How to save for a deposit without eating two minute noodles with Tom Momsen – BONUS SERIES Ep. 1

Episode Summary

In this first episode of the bonus series on property investing, Mike gets some great ideas from Tom Momsen, from Newcastle Financial Planning Group, on saving a deposit in record time, without eating two minute noodles. Well, at least not every day.

In today’s modern culture of Instagram aspirations and easy availability of money, it’s more and more difficult to resist temptation and build up the deposit needed to get into the property market. Couple that with ever increasing prices and higher demand for properties, it can seem an almost impossible task to get ahead.

It might be tough, but it’s not impossible. This podcast is all about keeping it simple, breaking it down into bite size pieces and still having some fun along the way. Mike and Tom share their experiences and also some advice on steps you can take to make the dream of owning or investing in property a reality.

If you’re watching the market in dismay and wondering how you’ll ever get ahead, then this podcast is for you. Even if you’re well on your way and just trying to build up some buffer, then you’re sure to learn from Mike and Tom. Make sure to listen now.

Here at MCG, we are passionate about creating a forum and education series for property owners and investors. We do depreciation differently, and offer a set rate for Replacement Cost Estimate reports. A first in the industry. Join our clients saving more on their tax today https://www.mcgqs.com.au/

What we cover in this episode

Quotes

“It’s a jungle out there for people who are trying to save, for either their first home or in this case, an investment property. The principles are the same” Mike 3:35

“There’s a big difference between your needs and your wants…one of the big things, you just need to be clear – what is your number one priority, not priorities” Tom 4:22

“Keeping it simple, stick to the absolute basics. It doesn’t need to be overcomplicated at all, and allow yourself some room for temptations” Tom 4:54

“Don’t be a hero. Trying to save every single penny, it’s going to blow up at some point and you’ll just go out and binge buy” Tom 8:09

“Just getting into the market, but making sure you get into the right part of the market as well, because getting into the wrong part of the market can put you back to square one or behind.“ Tom 17:55