Migrating in your 30s : A Good Move?

Migrating to Australia in your late 30s isn’t just a move it’s a full reset. In this episode, we unpack the mindset shift and the money moves that help new migrants avoid costly mistakes early on. We talk about the emotional pressure of rebuilding identity, income, and lifestyle, plus why trying to “replace” your old life too quickly can backfire. 

You’ll hear practical guidance on setting up a cash buffer (including a realistic discussion around savings targets), why renting first can buy you time and clarity, and how to avoid making big financial decisions based on ego or comparison. We also break down the simple 50/30/20 framework to balance essentials, lifestyle, and savings and how to think about cars, loans, and property choices without locking yourself into stress. 

If you’re planning the move or you’ve just landed, this episode is built to help you plan smart, stay grounded, and build forward. 

General advice warning: This content is general and doesn’t take into account your objectives, financial situation or needs. Consider whether it’s appropriate for you and seek personal advice if required. 

Any information discussed or provided in this podcast is general advice and has been provided without taking account of your objectives, financial situation or needs, you should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

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Transcript

dream big plan smart
build wealth this is the TFS podcast where money talk gets real
and financial freedom is more than just a goal
without further ado let's dive in
hi guys and welcome to another episode of the TFS wealthcast
and today's episode we're gonna talk about migrating in your 30s
in your late 30s in your late 30s yeah
yeah so
cause we've seen a lot of people
you know a lot of people they
they migrate their families to Australia
you know they have good careers in countries
for example Sri Lanka
a lot of people migrate from Sri Lanka they achieve
high ranks in their careers
respective careers
and then they make the full shift to migrate to Australia
you know better future for their kids
yeah or what not yeah
uh so from what Sri Lanka
India Pakistan Sri Lanka
India Pakistan
a lot of lot of people come from different parts of the world
some people even come from the UK
with everything happening in the UK these days yeah
so anyways so Pramu I thought
you know you'd be the best person
one of the best people in our team to shed some light on this
to reflect hmm
you know that I can really talk about on this episode okay
so I'll try to do my best yeah
so so
so Pramu before we start you know
on this topic I'd like to uh
I'd like to I'd like you
to take us back yeah
to when you came to Australia
of course you were uh
I didn't come in my late 30s
you didn't come in your late 30s
you actually quite young you came yeah
in your 20s early 20s early
very early 20s very early 20s
so so you've seen Australia transition as well
right from the people who are migrating when you came
versus the large number of people who are migrating today
and then also
so many social and cultural issues that's taken place in Australia so
what did you do when you arrived in Australia initially
um so Vishi
when when I came here we
I came here as a student right so um
so obviously
uh the focus was to go to university and
you know do to your course
do your subjects and then
you know get a part time job
earn a bit of a bit of coin and have a bit of fun as well
so so life was simple
I would say but then
as you mentioned before there are a lot of things that changed from
from from that time to now
you know
you know your everyday expenses have increased significantly
um but at the same time the
the the average uh
income uh
that you can earn here in Australia also have increased from
from those days to now so I'm talking about this is
I mean this
I'm just giving my age away
it's about 20 years ago
right so he is in his naughty 40s
early 40s now so
it it lot lot have changed
your usual groceries expense to your normal utilities and
and also the types of jobs that available right
so quite a lot of things I mean
I wish there was Uber back in those days
could have earned a bit of money
some pocket  money on the side
yeah so
so but we didn't have those kind of options
but there are a lot of options now
but today's subject is about
as you mentioned about migrating in your late 30s
yeah so late 30s
most of the time when people migrate
they they come with their families wife
most of most cases your kids as well right
so so you
you have lot to exactly I mean
it's not just moving to a new country
like when you're a student
you move to a new country
one of the main things you have to find is friends
you can find friends yeah
but when you come in your late 30s with your families
it's not just finding friends
you feel you have to rebuild your maybe income stream
and you find a job if you already haven't
then you have to kind of rebuild your identity
yeah because back home
people know who you are yeah
yeah right
I mean
if you were in a top management position or a high ranking position
people know who you are yeah
yeah and also like if you're Sri Lankan small community
people know who you are absolutely
if you come from Australia yeah
you gotta start from
yeah so there's a
there's a there
it's a mindset mindset shift right so
so quite a lot of people I mean
quite a lot of friends of mine migrated in their late
late 30s as well so I think that's why this
this this episode is very good
I reckon
um um
we can share some experiences that I have uh
come across with with
with with with
with my friends who migrated late 30s and
and some of our customers who have done that as well
and how they are doing so
so it's a mindset shift no matter what 100% right
so so like you mentioned
you know you come from a place that you are well recognized
good income beautiful life
you don't need to worry about some cases you have
you know um
nannies drivers
yes right
oh yeah
I mean it's a
it's a it's a luxury life
some of my friends who came from from
from Sri Lanka so
but when you when you come here
you're not gonna have a nanny you're not gonna have a
a a
a a chef in your house
unless you are a
I mean if you have a chef in your house
I don't know why why you're giving all that up to come here right so
so so you have to start from somewhere
and also there's a lot of emotional pressure as well
absolutely right
like
so there are many reasons
so we have to understand why these
why these guys these individuals are moving from
from a from a comfortable position uh
to a to a position to start again
the reset
so certain drivers such as better education for their children
or better or or brighter future for their children
that's a common common fact
and then some cases um
career growth or career change all together right
so there are different drivers here
yeah so depending on that driver
your mindset must change accordingly
yeah right
so I always advise to my friends and clients who
who who
who comes here and and
you know start
they want to start their life in Australia
I said look
first thing you gotta do
think that
you're not gonna have the same life that you had in Sri Lanka
here 100% it is a blank canvas
you write it the way you want to write it
you don't have to do what others are currently doing here as well
you can actually do whatever you want
so if you want to get a job
high paid job or if you want to change your career
you're in a country that allows you to do it
but you need to have the determination to do it
all of us Australia is never gonna come and give you
the job you gonna go and ask for the job or get the job that you need
so it's one of those countries
so so most of the guys uh
most of the people who who migrate here they
they they
they understand it so they go through the process
and some go through the process of getting a job and
you know working their way up towards the career ladder
some start their own business right
some goes to some
some actually I know people who go going back to school and
and career change altogether
so that you have to do it no matter what
and then you also need to understand so
so you would say the first step is to have a mindset reset
absolutely and then
you know prep your mind
yeah
and then step 2 would be what we call a money reset because uh
you need to find income stability right
you need to have some cash buffers
you need to understand the Australian system
cause it's completely different to how your
other parts of the world works
exactly right so the question I have for you is
if one of your friends were to move from Sri Lanka right to Australia
what are the first money moves you'd suggest them to focus on
without getting lost in complex strategies
let's keep it simple you know um
the first money move yeah um
don't try to replace your lifestyle here
yeah it's gonna be
very expensive
I'm talking about my friends yeah
exactly in the context of your friends yeah
the lifestyle they had back home yeah
it's gonna be very expensive if you
if you gonna start going out for
for dinners and and nightlife
are you saying your friends are party animals
most of my friends are party animals
that's why I like to go back to Sri Lanka for holidays um
you have to reset that little bit there right
so
and also you need to have a um
a set of funds in a in a in a savings account when you're
especially when you're coming in your late 30s when you
when you have kids right wife right
you have to have a bit of money in your kitty
because first thing you gotta do
find a find a house to rent right
you're not gonna buy a house straight away
you gotta find a place to rent
you have to find a a
you have to find that property in a location that
where your children are gonna go to school
now this school could be a public school could be semi government
or it could be fully private
so if it's private you gotta have a bit of a
a bit more cash in your savings account
because private schools are not cheap
I'm sure you you
you know yeah
right so
so so you have to have that yeah
so you need to start doing your financial planning way before
you're buying that ticket to come to Australia yeah
you gotta start doing it okay
so that's it itself you gotta do that right
so you gotta understand also
now you gotta go and buy a vehicle to commute
or are you planning on doing public transport
most people no they won't do public transport
especially depending on where they
where they're gonna live here or not yeah
so so then the question comes with
are you gonna buy a expensive car
or are you gonna buy a car that can go from A to B
you know first year  it may not be 100,000 dollar car
it can be a 30,000 dollar car or 20,000 dollar car that
that works for you
so these kind of decisions you have to make right
but then as you know Vishi in Australia
we get a phone plan that everything is everything is
everything is expensive right
even though it's a country that looks it's not that expensive
but it is very expensive if you really think about it
so you get a plan right you some food
what kind of food you gonna you gonna buy when cook cooking ah
that's another thing so
so that's a mindset mindset shift towards a lot of people here right
so from having someone cook your food for you
coming here and have cook your food for yourself yourself right
so so and some
cases you might have to take some lessons how to cook food
yeah otherwise your children are gonna be very very hungry
so cranky children is not gonna be
so my mum always says you know
marry someone who can cook
ah see
now you know
now now you're going to a place that you know
not you know
in Australia I
I I learn how to cook as well
so and there you go
so you have figured it out exactly
so you have married these
you know exactly
they don't have to cook yeah
so things like that you gotta plan
you gotta plan you gotta put certain things in place
so you have to have a financial plan
financial strategy before you make the move
yeah
right so speak to people that you that
that you know in Australia who's currently living
ask them how much does this cost
yeah you know
I need to buy a a 7 seater vehicle because my family is larger
how much is a 7 seater vehicle
good thing that second hand vehicles are 
affordable in this country
not like in Sri Lanka especially if you're coming from Sri Lanka
you're gonna go crazy you're gonna be like whoa
I can drive one of these I can drive yeah
you can get carried away as well
exactly right
so so
it's very important to do the financial planning
and financial strategy before you make that move and keep a budget
right and
we have a bit of a a little bit of room to wiggle it as well
basically I was saying
you know to one of your friends
you'd say firstly
avoid the lifestyle catch up that you had
yeah back in your home country
at least for the first 6 months
yeah until you figure it out
yeah and spend wisely
spend wisely and get a plan
plan of action yeah
you know okay
that's good so with that
and we were talking about
you know not rushing into buying a property
hmm
start by renting hmm
but then of course
since they are your friends
you would advise them to look into getting into the property market
and start building their wealth
absolutely so uh
when people say I want to buy a property
Pramu to you what are the
the 3 terrifying questions you ask
to stop them making emotional decisions
buying a property for for
for yourself to live with
especially with when you have children
it is an emotional decision
so when you're making emotional decisions
you need to understand how to bring the financial
uh aspect to the emotion
so basically you are saying
you know
you try to explain to them
or make them understand the difference between wanting a home
yeah and building a strategy okay
so so let's put it this way yeah
so I could I mean
I don't ask this from my clients
I ask from one of my friends as an example
do you want to drink um
johnnie walker a red label or do you want to keep drinking
you know single malt
what would you like to do
so if you start go and put all your money in
in a in a property that as well as getting a mortgage
so 60 to 70% of your net income goes towards your mortgage
uh you'll be drinking red label
right yeah
so then my friends would say uh
no way I don't want to
I want to keep drinking my single malt
yeah okay
then then
then let's think about it
so so you need to have this amount of money
so you need to have this amount of freedom
so then don't go and lock yourself into a mortgage and
and and commit yourself for a 70% off your net income
just to clarify you know
this example when I'm putting down anyone who drink 
no no
who likes drinking Red Label
it's just you know
just an example for you know
for this example 40 dollar whiskey versus 150 dollar whiskey
yeah just an example right um
so I tell them there's a there's a rule that I ask them to follow
which is um
50 30
20
right so 50% of your net income needs to go towards your uh
rent or mortgage uh
and your uh
everyday expenses the most essentials
right yeah
gas bills electricity
uh food
those kind of things
then 30% of your net income needs to be for your lifestyle purpose
whatever the whiskey you like to 30%
30% for your lifestyle okay
for your lifestyle you know
yeah if you
you want to buy a a vehicle that you really wanted to buy
buy it but make sure it's within the 30%
20% non negotiable you gotta go to the savings
so nobody wants to do bank like a savings account or bank account
savings account instead to invest savings account
so that's it
when you start you can't invest straight away right
so you gotta start building
so 20% needs to go there
right so 20
30 50 savings goes first
20% goes away 30% for your lifestyle
yeah reminder
50% for your essentials if you follow that
then it will be right here yeah
because you don't need to go and copy somebody else's lifestyle
because that person 50 30
20 is very different to your 50 30
20 yeah
and also they would have been here much longer than much longer
right so they
they established they
they may have a very very uh
uh small loan to pay for your mortgage
so their monthly repayment could be much cheaper than you
when you start so things like that
so that's one of the things I always advise
right so 20 30
50 or whatever the way you want to call it 50 30
20 yeah stick
to that you'll be fine speaking of financial mistakes that new uh
migrants would make if you're talking about buying a vehicle
yeah right
what is your advice to people who want to get a car loan and buy
because again the prices of vehicles here
it's relatively low compared to countries like Sri Lanka
Singapore where the vehicles are taxed yeah
very highly so people would go crazy right
some people would even take out a loan yeah
to buy a vehicle so touch a bit on that uh
so let's let's rate
let's rank your five mistakes that you see migrants making
when they move here
it's a very tricky question right
because when you want to buy a vehicle that you really
really like to buy
you have two options one you can dip into your savings
there you go 80,000 or hundred thousand dollars
I wanna buy that vehicle
or you can just dip into 20% of your savings and get a loan of an 80%
and start paying repayments over five years or seven years
the way cause in Australia relatively goes down in the value
it's a depreciative asset
right so you gotta have a plan if you're taking a loan
you gotta have a plan
this expense that you're bringing in to yourself is within that 30% or
30
yeah 30% which I which I mentioned to you about on your net income
so everything changes with of your net income
right people who
make mistakes are the people who go and spend 50% of their savings
for lifestyle purposes
yeah so some
some could argue so pramu
what are you saying you you're saying
go and get a loan
if you do your numbers right
absolutely yes yeah
use the bank's money
why do you have to use your money
yeah
right so be smart about it
but again you have to understand what your net income is going to be
so when you're migrating
you don't know exactly what your net income going to be yeah
so then I I will tell hold on
maybe just buy a car or vehicle that can take you from a to B
for the first six months figure it out
once you know your net income
you'll get a good idea
how quickly you can also go in the corporate ladder
or if you're starting a business
how how how quickly you can start earning more uh
uh net income for yourself or
or for for your household
then you can make these kind of decisions not straight away
people who make those kind of decisions straight away they
it's a recipe for disaster
buying a property without understanding
where are you going to be in the next two years
it's another disaster
I have seen let's go and spend a lot of money get a large mortgage
and two years later or less than two years
they decide oh
you know my son now goes
needs to go to this school
I gotta sell blah blah blah
that's a more emotionally driven decision
yeah right
 buy some big house fancy house
you know it's going all out
it's an ego problem maximizing your borrowing yeah
it's an ego problem yeah right
so you come with the larger houses or bigger places in in
in where the country that you come from
your ego doesn't let you to go and rent in a small smaller house right
and and and and I'm not blaming it
it's it's
it's normal
but you you have to be better than that
because you have already made a decision to move countries yeah
it's not a easy decision especially when you're in your 30s
so you have done a very hard decision decision yeah
so this is easy hold on
figure it out first and then get into these kind of things right
so these are the the the some of the mistakes I have seen and the
the third one I would say um
uh copying others
hmm yeah
we did touch on that a bit yeah
before as well but yeah
that I've seen that a lot too again
man recipe for disaster
you can't copy somebody else
learn
yeah learn the good things
learn the bad things then apply it to yourself
and imitation is a flattery anyways right
so those are the three things I've seen so far
when I commonly see what what
about the
because you you
you have
I've heard you give this advice before
you know aligning
you have like when someone's married and they come here
you have to get like if you
if you have a plan you have a strategy
you have to get your partner to align with your
with that plan with those goals as well
right or if not
what happens is you've got a plan
but your partner's not in line
that could affect the long term journey as well
right so would
would you would you consider that as advice
uh you would give someone
who's considering a full lifestyle change by moving to
to get your partner in line
to get to get your partner in line with the plan
so if you've got a plan for yourself
don't just keep it to yourself
talk to her or him see what they wanna do
cause if you've got kids you've gotta get the
I thought they're supposed to do that anyway
yeah but then we
we've seen people who you know
have messed up hahaha
I mean look
it's a it's
it's it's
it look
it's common sense yeah
right common sense
um
cause it's easy for people to get lost once they come here
you know so many things are accessible
yeah also right
and so many other influences
good and bad yeah
so it's easy for someone's mind to just get consumed or overwhelmed
and just go off track yeah
so these are all things that people should be wary of as well yeah
of course I mean
you have to have a communication
you have to have a proper communication in between yourself yeah
right because you're doing it together end of the day
you're not just you're not just
packing your wife or packing your husband in a bag and go oh
there you go now sounds just the fun stuff you do to your husband
hahaha so
so it's it's a hahaha communication must happen no matter what
that that's not negotiable
that's why I said I assume that I mean
that's what they're supposed to do if you're not doing that
maybe so the decision to move would be much riskier than you think
yeah so and then we also spoke about how you said save 20% uh
non negotiable so you would clarify that as a buffer
so you would have a buffer
you should you should have a buffer not not you
you bring you bring when you when you when you move countries
you bring certain amount of money anyway
right that goes to the same
how much how much would you think for the average income holder
let's say for someone who's earning about 70,000 or
sixty thousand dollars a year
for someone like that who's moving from another country
what what is an amount of money
a sufficient amount of money do you think they would have to bring in
savings when they're making a shift like this cause they
cause if they haven't already found a job here
once they come here
it's just expensive until they can start getting some income yeah
first thing you gotta work out is where you gonna live yeah
but if you don't have family or friends
that gonna give you a place to live
rent free you gotta work out your rent amount right
so most cases between 32 40
40 k yeah cause monthly
but rent would be around 2,500 to 3,500 dollars depending on where
you know
yeah buy a place right
yeah so utility bills
petrol transport cost
um
your um essentials food
so for a family husband
wife and two kids let's say small kids at 10 and 12 years old
if I can say for a family like that
if they're moving to Australia
how much of a buffer should they have for savings
should they have I
I reckon they should have bare minimum
this is this is bare minimum
I would say 70,000 bare minimum 70
70 because that
that that will cover a year's worth of rent for you
in case you don't get a job yeah right
so you have a you have a place to live yeah
um and also gives you an opportunity to live
I mean exactly live
just live okay
you have to you know your electricity
all these things gonna come into play right
so so I I
I mean my personal opinion would Bare minimum of $70,000
you should bring if if in
in a in a situation like that yeah
I mean it all depends
end of the day as I mentioned
you know if you have family and friends here
who's gonna give you rent free places to
you know stay until you
you know um
find a job
you may not need so
but it's always good to have something above 50 k yeah
alright so
Pramu now let's say you
your wife and your kids you were in Sri Lanka right
and you
let's say you you were
you were doing yeah
big big time job in the bank
you like the banking okay
okay alright okay
if you were doing making the move now to Australia
take us through how you would do it
oh I mean
I just keep it very simple um
I'll have a look at
let's go with budgeting or how much would you budget
first thing I will look at is the schools for
for children yeah right
that's that's one of the decisions I have to make
whether they gonna go to private schools or not
okay
because that will determine where I'm gonna live yeah
how I'm gonna live if I decide I'm gonna put my kids to
to private school then you gotta put for the whole year
um at least about $80,000
yeah right
so 80K see you later
that's just for schools that's for school alright
so depending on where the schools are located
then you gotta find a place to live yeah
whether it's a rent or to buy
so let's let's assume that we're gonna go for rent
I I won't go down the path of buying
I'll probably go with the rent yeah
location might change your expense
rent expense from 30,000 to
can go to even hundred thousand dollars
depending on where you want to live
where you want to live what kind of house you want to live in yeah
so have that incorporated into your budget
then a buffer for your uh uh
uh essentials food
the medicines the transport
these kind of things
put that there
then lifestyle as well don't tell me you gonna come home
I mean I'm not gonna move to Australia and just stuck myself in a
in a in
in in
in the house just go to work and come home and don't do anything
it's not gonna work so I need to have funds for my lifestyle purpose
I'll probably have about 25 to 30% of my lifestyle purpose per year
there right yeah
um
and then the last thing I look at finding a job
maybe finding a job before I come here
yeah right
um maybe I might come here just by myself first
sus the sus it out
sus it out find a place
get a job get myself ready right so
so things like that right
so it's mitigating your certain risks risks yeah um
yeah so I
I would keep it very simple in that way
so I mean
it can be vice versa I mean
you might come before me
if she has a better chance of finding a job than me right
so work it out communication is important
like you said before it
work that out put it
put everything into a budget
that way you're you're safe you
you have a years at least I would say bear a minimum half a year look
half a year six months gonna go very quickly
um 12 months would be the one that I would
uh do my budgeting and and planning
and if there's any assets in
in the place I'm currently living
I'll probably start offloading them as well
because if I if I'm making a move
move here from from that country to this country
what what I'm gonna do with those assets
yeah might as well utilize that assets
yeah yeah
build something here absolutely right
so in terms of jobs what kind of jobs would you
you know recommend
um
of what what kind of jobs would you look at getting into initially
as you come here
in the in the same context where I was a banker
yeah I'm in banking
you getting try to get into a bank
yeah because that's what
you know yeah
I mean this is my mindset
I rather get into the place I know and
and and work myself
I give myself a chance to become successful that way
but you're not a killer salesman right
yeah so would you advise people uh
to take a risk and get into sales
I mean if you're if
if you're a killer salesman yes
get on get on to sales because that's what you know how to do
if you're not a salesman don't get on to sales
you're gonna struggle yeah
so I mean I
I feel like this has been a very in depth
episode right
someone migrating in their 30s so
so now let's let's talk
you know uh
when when they do want to get into buying their first property hmm
what are some tips you would give them on some advice
yeah yeah
good one so it's
it's you know
let's fast track in a year
and you're working in a year and you saved up 20
you know if you've done that 20% net savings
you know you've built up a good savings amount on top of the uh
uh buffer that you have
simple fundamentals again
you know where
where you wanna live um
easy commute for your children for
to go to school for you
maybe easy commute for you to go to the place that you work again
would you say don't buy this property based on
don't make this decision based on emotion
right because now we
spoke about this
when they look at where they want to put their kids to school
but Vishi these are emotional decisions though right
yeah because you're making decisions based on your children
based on your work yeah
these are emotional decisions now non emotional decisions are okay
I'm gonna buy this property
because I'm gonna make a 20% out of it in the next 6 months
12 months time therefore
my investment is X amount I can borrow X amount
my repayment is that is not emotional
that is based on yeah
investment numbers okay
so let let let's bring an example into the center
I'll put the I'll put you in this example right
so now okay you you moved you worked in a bank you moved here
let's say you put your kids to school in Glen Waverley Primary right
as we all know it's one of the most sort of sort of schools um
the Glen Waverley Primary is a public school right
yeah primary and the Glen Waverley Secondary
so so I don't need to worry about the yeah
school school business okay
looks like hahaha now
let's say you started renting
hmm in Glen Waverley when you moved there
now fast forward one year you're looking at buying a property yeah
would you buy a property look at buying a property
let's say a townhouse mm hmm in Glen Waverley
mm hmm or would you buy a house and land in an area like
Berwick or Officer mm
which would generate you more equity and rental income right
why you think the Glen Waverley townhouses won't give you a equity
I mean when you compare
the growth corridors of officer
when you look at house and land packages right
your entry point is low
that doesn't mean necessarily you're gonna gain more equity there yeah
but then the property prices are also very high
and as a first time buyer
you have your first time buyer benefits
absolutely so it comes to the fact of means yeah
what can you afford
you know yeah
let's let's say okay
you maximize your borrowing and you can go up to one point two million
mm hmm right
and you borrow the maximum and you borrow the maximum yeah
or you utilize all your first home buyer benefits yeah
and then you you
because if you can go up to 1.2 million
to buy a small townhouse in Glen Waverley yeah
you can buy a nice house house and land yeah
in Berlin or in officer yeah right
so what would you do ah yeah
I I I probably look at okay
um what are what are the benefits
first home owners grant 10 k stamp duty savings
50 60 k right right
I mean from opposed to that you're gonna buy a land no
I don't pay so now your your um
$70,000 you're gonna pocket up if you decide you glen waverley yeah
versus that side yeah
and also you're maximizing your borrowing
if you maximize your borrowing as well right
so your entry point is higher
your mortgage repayments are much higher now
okay 70 70,000 I gotta pocket up maybe more not not 70k
I can level up more than that to buy a a 1.2 yeah
so then you I look at alright
so I borrow maximum I put hundred
hundred and
twenty thousand dollars of my savings towards this property
one in glen waverley
am I within my 50 30 20 rule
I still ask that question yeah
if it says yes
personally I'll buy that glen waverley really personally because for me um
quick commute I prefer it's convenient for me right
but this is a small two bedroom uh townhouse right again
my preference preference yeah
quick back again but then if my preferences are like no
I need a bigger backyard I need a bigger house you know
I like entertainment so therefore I need to have space to entertain
you know now for me to compare that house in the same location
which I really like to stay in glen waverley
that's gonna cost me about 2.2 maybe three million dollars
can I do it no
that's not within my 50 30 and 20 rule
so then I'll go to berick or that side of the town and I'll buy that
what I'm gonna sacrifice or compromise is the coming time
or the coming is side of the day so compromise
whether you like it or not
you have to do it right
if I'm gonna stay in Glen Waverley in a two bedroom townhouse
what I compromise is the space space
right so that so it all comes
comes now we're talking about what we're talking about emotions
emotions so learn how to compromise your emotions as well yeah
so here one year later if you're gonna make that move
lot of people can't make that move
or lot of people struggle to make that decision actually
because they don't know what to compromise
so I I want a big house but I want to stay in Glen Waverley
but you don't have the budget for it so if you look at this purchase
this first property purchase purely from an investment point of view
right
forget the convenience purely from an investment point of view
then then would your uh thought process change
totally totally different if it's purely for investment  purpose
I'm doing this and I'm only gonna stay there for a year yeah
who cares then you how if I have to go pakenham I'll do it yeah
if it's investment purpose
you know if you want to drive for a good one and a half hours
I'll do it just investment because my I'm earning money
my money is earning money for me yeah
okay very different mindset cause that way your deposit is lower
your repayments are lower
you have more money with hell yeah
and you can use that and then years later
I go back where I I need to be and then I have a
I have a investment property is earning rental income
giving me tax benefits
right so which means more net income for me
which enables me to borrow more
or save more to invest or to buy my lifestyle property yeah
you understand what I'm saying
hundred percent yes
so so you
you're increasing your 20% basically of your savings yeah
why you doing that
and then maybe five years down the line
you'll be able to buy a property
you'll be able to buy a 3 million dollar house
right whereas if you bought the Glen Waverley property first up
it would be a little bit more harder for you
it won't be I mean
it won't be as easy
it won't be as easy unless you increase your income significantly
right yeah
um won't be that easy
understand yeah
yeah that's yeah so 
every decision
the outcome is derived from how you make that decision absolutely
that's why I always say to my friends
even even even our clients who come here for advice
it's all about
it's all about a period right
it it
if you if you have changed your mindset to
to succeed in Australia you can do it
but then along this path there are things sacrifices compromising
right
a lot of things you gotta do yeah
like Jim Carrey says you know
if you're not willing to compromise your lifestyle today
for the lifestyle you can have tomorrow yeah
what's the then
yeah I mean it's it's
you you
you you don't
you don't think about it this way right
if somebody gives you an opportunity to work hard
when you're early 20s
so and
and that some that person tells you OK
if you work hard from 20 to 25
you'll be able to go and enjoy your life
or travel to whatever the places you like to go and enjoy to the next
next example could be
there could be a person who wants to travel his dream right
savings or a a
a loan from your parents or getting a loan from from
from from a bank
$20,000 you got
yes you can have fun
you're young
more more
more energetic you know
you can go crazy
but imagine if you work hard and you ended up having
instead of $20,000 $50,000 by you're 25
what kind of fun can you have then
kind of fun even I can't talk about that right
it's it's so
so so you have to think that way
you have to put your hours or yards
what you need to do to achieve what you desire
right so
so it comes to the same fact for any
any migrant um
late 30s who come to Australia to
to go and uh
you know make a good life
for themselves or make a good life for their children
make sure you you come with a mindset to put
it's all about the mindset yeah
put more put more yards
put more put more time into it yeah
don't expect uh
you know uh
keep all your uh achievements
and everything
don't hope for the best plan for the worst
I was about to say something that I would have regretted
but it came out very nicely
don't hope for the best right
do the things for the best
don't just depend on prayers
you know that's another way to put it yeah
I mean Pramu this
this episode I'm
I'm pretty sure it can help
a lot of people who have made the move to Australia recently
or who are planning on making the move
so they can really benefit from this episode
and I think it's it's quite a long episode today yeah
we we
we share a bit of information yeah
what not to do and and some of the mistakes that people make look
um if anybody wants to
you know um
talk to us about it
always just reach out or if you have any questions about
about um
anything yeah
made up me you wanna buy a property
talk to us you wanna get a home loan for a property
we'll make a comment here as well
talk to us you want financial planning
talk to us tfs
we have it all
we got it covered and it comes from the passion as well
it comes from a a certain life experience as well um
as a migrant so there are quite a lot of things we could uh
teach yeah
you know Pramu been through a lot of battles
you know now right now he's he has a young workforce
you know he's getting he's he's
he's becoming more Gen Z than the Gen z's that work for him
I don't know whether I made a mistake of getting a Gen Z guys to work
but you know it's a it's fun
I swear we won't stress him out as much
very cool place to work
alright guys thank you for tuning in to today's episode and Pramu
before we wrap up this episode
anything else you wanna leave with the guys
yeah if you're thinking of migrating to Australia
it's a beautiful country
uh migrate but make sure you work
you do some do something better than you were doing before as well
but work towards it yeah
you may not do it straight away
you you'll be able to work towards something better for you
yourself as well as for your children um
have a plan have a plan
focus on yourself
financial plans are very important so do a budget as well
yeah and don't compete with others
so don't copy don't copy others
it won't work alright guys
that being said thanks for tuning into another
episode of the TFS wealthcast and we'll see you guys on the next episode
alright take care amen
thank you for tuning in to another episode of the TFS podcast
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