492 | The Hidden Cost of Get Rich Quick Schemes

What would you do if you worked 16-hour days on the road and were utterly exhausted the few days you were home?  With a family to care for and a past of previous divorces, you'd probably want to change your lifestyle. 

But what if it'll cost you $42,000 A YEAR? 😱

Or, what if you'd made the #1 biggest investing regret of your life in a get-rich-quick scheme and had lost half a million dollars?! How would you recover and get back on track towards a comfortable retirement?   

In this Case Studies episode, we're mapping out two plans for two couples (Names have been changed for privacy 😊) whose stories testify to the fact that there is no one "right" way to invest in property.   

It's an inspirational episode that holds many cautionary tales, tune in now to avoid falling into the same traps!   

FREE STUFF MENTIONED

• 2024 Survey Closes Today: Get a free Case Study Series Unpacked (RRP $297) when you let us know what you want to hear
• Moorr Money Management App: New revolutionary Offset Loan Tracker
• Free books to increase your financial literacy:
  Make Money Simple Again
  The Armchair Guide for Property Investing  
• Want to map your property journey? Book a free, no-obligation chat with our expert advisors who created the plans in today's episode.
• Resources from Ben’s “What’s Making Property News”:
  Millennials the most active property investors: CommBank data
• Guests & Episodes Mentioned:
  489 | The Rise of the Finfluencer: Who’s at Risk

LISTEN TO THE FIRST 20 EPISODES HERE >>

MOORR MONEY MANAGEMENT APP:
👉 Apple: https://apple.co/3ioICGW
👉 Google Play: https://bit.ly/3OT86bW
👉 Web platform: https://www.moorr.com.au/

FREE MASTERCLASS:
- How to Build a Property Portfolio and Retire on $2,000 a week >>

FREE BEST-SELLING BOOKS:
- The Armchair Guide to Property Investing
- Make Money Simple Again

FIND US HERE:
- Website
- Instagram
- Facebook
- Youtube

Chapters

• 0:00 The Hidden Cost of Get Rich Quick Schemes
• 1:22 Even the sun shines once 😉 and a message from Kurtis
• 5:23 Thank you for all your feedback!
• 6:31 The magic in “Sliding Door” moments
• 7:49 Mindset Minute: Grant Mayo on how to figure out if you should buy it!
• 11:01 Don’t listen to our pod if you love flashy cars 😉
• 12:43 Case Study #1: Not All Lifestyle Design Is Measured In Dollars
• 15:22 The Problems: Past divorces and a $42K pay cut?!
• 18:43 The Power of Automobile University
• 21:02 Moorr: Brand-new insights to track the impact of your offset on your total debt levels!
• 22:38 “Investing isn’t just for rich people”
• 24:43 The Plan: How James will get his energy and life back while paying off the mortgage
• 29:38 Buying for $600k in 2028: But why don’t they act NOW?
• 32:27 Risk profiling, recency bias & the perfection solution
• 35:43 The hard work behind the scenes
• 40:46 Results & 5 key takeaways
• 44:08 Case Study #2: The True Price of Get Rich Quick Schemes
• 46:41 His #1 biggest investing regret
• 50:54 They were unclear on THIS important knowledge
• 54:38 The fears & their penny-drop moment
• 56:25 The Plan Pivot: The dream home was not feasible?? 🙁
• 1:02:47 “Sometimes healing comes from bringing the darkness into the light, in a place of trust”
• 1:04:36 The Result: Debt free 2 years before retirement
• 1:10:00 Is it time for your engine check?
• 1:11:53 The Modest & Comfortable budget needed in retirement
• 1:14:06 Lifehack: How much does it cost a day to blow $10K in a year?!
• 1:15:29 WMPN: 46% of Commonwealth Bank’s customers in 2023 were from THIS generation 😮