.29,"body":"on it. So that's when I would"},{"speaker":"Victor Lagos","startTime":2224.29,"endTime":2228.28,"body":"say it's worth it. And in terms"},{"speaker":"Victor Lagos","startTime":2224.29,"endTime":2228.28,"body":"of limit, me personally, I'll"},{"speaker":"Victor Lagos","startTime":2228.28,"endTime":2232.63,"body":"just go to the minimum, which is"},{"speaker":"Victor Lagos","startTime":2228.28,"endTime":2232.63,"body":"six grand, which gives me reward"},{"speaker":"Victor Lagos","startTime":2232.63,"endTime":2236.2,"body":"points, right? Whereas some"},{"speaker":"Victor Lagos","startTime":2232.63,"endTime":2236.2,"body":"people can go lower. But if it's"},{"speaker":"Victor Lagos","startTime":2236.2,"endTime":2238.75,"body":"not giving you reward points,"},{"speaker":"Victor Lagos","startTime":2236.2,"endTime":2238.75,"body":"all it is is just temptation to"},{"speaker":"Victor Lagos","startTime":2238.75,"endTime":2241.06,"body":"use money you don't have,"},{"speaker":"Victor Lagos","startTime":2238.75,"endTime":2241.06,"body":"because why else would use it?"},{"speaker":"Andrew Bean","startTime":2242.26,"endTime":2244.63,"body":"So what's your"},{"speaker":"Andrew Bean","startTime":2242.26,"endTime":2244.63,"body":"credit score out of it's out of"},{"speaker":"Andrew Bean","startTime":2244.63,"endTime":2245.59,"body":"1000? Or something?"},{"speaker":"Victor Lagos","startTime":2245.92,"endTime":2248.71,"body":"No, I think it"},{"speaker":"Victor Lagos","startTime":2245.92,"endTime":2248.71,"body":"goes all the way up to like 1200"},{"speaker":"Victor Lagos","startTime":2248.86,"endTime":2252.22,"body":"Plus, so anyone who's ever 1000"},{"speaker":"Victor Lagos","startTime":2248.86,"endTime":2252.22,"body":"has got a really good, a really"},{"speaker":"Victor Lagos","startTime":2252.22,"endTime":2256.06,"body":"good score. But a good school,"},{"speaker":"Victor Lagos","startTime":2252.22,"endTime":2256.06,"body":"yeah, 800. and above, and you"},{"speaker":"Victor Lagos","startTime":2256.06,"endTime":2259.15,"body":"can go to a website, there's a"},{"speaker":"Victor Lagos","startTime":2256.06,"endTime":2259.15,"body":"couple of them. Credit savvy and"},{"speaker":"Victor Lagos","startTime":2259.15,"endTime":2262.6,"body":"other one is get credit"},{"speaker":"Victor Lagos","startTime":2259.15,"endTime":2262.6,"body":"score.com.au. And it's free,"},{"speaker":"Victor Lagos","startTime":2262.66,"endTime":2265.96,"body":"they will probably send you some"},{"speaker":"Victor Lagos","startTime":2262.66,"endTime":2265.96,"body":"marketing emails, but you can"},{"speaker":"Victor Lagos","startTime":2265.96,"endTime":2268.93,"body":"keep track of your school, it"},{"speaker":"Victor Lagos","startTime":2265.96,"endTime":2268.93,"body":"doesn't actually do a credit"},{"speaker":"Victor Lagos","startTime":2268.93,"endTime":2272.05,"body":"check. So it's not imprinting on"},{"speaker":"Victor Lagos","startTime":2268.93,"endTime":2272.05,"body":"your file, like you're applying"},{"speaker":"Victor Lagos","startTime":2272.05,"endTime":2276.91,"body":"for finance. It's just a seeker"},{"speaker":"Victor Lagos","startTime":2272.05,"endTime":2276.91,"body":"view. It's like just you wanting"},{"speaker":"Victor Lagos","startTime":2276.91,"endTime":2279.97,"body":"to see it. And then you can just"},{"speaker":"Victor Lagos","startTime":2276.91,"endTime":2279.97,"body":"see what your score is. Yeah, so"},{"speaker":"Victor Lagos","startTime":2279.97,"endTime":2281.92,"body":"and that could also help you if"},{"speaker":"Victor Lagos","startTime":2279.97,"endTime":2281.92,"body":"you've got something bad"},{"speaker":"Victor Lagos","startTime":2281.92,"endTime":2284.38,"body":"sometimes people have fallen"},{"speaker":"Victor Lagos","startTime":2281.92,"endTime":2284.38,"body":"behind or something like years"},{"speaker":"Victor Lagos","startTime":2284.38,"endTime":2286.39,"body":"ago, they moved addresses and"},{"speaker":"Victor Lagos","startTime":2284.38,"endTime":2286.39,"body":"don't even realize they've got"},{"speaker":"Victor Lagos","startTime":2286.39,"endTime":2289.24,"body":"something negative mark on"},{"speaker":"Victor Lagos","startTime":2286.39,"endTime":2289.24,"body":"there, by looking at your score."},{"speaker":"Victor Lagos","startTime":2289.27,"endTime":2292.33,"body":"If it's under 600, then you need"},{"speaker":"Victor Lagos","startTime":2289.27,"endTime":2292.33,"body":"to get a copy of your report"},{"speaker":"Victor Lagos","startTime":2292.33,"endTime":2292.78,"body":"ASAP."},{"speaker":"Andrew Bean","startTime":2293.08,"endTime":2294.79,"body":"Yeah, so I guess"},{"speaker":"Andrew Bean","startTime":2293.08,"endTime":2294.79,"body":"it's one of those things, I"},{"speaker":"Andrew Bean","startTime":2294.79,"endTime":2297.46,"body":"mean, just unpacking a little"},{"speaker":"Andrew Bean","startTime":2294.79,"endTime":2297.46,"body":"bit further. So it doesn't put"},{"speaker":"Andrew Bean","startTime":2297.46,"endTime":2300.7,"body":"any kind of like mark on your"},{"speaker":"Andrew Bean","startTime":2297.46,"endTime":2300.7,"body":"record where you can see it,"},{"speaker":"Andrew Bean","startTime":2300.7,"endTime":2303.1,"body":"someone's check this I mean,"},{"speaker":"Andrew Bean","startTime":2300.7,"endTime":2303.1,"body":"like, you know, how when, if"},{"speaker":"Andrew Bean","startTime":2303.1,"endTime":2305.92,"body":"you're applying for loans for"},{"speaker":"Andrew Bean","startTime":2303.1,"endTime":2305.92,"body":"like different things from all"},{"speaker":"Andrew Bean","startTime":2305.92,"endTime":2308.95,"body":"different people that actually"},{"speaker":"Andrew Bean","startTime":2305.92,"endTime":2308.95,"body":"puts a flag or some kind of tick"},{"speaker":"Andrew Bean","startTime":2308.95,"endTime":2310.48,"body":"or mark on your account or"},{"speaker":"Andrew Bean","startTime":2308.95,"endTime":2310.48,"body":"something."},{"speaker":"Victor Lagos","startTime":2310.72,"endTime":2314.17,"body":"Yeah, so if you"},{"speaker":"Victor Lagos","startTime":2310.72,"endTime":2314.17,"body":"apply for finance, then it's not"},{"speaker":"Victor Lagos","startTime":2314.17,"endTime":2317.38,"body":"really a problem. It doesn't"},{"speaker":"Victor Lagos","startTime":2314.17,"endTime":2317.38,"body":"affect your score, whether"},{"speaker":"Victor Lagos","startTime":2317.38,"endTime":2319.96,"body":"you're approved or declined,"},{"speaker":"Victor Lagos","startTime":2317.38,"endTime":2319.96,"body":"because they don't update it."},{"speaker":"Victor Lagos","startTime":2319.96,"endTime":2322.18,"body":"And so this wasn't approved,"},{"speaker":"Victor Lagos","startTime":2319.96,"endTime":2322.18,"body":"right, it just shows that you've"},{"speaker":"Victor Lagos","startTime":2322.18,"endTime":2325.45,"body":"applied, it only starts to"},{"speaker":"Victor Lagos","startTime":2322.18,"endTime":2325.45,"body":"reduce your score if you keep"},{"speaker":"Victor Lagos","startTime":2325.45,"endTime":2328.27,"body":"applying elsewhere. And this is"},{"speaker":"Victor Lagos","startTime":2325.45,"endTime":2328.27,"body":"really important, because some"},{"speaker":"Victor Lagos","startTime":2328.27,"endTime":2331.93,"body":"people who come from migrants"},{"speaker":"Victor Lagos","startTime":2328.27,"endTime":2331.93,"body":"that come to Australia and in"},{"speaker":"Victor Lagos","startTime":2331.93,"endTime":2334.6,"body":"their countries, that's how they"},{"speaker":"Victor Lagos","startTime":2331.93,"endTime":2334.6,"body":"get financed, they go around to"},{"speaker":"Victor Lagos","startTime":2334.6,"endTime":2337.93,"body":"different banks, and they try to"},{"speaker":"Victor Lagos","startTime":2334.6,"endTime":2337.93,"body":"negotiate their rates, and then"},{"speaker":"Victor Lagos","startTime":2337.93,"endTime":2340.54,"body":"they apply for loans, because a"},{"speaker":"Victor Lagos","startTime":2337.93,"endTime":2340.54,"body":"bank is not going to give you an"},{"speaker":"Victor Lagos","startTime":2340.54,"endTime":2343.87,"body":"interest rate unless you apply."},{"speaker":"Victor Lagos","startTime":2340.54,"endTime":2343.87,"body":"So sometimes you don't realize"},{"speaker":"Victor Lagos","startTime":2343.87,"endTime":2347.38,"body":"that by talking to a banker, or"},{"speaker":"Victor Lagos","startTime":2343.87,"endTime":2347.38,"body":"checking for right online, that"},{"speaker":"Victor Lagos","startTime":2347.38,"endTime":2349.99,"body":"they're actually applying for a"},{"speaker":"Victor Lagos","startTime":2347.38,"endTime":2349.99,"body":"loan, that leaves a mark on"},{"speaker":"Victor Lagos","startTime":2349.99,"endTime":2352.63,"body":"their credit file. And if they"},{"speaker":"Victor Lagos","startTime":2349.99,"endTime":2352.63,"body":"do that three, four times in a"},{"speaker":"Victor Lagos","startTime":2352.63,"endTime":2355.78,"body":"week or in a month, their score"},{"speaker":"Victor Lagos","startTime":2352.63,"endTime":2355.78,"body":"is going to drop significantly."},{"speaker":"Victor Lagos","startTime":2356.23,"endTime":2359.44,"body":"So it's important to not apply"},{"speaker":"Victor Lagos","startTime":2356.23,"endTime":2359.44,"body":"for loans. So working with a"},{"speaker":"Victor Lagos","startTime":2359.44,"endTime":2363.4,"body":"mortgage broker, like myself, I"},{"speaker":"Victor Lagos","startTime":2359.44,"endTime":2363.4,"body":"will actually check your file,"},{"speaker":"Victor Lagos","startTime":2363.4,"endTime":2366.76,"body":"do an assessment on it. And I"},{"speaker":"Victor Lagos","startTime":2363.4,"endTime":2366.76,"body":"used to work for a bank. So I"},{"speaker":"Victor Lagos","startTime":2366.76,"endTime":2370.57,"body":"used to do credit assessments on"},{"speaker":"Victor Lagos","startTime":2366.76,"endTime":2370.57,"body":"behalf of the banks. I know what"},{"speaker":"Victor Lagos","startTime":2370.57,"endTime":2373.42,"body":"they look for, to work and"},{"speaker":"Victor Lagos","startTime":2370.57,"endTime":2373.42,"body":"answer all these questions. So I"},{"speaker":"Victor Lagos","startTime":2373.42,"endTime":2377.17,"body":"do my assessment first without"},{"speaker":"Victor Lagos","startTime":2373.42,"endTime":2377.17,"body":"putting any application for. So"},{"speaker":"Victor Lagos","startTime":2377.17,"endTime":2381.22,"body":"if I need to do a credit check,"},{"speaker":"Victor Lagos","startTime":2377.17,"endTime":2381.22,"body":"it doesn't impact the file, like"},{"speaker":"Victor Lagos","startTime":2381.37,"endTime":2383.8,"body":"the credit file, like it's an"},{"speaker":"Victor Lagos","startTime":2381.37,"endTime":2383.8,"body":"actual application is just to"},{"speaker":"Victor Lagos","startTime":2383.8,"endTime":2386.38,"body":"see it. And then I can send a"},{"speaker":"Victor Lagos","startTime":2383.8,"endTime":2386.38,"body":"copy to my customers and they"},{"speaker":"Victor Lagos","startTime":2386.38,"endTime":2388.66,"body":"can have a look at it as well."},{"speaker":"Victor Lagos","startTime":2386.38,"endTime":2388.66,"body":"It doesn't cost them anything,"},{"speaker":"Victor Lagos","startTime":2388.72,"endTime":2391.54,"body":"but only obviously do it"},{"speaker":"Victor Lagos","startTime":2388.72,"endTime":2391.54,"body":"sometimes if it's required, but"},{"speaker":"Victor Lagos","startTime":2391.54,"endTime":2393.52,"body":"I don't always do credit checks"},{"speaker":"Victor Lagos","startTime":2391.54,"endTime":2393.52,"body":"because sometimes they don't"},{"speaker":"Victor Lagos","startTime":2393.52,"endTime":2394.03,"body":"need to do"},{"speaker":"Andrew Bean","startTime":2394.54,"endTime":2396.67,"body":"Yeah, awesome. I"},{"speaker":"Andrew Bean","startTime":2394.54,"endTime":2396.67,"body":"mean, because there's all these"},{"speaker":"Andrew Bean","startTime":2396.67,"endTime":2400.36,"body":"like, like websites where they"},{"speaker":"Andrew Bean","startTime":2396.67,"endTime":2400.36,"body":"say like oh you know 24 like"},{"speaker":"Andrew Bean","startTime":2400.36,"endTime":2403.42,"body":"finance, like, they'll let you"},{"speaker":"Andrew Bean","startTime":2400.36,"endTime":2403.42,"body":"know in, you know, 24 hours or"},{"speaker":"Andrew Bean","startTime":2403.42,"endTime":2406.93,"body":"48 hours. And then some of them"},{"speaker":"Andrew Bean","startTime":2403.42,"endTime":2406.93,"body":"do say does not like put a"},{"speaker":"Andrew Bean","startTime":2406.93,"endTime":2410.65,"body":"credit mark, like a mark on your"},{"speaker":"Andrew Bean","startTime":2406.93,"endTime":2410.65,"body":"credit score. Is that actually"},{"speaker":"Andrew Bean","startTime":2410.65,"endTime":2414.25,"body":"true? Or is that just like to"},{"speaker":"Andrew Bean","startTime":2410.65,"endTime":2414.25,"body":"try to hook you into actually do"},{"speaker":"Andrew Bean","startTime":2414.25,"endTime":2414.49,"body":"it?"},{"speaker":"Victor Lagos","startTime":2415.14,"endTime":2417.12,"body":"Well, I haven't"},{"speaker":"Victor Lagos","startTime":2415.14,"endTime":2417.12,"body":"seen specifically what you're"},{"speaker":"Victor Lagos","startTime":2417.12,"endTime":2419.97,"body":"talking about with the ads. But"},{"speaker":"Victor Lagos","startTime":2417.12,"endTime":2419.97,"body":"if you are getting finance, then"},{"speaker":"Victor Lagos","startTime":2419.97,"endTime":2422.01,"body":"it is leaving an imprint on your"},{"speaker":"Victor Lagos","startTime":2419.97,"endTime":2422.01,"body":"credit file."},{"speaker":"Andrew Bean","startTime":2422.07,"endTime":2424.26,"body":"And what have you"},{"speaker":"Andrew Bean","startTime":2422.07,"endTime":2424.26,"body":"just given me like you go"},{"speaker":"Andrew Bean","startTime":2424.26,"endTime":2427.59,"body":"through like a questionnaire"},{"speaker":"Andrew Bean","startTime":2424.26,"endTime":2427.59,"body":"that was like, give you a couple"},{"speaker":"Andrew Bean","startTime":2427.59,"endTime":2430.2,"body":"of assets and liabilities and"},{"speaker":"Andrew Bean","startTime":2427.59,"endTime":2430.2,"body":"what you get paid and what you"},{"speaker":"Andrew Bean","startTime":2430.2,"endTime":2432.81,"body":"want to actually what you're"},{"speaker":"Andrew Bean","startTime":2430.2,"endTime":2432.81,"body":"trying to get how much money"},{"speaker":"Andrew Bean","startTime":2432.81,"endTime":2435.57,"body":"you're trying to borrow, then"},{"speaker":"Andrew Bean","startTime":2432.81,"endTime":2435.57,"body":"they come back to you. And I'll"},{"speaker":"Andrew Bean","startTime":2435.57,"endTime":2438.39,"body":"give you a call until you yes or"},{"speaker":"Andrew Bean","startTime":2435.57,"endTime":2438.39,"body":"no or what assets you haven't"},{"speaker":"Victor Lagos","startTime":2438.39,"endTime":2441.9,"body":"Yeah, there are a"},{"speaker":"Victor Lagos","startTime":2438.39,"endTime":2441.9,"body":"few of them this personal loan"},{"speaker":"Victor Lagos","startTime":2441.9,"endTime":2446.13,"body":"lenders and short term business"},{"speaker":"Victor Lagos","startTime":2441.9,"endTime":2446.13,"body":"lenders. And they might have a"},{"speaker":"Victor Lagos","startTime":2446.13,"endTime":2449.34,"body":"tool initially, which will do"},{"speaker":"Victor Lagos","startTime":2446.13,"endTime":2449.34,"body":"like a quick check, which may"},{"speaker":"Victor Lagos","startTime":2449.34,"endTime":2453.87,"body":"not be an application. But the"},{"speaker":"Victor Lagos","startTime":2449.34,"endTime":2453.87,"body":"next stage to that is for them"},{"speaker":"Victor Lagos","startTime":2453.87,"endTime":2457.23,"body":"to actually give you an offer"},{"speaker":"Victor Lagos","startTime":2453.87,"endTime":2457.23,"body":"that will actually ask you"},{"speaker":"Victor Lagos","startTime":2457.23,"endTime":2460.53,"body":"usually to provide bank"},{"speaker":"Victor Lagos","startTime":2457.23,"endTime":2460.53,"body":"statements. But they're not"},{"speaker":"Victor Lagos","startTime":2460.53,"endTime":2462.87,"body":"going to ask for bank statements"},{"speaker":"Victor Lagos","startTime":2460.53,"endTime":2462.87,"body":"or you download them from your"},{"speaker":"Victor Lagos","startTime":2462.87,"endTime":2465.21,"body":"net bank, they actually going to"},{"speaker":"Victor Lagos","startTime":2462.87,"endTime":2465.21,"body":"ask you to plug in your"},{"speaker":"Victor Lagos","startTime":2465.21,"endTime":2468.18,"body":"credentials using a tool, which"},{"speaker":"Victor Lagos","startTime":2465.21,"endTime":2468.18,"body":"is similar to open banking, but"},{"speaker":"Victor Lagos","startTime":2468.18,"endTime":2471.51,"body":"it's using another tool, and"},{"speaker":"Victor Lagos","startTime":2468.18,"endTime":2471.51,"body":"that just shares all your data"},{"speaker":"Victor Lagos","startTime":2471.51,"endTime":2474.66,"body":"to them from that particular"},{"speaker":"Victor Lagos","startTime":2471.51,"endTime":2474.66,"body":"bank account. So that is an"},{"speaker":"Victor Lagos","startTime":2474.66,"endTime":2478.23,"body":"application that we'll put out."},{"speaker":"Victor Lagos","startTime":2474.66,"endTime":2478.23,"body":"But in the in the beginning, we"},{"speaker":"Victor Lagos","startTime":2478.23,"endTime":2481.62,"body":"just getting a quote, It depends"},{"speaker":"Victor Lagos","startTime":2478.23,"endTime":2481.62,"body":"on on the lender, some of them"},{"speaker":"Victor Lagos","startTime":2481.62,"endTime":2484.56,"body":"will do one application first,"},{"speaker":"Victor Lagos","startTime":2481.62,"endTime":2484.56,"body":"others will just do what's"},{"speaker":"Victor Lagos","startTime":2484.56,"endTime":2487.98,"body":"called a seeker and you got to"},{"speaker":"Victor Lagos","startTime":2484.56,"endTime":2487.98,"body":"check the fine print. If it says"},{"speaker":"Victor Lagos","startTime":2487.98,"endTime":2492.6,"body":"Seeker, then that's not going to"},{"speaker":"Victor Lagos","startTime":2487.98,"endTime":2492.6,"body":"impact your credit file."},{"speaker":"Andrew Bean","startTime":2496.86,"endTime":2499.32,"body":"It's no secret that"},{"speaker":"Andrew Bean","startTime":2496.86,"endTime":2499.32,"body":"getting financed for a"},{"speaker":"Andrew Bean","startTime":2499.32,"endTime":2503.1,"body":"commercial property can be a"},{"speaker":"Andrew Bean","startTime":2499.32,"endTime":2503.1,"body":"difficult task. If you're"},{"speaker":"Andrew Bean","startTime":2503.1,"endTime":2506.55,"body":"looking for a rockstar mortgage"},{"speaker":"Andrew Bean","startTime":2503.1,"endTime":2506.55,"body":"broker, to kickstart your"},{"speaker":"Andrew Bean","startTime":2506.55,"endTime":2511.89,"body":"financial freedom. Well, look no"},{"speaker":"Andrew Bean","startTime":2506.55,"endTime":2511.89,"body":"further. My man, Victor Lagos"},{"speaker":"Andrew Bean","startTime":2511.89,"endTime":2516.0,"body":"from Logos, Financial has you"},{"speaker":"Andrew Bean","startTime":2511.89,"endTime":2516.0,"body":"covered for all of your"},{"speaker":"Andrew Bean","startTime":2516.0,"endTime":2523.74,"body":"commercial financing needs, go"},{"speaker":"Andrew Bean","startTime":2516.0,"endTime":2523.74,"body":"to lagosfinancial.com.au. That's"},{"speaker":"Andrew Bean","startTime":2523.77,"endTime":2532.92,"body":"L A G O S financial.com.au, for"},{"speaker":"Andrew Bean","startTime":2523.77,"endTime":2532.92,"body":"a free consultation to get you"},{"speaker":"Andrew Bean","startTime":2532.92,"endTime":2535.62,"body":"on the path to financial freedom"},{"speaker":"Andrew Bean","startTime":2532.92,"endTime":2535.62,"body":"today."},{"speaker":"Andrew Bean","startTime":2537.37,"endTime":2540.46,"body":"And so with credit card, just"},{"speaker":"Andrew Bean","startTime":2537.37,"endTime":2540.46,"body":"want to go back to that in terms"},{"speaker":"Andrew Bean","startTime":2540.46,"endTime":2544.33,"body":"of like max limit, what would"},{"speaker":"Andrew Bean","startTime":2540.46,"endTime":2544.33,"body":"you suggest would be the maximum"},{"speaker":"Andrew Bean","startTime":2544.33,"endTime":2547.96,"body":"that you should have the minimum"},{"speaker":"Andrew Bean","startTime":2544.33,"endTime":2547.96,"body":"you can actually get? I think"},{"speaker":"Andrew Bean","startTime":2547.96,"endTime":2551.56,"body":"it's you got to base it on"},{"speaker":"Andrew Bean","startTime":2547.96,"endTime":2551.56,"body":"1.what's the minimum limit for"},{"speaker":"Andrew Bean","startTime":2551.56,"endTime":2555.7,"body":"that particular card. So you"},{"speaker":"Andrew Bean","startTime":2551.56,"endTime":2555.7,"body":"know, you might want an Amex but"},{"speaker":"Andrew Bean","startTime":2555.7,"endTime":2557.62,"body":"an Amex is, you know, $15 grand,"},{"speaker":"Victor Lagos","startTime":2558.62,"endTime":2561.11,"body":"but if you're"},{"speaker":"Victor Lagos","startTime":2558.62,"endTime":2561.11,"body":"wanting to apply for finance and"},{"speaker":"Victor Lagos","startTime":2561.11,"endTime":2564.47,"body":"buy a property $15 grand will"},{"speaker":"Victor Lagos","startTime":2561.11,"endTime":2564.47,"body":"actually hinder you in terms of"},{"speaker":"Victor Lagos","startTime":2564.47,"endTime":2568.31,"body":"your borrowing capacity. So you"},{"speaker":"Victor Lagos","startTime":2564.47,"endTime":2568.31,"body":"may need to rethink that and get"},{"speaker":"Victor Lagos","startTime":2568.61,"endTime":2571.49,"body":"another credit card from another"},{"speaker":"Victor Lagos","startTime":2568.61,"endTime":2571.49,"body":"provider. That gives you like a"},{"speaker":"Victor Lagos","startTime":2571.49,"endTime":2575.39,"body":"lower limit like $5k or $6k. But"},{"speaker":"Victor Lagos","startTime":2571.49,"endTime":2575.39,"body":"I think a good rule of thumb"},{"speaker":"Victor Lagos","startTime":2575.39,"endTime":2579.14,"body":"would be only have a limit that"},{"speaker":"Victor Lagos","startTime":2575.39,"endTime":2579.14,"body":"you can clear with one month's"},{"speaker":"Victor Lagos","startTime":2579.14,"endTime":2584.0,"body":"pay. Yep. So that way, you can"},{"speaker":"Victor Lagos","startTime":2579.14,"endTime":2584.0,"body":"never get into trouble. So as"},{"speaker":"Victor Lagos","startTime":2584.0,"endTime":2587.99,"body":"soon as you go $15k and above or"},{"speaker":"Victor Lagos","startTime":2584.0,"endTime":2587.99,"body":"something like that, and you"},{"speaker":"Victor Lagos","startTime":2587.99,"endTime":2591.44,"body":"can't clear it, you're going to"},{"speaker":"Victor Lagos","startTime":2587.99,"endTime":2591.44,"body":"carry you can temptation there"},{"speaker":"Victor Lagos","startTime":2591.44,"endTime":2594.11,"body":"or something can happen where"},{"speaker":"Victor Lagos","startTime":2591.44,"endTime":2594.11,"body":"you can access more money that"},{"speaker":"Victor Lagos","startTime":2594.11,"endTime":2596.48,"body":"you can afford to cover and"},{"speaker":"Victor Lagos","startTime":2594.11,"endTime":2596.48,"body":"clear and you're gonna be paying"},{"speaker":"Victor Lagos","startTime":2596.48,"endTime":2599.36,"body":"interest. And then you're in a"},{"speaker":"Victor Lagos","startTime":2596.48,"endTime":2599.36,"body":"hole basically trying to get out"},{"speaker":"Andrew Bean","startTime":2599.87,"endTime":2603.2,"body":"Back a long time"},{"speaker":"Andrew Bean","startTime":2599.87,"endTime":2603.2,"body":"ago, when I first got into the"},{"speaker":"Andrew Bean","startTime":2603.23,"endTime":2605.78,"body":"property and investing and"},{"speaker":"Andrew Bean","startTime":2603.23,"endTime":2605.78,"body":"things like that. There was a"},{"speaker":"Andrew Bean","startTime":2605.78,"endTime":2609.44,"body":"lot of talk about offset"},{"speaker":"Andrew Bean","startTime":2605.78,"endTime":2609.44,"body":"accounts. So we have offset"},{"speaker":"Andrew Bean","startTime":2609.47,"endTime":2613.85,"body":"offset accounts. We have split"},{"speaker":"Andrew Bean","startTime":2609.47,"endTime":2613.85,"body":"mortgages, and the idea was to"},{"speaker":"Andrew Bean","startTime":2613.85,"endTime":2617.63,"body":"have a credit card, you pay your"},{"speaker":"Andrew Bean","startTime":2613.85,"endTime":2617.63,"body":"wage your your money into your"},{"speaker":"Andrew Bean","startTime":2617.63,"endTime":2620.36,"body":"offset account, because you're"},{"speaker":"Andrew Bean","startTime":2617.63,"endTime":2620.36,"body":"offsetting your loan, and then"},{"speaker":"Andrew Bean","startTime":2620.36,"endTime":2622.46,"body":"you pay everything with a credit"},{"speaker":"Andrew Bean","startTime":2620.36,"endTime":2622.46,"body":"card, and then you clear the"},{"speaker":"Andrew Bean","startTime":2622.46,"endTime":2627.05,"body":"credit card every single month."},{"speaker":"Andrew Bean","startTime":2622.46,"endTime":2627.05,"body":"Is that still a good strategy in"},{"speaker":"Andrew Bean","startTime":2627.05,"endTime":2630.77,"body":"your mind in you know, 2023? Or"},{"speaker":"Andrew Bean","startTime":2627.05,"endTime":2630.77,"body":"does that really need to be"},{"speaker":"Andrew Bean","startTime":2630.77,"endTime":2632.93,"body":"updated? Because the offset"},{"speaker":"Andrew Bean","startTime":2630.77,"endTime":2632.93,"body":"account doesn't really do too"},{"speaker":"Andrew Bean","startTime":2632.93,"endTime":2633.44,"body":"much?"},{"speaker":"Victor Lagos","startTime":2634.34,"endTime":2637.28,"body":"Yeah, I have heard"},{"speaker":"Victor Lagos","startTime":2634.34,"endTime":2637.28,"body":"of that strategy. It's actually"},{"speaker":"Victor Lagos","startTime":2637.28,"endTime":2639.98,"body":"been promoted a lot from"},{"speaker":"Victor Lagos","startTime":2637.28,"endTime":2639.98,"body":"different does get promoted a"},{"speaker":"Victor Lagos","startTime":2639.98,"endTime":2644.09,"body":"lot. Yeah, yeah, it does. I"},{"speaker":"Victor Lagos","startTime":2639.98,"endTime":2644.09,"body":"personally don't think it's that"},{"speaker":"Victor Lagos","startTime":2644.09,"endTime":2649.01,"body":"effective, because it's too easy"},{"speaker":"Victor Lagos","startTime":2644.09,"endTime":2649.01,"body":"to spend more than you would"},{"speaker":"Victor Lagos","startTime":2649.01,"endTime":2652.94,"body":"normally spend. So because it"},{"speaker":"Victor Lagos","startTime":2649.01,"endTime":2652.94,"body":"all comes down to visibility."},{"speaker":"Victor Lagos","startTime":2653.33,"endTime":2655.94,"body":"All right, we talked about"},{"speaker":"Victor Lagos","startTime":2653.33,"endTime":2655.94,"body":"earlier, allocating money for"},{"speaker":"Victor Lagos","startTime":2655.94,"endTime":2659.06,"body":"certain buckets. But if you have"},{"speaker":"Victor Lagos","startTime":2655.94,"endTime":2659.06,"body":"a credit card that you put"},{"speaker":"Victor Lagos","startTime":2659.09,"endTime":2662.9,"body":"everything on, you don't really"},{"speaker":"Victor Lagos","startTime":2659.09,"endTime":2662.9,"body":"have visibility of how much you"},{"speaker":"Victor Lagos","startTime":2662.9,"endTime":2667.34,"body":"spend for certain things. So you"},{"speaker":"Victor Lagos","startTime":2662.9,"endTime":2667.34,"body":"sort of focus in on available"},{"speaker":"Victor Lagos","startTime":2667.34,"endTime":2671.18,"body":"funds, rather than the balance"},{"speaker":"Victor Lagos","startTime":2667.34,"endTime":2671.18,"body":"as well. So if you've got a"},{"speaker":"Victor Lagos","startTime":2671.18,"endTime":2675.14,"body":"$20,000 card, and you've put two"},{"speaker":"Victor Lagos","startTime":2671.18,"endTime":2675.14,"body":"grand on it, you still see"},{"speaker":"Victor Lagos","startTime":2675.2,"endTime":2680.09,"body":"$18,000 available on that bank."},{"speaker":"Victor Lagos","startTime":2675.2,"endTime":2680.09,"body":"So in your mind, like, Oh, I got"},{"speaker":"Victor Lagos","startTime":2680.09,"endTime":2683.09,"body":"a 18 grand, I haven't spent that"},{"speaker":"Victor Lagos","startTime":2680.09,"endTime":2683.09,"body":"much. But if imagine you had a"},{"speaker":"Victor Lagos","startTime":2683.36,"endTime":2686.99,"body":"$2.5 grand limit, and you look"},{"speaker":"Victor Lagos","startTime":2683.36,"endTime":2686.99,"body":"on it says should I make a $500"},{"speaker":"Victor Lagos","startTime":2686.99,"endTime":2690.14,"body":"left? Now all of a sudden,"},{"speaker":"Victor Lagos","startTime":2686.99,"endTime":2690.14,"body":"you're not thinking the same way"},{"speaker":"Victor Lagos","startTime":2690.14,"endTime":2692.87,"body":"about spending, because you're"},{"speaker":"Victor Lagos","startTime":2690.14,"endTime":2692.87,"body":"like, I'm nearly maxed out here."},{"speaker":"Victor Lagos","startTime":2693.44,"endTime":2695.66,"body":"That's why I think it doesn't"},{"speaker":"Victor Lagos","startTime":2693.44,"endTime":2695.66,"body":"work because you end up spending"},{"speaker":"Victor Lagos","startTime":2695.66,"endTime":2698.75,"body":"more and I think I did read an"},{"speaker":"Victor Lagos","startTime":2695.66,"endTime":2698.75,"body":"article recently. I don't"},{"speaker":"Victor Lagos","startTime":2698.75,"endTime":2699.95,"body":"remember where it was, but it"},{"speaker":"Victor Lagos","startTime":2698.75,"endTime":2699.95,"body":"was"},{"speaker":"Victor Lagos","startTime":2700.0,"endTime":2703.96,"body":"Just trying to statistics of how"},{"speaker":"Victor Lagos","startTime":2700.0,"endTime":2703.96,"body":"much people actually end up"},{"speaker":"Victor Lagos","startTime":2703.96,"endTime":2707.56,"body":"spending more, because they have"},{"speaker":"Victor Lagos","startTime":2703.96,"endTime":2707.56,"body":"a credit card. Yeah, if they"},{"speaker":"Victor Lagos","startTime":2707.56,"endTime":2710.41,"body":"didn't, they'd actually spend a"},{"speaker":"Victor Lagos","startTime":2707.56,"endTime":2710.41,"body":"lot less, which makes sense,"},{"speaker":"Victor Lagos","startTime":2710.44,"endTime":2712.87,"body":"even though they think they're"},{"speaker":"Victor Lagos","startTime":2710.44,"endTime":2712.87,"body":"managing it. Well, when you have"},{"speaker":"Victor Lagos","startTime":2713.32,"endTime":2716.02,"body":"everything on the card, you"},{"speaker":"Victor Lagos","startTime":2713.32,"endTime":2716.02,"body":"can't categorize it the same"},{"speaker":"Victor Lagos","startTime":2716.02,"endTime":2719.68,"body":"way, you can't bucket it the"},{"speaker":"Victor Lagos","startTime":2716.02,"endTime":2719.68,"body":"same way. Yeah, so it makes more"},{"speaker":"Victor Lagos","startTime":2719.68,"endTime":2722.5,"body":"sense to not have it for that."},{"speaker":"Victor Lagos","startTime":2719.68,"endTime":2722.5,"body":"But an offset account can be"},{"speaker":"Victor Lagos","startTime":2722.5,"endTime":2726.28,"body":"powerful. So some people do the"},{"speaker":"Victor Lagos","startTime":2722.5,"endTime":2726.28,"body":"card thing for bills, and then"},{"speaker":"Victor Lagos","startTime":2726.31,"endTime":2728.47,"body":"you know, it's interest free"},{"speaker":"Victor Lagos","startTime":2726.31,"endTime":2728.47,"body":"money, while their money sits in"},{"speaker":"Victor Lagos","startTime":2728.47,"endTime":2731.53,"body":"the offset, and then"},{"speaker":"Victor Lagos","startTime":2728.47,"endTime":2731.53,"body":"automatically, once a month, it"},{"speaker":"Victor Lagos","startTime":2731.53,"endTime":2734.89,"body":"will direct debit from that,"},{"speaker":"Victor Lagos","startTime":2731.53,"endTime":2734.89,"body":"it's called a sweep, they'll"},{"speaker":"Victor Lagos","startTime":2734.89,"endTime":2738.85,"body":"clear the card in full. And"},{"speaker":"Victor Lagos","startTime":2734.89,"endTime":2738.85,"body":"that's gone. I'd say that's a"},{"speaker":"Victor Lagos","startTime":2738.85,"endTime":2742.57,"body":"good strategy just for maybe"},{"speaker":"Victor Lagos","startTime":2738.85,"endTime":2742.57,"body":"your fixed costs. So you know"},{"speaker":"Victor Lagos","startTime":2742.57,"endTime":2744.73,"body":"what your bills out, right?"},{"speaker":"Victor Lagos","startTime":2742.57,"endTime":2744.73,"body":"Everything that is going to come"},{"speaker":"Victor Lagos","startTime":2744.73,"endTime":2747.04,"body":"out, they're fixed. If you have"},{"speaker":"Victor Lagos","startTime":2744.73,"endTime":2747.04,"body":"that coming from your credit"},{"speaker":"Victor Lagos","startTime":2747.04,"endTime":2752.44,"body":"card, then you know that you're"},{"speaker":"Victor Lagos","startTime":2747.04,"endTime":2752.44,"body":"using the bank's money, which is"},{"speaker":"Victor Lagos","startTime":2752.47,"endTime":2755.68,"body":"interest free, while your money"},{"speaker":"Victor Lagos","startTime":2752.47,"endTime":2755.68,"body":"sits in the offset saving you on"},{"speaker":"Victor Lagos","startTime":2755.68,"endTime":2758.86,"body":"interest. But you're not"},{"speaker":"Victor Lagos","startTime":2755.68,"endTime":2758.86,"body":"overspending, because you're"},{"speaker":"Victor Lagos","startTime":2758.86,"endTime":2761.5,"body":"just spending what you're gonna"},{"speaker":"Victor Lagos","startTime":2758.86,"endTime":2761.5,"body":"spend anyway, right? Yeah,"},{"speaker":"Victor Lagos","startTime":2761.65,"endTime":2765.85,"body":"you're not using it to go for"},{"speaker":"Victor Lagos","startTime":2761.65,"endTime":2765.85,"body":"the midnight macaron, or"},{"speaker":"Victor Lagos","startTime":2765.85,"endTime":2767.83,"body":"whatever it is that you might"},{"speaker":"Victor Lagos","startTime":2765.85,"endTime":2767.83,"body":"end up buying a Rolex or"},{"speaker":"Victor Lagos","startTime":2767.83,"endTime":2769.66,"body":"whatever, you're not going to be"},{"speaker":"Victor Lagos","startTime":2767.83,"endTime":2769.66,"body":"tempted because you made a"},{"speaker":"Victor Lagos","startTime":2769.66,"endTime":2772.75,"body":"decision, or your other costs,"},{"speaker":"Victor Lagos","startTime":2769.66,"endTime":2772.75,"body":"your discretionary spending all"},{"speaker":"Victor Lagos","startTime":2772.75,"endTime":2775.75,"body":"your groceries and all that"},{"speaker":"Victor Lagos","startTime":2772.75,"endTime":2775.75,"body":"stuff is being paid from an"},{"speaker":"Victor Lagos","startTime":2775.75,"endTime":2779.05,"body":"actual bank account, which you"},{"speaker":"Victor Lagos","startTime":2775.75,"endTime":2779.05,"body":"set a limit for per week, and"},{"speaker":"Victor Lagos","startTime":2779.08,"endTime":2780.82,"body":"only that the bills come out of"},{"speaker":"Victor Lagos","startTime":2779.08,"endTime":2780.82,"body":"credit card. Does that make"},{"speaker":"Victor Lagos","startTime":2780.82,"endTime":2781.09,"body":"sense?"},{"speaker":"Andrew Bean","startTime":2781.42,"endTime":2783.67,"body":"Yeah, definitely. I"},{"speaker":"Andrew Bean","startTime":2781.42,"endTime":2783.67,"body":"mean, because we've been doing"},{"speaker":"Andrew Bean","startTime":2783.7,"endTime":2788.59,"body":"like this way, like for quite a"},{"speaker":"Andrew Bean","startTime":2783.7,"endTime":2788.59,"body":"while now, probably at least 567"},{"speaker":"Andrew Bean","startTime":2788.59,"endTime":2790.96,"body":"years or something like that."},{"speaker":"Andrew Bean","startTime":2788.59,"endTime":2790.96,"body":"But I've been looking at it"},{"speaker":"Andrew Bean","startTime":2790.96,"endTime":2794.11,"body":"unlike I mean, it doesn't seem"},{"speaker":"Andrew Bean","startTime":2790.96,"endTime":2794.11,"body":"like it's really making much of"},{"speaker":"Andrew Bean","startTime":2794.11,"endTime":2797.77,"body":"a difference. Like unless you've"},{"speaker":"Andrew Bean","startTime":2794.11,"endTime":2797.77,"body":"got a really large portion of"},{"speaker":"Andrew Bean","startTime":2797.77,"endTime":2801.52,"body":"your mortgage up against that"},{"speaker":"Andrew Bean","startTime":2797.77,"endTime":2801.52,"body":"loan to offset it. It's really"},{"speaker":"Andrew Bean","startTime":2801.55,"endTime":2805.54,"body":"not doing that much. So I mean,"},{"speaker":"Andrew Bean","startTime":2801.55,"endTime":2805.54,"body":"we've only, we've only got a"},{"speaker":"Andrew Bean","startTime":2805.54,"endTime":2809.26,"body":"half $1,000 limit on our credit"},{"speaker":"Andrew Bean","startTime":2805.54,"endTime":2809.26,"body":"card. And we clear it every"},{"speaker":"Andrew Bean","startTime":2809.26,"endTime":2813.88,"body":"month. And it's never goes close"},{"speaker":"Andrew Bean","startTime":2809.26,"endTime":2813.88,"body":"to even using that. But I just"},{"speaker":"Andrew Bean","startTime":2813.88,"endTime":2816.64,"body":"not I'm not seeing the value in"},{"speaker":"Andrew Bean","startTime":2813.88,"endTime":2816.64,"body":"it anymore. And it just annoys"},{"speaker":"Andrew Bean","startTime":2816.64,"endTime":2820.06,"body":"me having a credit card. So I"},{"speaker":"Andrew Bean","startTime":2816.64,"endTime":2820.06,"body":"might be changing that very,"},{"speaker":"Victor Lagos","startTime":2820.0,"endTime":2823.54,"body":"I think yeah, just"},{"speaker":"Victor Lagos","startTime":2820.0,"endTime":2823.54,"body":"doing the other thing with"},{"speaker":"Victor Lagos","startTime":2820.06,"endTime":2820.69,"body":"very shortly."},{"speaker":"Andrew Bean","startTime":2822.22,"endTime":2837.22,"body":"Yeah, that's it. So"},{"speaker":"Andrew Bean","startTime":2822.22,"endTime":2837.22,"body":"mate obviously, you would"},{"speaker":"Andrew Bean","startTime":2823.54,"endTime":2826.09,"body":"timely bills and having"},{"speaker":"Andrew Bean","startTime":2823.54,"endTime":2826.09,"body":"different accounts for and"},{"speaker":"Andrew Bean","startTime":2826.09,"endTime":2828.94,"body":"bucketing your funds that way. I"},{"speaker":"Andrew Bean","startTime":2826.09,"endTime":2828.94,"body":"think that's much simpler and"},{"speaker":"Andrew Bean","startTime":2828.94,"endTime":2831.64,"body":"not even needing a credit card."},{"speaker":"Andrew Bean","startTime":2828.94,"endTime":2831.64,"body":"And then you think you just feel"},{"speaker":"Andrew Bean","startTime":2831.64,"endTime":2833.92,"body":"freer, and you have full"},{"speaker":"Andrew Bean","startTime":2831.64,"endTime":2833.92,"body":"visibility of how much you spend"},{"speaker":"Andrew Bean","startTime":2833.92,"endTime":2834.28,"body":"that month."},{"speaker":"Andrew Bean","startTime":2837.22,"endTime":2840.34,"body":"suggest that you should close"},{"speaker":"Andrew Bean","startTime":2837.22,"endTime":2840.34,"body":"credit cards when you're"},{"speaker":"Andrew Bean","startTime":2840.37,"endTime":2844.06,"body":"applying for finance, how long?"},{"speaker":"Andrew Bean","startTime":2840.37,"endTime":2844.06,"body":"Or how far out? Should you start"},{"speaker":"Andrew Bean","startTime":2844.06,"endTime":2846.67,"body":"closing credit cards. And you"},{"speaker":"Andrew Bean","startTime":2844.06,"endTime":2846.67,"body":"know, as soon as I have it"},{"speaker":"Andrew Bean","startTime":2846.67,"endTime":2847.42,"body":"either packed"},{"speaker":"Victor Lagos","startTime":2847.57,"endTime":2849.58,"body":"Sooner, the"},{"speaker":"Victor Lagos","startTime":2847.57,"endTime":2849.58,"body":"better. So depending on if"},{"speaker":"Victor Lagos","startTime":2849.58,"endTime":2851.74,"body":"you're carrying a balance or"},{"speaker":"Victor Lagos","startTime":2849.58,"endTime":2851.74,"body":"not. So some people actually"},{"speaker":"Victor Lagos","startTime":2851.74,"endTime":2854.95,"body":"have credit cards that they just"},{"speaker":"Victor Lagos","startTime":2851.74,"endTime":2854.95,"body":"have open, but they don't even"},{"speaker":"Victor Lagos","startTime":2854.95,"endTime":2858.04,"body":"use them. They're just there,"},{"speaker":"Victor Lagos","startTime":2854.95,"endTime":2858.04,"body":"they might use it occasionally"},{"speaker":"Victor Lagos","startTime":2858.04,"endTime":2860.11,"body":"aren't going to keep that open"},{"speaker":"Victor Lagos","startTime":2858.04,"endTime":2860.11,"body":"if I'm traveling overseas or"},{"speaker":"Victor Lagos","startTime":2860.11,"endTime":2863.83,"body":"whatever. But that can reduce"},{"speaker":"Victor Lagos","startTime":2860.11,"endTime":2863.83,"body":"your borrowing capacity a lot by"},{"speaker":"Victor Lagos","startTime":2863.83,"endTime":2866.35,"body":"having a credit card open even"},{"speaker":"Victor Lagos","startTime":2863.83,"endTime":2866.35,"body":"if you never use it, because the"},{"speaker":"Victor Lagos","startTime":2866.35,"endTime":2868.72,"body":"bank was looking at worst case"},{"speaker":"Victor Lagos","startTime":2866.35,"endTime":2868.72,"body":"scenario. Yeah, how much can you"},{"speaker":"Victor Lagos","startTime":2868.72,"endTime":2871.57,"body":"spend up to if you want it to,"},{"speaker":"Victor Lagos","startTime":2868.72,"endTime":2871.57,"body":"and that's the limit. If you"},{"speaker":"Victor Lagos","startTime":2871.57,"endTime":2874.6,"body":"don't use the funds, closer cut,"},{"speaker":"Victor Lagos","startTime":2871.57,"endTime":2874.6,"body":"like just doesn't make sense."},{"speaker":"Victor Lagos","startTime":2874.6,"endTime":2877.57,"body":"And if you can reduce the limit"},{"speaker":"Victor Lagos","startTime":2874.6,"endTime":2877.57,"body":"to something, the lowest"},{"speaker":"Victor Lagos","startTime":2877.57,"endTime":2879.49,"body":"possible do that if you need to"},{"speaker":"Victor Lagos","startTime":2877.57,"endTime":2879.49,"body":"keep it open for whatever"},{"speaker":"Victor Lagos","startTime":2879.49,"endTime":2884.35,"body":"reason. So sooner the better if"},{"speaker":"Victor Lagos","startTime":2879.49,"endTime":2884.35,"body":"you carrying a balance, so"},{"speaker":"Victor Lagos","startTime":2884.35,"endTime":2886.81,"body":"there's someone who at some"},{"speaker":"Victor Lagos","startTime":2884.35,"endTime":2886.81,"body":"point needed to use the funds"},{"speaker":"Victor Lagos","startTime":2886.81,"endTime":2890.77,"body":"and hasn't been able to clear it"},{"speaker":"Victor Lagos","startTime":2886.81,"endTime":2890.77,"body":"with one paycheck, then you need"},{"speaker":"Victor Lagos","startTime":2890.77,"endTime":2893.17,"body":"to have a way to structure your"},{"speaker":"Victor Lagos","startTime":2890.77,"endTime":2893.17,"body":"money. So you can pay that debt"},{"speaker":"Victor Lagos","startTime":2893.17,"endTime":2897.31,"body":"back faster. And one way to do"},{"speaker":"Victor Lagos","startTime":2893.17,"endTime":2897.31,"body":"that is a balance transfer, you"},{"speaker":"Victor Lagos","startTime":2897.31,"endTime":2899.77,"body":"say you got one credit card,"},{"speaker":"Victor Lagos","startTime":2897.31,"endTime":2899.77,"body":"you're paying 20% interest on"},{"speaker":"Victor Lagos","startTime":2899.77,"endTime":2904.27,"body":"it. And you go to another bank,"},{"speaker":"Victor Lagos","startTime":2899.77,"endTime":2904.27,"body":"and you apply for another credit"},{"speaker":"Victor Lagos","startTime":2904.27,"endTime":2907.51,"body":"card to pay out that card. So"},{"speaker":"Victor Lagos","startTime":2904.27,"endTime":2907.51,"body":"it's like consolidation or a"},{"speaker":"Victor Lagos","startTime":2907.51,"endTime":2910.42,"body":"refinance. But they call it a"},{"speaker":"Victor Lagos","startTime":2907.51,"endTime":2910.42,"body":"balance transfer. So then that a"},{"speaker":"Victor Lagos","startTime":2910.42,"endTime":2914.14,"body":"new card provider will pay out"},{"speaker":"Victor Lagos","startTime":2910.42,"endTime":2914.14,"body":"the old card, but they don't"},{"speaker":"Victor Lagos","startTime":2914.14,"endTime":2916.87,"body":"enforce that you close it."},{"speaker":"Victor Lagos","startTime":2914.14,"endTime":2916.87,"body":"That's the problem. So this is"},{"speaker":"Victor Lagos","startTime":2916.87,"endTime":2919.63,"body":"where people fall into a trap."},{"speaker":"Victor Lagos","startTime":2916.87,"endTime":2919.63,"body":"And I fell for this many years"},{"speaker":"Victor Lagos","startTime":2919.63,"endTime":2922.6,"body":"ago. So say you've got a five"},{"speaker":"Victor Lagos","startTime":2919.63,"endTime":2922.6,"body":"grand card, you apply for"},{"speaker":"Victor Lagos","startTime":2922.6,"endTime":2924.94,"body":"another five grand card, that"},{"speaker":"Victor Lagos","startTime":2922.6,"endTime":2924.94,"body":"one pays that one out, now you"},{"speaker":"Victor Lagos","startTime":2924.94,"endTime":2928.39,"body":"go into 0% interest for 12"},{"speaker":"Victor Lagos","startTime":2924.94,"endTime":2928.39,"body":"months or two years, whatever"},{"speaker":"Victor Lagos","startTime":2928.39,"endTime":2930.94,"body":"the offer is, but you don't"},{"speaker":"Victor Lagos","startTime":2928.39,"endTime":2930.94,"body":"close the other card. So now"},{"speaker":"Victor Lagos","startTime":2930.94,"endTime":2933.91,"body":"you've got $5,000 available"},{"speaker":"Victor Lagos","startTime":2930.94,"endTime":2933.91,"body":"here. So then you go and spend"},{"speaker":"Victor Lagos","startTime":2933.91,"endTime":2936.28,"body":"on that card. So now all of a"},{"speaker":"Victor Lagos","startTime":2933.91,"endTime":2936.28,"body":"sudden you're 10 grand worth of"},{"speaker":"Victor Lagos","startTime":2936.28,"endTime":2939.37,"body":"debt. So that's where it's not a"},{"speaker":"Victor Lagos","startTime":2936.28,"endTime":2939.37,"body":"good strategy. If you don't"},{"speaker":"Victor Lagos","startTime":2939.37,"endTime":2941.95,"body":"close that card, you need to do"},{"speaker":"Victor Lagos","startTime":2939.37,"endTime":2941.95,"body":"that immediately. So as soon as"},{"speaker":"Victor Lagos","startTime":2941.95,"endTime":2944.38,"body":"you've balanced transferred,"},{"speaker":"Victor Lagos","startTime":2941.95,"endTime":2944.38,"body":"close that other card, now"},{"speaker":"Victor Lagos","startTime":2944.38,"endTime":2948.94,"body":"you've got $5,000 owing 0%"},{"speaker":"Victor Lagos","startTime":2944.38,"endTime":2948.94,"body":"interest, he start hammering"},{"speaker":"Victor Lagos","startTime":2948.94,"endTime":2951.76,"body":"that debt down. Every time you"},{"speaker":"Victor Lagos","startTime":2948.94,"endTime":2951.76,"body":"make a payment, it goes all to"},{"speaker":"Victor Lagos","startTime":2951.76,"endTime":2954.46,"body":"the principal. It there's no"},{"speaker":"Victor Lagos","startTime":2951.76,"endTime":2954.46,"body":"interest anymore because you've"},{"speaker":"Victor Lagos","startTime":2954.46,"endTime":2957.94,"body":"balanced transferred. But if you"},{"speaker":"Victor Lagos","startTime":2954.46,"endTime":2957.94,"body":"kept it at 18% and then you"},{"speaker":"Victor Lagos","startTime":2957.94,"endTime":2960.85,"body":"started making the same"},{"speaker":"Victor Lagos","startTime":2957.94,"endTime":2960.85,"body":"repayments every week, there'll"},{"speaker":"Victor Lagos","startTime":2960.85,"endTime":2963.4,"body":"be interest as well. Just gonna"},{"speaker":"Victor Lagos","startTime":2960.85,"endTime":2963.4,"body":"take you longer to pay it off."},{"speaker":"Victor Lagos","startTime":2963.73,"endTime":2964.3,"body":"Does that make sense?"},{"speaker":"Andrew Bean","startTime":2964.6,"endTime":2968.5,"body":"Yeah, definitely."},{"speaker":"Andrew Bean","startTime":2964.6,"endTime":2968.5,"body":"The reason that I like to have"},{"speaker":"Andrew Bean","startTime":2968.5,"endTime":2972.7,"body":"the credit card when there's"},{"speaker":"Andrew Bean","startTime":2968.5,"endTime":2972.7,"body":"like no balance on it is like"},{"speaker":"Andrew Bean","startTime":2972.7,"endTime":2975.94,"body":"the what do I need three and a"},{"speaker":"Andrew Bean","startTime":2972.7,"endTime":2975.94,"body":"half $1,000 Quickly, like a"},{"speaker":"Andrew Bean","startTime":2975.94,"endTime":2978.88,"body":"buffer like our emergency, three"},{"speaker":"Andrew Bean","startTime":2975.94,"endTime":2978.88,"body":"and a half $1,000 is nothing"},{"speaker":"Andrew Bean","startTime":2978.88,"endTime":2983.11,"body":"like so. It's even silly to have"},{"speaker":"Andrew Bean","startTime":2978.88,"endTime":2983.11,"body":"that anyway. But the other time"},{"speaker":"Andrew Bean","startTime":2983.11,"endTime":2986.56,"body":"that we've had a reasonably"},{"speaker":"Andrew Bean","startTime":2983.11,"endTime":2986.56,"body":"large like I guess it was a"},{"speaker":"Andrew Bean","startTime":2986.56,"endTime":2990.58,"body":"credit card was we renovated our"},{"speaker":"Andrew Bean","startTime":2986.56,"endTime":2990.58,"body":"kitchen and it was from IKEA."},{"speaker":"Andrew Bean","startTime":2990.85,"endTime":2993.85,"body":"And they were like okay, well"},{"speaker":"Andrew Bean","startTime":2990.85,"endTime":2993.85,"body":"you can take out a $15,000"},{"speaker":"Andrew Bean","startTime":2993.85,"endTime":2998.89,"body":"credit to pay for this IKEA"},{"speaker":"Andrew Bean","startTime":2993.85,"endTime":2998.89,"body":"kitchen and if you pay it off"},{"speaker":"Andrew Bean","startTime":2998.89,"endTime":2999.97,"body":"over three years"},{"speaker":"Andrew Bean","startTime":3000.0,"endTime":3002.64,"body":"Have you pay absolutely no"},{"speaker":"Andrew Bean","startTime":3000.0,"endTime":3002.64,"body":"interest on it. So I'm like,"},{"speaker":"Andrew Bean","startTime":3002.67,"endTime":3005.67,"body":"alright, well, I'm pretty good"},{"speaker":"Andrew Bean","startTime":3002.67,"endTime":3005.67,"body":"with money, I'm pretty sure if I"},{"speaker":"Andrew Bean","startTime":3005.67,"endTime":3008.13,"body":"just pay it off every month, I"},{"speaker":"Andrew Bean","startTime":3005.67,"endTime":3008.13,"body":"would be able to pay it off"},{"speaker":"Andrew Bean","startTime":3008.13,"endTime":3010.95,"body":"within the three years. And lo"},{"speaker":"Andrew Bean","startTime":3008.13,"endTime":3010.95,"body":"and behold, we stuck to it, and"},{"speaker":"Andrew Bean","startTime":3010.95,"endTime":3014.4,"body":"they didn't get $1 off us of"},{"speaker":"Andrew Bean","startTime":3010.95,"endTime":3014.4,"body":"interest. And then as soon as we"},{"speaker":"Andrew Bean","startTime":3014.4,"endTime":3017.55,"body":"paid it off, like we are"},{"speaker":"Andrew Bean","startTime":3014.4,"endTime":3017.55,"body":"shutting this credit card down,"},{"speaker":"Andrew Bean","startTime":3017.64,"endTime":3021.51,"body":"we are not having it. And we did"},{"speaker":"Andrew Bean","startTime":3017.64,"endTime":3021.51,"body":"it. And like it was like, if"},{"speaker":"Andrew Bean","startTime":3021.51,"endTime":3024.09,"body":"you're diligent, and you have"},{"speaker":"Andrew Bean","startTime":3021.51,"endTime":3024.09,"body":"the discipline to be able to pay"},{"speaker":"Andrew Bean","startTime":3024.09,"endTime":3027.54,"body":"it off all the time, and we were"},{"speaker":"Andrew Bean","startTime":3024.09,"endTime":3027.54,"body":"only paying off like, probably"},{"speaker":"Andrew Bean","startTime":3027.54,"endTime":3031.32,"body":"like three $400 off a month, and"},{"speaker":"Andrew Bean","startTime":3027.54,"endTime":3031.32,"body":"then obviously got less and less"},{"speaker":"Andrew Bean","startTime":3031.32,"endTime":3033.66,"body":"or more and more, I can't"},{"speaker":"Andrew Bean","startTime":3031.32,"endTime":3033.66,"body":"remember. Yeah, but you just"},{"speaker":"Andrew Bean","startTime":3033.66,"endTime":3037.35,"body":"have to be diligent with the"},{"speaker":"Andrew Bean","startTime":3033.66,"endTime":3037.35,"body":"plan. And it worked out great."},{"speaker":"Andrew Bean","startTime":3037.35,"endTime":3041.46,"body":"But I'm sure there are lots of"},{"speaker":"Andrew Bean","startTime":3037.35,"endTime":3041.46,"body":"people that had the same like"},{"speaker":"Andrew Bean","startTime":3041.46,"endTime":3044.88,"body":"opportunities through IKEA. And"},{"speaker":"Andrew Bean","startTime":3041.46,"endTime":3044.88,"body":"I think that company was called"},{"speaker":"Andrew Bean","startTime":3044.88,"endTime":3048.69,"body":"hum, possibly, that had the"},{"speaker":"Andrew Bean","startTime":3044.88,"endTime":3048.69,"body":"offer. But I'm sure there are"},{"speaker":"Andrew Bean","startTime":3048.69,"endTime":3052.23,"body":"people that have it. And that"},{"speaker":"Andrew Bean","startTime":3048.69,"endTime":3052.23,"body":"catches them. Because it's human"},{"speaker":"Andrew Bean","startTime":3052.23,"endTime":3055.32,"body":"nature that if you can get it"},{"speaker":"Andrew Bean","startTime":3052.23,"endTime":3055.32,"body":"now, like get it now and you"},{"speaker":"Andrew Bean","startTime":3055.32,"endTime":3057.36,"body":"feel like you've got that"},{"speaker":"Andrew Bean","startTime":3055.32,"endTime":3057.36,"body":"reward, like you said before,"},{"speaker":"Andrew Bean","startTime":3057.36,"endTime":3060.69,"body":"like it's costing your future"},{"speaker":"Andrew Bean","startTime":3057.36,"endTime":3060.69,"body":"self. And it's just a trap. It's"},{"speaker":"Andrew Bean","startTime":3060.69,"endTime":3061.92,"body":"a big trap of people."},{"speaker":"Victor Lagos","startTime":3062.31,"endTime":3064.17,"body":"Yeah. And it"},{"speaker":"Victor Lagos","startTime":3062.31,"endTime":3064.17,"body":"actually is costing your future."},{"speaker":"Victor Lagos","startTime":3064.17,"endTime":3066.93,"body":"So even if you don't pay any"},{"speaker":"Victor Lagos","startTime":3064.17,"endTime":3066.93,"body":"interest on it, and you manage"},{"speaker":"Victor Lagos","startTime":3066.93,"endTime":3069.84,"body":"it like what you did, if you"},{"speaker":"Victor Lagos","startTime":3066.93,"endTime":3069.84,"body":"went and applied for a loan to"},{"speaker":"Victor Lagos","startTime":3069.84,"endTime":3073.5,"body":"buy a property in that time,"},{"speaker":"Victor Lagos","startTime":3069.84,"endTime":3073.5,"body":"it's affected you because now"},{"speaker":"Victor Lagos","startTime":3073.5,"endTime":3076.14,"body":"they're going to look at that"},{"speaker":"Victor Lagos","startTime":3073.5,"endTime":3076.14,"body":"loan as a commitment. And that's"},{"speaker":"Victor Lagos","startTime":3076.14,"endTime":3078.54,"body":"going to reduce your borrowing"},{"speaker":"Victor Lagos","startTime":3076.14,"endTime":3078.54,"body":"capacity, even if it was"},{"speaker":"Victor Lagos","startTime":3078.57,"endTime":3083.34,"body":"interest free. So yeah, for sure"},{"speaker":"Victor Lagos","startTime":3078.57,"endTime":3083.34,"body":"it does. I get it. And it does"},{"speaker":"Victor Lagos","startTime":3083.34,"endTime":3086.76,"body":"help. But you're right. Many"},{"speaker":"Victor Lagos","startTime":3083.34,"endTime":3086.76,"body":"people have tried that. And they"},{"speaker":"Victor Lagos","startTime":3086.76,"endTime":3088.68,"body":"get to the end, and they haven't"},{"speaker":"Victor Lagos","startTime":3086.76,"endTime":3088.68,"body":"actually paid off the full"},{"speaker":"Victor Lagos","startTime":3088.68,"endTime":3091.14,"body":"balance. And now they're paying"},{"speaker":"Victor Lagos","startTime":3088.68,"endTime":3091.14,"body":"a huge amount of interest on it."},{"speaker":"Victor Lagos","startTime":3091.44,"endTime":3094.11,"body":"This has been going on for years"},{"speaker":"Victor Lagos","startTime":3091.44,"endTime":3094.11,"body":"with Harvey Norman, all these"},{"speaker":"Victor Lagos","startTime":3094.41,"endTime":3097.98,"body":"different providers. Yep, GE"},{"speaker":"Victor Lagos","startTime":3094.41,"endTime":3097.98,"body":"money used to do it. Now, Tom,"},{"speaker":"Victor Lagos","startTime":3098.37,"endTime":3101.61,"body":"it is a big trap. So get away"},{"speaker":"Victor Lagos","startTime":3098.37,"endTime":3101.61,"body":"from the instant gratification"},{"speaker":"Victor Lagos","startTime":3101.76,"endTime":3103.8,"body":"thing. I don't want to steal"},{"speaker":"Victor Lagos","startTime":3101.76,"endTime":3103.8,"body":"from my future self. I want to"},{"speaker":"Victor Lagos","startTime":3103.8,"endTime":3107.94,"body":"actually give to my future self."},{"speaker":"Victor Lagos","startTime":3103.8,"endTime":3107.94,"body":"And just wait, put money aside,"},{"speaker":"Victor Lagos","startTime":3107.94,"endTime":3111.81,"body":"you know, save for the old labor"},{"speaker":"Victor Lagos","startTime":3107.94,"endTime":3111.81,"body":"is actually a good thing."},{"speaker":"Victor Lagos","startTime":3111.84,"endTime":3114.39,"body":"Because, yeah, you wanting to"},{"speaker":"Victor Lagos","startTime":3111.84,"endTime":3114.39,"body":"buy something and you're putting"},{"speaker":"Victor Lagos","startTime":3114.39,"endTime":3117.45,"body":"money away, but you don't get to"},{"speaker":"Victor Lagos","startTime":3114.39,"endTime":3117.45,"body":"walk out with it. Yeah, by now."},{"speaker":"Victor Lagos","startTime":3117.93,"endTime":3120.36,"body":"I mean, you walk out with it"},{"speaker":"Victor Lagos","startTime":3117.93,"endTime":3120.36,"body":"now, but you're paying later. So"},{"speaker":"Victor Lagos","startTime":3120.69,"endTime":3122.4,"body":"I actually liked the old labor."},{"speaker":"Victor Lagos","startTime":3120.69,"endTime":3122.4,"body":"It's better."},{"speaker":"Andrew Bean","startTime":3122.82,"endTime":3125.07,"body":"Yeah. See, the old"},{"speaker":"Andrew Bean","startTime":3122.82,"endTime":3125.07,"body":"laborers haven't labeled"},{"speaker":"Andrew Bean","startTime":3125.07,"endTime":3129.24,"body":"something for a long time. It's"},{"speaker":"Andrew Bean","startTime":3125.07,"endTime":3129.24,"body":"crazy. Are there any other ways"},{"speaker":"Andrew Bean","startTime":3129.24,"endTime":3132.96,"body":"that you would suggest that how"},{"speaker":"Andrew Bean","startTime":3129.24,"endTime":3132.96,"body":"to like put yourself better in a"},{"speaker":"Andrew Bean","startTime":3132.96,"endTime":3135.45,"body":"bank size? Like, what are the"},{"speaker":"Andrew Bean","startTime":3132.96,"endTime":3135.45,"body":"other suggestions that we have"},{"speaker":"Andrew Bean","startTime":3135.45,"endTime":3138.18,"body":"like consolidate debt? Or like,"},{"speaker":"Andrew Bean","startTime":3135.45,"endTime":3138.18,"body":"what do you have for me,"},{"speaker":"Victor Lagos","startTime":3139.05,"endTime":3142.41,"body":"consolidating debt"},{"speaker":"Victor Lagos","startTime":3139.05,"endTime":3142.41,"body":"definitely helps. So even hex"},{"speaker":"Victor Lagos","startTime":3142.41,"endTime":3144.57,"body":"that so a lot of people carrying"},{"speaker":"Victor Lagos","startTime":3142.41,"endTime":3144.57,"body":"X and they're like, Well, I"},{"speaker":"Victor Lagos","startTime":3144.57,"endTime":3147.09,"body":"don't need to pay back my hex"},{"speaker":"Victor Lagos","startTime":3144.57,"endTime":3147.09,"body":"only pay back when I earn a"},{"speaker":"Victor Lagos","startTime":3147.09,"endTime":3150.24,"body":"certain income. But that"},{"speaker":"Victor Lagos","startTime":3147.09,"endTime":3150.24,"body":"actually does impact your"},{"speaker":"Victor Lagos","startTime":3150.24,"endTime":3155.19,"body":"borrowing quite a lot. So if you"},{"speaker":"Victor Lagos","startTime":3150.24,"endTime":3155.19,"body":"can clear that ASAP, or"},{"speaker":"Victor Lagos","startTime":3155.19,"endTime":3157.8,"body":"consolidate it into one, if"},{"speaker":"Victor Lagos","startTime":3155.19,"endTime":3157.8,"body":"you've already got a property,"},{"speaker":"Victor Lagos","startTime":3157.89,"endTime":3160.71,"body":"and you've got equity, which a"},{"speaker":"Victor Lagos","startTime":3157.89,"endTime":3160.71,"body":"lot of people do, because they"},{"speaker":"Victor Lagos","startTime":3160.71,"endTime":3163.83,"body":"bought in the last two or three"},{"speaker":"Victor Lagos","startTime":3160.71,"endTime":3163.83,"body":"years, or before that nobody"},{"speaker":"Victor Lagos","startTime":3163.83,"endTime":3167.82,"body":"held that property, they can"},{"speaker":"Victor Lagos","startTime":3163.83,"endTime":3167.82,"body":"borrow at, say 5% interest or a"},{"speaker":"Victor Lagos","startTime":3167.85,"endTime":3170.64,"body":"little bit less than that. So"},{"speaker":"Victor Lagos","startTime":3167.85,"endTime":3170.64,"body":"under-occupied, and they can"},{"speaker":"Victor Lagos","startTime":3170.85,"endTime":3173.22,"body":"clear their credit card and"},{"speaker":"Victor Lagos","startTime":3170.85,"endTime":3173.22,"body":"clear the personal loan to the"},{"speaker":"Victor Lagos","startTime":3173.22,"endTime":3176.25,"body":"car loan and clear the hex and"},{"speaker":"Victor Lagos","startTime":3173.22,"endTime":3176.25,"body":"have it all consolidated into"},{"speaker":"Victor Lagos","startTime":3176.25,"endTime":3181.89,"body":"one, they can still pay that"},{"speaker":"Victor Lagos","startTime":3176.25,"endTime":3181.89,"body":"portion faster. So sometimes the"},{"speaker":"Victor Lagos","startTime":3181.89,"endTime":3184.17,"body":"downfall is you're going to"},{"speaker":"Victor Lagos","startTime":3181.89,"endTime":3184.17,"body":"spread out over 30 years,"},{"speaker":"Victor Lagos","startTime":3184.23,"endTime":3188.07,"body":"compared to say five years on a"},{"speaker":"Victor Lagos","startTime":3184.23,"endTime":3188.07,"body":"personal loan or a car loan. But"},{"speaker":"Victor Lagos","startTime":3188.07,"endTime":3191.76,"body":"if you split the loan, and"},{"speaker":"Victor Lagos","startTime":3188.07,"endTime":3191.76,"body":"sometimes people do this who are"},{"speaker":"Victor Lagos","startTime":3191.76,"endTime":3195.6,"body":"smart with money, so say you owe"},{"speaker":"Victor Lagos","startTime":3191.76,"endTime":3195.6,"body":"500 grand on your home loan, and"},{"speaker":"Victor Lagos","startTime":3195.6,"endTime":3199.86,"body":"you're consolidating 100,000"},{"speaker":"Victor Lagos","startTime":3195.6,"endTime":3199.86,"body":"worth of personal debt? Well,"},{"speaker":"Victor Lagos","startTime":3200.07,"endTime":3203.01,"body":"you're going to clear all that"},{"speaker":"Victor Lagos","startTime":3200.07,"endTime":3203.01,"body":"other loans, not pay high"},{"speaker":"Victor Lagos","startTime":3203.01,"endTime":3205.2,"body":"interest on him, and you're"},{"speaker":"Victor Lagos","startTime":3203.01,"endTime":3205.2,"body":"going to prove your borrowing"},{"speaker":"Victor Lagos","startTime":3205.2,"endTime":3210.33,"body":"capacity. But now you've got a"},{"speaker":"Victor Lagos","startTime":3205.2,"endTime":3210.33,"body":"mortgage of 600,000. So what you"},{"speaker":"Victor Lagos","startTime":3210.33,"endTime":3213.42,"body":"do is you keep the 500,000 as"},{"speaker":"Victor Lagos","startTime":3210.33,"endTime":3213.42,"body":"your regular home loan that you"},{"speaker":"Victor Lagos","startTime":3213.42,"endTime":3216.75,"body":"already owed before, and you"},{"speaker":"Victor Lagos","startTime":3213.42,"endTime":3216.75,"body":"have a second loan, a loan split"},{"speaker":"Victor Lagos","startTime":3216.9,"endTime":3220.47,"body":"for 100 grand. So now you know"},{"speaker":"Victor Lagos","startTime":3216.9,"endTime":3220.47,"body":"that 100 grand relates to all"},{"speaker":"Victor Lagos","startTime":3220.47,"endTime":3223.11,"body":"your other debts that you"},{"speaker":"Victor Lagos","startTime":3220.47,"endTime":3223.11,"body":"consolidate it. So when you're"},{"speaker":"Victor Lagos","startTime":3223.11,"endTime":3226.5,"body":"making in your managing your"},{"speaker":"Victor Lagos","startTime":3223.11,"endTime":3226.5,"body":"money, you can start to automate"},{"speaker":"Victor Lagos","startTime":3226.53,"endTime":3230.25,"body":"and pay back that 100 grand as"},{"speaker":"Victor Lagos","startTime":3226.53,"endTime":3230.25,"body":"soon as possible. So still pay"},{"speaker":"Victor Lagos","startTime":3230.25,"endTime":3232.32,"body":"the minimum when you're 500"},{"speaker":"Victor Lagos","startTime":3230.25,"endTime":3232.32,"body":"grand, because you're gonna have"},{"speaker":"Victor Lagos","startTime":3232.32,"endTime":3235.83,"body":"to pay that anyway. Right? But"},{"speaker":"Victor Lagos","startTime":3232.32,"endTime":3235.83,"body":"hammered down that, that 100"},{"speaker":"Victor Lagos","startTime":3235.83,"endTime":3238.71,"body":"online, don't put in your offset"},{"speaker":"Victor Lagos","startTime":3235.83,"endTime":3238.71,"body":"page straight to the loan. And"},{"speaker":"Victor Lagos","startTime":3238.71,"endTime":3242.88,"body":"another thing that helps is to"},{"speaker":"Victor Lagos","startTime":3238.71,"endTime":3242.88,"body":"ask your employer to do it. So"},{"speaker":"Victor Lagos","startTime":3243.27,"endTime":3246.09,"body":"they've got sophisticated"},{"speaker":"Victor Lagos","startTime":3243.27,"endTime":3246.09,"body":"payroll systems that you can"},{"speaker":"Victor Lagos","startTime":3246.09,"endTime":3249.27,"body":"actually just say, Can you pay"},{"speaker":"Victor Lagos","startTime":3246.09,"endTime":3249.27,"body":"this amount to my normal bank"},{"speaker":"Victor Lagos","startTime":3249.27,"endTime":3252.54,"body":"account, but pay this amount"},{"speaker":"Victor Lagos","startTime":3249.27,"endTime":3252.54,"body":"into this other account. So you"},{"speaker":"Victor Lagos","startTime":3252.54,"endTime":3254.19,"body":"can give them the BSB and"},{"speaker":"Victor Lagos","startTime":3252.54,"endTime":3254.19,"body":"account number of that"},{"speaker":"Victor Lagos","startTime":3254.19,"endTime":3257.4,"body":"consolidated loan, and then"},{"speaker":"Victor Lagos","startTime":3254.19,"endTime":3257.4,"body":"they'll pay that amount straight"},{"speaker":"Victor Lagos","startTime":3257.4,"endTime":3259.65,"body":"out of your pay, so you never"},{"speaker":"Victor Lagos","startTime":3257.4,"endTime":3259.65,"body":"even see it out of sight out of"},{"speaker":"Victor Lagos","startTime":3259.65,"endTime":3262.23,"body":"mind. And that that would just"},{"speaker":"Victor Lagos","startTime":3259.65,"endTime":3262.23,"body":"get paid every single payday,"},{"speaker":"Victor Lagos","startTime":3262.35,"endTime":3265.05,"body":"right and you start living off"},{"speaker":"Victor Lagos","startTime":3262.35,"endTime":3265.05,"body":"of what's left, and then"},{"speaker":"Victor Lagos","startTime":3265.05,"endTime":3267.57,"body":"disappear. So 100 grand, you end"},{"speaker":"Victor Lagos","startTime":3265.05,"endTime":3267.57,"body":"up paying what four and a half"},{"speaker":"Victor Lagos","startTime":3267.57,"endTime":3271.26,"body":"percent on 100 grand over five"},{"speaker":"Victor Lagos","startTime":3267.57,"endTime":3271.26,"body":"years, or however long it takes"},{"speaker":"Victor Lagos","startTime":3271.26,"endTime":3274.56,"body":"you depending on what you can"},{"speaker":"Victor Lagos","startTime":3271.26,"endTime":3274.56,"body":"pay to it compared to having"},{"speaker":"Victor Lagos","startTime":3274.59,"endTime":3278.04,"body":"hexie Carla, and they're paying"},{"speaker":"Victor Lagos","startTime":3274.59,"endTime":3278.04,"body":"high rates there. And then"},{"speaker":"Victor Lagos","startTime":3278.13,"endTime":3280.86,"body":"ultimately, you might end up"},{"speaker":"Victor Lagos","startTime":3278.13,"endTime":3280.86,"body":"paying the exact figures but the"},{"speaker":"Victor Lagos","startTime":3280.86,"endTime":3283.38,"body":"amount of interest you'd pay"},{"speaker":"Victor Lagos","startTime":3280.86,"endTime":3283.38,"body":"back will be significantly less."},{"speaker":"Victor Lagos","startTime":3283.65,"endTime":3287.07,"body":"And that saving can now go"},{"speaker":"Victor Lagos","startTime":3283.65,"endTime":3287.07,"body":"towards your home loan. Because"},{"speaker":"Victor Lagos","startTime":3287.07,"endTime":3288.99,"body":"then 100 grand will be gone and"},{"speaker":"Victor Lagos","startTime":3287.07,"endTime":3288.99,"body":"all of a sudden you've just"},{"speaker":"Victor Lagos","startTime":3288.99,"endTime":3291.63,"body":"freed up a whole bunch of cash"},{"speaker":"Victor Lagos","startTime":3288.99,"endTime":3291.63,"body":"flow. And now it goes to your"},{"speaker":"Victor Lagos","startTime":3291.63,"endTime":3294.21,"body":"home loan. You start building"},{"speaker":"Victor Lagos","startTime":3291.63,"endTime":3294.21,"body":"that up. So that's her. It's"},{"speaker":"Victor Lagos","startTime":3294.21,"endTime":3297.57,"body":"like this compounding effect."},{"speaker":"Victor Lagos","startTime":3294.21,"endTime":3297.57,"body":"The more you start it, you start"},{"speaker":"Victor Lagos","startTime":3297.57,"endTime":3300.27,"body":"to get that compounding effect"},{"speaker":"Victor Lagos","startTime":3297.57,"endTime":3300.27,"body":"and then that can help you to"},{"speaker":"Victor Lagos","startTime":3300.36,"endTime":3303.84,"body":"build more equity, and then the"},{"speaker":"Victor Lagos","startTime":3300.36,"endTime":3303.84,"body":"loans coming down values going"},{"speaker":"Victor Lagos","startTime":3303.84,"endTime":3307.53,"body":"up, you got more equity. And you"},{"speaker":"Victor Lagos","startTime":3303.84,"endTime":3307.53,"body":"can use that to buy commercial"},{"speaker":"Victor Lagos","startTime":3307.53,"endTime":3309.06,"body":"property or an income producing"},{"speaker":"Victor Lagos","startTime":3307.53,"endTime":3309.06,"body":"asset."},{"speaker":"Andrew Bean","startTime":3309.69,"endTime":3311.64,"body":"Yeah, that's"},{"speaker":"Andrew Bean","startTime":3309.69,"endTime":3311.64,"body":"awesome. I don't think people"},{"speaker":"Andrew Bean","startTime":3311.64,"endTime":3314.76,"body":"know that like a credit card"},{"speaker":"Andrew Bean","startTime":3311.64,"endTime":3314.76,"body":"debt or like the interest on"},{"speaker":"Andrew Bean","startTime":3314.76,"endTime":3318.69,"body":"that is like 1819 20%. Like it's"},{"speaker":"Andrew Bean","startTime":3314.76,"endTime":3318.69,"body":"through the roof interest, like"},{"speaker":"Andrew Bean","startTime":3318.69,"endTime":3322.92,"body":"it's crazy. And so when you're"},{"speaker":"Andrew Bean","startTime":3318.69,"endTime":3322.92,"body":"looking at debt, should you"},{"speaker":"Andrew Bean","startTime":3322.95,"endTime":3325.41,"body":"attack the debt that has the"},{"speaker":"Andrew Bean","startTime":3322.95,"endTime":3325.41,"body":"highest interest first?"},{"speaker":"Victor Lagos","startTime":3325.62,"endTime":3328.05,"body":"Yeah, for sure."},{"speaker":"Victor Lagos","startTime":3325.62,"endTime":3328.05,"body":"And that's why I mentioned the"},{"speaker":"Victor Lagos","startTime":3328.05,"endTime":3331.02,"body":"consolidation or the balance"},{"speaker":"Victor Lagos","startTime":3328.05,"endTime":3331.02,"body":"transfer. Because if there is a"},{"speaker":"Victor Lagos","startTime":3331.02,"endTime":3334.74,"body":"strategy that you can get that"},{"speaker":"Victor Lagos","startTime":3331.02,"endTime":3334.74,"body":"highest interest rate to a lower"},{"speaker":"Victor Lagos","startTime":3334.74,"endTime":3338.04,"body":"rate sooner than later, and then"},{"speaker":"Victor Lagos","startTime":3334.74,"endTime":3338.04,"body":"pay it down, then you're going"},{"speaker":"Victor Lagos","startTime":3338.04,"endTime":3341.13,"body":"to be paying off the principal"},{"speaker":"Victor Lagos","startTime":3338.04,"endTime":3341.13,"body":"faster. But if you can't do"},{"speaker":"Victor Lagos","startTime":3341.13,"endTime":3344.19,"body":"that, for whatever reason, you"},{"speaker":"Victor Lagos","startTime":3341.13,"endTime":3344.19,"body":"can't get a balance transfer,"},{"speaker":"Victor Lagos","startTime":3344.19,"endTime":3347.58,"body":"you can't consolidate to a lower"},{"speaker":"Victor Lagos","startTime":3344.19,"endTime":3347.58,"body":"rate, then yes, just redirect"},{"speaker":"Victor Lagos","startTime":3348.0,"endTime":3351.09,"body":"all your extra repayments to"},{"speaker":"Victor Lagos","startTime":3348.0,"endTime":3351.09,"body":"that highest interest loan"},{"speaker":"Victor Lagos","startTime":3351.09,"endTime":3354.48,"body":"first. And that could also be"},{"speaker":"Victor Lagos","startTime":3351.09,"endTime":3354.48,"body":"through your employer or a"},{"speaker":"Victor Lagos","startTime":3354.48,"endTime":3356.52,"body":"dedicated debt repayment"},{"speaker":"Victor Lagos","startTime":3354.48,"endTime":3356.52,"body":"account, right, because some of"},{"speaker":"Victor Lagos","startTime":3356.52,"endTime":3359.46,"body":"them don't accept me as being an"},{"speaker":"Victor Lagos","startTime":3356.52,"endTime":3359.46,"body":"account number they need to be"},{"speaker":"Victor Lagos","startTime":3359.46,"endTime":3363.54,"body":"paid. So then you open up like a"},{"speaker":"Victor Lagos","startTime":3359.46,"endTime":3363.54,"body":"debt repayment bank account, and"},{"speaker":"Victor Lagos","startTime":3363.54,"endTime":3367.29,"body":"you automate. So you set up an"},{"speaker":"Victor Lagos","startTime":3363.54,"endTime":3367.29,"body":"automatic transfer for a set"},{"speaker":"Victor Lagos","startTime":3367.29,"endTime":3370.05,"body":"amount to go every single week"},{"speaker":"Victor Lagos","startTime":3367.29,"endTime":3370.05,"body":"into that account, or every"},{"speaker":"Victor Lagos","startTime":3370.05,"endTime":3373.32,"body":"single paycheck. And then from"},{"speaker":"Victor Lagos","startTime":3370.05,"endTime":3373.32,"body":"there, you set up a BP or a"},{"speaker":"Victor Lagos","startTime":3373.32,"endTime":3375.69,"body":"direct debit, and you pay that"},{"speaker":"Victor Lagos","startTime":3373.32,"endTime":3375.69,"body":"straight to the credit card, the"},{"speaker":"Victor Lagos","startTime":3375.69,"endTime":3378.6,"body":"highest interest rate. And that"},{"speaker":"Victor Lagos","startTime":3375.69,"endTime":3378.6,"body":"will that will disappear. I did"},{"speaker":"Victor Lagos","startTime":3378.6,"endTime":3381.72,"body":"that once the debts are gone."},{"speaker":"Victor Lagos","startTime":3378.6,"endTime":3381.72,"body":"You keep up that same amount"},{"speaker":"Victor Lagos","startTime":3381.72,"endTime":3384.36,"body":"that you were automating. But"},{"speaker":"Victor Lagos","startTime":3381.72,"endTime":3384.36,"body":"now you redirect it to savings,"},{"speaker":"Victor Lagos","startTime":3384.57,"endTime":3387.12,"body":"or you redirect it to something"},{"speaker":"Victor Lagos","startTime":3384.57,"endTime":3387.12,"body":"that you're saving for"},{"speaker":"Victor Lagos","startTime":3387.12,"endTime":3389.85,"body":"specifically where it's a"},{"speaker":"Victor Lagos","startTime":3387.12,"endTime":3389.85,"body":"property or having a baby or"},{"speaker":"Victor Lagos","startTime":3389.85,"endTime":3393.66,"body":"going overseas. But at least you"},{"speaker":"Victor Lagos","startTime":3389.85,"endTime":3393.66,"body":"can expedite that. When you"},{"speaker":"Victor Lagos","startTime":3393.66,"endTime":3397.26,"body":"realize that you all your money"},{"speaker":"Victor Lagos","startTime":3393.66,"endTime":3397.26,"body":"is now being put to savings and"},{"speaker":"Victor Lagos","startTime":3397.29,"endTime":3399.84,"body":"you don't have any more debt."},{"speaker":"Victor Lagos","startTime":3397.29,"endTime":3399.84,"body":"That's the most liberating"},{"speaker":"Victor Lagos","startTime":3399.84,"endTime":3403.8,"body":"feeling. And then the only debt"},{"speaker":"Victor Lagos","startTime":3399.84,"endTime":3403.8,"body":"you ever take is leveraged debt"},{"speaker":"Victor Lagos","startTime":3403.8,"endTime":3406.8,"body":"where it's income producing and"},{"speaker":"Victor Lagos","startTime":3403.8,"endTime":3406.8,"body":"tax deductible, then it's not"},{"speaker":"Victor Lagos","startTime":3406.8,"endTime":3407.76,"body":"bad debt is good debt."},{"speaker":"Andrew Bean","startTime":3408.21,"endTime":3410.55,"body":"Yeah. Awesome. And"},{"speaker":"Andrew Bean","startTime":3408.21,"endTime":3410.55,"body":"do you help your clients look"},{"speaker":"Andrew Bean","startTime":3410.55,"endTime":3413.7,"body":"through debt and like figure out"},{"speaker":"Andrew Bean","startTime":3410.55,"endTime":3413.7,"body":"the best ways to consolidate it?"},{"speaker":"Victor Lagos","startTime":3413.97,"endTime":3415.68,"body":"Yeah, definitely."},{"speaker":"Victor Lagos","startTime":3413.97,"endTime":3415.68,"body":"If there's equity there, I"},{"speaker":"Victor Lagos","startTime":3415.68,"endTime":3418.5,"body":"always propose the idea to do"},{"speaker":"Victor Lagos","startTime":3415.68,"endTime":3418.5,"body":"that. And if they don't use a"},{"speaker":"Victor Lagos","startTime":3418.5,"endTime":3421.47,"body":"credit cards, I always get them"},{"speaker":"Victor Lagos","startTime":3418.5,"endTime":3421.47,"body":"to reduce the limits, then are"},{"speaker":"Victor Lagos","startTime":3421.47,"endTime":3424.08,"body":"they most of my customers, they"},{"speaker":"Victor Lagos","startTime":3421.47,"endTime":3424.08,"body":"want to build a portfolio. So"},{"speaker":"Victor Lagos","startTime":3424.08,"endTime":3427.08,"body":"they need borrowing capacity and"},{"speaker":"Victor Lagos","startTime":3424.08,"endTime":3427.08,"body":"borrowing capacity has has been"},{"speaker":"Victor Lagos","startTime":3427.08,"endTime":3429.81,"body":"squeezed because of interest"},{"speaker":"Victor Lagos","startTime":3427.08,"endTime":3429.81,"body":"rate rising. So whatever they"},{"speaker":"Victor Lagos","startTime":3429.81,"endTime":3431.97,"body":"can do to drop that out, I'll"},{"speaker":"Victor Lagos","startTime":3429.81,"endTime":3431.97,"body":"help them to do that."},{"speaker":"Andrew Bean","startTime":3432.42,"endTime":3434.73,"body":"Yeah. So if you're"},{"speaker":"Andrew Bean","startTime":3432.42,"endTime":3434.73,"body":"up to your eyeballs in debt, and"},{"speaker":"Andrew Bean","startTime":3434.73,"endTime":3437.85,"body":"you don't know what to do, then"},{"speaker":"Andrew Bean","startTime":3434.73,"endTime":3437.85,"body":"Victor should be able to help"},{"speaker":"Andrew Bean","startTime":3437.85,"endTime":3440.76,"body":"you out, give you a solid"},{"speaker":"Andrew Bean","startTime":3437.85,"endTime":3440.76,"body":"strategy, you know, and have a"},{"speaker":"Andrew Bean","startTime":3440.76,"endTime":3444.93,"body":"timeframe, and I'm sure he's,"},{"speaker":"Andrew Bean","startTime":3440.76,"endTime":3444.93,"body":"you know, has the accountability"},{"speaker":"Andrew Bean","startTime":3444.93,"endTime":3448.44,"body":"to keep you on the right track."},{"speaker":"Andrew Bean","startTime":3444.93,"endTime":3448.44,"body":"So definitely try that out. Meet"},{"speaker":"Andrew Bean","startTime":3448.44,"endTime":3449.07,"body":"me should be good."},{"speaker":"Victor Lagos","startTime":3449.55,"endTime":3451.77,"body":"Yeah, I just want"},{"speaker":"Victor Lagos","startTime":3449.55,"endTime":3451.77,"body":"to say one thing is that, as a"},{"speaker":"Victor Lagos","startTime":3451.77,"endTime":3454.68,"body":"broker, it's great that banks"},{"speaker":"Victor Lagos","startTime":3451.77,"endTime":3454.68,"body":"pay me for the commission for"},{"speaker":"Victor Lagos","startTime":3454.68,"endTime":3457.56,"body":"introducing business to them. In"},{"speaker":"Victor Lagos","startTime":3454.68,"endTime":3457.56,"body":"a weird way. I'm incentivized"},{"speaker":"Victor Lagos","startTime":3457.56,"endTime":3459.93,"body":"for people to borrow more,"},{"speaker":"Victor Lagos","startTime":3457.56,"endTime":3459.93,"body":"because I get paid more. Right."},{"speaker":"Victor Lagos","startTime":3460.5,"endTime":3463.5,"body":"So some brokers, I don't know"},{"speaker":"Victor Lagos","startTime":3460.5,"endTime":3463.5,"body":"them personally, but I know they"},{"speaker":"Victor Lagos","startTime":3463.5,"endTime":3466.92,"body":"exist, they will focus on"},{"speaker":"Victor Lagos","startTime":3463.5,"endTime":3466.92,"body":"getting people more debt,"},{"speaker":"Victor Lagos","startTime":3467.16,"endTime":3471.12,"body":"because they get paid more,"},{"speaker":"Victor Lagos","startTime":3467.16,"endTime":3471.12,"body":"right. But for me, it doesn't"},{"speaker":"Victor Lagos","startTime":3471.12,"endTime":3474.33,"body":"matter how much debt you get."},{"speaker":"Victor Lagos","startTime":3471.12,"endTime":3474.33,"body":"What matters to me is that"},{"speaker":"Victor Lagos","startTime":3474.33,"endTime":3477.78,"body":"you've got the right debt, and"},{"speaker":"Victor Lagos","startTime":3474.33,"endTime":3477.78,"body":"that you're actually paying down"},{"speaker":"Victor Lagos","startTime":3477.78,"endTime":3481.38,"body":"the bad debt. So if you've got"},{"speaker":"Victor Lagos","startTime":3477.78,"endTime":3481.38,"body":"lower loan amounts, doesn't"},{"speaker":"Victor Lagos","startTime":3481.38,"endTime":3484.26,"body":"matter if my pay is affected by"},{"speaker":"Victor Lagos","startTime":3481.38,"endTime":3484.26,"body":"that, because I know that I do"},{"speaker":"Victor Lagos","startTime":3484.26,"endTime":3487.02,"body":"right by you, you're gonna come"},{"speaker":"Victor Lagos","startTime":3484.26,"endTime":3487.02,"body":"back to me, you're gonna refer"},{"speaker":"Victor Lagos","startTime":3487.02,"endTime":3489.06,"body":"your friends and your family."},{"speaker":"Victor Lagos","startTime":3487.02,"endTime":3489.06,"body":"All right, you're gonna be my"},{"speaker":"Victor Lagos","startTime":3489.06,"endTime":3491.55,"body":"client for life, you know, we"},{"speaker":"Victor Lagos","startTime":3489.06,"endTime":3491.55,"body":"build a long term relationship,"},{"speaker":"Victor Lagos","startTime":3491.55,"endTime":3494.52,"body":"because I'm doing right by you."},{"speaker":"Victor Lagos","startTime":3491.55,"endTime":3494.52,"body":"But that's also how I think. So"},{"speaker":"Victor Lagos","startTime":3494.52,"endTime":3497.82,"body":"I want to help people get to"},{"speaker":"Victor Lagos","startTime":3494.52,"endTime":3497.82,"body":"that financial freedom, and"},{"speaker":"Victor Lagos","startTime":3497.82,"endTime":3499.71,"body":"they're not going to get there"},{"speaker":"Victor Lagos","startTime":3497.82,"endTime":3499.71,"body":"by accumulating more and more"},{"speaker":"Victor Lagos","startTime":3499.71,"endTime":3501.84,"body":"personal debt, it's just not"},{"speaker":"Victor Lagos","startTime":3499.71,"endTime":3501.84,"body":"going to happen. They need to"},{"speaker":"Victor Lagos","startTime":3501.84,"endTime":3505.11,"body":"get to a point where they spend"},{"speaker":"Victor Lagos","startTime":3501.84,"endTime":3505.11,"body":"much less than they earn, and"},{"speaker":"Victor Lagos","startTime":3505.11,"endTime":3508.02,"body":"they invest a difference. And"},{"speaker":"Victor Lagos","startTime":3505.11,"endTime":3508.02,"body":"they use the power of leverage,"},{"speaker":"Victor Lagos","startTime":3508.5,"endTime":3510.63,"body":"and use other people's money to"},{"speaker":"Victor Lagos","startTime":3508.5,"endTime":3510.63,"body":"help them grow their wealth."},{"speaker":"Andrew Bean","startTime":3511.05,"endTime":3513.9,"body":"Yeah. 100%. All"},{"speaker":"Andrew Bean","startTime":3511.05,"endTime":3513.9,"body":"right, man. Well, I guess that"},{"speaker":"Andrew Bean","startTime":3513.9,"endTime":3517.98,"body":"kind of wraps up the first"},{"speaker":"Andrew Bean","startTime":3513.9,"endTime":3517.98,"body":"episode of the financial freedom"},{"speaker":"Andrew Bean","startTime":3517.98,"endTime":3522.42,"body":"series mate. Where can listeners"},{"speaker":"Andrew Bean","startTime":3517.98,"endTime":3522.42,"body":"go to find out more about you,"},{"speaker":"Andrew Bean","startTime":3522.48,"endTime":3524.91,"body":"and also your awesome services."},{"speaker":"Victor Lagos","startTime":3525.66,"endTime":3529.17,"body":"So they can follow"},{"speaker":"Victor Lagos","startTime":3525.66,"endTime":3529.17,"body":"me on pretty much any social"},{"speaker":"Victor Lagos","startTime":3529.17,"endTime":3531.45,"body":"platform, or you go to my"},{"speaker":"Victor Lagos","startTime":3529.17,"endTime":3531.45,"body":"website, which is Loggos,"},{"speaker":"Victor Lagos","startTime":3531.48,"endTime":3535.53,"body":"financial.com, Maria, and I have"},{"speaker":"Victor Lagos","startTime":3531.48,"endTime":3535.53,"body":"my own podcast called debt to"},{"speaker":"Victor Lagos","startTime":3535.53,"endTime":3538.5,"body":"financial freedom. And you'll"},{"speaker":"Victor Lagos","startTime":3535.53,"endTime":3538.5,"body":"find me on all the podcasting"},{"speaker":"Victor Lagos","startTime":3538.74,"endTime":3543.15,"body":"platforms as well as a YouTube"},{"speaker":"Victor Lagos","startTime":3538.74,"endTime":3543.15,"body":"channel. So yeah, and of course,"},{"speaker":"Victor Lagos","startTime":3543.15,"endTime":3546.54,"body":"from there, if you wanting to"},{"speaker":"Victor Lagos","startTime":3543.15,"endTime":3546.54,"body":"have a chat, there's my email,"},{"speaker":"Victor Lagos","startTime":3546.54,"endTime":3549.09,"body":"my mobile number will be there"},{"speaker":"Victor Lagos","startTime":3546.54,"endTime":3549.09,"body":"as well as a calendar booking."},{"speaker":"Victor Lagos","startTime":3549.09,"endTime":3551.7,"body":"So if you want to book a chat"},{"speaker":"Victor Lagos","startTime":3549.09,"endTime":3551.7,"body":"with me, schedule a call, see"},{"speaker":"Victor Lagos","startTime":3551.7,"endTime":3554.85,"body":"what's possible for you. And"},{"speaker":"Victor Lagos","startTime":3551.7,"endTime":3554.85,"body":"even if it's not the right time"},{"speaker":"Victor Lagos","startTime":3554.85,"endTime":3557.61,"body":"for you to borrow. I'll help you"},{"speaker":"Victor Lagos","startTime":3554.85,"endTime":3557.61,"body":"as much as I can to get you on"},{"speaker":"Victor Lagos","startTime":3557.61,"endTime":3558.18,"body":"the right track."},{"speaker":"Andrew Bean","startTime":3558.51,"endTime":3560.52,"body":"Also, man, and did"},{"speaker":"Andrew Bean","startTime":3558.51,"endTime":3560.52,"body":"you have a free giveaway for the"},{"speaker":"Andrew Bean","startTime":3560.52,"endTime":3562.8,"body":"listeners as well? Yeah. So I"},{"speaker":"Victor Lagos","startTime":3562.8,"endTime":3565.74,"body":"really do believe"},{"speaker":"Victor Lagos","startTime":3562.8,"endTime":3565.74,"body":"that commercial property is a"},{"speaker":"Victor Lagos","startTime":3565.74,"endTime":3568.89,"body":"way forward, because of the"},{"speaker":"Victor Lagos","startTime":3565.74,"endTime":3568.89,"body":"predictability of the income,"},{"speaker":"Victor Lagos","startTime":3568.89,"endTime":3572.34,"body":"it's going to go up long term"},{"speaker":"Victor Lagos","startTime":3568.89,"endTime":3572.34,"body":"tenants, and your listeners will"},{"speaker":"Victor Lagos","startTime":3572.34,"endTime":3574.89,"body":"know a lot about commercial"},{"speaker":"Victor Lagos","startTime":3572.34,"endTime":3574.89,"body":"property. So I don't need to be"},{"speaker":"Victor Lagos","startTime":3574.89,"endTime":3577.65,"body":"preaching to the choir. But a"},{"speaker":"Victor Lagos","startTime":3574.89,"endTime":3577.65,"body":"lot of people don't understand"},{"speaker":"Victor Lagos","startTime":3577.68,"endTime":3581.07,"body":"the benefits of commercial"},{"speaker":"Victor Lagos","startTime":3577.68,"endTime":3581.07,"body":"versus residential. So I've"},{"speaker":"Victor Lagos","startTime":3581.07,"endTime":3584.55,"body":"created a guide, which is what I"},{"speaker":"Victor Lagos","startTime":3581.07,"endTime":3584.55,"body":"believe are five benefits of"},{"speaker":"Victor Lagos","startTime":3584.55,"endTime":3588.9,"body":"commercial versus residential."},{"speaker":"Victor Lagos","startTime":3584.55,"endTime":3588.9,"body":"So yeah, I'm giving that away."},{"speaker":"Victor Lagos","startTime":3589.05,"endTime":3591.81,"body":"listeners can download that"},{"speaker":"Victor Lagos","startTime":3589.05,"endTime":3591.81,"body":"there'll be a link, I'm guessing"},{"speaker":"Victor Lagos","startTime":3591.81,"endTime":3594.42,"body":"in your description. You can put"},{"speaker":"Victor Lagos","startTime":3591.81,"endTime":3594.42,"body":"that in there. There'll be able"},{"speaker":"Victor Lagos","startTime":3594.42,"endTime":3596.64,"body":"to just provide the email and"},{"speaker":"Victor Lagos","startTime":3594.42,"endTime":3596.64,"body":"I'll get that sent out to them."},{"speaker":"Andrew Bean","startTime":3597.06,"endTime":3599.46,"body":"And we're also"},{"speaker":"Andrew Bean","startTime":3597.06,"endTime":3599.46,"body":"going to put together a how to"},{"speaker":"Andrew Bean","startTime":3599.46,"endTime":3604.77,"body":"use saw guide for the timely"},{"speaker":"Andrew Bean","startTime":3599.46,"endTime":3604.77,"body":"build up best and worst ways to"},{"speaker":"Andrew Bean","startTime":3604.77,"endTime":3608.19,"body":"use the app. A lot of the best"},{"speaker":"Andrew Bean","startTime":3604.77,"endTime":3608.19,"body":"ways I'm sure. And Victor's"},{"speaker":"Andrew Bean","startTime":3608.19,"endTime":3611.43,"body":"going to literally to springing"},{"speaker":"Andrew Bean","startTime":3608.19,"endTime":3611.43,"body":"this on him now he has he did"},{"speaker":"Andrew Bean","startTime":3611.43,"endTime":3615.27,"body":"not know about this at all. Give"},{"speaker":"Andrew Bean","startTime":3611.43,"endTime":3615.27,"body":"me some homework. The second"},{"speaker":"Andrew Bean","startTime":3615.27,"endTime":3618.57,"body":"free giveaway I'm gonna use"},{"speaker":"Andrew Bean","startTime":3615.27,"endTime":3618.57,"body":"download the app bar right now"},{"speaker":"Andrew Bean","startTime":3618.57,"endTime":3622.32,"body":"and I'm looking forward to"},{"speaker":"Andrew Bean","startTime":3618.57,"endTime":3622.32,"body":"Victor's how to, to use guide as"},{"speaker":"Andrew Bean","startTime":3622.32,"endTime":3626.4,"body":"well that he'll be sure making"},{"speaker":"Andrew Bean","startTime":3622.32,"endTime":3626.4,"body":"at some point, not because he"},{"speaker":"Andrew Bean","startTime":3626.4,"endTime":3628.71,"body":"wants to because I basically put"},{"speaker":"Andrew Bean","startTime":3626.4,"endTime":3628.71,"body":"him on the spot."},{"speaker":"Victor Lagos","startTime":3629.88,"endTime":3631.83,"body":"If it helps"},{"speaker":"Victor Lagos","startTime":3629.88,"endTime":3631.83,"body":"people, I'll definitely put it"},{"speaker":"Victor Lagos","startTime":3631.83,"endTime":3634.77,"body":"through and I know it's helped"},{"speaker":"Victor Lagos","startTime":3631.83,"endTime":3634.77,"body":"me so for sure. To help us make"},{"speaker":"Victor Lagos","startTime":3634.77,"endTime":3638.1,"body":"it as easy as possible. Yeah."},{"speaker":"Victor Lagos","startTime":3634.77,"endTime":3638.1,"body":"Awesome, man. Thanks for having"},{"speaker":"Victor Lagos","startTime":3638.1,"endTime":3639.21,"body":"me on. Really appreciate it."},{"speaker":"Andrew Bean","startTime":3639.57,"endTime":3643.32,"body":"All right. This has"},{"speaker":"Andrew Bean","startTime":3639.57,"endTime":3643.32,"body":"been a financial expert Victor"},{"speaker":"Andrew Bean","startTime":3643.32,"endTime":3647.07,"body":"Lagos and Andrew Bean on the"},{"speaker":"Andrew Bean","startTime":3643.32,"endTime":3647.07,"body":"Financial Freedom series."},{"speaker":"Andrew Bean","startTime":3647.07,"endTime":3651.0,"body":"Thanks, guys. Thank you. Thanks"},{"speaker":"Andrew Bean","startTime":3647.07,"endTime":3651.0,"body":"for listening to the financial"},{"speaker":"Andrew Bean","startTime":3651.0,"endTime":3655.32,"body":"freedom series. This show has"},{"speaker":"Andrew Bean","startTime":3651.0,"endTime":3655.32,"body":"been produced by the commercial"},{"speaker":"Andrew Bean","startTime":3655.32,"endTime":3656.79,"body":"property show Network"}]}