Real Stories: Ellie
What colour are you wearing?
Equity!
Who taught you about money growing up? Was it discussed in your family?
I was unsure how to answer this question. As the first born eldest daughter in my family, I felt a lot of pressure to succeed and have people be proud of me, including having a full time job or career, with it even leading to me putting up with abuse from my managers because i believed it was my fault and i wasn't strong enough and earning money was really important. I always felt for as long as I can remember that you only spend money on important things like gifts for Christmas, birthdays, etc. I would only buy myself treats on special occasions when I felt I earned them. I also felt, although i don't know for sure that i was told about the money woes within my family and my brother wasn’t e.g. being careful with my consumption of water. I don't know if this was because I was the eldest so it was on me to care more or because I was a “woman” and we are seen as more caring. (Because I did care a lot, it really stressed me out)
At what age did you become financially independent?
I was pretty financially independent from an early age (I was always quire independent too), I would say around 18. I am still so grateful for my parents who allowed me to stay and live at home to increase my savings. It was a blessing not having to pay for shelter, food, bills, etc. but I still felt a pressure to ensure I did not cause financial strain on my parents. I would say i became fully financially independent when I moved out, although my parents would send me money every now and then despite my pleads (I am forever grateful).
What advice do you wish you could have given your younger self regarding money?
I think it would be to think about a budget more, i really made myself feel guilty about spending ANY money and i think that caused a lot of stress, I wish I was kinder to myself in this regard, money isn’t everything and it's not worth missing out on things because your scared to spend ANYTHING. I would always joke that i was like a dragon hoarding my treasure.
Do you feel in control of your money and spending?
I do and I don’t. I track my spending and always want to ensure I am earning more than I am spending, but I don't want to miss out on things. I just try to keep track and work hard. I am really lucky.
Do you worry about money?
I do, a lot, even though i am really lucky and have been able to put myself in a good place. It really is still a big stresser in my life. It also makes me feel like i can't relax or take a day off when i’m sick because i need to earn it. I need to ensure i am always earning.
How did you understand and know to invest in property so young?
It was suggested to me by my dad. He mentioned that they would help me get a place depending on where i wanted to live and that it was a good investment to make (my parents had split investments, my dad had the businesses in his name while my mum had the houses in hers), I thought about it and knew i wanted to move out so i started looking in my hometown when i was 19 in 2019.
My dad came with me to the first house viewing i went too and i felt it was a really good bonding experience for us, he also attended the investment meetings with me where the NAB bank informed that they couldn't give me a loan yet, i needed more payslips and how a guarantor was a WHOLE THING. I did some research and found that comm bank would let me get a loan and then i linked up with a mortgage broker to assist. I was able to get a loan and put a deposit on the unit on my own.
My parents did assist me by sending me an “allowance” especially when covid hit and things got scary. I am always grateful for my parents' help and always told them that they could stop sending money whenever they needed and i felt bad in a way but knew it was their way of showing love. My mortgage repayments were quite low in the beginning, it was way cheaper than average rent so I could manage it really easily. I decided to move to Brisbane in 2022 to pursue my dream of working in a library and now rent the property out.
Rates are really high in my hometown and its really something I didn't realise until looking into the housing market down in Brisbane. I check out the housing market quite often, its kinda just become an interesting pastime/hobby for me.
“Learn about it, embrace it, don’t let someone else rule over it. ”
What do you think is the biggest financial challenge facing women?
I feel a lot of challenges come from when women weren’t even allowed to have their own bank accounts or credit cards (early 1971s for bank accounts with cards coming in 1974 with the equal credit opportunity act) and debates in whether the wage gap is real or not without even considering the job of motherhood that women (and birthing people) perform which pushes them out of the workforce for an extended period of time.
There is an ingrained believe that the male of the house is the provider, should be bringing home the “bread” (breadwinner) and we (women) shouldn't worry our pretty little head about it, but that is impossible in this economy and only sets up young girls for failure. You should always maintain an independence with your finances and I am a strong believer in prenups, its always better to be prepared and I think for once young girls should put themselves first when it comes to money.
Learn about it, embrace it, don't let someone else rule over it.