Q Huynh - That Home Loan Dude’s Post

Transcript

Got a question here by Callum. Could you please make a video on how to start getting your first property? What do I need? Who do you talk to to get advice? First of all, not me. I don't give financial advice. This is just generic personal opinion. Now let's talk about the hierarchy of influence. Let's not talk about the hierarchy of advice because none of these people can actually give you financial advice except, you know, maybe your accountant or your financial planner. Now when first home buyers like yourself Callum asked me these questions, I go, well, let's look at the hierarchial influence right First you have. The media and our highlight the pro and the cons and I'll separate it in this kind of column. The pro side of the media is that they give you exposure to, you know, what people are doing, the good and the bad. But the kinds of listening to the media for you know, your exposure to buying property is that most of it is negative news and mostly it's sensationalized news, which means they cherry picked the worst story out of the stories that could have picked. For example, if 100% quantifies your you know, exposure attention that you give to certain sources for buying your first property, the media should take about. Percent the next rung of influence is colleagues. You might ask them, hey, the same question. What was your first buying proper experience? And then the pro side is, and then you'll be asked them, they'll give you their personal experience. But the cons of speaking with these guys is that their experience might be clouded. Like for example, they might be very risk averse and they'll project that onto you. If it was for me, I'll only allocate 10% of my attention span in terms of buying a property towards listening to colleagues. And you move on to your next round with your friends or your, you know, mates again, pro site, you know, they'll tell you to experience and like stuff and saying my colleagues. The cons is that you know. Their judgment could be clouded, but then again, be careful of mates, you know, especially the mates rates. And they refer you to another person. For example, you may refer you to a buyers agent or another property agent and then in the middle behind the table, they're gonna cut. Remember, mates rates is never mates rates. I'll say allocate 15% of your attention span into mates. Our next is your fam, which is the next rung above the influence of colleagues and friends. Our family could be good, but it really depends on whether your family is like liberal, open minded or bloody old school. We've got like old timer parents are like ohh, don't buy it properly. It's very scary. And freaking hell you're screwed. Especially if your family has never bought property in their life or there always been renting for the rest of their life. That's the worst place to get your advice from. Or if you found these good or they purchased the property before, or maybe you know their potential guarantor for your next property purchase, then allocate maybe 25% to these guys. So in total you already spent 55% of your attention span towards these people for buying your first property. Now next is your partner. I'll say maybe allocate 1 to 2% when you're speaking to your partner. Especially if you're in a boyfriend, girlfriend relationship. I'm assuming you're in your early 20s. So who cares what they think because you know, after 10 years you might not be marrying this person anyway. Next rung or the next two round is the financial planner. That account, they should account for 30% of your decision making because they can actually give you financial advice. That's if you have a financial planner or Canon. You add this up and that up and your partner then you had made-up 87% of your attention span and the rest of the 13th percent should be you because you need to take responsibility or what you do, whether it's wrong or right, you need to own up to it.