Trying to Afford Vancouver on a Single Income | $2,550 Mortgage

Added: 2026-05-31

[00:00:00]Hi, Carly.

[00:00:00]>> Hello. Welcome to Budget Breakdown. I am so excited that you're on my show today.

[00:00:05]>> I'm more excited. Thanks so much for having me.

[00:00:07]>> It was so funny because obviously I had my podcast that's now taken a bit of a pause and now I'm shifting over to YouTube because I've been trying to think of how can I, you know, talk about money but having real life conversations with other people in different scenarios. So, here's YouTube and maybe it'll go on the podcast eventually again.

[00:00:26]>> Can't wait. Can't wait. Second second appearance. tell you. So why for anyone?

[00:00:32]Obviously I know plenty about you but obviously my audience doesn't. So why don't you share some things about yourself?

[00:00:38]>> Of course. So I am born and raised in Vancouver. I'm 33 years old and I am a real estate agent. So it's just me myself and I. I don't have any dual income or partnership. So my life is based just completely on me doing everything myself. So, there's obviously the additional struggle of self-employment that adds definitely stress and a lot more to life, I would say.

[00:01:03]>> Yeah.

[00:01:03]>> Yeah.

[00:01:03]>> And when it comes to real estate, how long have you been in the industry for?

[00:01:08]What does that look like?

[00:01:09]>> Um, I I've just hit my fifth year, so going into a year five, I guess. So, um, I did have a corporate background before getting into real estate. Um, so I definitely understand what having finances in a actual direct inability to budget a lot easier with a guaranteed paycheck was like. Um, so I do have that background and now I've been self-employed for about 5 years.

[00:01:32]>> Nice.

[00:01:33]>> Do you remember like when you made that transition going into basically entrepreneurship? Cuz I feel like a lot of people don't necessarily think about that like going into real estate like you're you are your own boss basically.

[00:01:46]Oh my god, Chelsea, I was so naive to it. I think that I just didn't put any thought, which maybe was a blessing in disguise for me personally because I'm usually very like type A and I'm an overthinker and I'm an over planner. But to be completely honest, it was during co so I was losing my job working in um a professional sporting career because obviously co so the company that I work for went from 300 employees down to like >> 250 or so. It was just mostly the VP level that was left. So, I felt like I just had nothing to lose. Like, so I just didn't think too much about anything. I was like, my career that I wanted is no longer available for me.

[00:02:23]So, let's just take a risk because this is the best time to be able to take a risk. I love that.

[00:02:27]>> So, yeah, that's that was it. So, I didn't even think about self-employment.

[00:02:31]I didn't think about the career. I didn't think about anything other than I need to do something, so we're doing it.

[00:02:37]>> Do you think that because you were just in a space where you're like, I mean, I've got nothing to lose. Do you feel like that's the reason why you made that pivot and change? like would you have done it otherwise?

[00:02:45]>> No. I mean like I have always real estate has been something if you were to think about like the three career choices that I maybe could have done.

[00:02:52]Real estate maybe was up there but it was never something I actually thought I would do just because I'm not a risk taker and I just knew that that was >> you you and yourself and it just didn't make sense. So I mean the world does weird things and it puts you in weird scenarios and it totally worked out for me and I'm so happy that that's how it happened but otherwise no way. No way.

[00:03:12]Do you think that your relationship with money has changed throughout this process? Like going from that corporate salary, steady pay, know what's coming in, and then now being in a place where obvious I've talked to a lot of real estate agents during my budgeting calls.

[00:03:27]And it's crazy, right? Cuz you'll have, you know, big fat commission months here and there, but then you have months where there's nothing. So, has your relationship with money changed throughout this process? It has, but this is actually crazy, but I because I think I'm actually better at spending money now.

[00:03:43]>> Okay.

[00:03:43]>> So, I have expanded. So, that's probably not the answer you you thought at all.

[00:03:49]But basically, like I think I've grown up being very financially secure. Um, I'm like blessed with the best family, like have had a great great like childhood in life and my parents have been able to give me everything, but they grew up really poor. So, I think there was always that underlying um financial like stress that maybe they've like taken into later lives. So, I've always been really afraid to spend money. Like incredibly afraid to spend money. Like had a lot of like stress over like anything. Even if that was like necessities, it would just be like, "Oh my gosh, I'm charging my credit card again." And it would be like going to the grocery store. Like things that you actually have to do. Now in real estate, I have so many finances that it's almost like I it's like what's it when you just you are so used to like a um like getting the therapy of like continuing to do something.

[00:04:44]>> So I now just have to like swipe my credit card so much that it just almost feels like okay it's just another day or like another another like normal part of your life spending.

[00:04:56]>> Yeah. I'm not going to say like financially I'm any better, but I'm actually like less afraid to spend money.

[00:05:02]>> And is that just because you were exposed to spending more money that it just like >> That's what I was trying to say.

[00:05:09]Exposure therapy.

[00:05:10]>> Exposure for Okay, that makes sense. So, I'm curious like just like when it comes to even the basics that you talked about, I just want to tap into that because you're talking about that you were afraid to even not necessarily afraid might not be the right word, but like spending money on groceries and stuff like that in the past. Like what's that about? like what was that kind of fear?

[00:05:26]>> I think it was just because like living in Vancouver and wanting to live in Vancouver for my entire life, you just know from such a young age that's like you have to save all your money and like just be really responsible with money and I took that so significantly and just then got like I don't want to say obsessed with it because >> I didn't really have money. It's not like I have a lot of money but it was like every single thing I spent money on had to be an overthought. Like it was just never spontaneous. It was never like that will bring you joy or that's a necessity. It was just like oh my god I can't believe I have to spend money like I need to save all my money so that I can like live here and I can you know.

[00:06:04]So I think like >> the good thing about real estate again like it's not because now I'm earning way more. We can get into that but it's honestly just more because I'm so used to it now that it's just like the fear of having to do it has become a little bit less.

[00:06:19]>> That's good though.

[00:06:20]>> Yeah.

[00:06:20]>> So it's been healing. For me, it's been healing, but again, we'll get we'll get into the nitty-gritty of it cuz it's not like, oh, because you you'reing that at all, but it's just like that has actually been something that's helped me a lot.

[00:06:33]>> Okay. Um, I want to tap into you mentioned obviously being single, living in a very expensive city. I think Vancouver, I think there was literally just an article posted where we're the fifth least unaffordable cities to buy in the world.

[00:06:48]>> Yeah, it's crazy. I mean, I'm not surprised because it's absolutely insane. Like when my I have got a bunch of US creators that I follow, they have mortgages and stuff and I'm like and they're, you know, not necessarily complaining, but it's a lot of money and I'm like, >> it's like, oh, you have a 10bedroom house like for the same amount as a condo in Vancouver.

[00:07:08]>> Like the comparison is wild. So, I'm curious like >> being a single woman living in such an expensive city, you're successful. We can talk about, you know, real estate too, but are there things like do you think that being single, being in a place where to be comfortable, you need to make good money. Do you think that that's made you more driven, more motivational, has that had any kind of impact? Like when it comes to your relationship status?

[00:07:36]>> Yes. I would say that like at the end of the day, I don't have anyone else to rely on than myself. So there is a big part of me wanting to work really hard to be able to afford a life that I've always kind of dreamed of and I never ever ever think about that being done with somebody else because like >> it's just I don't want to rely on that option. So it's like it's up to me to be able to do it for me. Um I also just have like a competitive like drive in general and like I just have always loved the idea of being like a badass business woman like in whatever career it's going to be. So, like there's twofold of it, but yeah, definitely like I want to live here. I want this to be my life. This is the life that I've known from childhood and >> I don't need or I don't want to have to rely on somebody else to give me that life because you just never know what's going to happen in the future.

[00:08:27]>> Yeah, I'm very very impressed by you and like everything that you've done. So, but we'll tap into that too. But uh when it comes to the transition of you know like now you've obviously gone from corporate you're now a real estate agent >> you've gone from sole proprietor to being incorporated in your business. So obviously lots of changes there as well just structurally of how you've managed that.

[00:08:49]>> How did you go through that? Because this is also a question I get a lot of the time like >> when is the right time to incorporate?

[00:08:55]>> How do we save money for taxes? Like what did that look like as a sole proprietor? Like what what was the kind of phase like give me a little bit of insight into what that looked like in the last 5 years. So when I was sole proprietor, um it was easier in the sense that when you made money, you could just kind of spend your money.

[00:09:14]Yeah.

[00:09:14]>> Um I would always have a different account in my banking. So it would be my tax money. Exactly. So like no matter what, every single time I got a commission check, I would take the percentage out, which I think I was getting taxed at like a 33 35% >> tax rate. So I would put that amount from every check into just a different bank account. So, you did that from the get go?

[00:09:35]>> From the get go. Like that money just did not exist to me. I would just be like that doesn't that don't see it. I don't know about it. And then I would I would split up my actual funds into my other account. So then I would try and do like some savings and then I would put it into my actual um checking spending account.

[00:09:51]>> Um so that was very different then. It was kind of weird because you would feel really rich sometimes and then you would feel like >> you get like a massive check. Yeah.

[00:10:00]>> But then you would feel really poor.

[00:10:02]Whereas now being incorporated since I have to pay myself either through dividend or through salary I actually feel way more poor now because I have so much less like the whole idea of incorporating technically for especially in real estate is just to be able to save on your taxes.

[00:10:18]>> So I'm now >> paying myself a salary >> or um that I'm trying to live off of and it's >> not really enough for Vancouver. So, I'm actually feeling more bored now than I did previously >> because I'm trying to be very like strategic, making sure like, okay, if I incorporated now, this needs to make sense for like me financially.

[00:10:40]>> So, I'm trying to live off of like $60,000.

[00:10:43]>> Okay. And >> because you're trying to keep more money in the corporation, >> keep more money in the corporation and less personal income tax.

[00:10:50]>> That's the thing, right? And like so I guess that would be kind of one of those things and this is something I talk about too like when it comes to the conversation of incorporating your business a you have to be able to like make enough money for it to actually sit in the corp so you can take advantage of that but then you also need to be in a place where you're like are you willing like whatever that salary may be. Can you you know pay yourself that from the corp too so you can take advantage of everything that comes with it.

[00:11:14]>> Exactly. And I think again that goes back to us living in such a hard city whereas like >> you know $60,000 is nothing. Like that's that is me trying to budget that for myself right now is yeah >> incredibly challenging. Like I have to go into my savings but then it's like >> well then why am I incorporating if I'm not trying to help myself. So >> I'm still figuring it out to be completely honest. I've only incorporated. It's been almost uh like exactly a year. So >> we're we're almost the same. Yeah. I'm almost one year incorporated as well.

[00:11:43]>> Yeah.

[00:11:43]>> Okay. I'll learn a lot more as I continue to go through this to figure out the tricks and the, you know, how it's going to work, right? Yeah. Do you feel a lot more at ease being incorporated or do you feel like you're still figuring it out?

[00:11:59]>> I'm still figuring it out because now I have an accountant, >> I have a lawyer, I have all these I have to pay two licenses for my real estate.

[00:12:08]So there's it's doubled a lot of the fees as well.

[00:12:11]>> Yeah.

[00:12:12]>> But I think the business tax on it is 12 11.

[00:12:16]>> Yeah. So if you're making under 500k in BC, I don't know if it's like province by province, but 500,000, you're still technically small business in corp world. So then you're 11% after taxes or sorry after all expenses and stuff. So >> you might only end up paying like five depending on what your expenses are like.

[00:12:33]So, it's it's been um trying to learn how to now balance with all these other people because there's still a lot more cost and it's just feels like everything's on a larger scale, which is really exciting at the same time, but I'm still trying to figure it out. Like I'm still trying to figure out like, okay, I can still do some of my bookkeeping cuz like I personally like to be really in charge of my finances and I like to be that's like a good way of me being like where did I spend my money?

[00:12:58]quite challenging when my accountant's trying to get my do my income statements and my all my reports and my T4 or T5 whatever the heck they do and I am like >> trying to do half of it myself. So like it's there's definitely a huge learning curve still with all that.

[00:13:17]>> I feel like the systems like I feel like each year it becomes easier because you'll like learn certain things you're like okay this actually really helps me.

[00:13:25]There's no onesizefitit all answer and like you it really is a matter of figuring it out each year. Like every single year I'm learning new things.

[00:13:33]This year I feel at most ease when it comes to my finance cuz I'm like okay fully new year I'm incorporated and I feel like I have some good systems in place for it. And that's the thing I feel like systems especially when you're self-employed >> is so important and save for taxes. And I think that that's the key thing. Like I've talked to a lot of real estate agents who unfortunately do not save for taxes >> and it ends up putting them in a really crappy spot.

[00:13:59]>> That's Yeah, that's a lot of money you need to >> serious like, hey, we need 50 grand and you're like from where?

[00:14:07]>> Where's it coming from?

[00:14:09]>> Oh my god. Um, so now when you're in a place, so obviously you've incorporated, you're self-employed, you're doing all these things. talking about scaling, which is something that you kind of mentioned when it talks about talking about spending money, which is also something you mentioned. Have you noticed a shift in terms of business spending now that you're, you know, you're 5 years into this, you're obviously more successful each year?

[00:14:36]>> What does that look like? Do you have any like >> anything you want to share with like other people who maybe want to be going into real estate? Like what does that actually look like behind the scenes?

[00:14:45]Cuz I'm like, I don't know. What does it look like? Okay, there's a couple of things and this is probably like me personally. It's really funny how I was talking to you a little bit about like now just being like, "Oh, swiping my credit card." For some reason, my business feels like play money to me.

[00:14:58]Like because that feels like, okay, I can only spend this on certain things.

[00:15:02]Like it doesn't go towards my mortgage.

[00:15:04]It doesn't go towards my groceries, right? So like that is Carly's survival.

[00:15:08]That is Carly like being responsible and living. Whereas like corporation >> like a barebone stuff, right?

[00:15:14]>> Yeah. Like it it goes just to business stuff. So I'm like, "Ooh, what what marketing thing can I come up with?" Or like, you know, like at the end of the day, you need to you can't just have that money just sitting there doing nothing, right? So it's either >> reinvesting it, which is like not something I need to get better at, like well, we can talk about that as well.

[00:15:31]>> But in general, for me, I'm like, "Oh, what opportunities do I have with this?

[00:15:36]Like, how can I try and make this money, earn my business more money?" So for me, it's like a little bit of trial and error, but if you're not spending it, you're never really going to like know as well. And again, like it's a little bit more limited where that funds can go. So my personal side of it, I'm like incredibly diligent, worried, always stressed out. And then my business side, it's kind of like, >> let's have some fun.

[00:15:57]>> Let's have some fun. As long as like the taxes are set aside, like I'm good. I've got all this set up.

[00:16:02]>> Um, when it comes to then like the personal side now, so you're paying yourself 60K. Do you give yourself like bonuses throughout the year depending on how successful? Like if you're like, "Okay, got a fat deal. Maybe I'll give myself a boost or do you really just try to keep it?

[00:16:17]>> I'm going to try and keep it. I get for you.

[00:16:18]>> So, last year was a little bit different since I incorporated in I think it was April. It's the most fun for our accountants to deal with.

[00:16:26]>> Oh, yeah. I think my year ends June, too. So, I think I incorporated in April and I had commission in my personal before April. Okay. And I think it was about $60,000 or 65. So I didn't pay myself a scent all of last year from my corp. So that was like my income >> of my of last year. So I didn't actually pay myself out of my corporation. So this year when I was setting up my salary and dividend payment I was like well I did it last year I might be able to do it this year. So like again I don't really have all these answers cuz like I don't know for sure but it worked last year so I'm just trying my best to try and like >> totally >> see if I can get away with that amount.

[00:17:09]But that's why I have financial stress because I'm living actually off of a very small amount in this city.

[00:17:17]>> And I'm excited to like look at your numbers to see what's going on.

[00:17:20]>> I'm excited for you to look at my numbers too because on the personal side of things, I feel like business can be a whole separate episode at this point. So maybe you'll have to come back just to talk about business.

[00:17:30]>> Um but for the personal side of things, like how do you manage that 60k?

[00:17:34]>> Yeah.

[00:17:34]>> What does that look like? Do you have do you try to budget? Do you have kind of like an idea where money is going in and out or is >> Yeah, >> I do have savings as well.

[00:17:45]>> Yeah. And I think that I'm financially responsible, but I'm also very financially irresponsible. So, it's almost like I know myself well enough that I'm never making like such grand purchases that I know I can't like actually afford, but I also don't think I pay attention to my money nearly enough and I still like spend so much on the little things.

[00:18:05]>> Okay. So, I like I'm never I'm not ever put myself into debt, but I also every like month I'm like, "How did I get by?"

[00:18:14]Like, "How did I just do that?" And like again, maybe I'm a bit thrifty. Like, I have some tricks.

[00:18:20]>> We'll talk about that, right?

[00:18:21]>> Like at the end of the day, I also like not that I do like side jobs, but like I do part-time modeling sometimes or like I try and set up other little things.

[00:18:29]So, like even if I'm getting like500, $800, $1,000 from that, like that subsidizes enough for me to be like, "Oh, that month worked out." Or like if I sell something on Facebook Marketplace or like, you know, it's just kind of like sometimes there's like other avenues where enough of that income comes in where you're like, "Oh, okay.

[00:18:48]Like that got me by this month." And like I don't know if I get like lucky or like if that's just like the weird way that I live or if I do go into my savings to be able to like pay that credit card. you can kind of >> but I'm really trying to control that like that 60k like to stop like taking money cuz that's I think that's the thing too when you I mean obviously the fact that you don't have debt is amazing and I think that you know when we're in a place where we can pull money from maybe other areas it's so easy to spend more than what you really want to do you find that like the stress that you kind of mentioned is that something too when when it comes to like avoidance at all in your finance >> totally avoidance It's totally avoidance.

[00:19:29]>> It's so common.

[00:19:30]>> Yeah. And I have I think I have four credit cards as well right now because I've got two personal and then two financial.

[00:19:37]>> So I'm it's almost like credit card roulette where I'm like >> which one like which one is going to be make like >> So is there any strategy in place when it comes to credit card usage or no?

[00:19:47]>> Do we need to talk about that? Okay.

[00:19:51]>> Okay. Especially with like how much you're spending and like whether it be on the personal side or the business.

[00:19:56]know it's a corporation expense and it's just like which one of these two am I going to use? But when it's a personal No way. I just I I only have a Mastercard so I can go to Costco.

[00:20:05]>> Wow. Okay. Well, I mean maybe we need to talk about credit card usage too.

[00:20:10]>> Oh no.

[00:20:11]>> Because I mean at the end of the day credit cards as long as we pay them off in full, you're a credit card person and that's great. Um >> which I do.

[00:20:19]>> Yeah. And you do. But the thing is also it's like what do you want to get out of the credit cards, right? because if we're just using them willy-nilly with no extra benefits, then me, let's get something out of it, right? But okay.

[00:20:29]Um, when it comes to just like savings, investments on the personal side out of the 60, maybe that's something that we can tap into into the budgeting portion.

[00:20:39]>> Or maybe we can just talk about financial goals. Let's maybe just skip it to that and then we can start going through our numbers cuz I want to see everything.

[00:20:47]Um, >> what does that look like if I were to ask you when it comes to financial goals? Maybe let's just like say for the personal side of things cuz again business is a whole other topic. Um since we're chatting through B or personal now, what would be those key things like whether it be like this year specifically or long term like what do you really want to get out of it?

[00:21:06]>> I actually don't have I don't think I have any goals like I think it's B like I think >> that's so honest.

[00:21:11]>> I think I think like just talking to you right now has made me realize like I pay myself 60,000 just to live off that one year, but I don't think about >> investing. I don't think about saving like I do have savings. So it's if anything I'm like using those to subsidize. So like >> truthfully >> I think I just think about living like living being like okay I was it was enough for me to live this year. I got on in one trip. I you know I did >> paid off all my my mortgage. Everything was paid for. I'm in no debt. Okay next year. Like I would say I do have probably more of the business goals because like that to me is like my baby.

[00:21:47]It's like so personally though it's like okay >> okay >> just keep paying it just keep doing it.

[00:21:53]So interesting. I don't think I' Yeah.

[00:21:55]You might be the first person who's ever answered me because I also do this during my budgeting call which I've now had hundreds of and I've never had that.

[00:22:02]So that's super interesting. But it makes sense though cuz obviously like when it comes to financial goals and a lot of the things I'm sure that you think about >> Yeah.

[00:22:09]>> is business related, right? And also like we'll get into it when we go through my finances, but like I am lucky that I have I have made some of those I guess goals already. Like I do own an apartment like I have my car. So like I guess if you were to ask me this like >> 6 years ago that would obviously be a part of it. But like I just moved again for the second time. Like I'm in a place that I really love now. So like maybe some of that has just been achieved for me. And like >> with just being me it's kind of like okay let's now just continue to like live this life and like be able to pay this life.

[00:22:39]>> Okay. Fair enough. Final question because we've just like kind of >> touched on it. Investing on the personal side.

[00:22:46]>> Is that something you do?

[00:22:48]>> No.

[00:22:48]>> Okay. Well, okay. Yes and no. Um, when I was 2 years old, I started getting into modeling and commercials and movies.

[00:22:58]>> Yeah.

[00:22:58]>> So, like from a young age, I have always been an earner and I have always worked.

[00:23:02]Like I have almost Yeah. Oh my gosh.

[00:23:05]Like again, that goes back to my parents. love them, but they've definitely like made me understand the value of money and to work hard for money. Um, good. But at that time, like I made some money, so my dad invested it.

[00:23:17]>> Mhm.

[00:23:17]>> And he has always kind of controlled that world for me. So like throughout even growing up when I was working in restaurants or hospitality, like whenever you know, high school, university, that kind of stuff like anything that I would save, like he manages. So I don't know anything about that world. There's not that much money in there, but sure there is a bit and I am 100% removed from it.

[00:23:40]>> Do you want to start investing yourself and being more in a place where I'm like I kind of actually know >> I want to be in charge a lot. Dad, I love you. We can talk about this separately.

[00:23:54]>> I mean, it's very honest and I like that. I mean, yeah, I think that obviously when you're in a place where you you're you're extremely driven and you're so businessoriented, but I also want to make sure that on the personal side of things, you're also setting yourself up for your success. You know, >> this is a good realization. Like I'm honestly like I think you're really going to help me a lot here today because I have not thought about this at all. Like at all.

[00:24:16]>> Okay. Well, that's why I'm here. That's why I'm here to have this conversation.

[00:24:19]So, why don't we go through your numbers to see what's going on?

[00:24:22]>> Let's do it.

[00:24:23]>> Okay. So in terms of your salary then your takehome for the year is $60,000.

[00:24:28]So you get $5,000 per month. Is that what you take out of the corp? Okay.

[00:24:32]>> So you pay yourself five grand.

[00:24:37]>> And then like I said every now and then there might be like a side job a little side hustle. So, okay. In terms of like that kind of stuff, what I always suggest for like random incomes that come up, we're not going to use that towards the budgeting because what happens is like the months where you do have extra income, take that opportunity to use it towards boosting financial goals >> for sure.

[00:24:57]>> Whether it be, you know, >> we're saving for travel or you're trying to invest or that kind of stuff.

[00:25:02]>> So, I wouldn't use it as like a baseline for budgeting, but we'll I'll have that category included.

[00:25:07]>> Okay.

[00:25:07]>> Um, any other sources of income besides that?

[00:25:10]>> No.

[00:25:10]>> Okay.

[00:25:12]Well, there you go. Fixed expenses. What do we have? What are we spending our money on? Which um obviously most of >> I'm just like kind of looking at some of my numbers right now, Chelsea, and like there's no way I'm living off of 5,000.

[00:25:26]So, I definitely am dipping into my savings. So, this is really great that we're looking at this because >> I mean, but this is the thing though is like a lot of people too is like especially when you're self-employed because again, there are things that you can pull money from. I can pay myself.

[00:25:40]>> You don't necessarily think about all the stuff. So that's why it's important also like maybe now after this conversation you're like wait maybe I should look at my numbers to figure out what would be a better salary to pay myself or whatever. But >> you know let's just like see what what's what's coming out and what the reality is of that.

[00:25:58]>> Okay. So I wrote down some some things to help. So my mortgage is $2,550.

[00:26:05]>> I'm on a variable mortgage.

[00:26:06]>> Okay. Um, so with interest rates it does change. So I've definitely been hit hard in the last couple of years, but obviously it's gone down a bit. So we're at a bit more of a manage manager manage manageable amount.

[00:26:18]>> Um, but yeah, that's where I'm currently at with that.

[00:26:21]>> Um, I have my strata fee which is $593.

[00:26:25]>> 593.

[00:26:26]>> Yeah. And that does not include my hydro or my air conditioning and heating. So that is a variable.

[00:26:32]>> Is separate. Do you have an average of your utilities? Um, I would say my what it's called a wise bill is probably around like $65 a month.

[00:26:41]>> And then my hydro is probably only about 20.

[00:26:43]>> Okay. So about85 bucks between the two.

[00:26:46]>> Yeah. Then I've got my home insurance at $89.

[00:26:51]>> Nice.

[00:26:51]>> My car insurance is $245.

[00:26:55]>> Is that one through the business though or no?

[00:26:57]>> No.

[00:26:57]>> Okay.

[00:26:58]>> That's kind of confusing. But since I was sole proprietor when I started in real estate, I bought my car in my personal account. So I pay myself a PDM to use it as an employee.

[00:27:10]>> Okay, that makes sense. You get reimbursed essentially >> a little bit. Yeah. And if I were to So I guess is that money coming in?

[00:27:17]>> I mean do you Yeah. Like I mean technically like in terms of >> reimbursement, how does that work? Like do you pay that monthly for the business? Okay. So there are some reimbursements each month. Okay. So, right now >> I would say like I mean it depends on how much I'm driving and like how much of this is for business use and the the CRA has a amount that is per kilometer that you're actually able to.

[00:27:41]>> So like yeah >> $200 a month maybe >> 20 bucks including the insurance.

[00:27:47]>> Um yes.

[00:27:48]>> Okay.

[00:27:48]>> So about yeah 200 it includes insurance I think fixing your like any maintenance on your car and actual mileage.

[00:27:54]>> Okay. So again, if I were to incorporated and bought my car, maybe my corporation would have owned my car, but I did all that a different way. So it's been trying to figure out how that works for me.

[00:28:04]>> Yeah. Navigating that.

[00:28:05]>> Um, but I do finance my car, so I own it and I've got two years left on paying it off, and that cost me $653 a month.

[00:28:11]>> $653.

[00:28:13]>> Yeah.

[00:28:14]>> Um, I have an EV car, so I have a flat free of charging it for $30, >> which is great. That's what my Strata charges me, so that's nice.

[00:28:23]>> So economical. Yeah. Uh, my phone bill is $43.

[00:28:27]>> Yeah.

[00:28:27]>> My cable and >> that's not through the business.

[00:28:31]>> Um, no.

[00:28:34]>> No, it should. I mean, I'm sure that like 99% of the time you're using your phone for business.

[00:28:43]>> Thanks, Chelsea.

[00:28:46]>> Flag that. We're kind of we're finding out lots. But this is the thing like when you actually go through this and talk about things you're like wait that makes sense because that should technically >> yeah uh my accountants do kind of reconcile at the end of the year. So like even my home office a portion of that is taken into consideration. So I do give them a document at the end of the year. So they might >> Yeah. I mean it it just depends on cash flow, right? Because if that's something where you're like you're trying it's not done monthly by me.

[00:29:17]>> Yeah. Cuz if you're like trying to pay yourself like let's say a lower salary to live below your means so you can obviously boost up the corp, maybe it makes sense to have the phone bill switched over to the corp so that's just coming out directly from that account so you don't even have to worry about on the personal side.

[00:29:30]>> Totally.

[00:29:30]>> Yeah, that's so true.

[00:29:34]>> Cable and internet is $71. Do you actually have cable?

[00:29:38]>> Um I have the the basic channels with the novice and I think it cost me like $10. I watch the news every morning.

[00:29:47]>> I love that. Okay. 79 bucks. Is that what you said?

[00:29:50]>> 7. Yeah. Um 71 >> 71.

[00:29:53]>> 7175.

[00:29:54]>> Got it.

[00:29:54]>> Just for the news, you guys.

[00:29:56]>> Yeah.

[00:29:56]>> Um my gym membership is $218.

[00:30:00]>> Wow. Is that nice?

[00:30:02]>> Um and then I have a lot of subscriptions.

[00:30:06]>> Okay.

[00:30:07]>> So, we've got my Aura Ring, Disney.

[00:30:11]>> Yeah. my Tesla Connect. Yeah. Spotify and Netflix.

[00:30:16]>> And let's just say that's Oh, and my Frame TV.

[00:30:20]>> Like subscriptions are so >> It's for art.

[00:30:25]>> Wait, you have to pay a monthly. My god.

[00:30:27]>> I know. And that's just to get like access to more of it. And at first I thought it was so silly. And my friend was like, "No, Carly, like it's so fun because during the holidays they have like all these featured artists." And now I've had people over and we literally look at the TV and we talk about art for like hours on end and it ends up being really fun and like >> model I never thought would be okay.

[00:30:49]>> I think that's like $8.99 >> a month.

[00:30:52]>> Yeah, >> it's crazy.

[00:30:54]>> But yeah, but so between all of that, let's say they're like 10 20 >> um 3050 $60 maybe >> 60 bucks. Okay, between them >> and then I also put out my property taxes. Um, >> even though those are obviously paid two times a year, but the average for it is $226, I think. Like, >> not bad. 226 a month. Yeah. I mean, like, and this is something I talk about to homeowners all of the time, especially when it comes to those big um bills, property taxes, anything that comes up. Set it aside monthly. You know, have a dedicated saving account where you can actually go through it.

[00:31:31]So, it's like it's out of sight, out of mind, but it's specifically for that.

[00:31:34]So, when it comes, >> you have it ready to go, >> right?

[00:31:38]Okay. Anything else in terms of fixed expenses?

[00:31:40]>> No. I mean, my corporation obviously has its own fixed expenses, but we're just doing personal here. So, yeah.

[00:31:46]>> I I think that's everything. Unless there's something you're like, "Oh, you're missing that." Correct.

[00:31:49]>> Well, I can definitely see that.

[00:31:54]>> We are using savings.

[00:31:56]So, we have almost $4,800 in terms of fixed expenses >> and we're paying ourselves five grand.

[00:32:05]>> Yeah.

[00:32:05]>> Wowza. So maybe we need to figure out I mean obviously after this it'll become yeah super obvious in terms of like how much money fixed and then necessities but then also like the fun things that you like to enjoy to see how much that costs and this is going to give you a really >> accurate representation because if we want to stop pulling money out of >> you know savings and other things >> maybe we need to restrategize. I mean again like this is the first year that I've actually started paying myself salaries. So it's almost like doing this with you right now is the perfect timing because and every other year like again when I was just fully not corporated all my commission was coming in. So I didn't have a salary cap. I was just like this is this is the life I was living right.

[00:32:50]>> Well cuz it's just like you just have one big fat chunk of money sitting in a checking account or savings and then you're just pulling it from there. So, this is the first year where I was like, "Oh, I could live off this." And no, I can't live off this. No, I absolutely cannot live off this. Okay. Well, this is good. I'm really glad that we're having this conversation to go through this because >> yeah, it's uh it's important to see what's going on. So, subscriptions, fixed expenses, we've gone through everything. I don't think there's anything that's missing in terms of that.

[00:33:19]>> Um, so why don't we tap into like the next biggest category for a lot of people? I'm going to go towards needs and wants. So, groceries and eating out.

[00:33:29]>> Oh my gosh. Yeah, >> this is usually most people's biggest expense. Um, it's a lot. So, in terms of groceries, obviously this will vary depending on the month and what's going on, but what would you say on average you're spending on a month? If you want some averages, too, that I see on my end, let me know. But do you have any idea of what you spend on groceries?

[00:33:47]>> I think it's probably like >> 4 to 600.

[00:33:50]>> Oh my gosh.

[00:33:51]>> Is that low?

[00:33:52]>> No. I would say if you're up at like if you're like up at 600, that's a lot. It depends on where you're shopping though.

[00:33:57]I would say on average like one person a healthy nice budget 400 450 I would say when we're going up into like $500 $600.

[00:34:07]It really depends on obviously what we're eating where we're shopping. Like I've talked to some people who are like professional like trainers and they eat so much food and so much protein and they spend like 600 bucks. I'm like you're a bodybuilder. It makes sense.

[00:34:22]But for like most people around 44 450 is pretty standard.

[00:34:27]So maybe less urban fair.

[00:34:30]>> Whole Foods.

[00:34:31]>> Whole Foods.

[00:34:31]>> I go to Costco a lot which you're you think is supposed to be better but I think it's not for like a single person.

[00:34:38]>> Yeah. Cuz it's like I mean like the thing is like obviously you can do a big bulk order, freeze a bunch of stuff and then you don't have to buy a lot of stuff in the next few months.

[00:34:45]>> I unfortunately also have struggle so much with food waste just because especially with my job. It's like even if I did grocery shop and I planned for what this day and this week of eating is going to be like, all of a sudden there's client and there's something that comes up and the meals that you were planning on having your food goes bad like shop grocery shopping for a single person is so hard and I honestly like if I were to come up with a new business model for anyone that is looking for a business idea. I really think we need a grocery store that is individualized for single portions of purchasing something.

[00:35:15]>> Yeah. Yeah.

[00:35:16]>> Here in Vancouver, I think it would do very well >> for sure. I mean, like you have like the little like deli aisles and like all the fruit cups and whatnot, but for like actually like all that stuff that you don't have to order online.

[00:35:26]>> Well, like even just being able to buy cilantro in like a smaller bunch, like things like that where I'm like, "Okay, >> even for me." Yeah. Like it's true. Like even for the two of us, I'm like, "Okay, so how much how many dishes can I use this for this week?" Because otherwise it's just going to go to Yeah. into the trash bag. So >> And I don't have time to plan for that kind of stuff. So like it's just like Okay. So for you it almost sounds like it makes more sense like unfortunately especially when it comes to the fresh stuff. It's like you're just going to have to shop frequently but with smaller amounts >> and I need to get better at planning or sticking to my plans cuz I like pivot too much. And I will also say um the hard thing about my grocery bill is like I do shop at Whole Foods a lot and but I shop at the Whole Foods hot bar a lot.

[00:36:06]So like I eat a lot of my meals from the takeaway which is obviously more expensive but that is included in my grocery bills. Okay. Well, >> and yeah, >> just some things to be aware of, right?

[00:36:18]Like this is just >> I didn't even know that was above average.

[00:36:22]>> What about eating out?

[00:36:23]>> I don't eat out a lot.

[00:36:24]>> Okay.

[00:36:25]>> I would say I only spent like $100.

[00:36:27]>> Okay, that's fair. That's fair. I mean, like that's the thing like most >> cuz my Whole Foods hot bar is included in my groceries. So, that is eating out technically, but it's in my grocery bill. Maybe we up it then to 500 bucks, but I want you to reduce it from 600 because realistically speaking, just like we talked about food waste just being Yeah. If there's ways that we can kind of like cut back on that. So that just means unfortunately more frequent but less amounts when we go.

[00:36:54]>> Um so we avoid that 100 bucks eating out. Okay. So you're one of the few people that don't eat out a lot.

[00:36:59]>> No, I don't Uber Eats. I like I've maybe used that service like five times in my entire life and I can like tell you every situation. It was probably cuz I was like hosting someone.

[00:37:07]>> Like it's like I've done it for groceries and it's fine. Like if I'm on a pinch and I'm like I really need to get some stuff, I'll sometimes Uber Eats and they usually have like promos and stuff for grocery delivery and I'm like that's fine. But like >> Yeah. No, it's not my go-to. I walk and I actually like will pick up something.

[00:37:23]So I don't actually eat out that much.

[00:37:24]>> Um for car, you obviously have an EV, so that's great. Parking. Do you pay a lot for parking throughout the city? that goes. I only pay for parking, but I do actually charge my cart corp usually for that because >> nearly every single time I pay for parking is because of business, >> so we don't have to worry about that.

[00:37:42]Okay. Um, any other health expenses outside of the gym? Do we have like supplements, medication, prescriptions, RMT, massages, anything like that that you pay for out of pocket?

[00:37:51]>> I have to pay for all that cuz I don't have any benefits. So, I mean, I'm kind of more frugal even though I'm trying to get a lot better with that. But, I do have to go to physio now. So I would say like once a month for physio I do therapy probably once a month and then I do have prescription medication as well.

[00:38:07]So let's say that's like maybe 250 >> 250 between those >> a month. Yeah.

[00:38:12]>> If you have like months for example where you're like you have an extra appointment or you know you're running low on extra supplements or products then you can just increase that. But at least we get the 250 as like a baseline.

[00:38:22]>> Um what are other things that you spend your money on in terms of absolute necessities like household stuff? Do you just like lump that in with groceries usually? Like if you need like cleaning supplies, light bulbs, whatever may come up.

[00:38:34]>> Yeah. Oh my god, Chelsea. I've never even thought about any of this stuff.

[00:38:36]Like I'm I'm kind of having like an internal like moment of stress right now cuz I'm like >> I just spend money. Like I don't think about it at all.

[00:38:44]>> Yeah.

[00:38:45]>> I just am like, "Oh, I need this." Well, my biggest tip to you like with this cuz it's probably going to feel like quite overwhelming maybe like looking through these numbers is just like take these next like one to two months and just become aware and start tracking your spending to see what's going on.

[00:39:00]>> Yeah.

[00:39:01]>> Um Okay. Household. I'm just going to give you a buffer for just random things that you might grab. I'm going to give you 50 bucks just for random knicknacks.

[00:39:07]>> I would probably have that in my grocery bill to be okay. So then I won't even bother. So like to be completely honest like that would >> Okay. Um, groceries, household. We don't take any other transportation, right?

[00:39:19]>> No.

[00:39:19]>> Um, no pets. We don't have any pets.

[00:39:24]>> Anything else that would be considered absolute necessities that you spend money on?

[00:39:28]>> Um, >> I feel like we covered it.

[00:39:33]>> Yeah, I would say that's >> savings and investments. Do you have any investing account set up? Like, do you have a TFSA and an RSP set up?

[00:39:42]>> Yes. question mark.

[00:39:44]>> Dad, do I >> Okay. Okay. So, maybe it's one of those things that like probably a not a now exploring thing, but I'll send you all the stuff I have on these different accounts. Um, and maybe that can be a part of your regular routine moving forward.

[00:39:57]>> I have investment accounts, but I do not contribute to them monthly. I can guarantee you that. But there is money in those accounts.

[00:40:03]>> It's kind of like lump sums. I'm I'm assuming. Okay.

[00:40:05]>> That's like my rainy day, like got to sell some stuff. Got it. If I don't pay attention to this right now, this entire year is going to deplete that. Thank you.

[00:40:14]>> Like I probably looking at this like Yeah.

[00:40:17]>> You and then like for savings, you just have one general saving bucket.

[00:40:20]>> Is that okay?

[00:40:21]>> Yes. But I don't add anything to it.

[00:40:23]That's >> Yeah, you just pull. Yeah. Okay, sounds good. What else do we spend money on? So obviously on the one side of things, so we already talked about eating out, which you don't frequent. What about coffees, matchas, tea, coffee shops?

[00:40:34]>> Yeah, coffee is not that bad. maybe outside of business cuz obviously a lot >> I think I probably only spend about $25 a month on coffee >> on the Yeah.

[00:40:42]>> Um >> I this is like this is where this is where probably my spending habits like this is just something I can completely take away and I'm scared to tell you this one but like I'm a big walker. I love walking a lot.

[00:40:56]>> What's scary about this?

[00:40:57]>> No, no, no. But I don't like walking without a destination. So, I like make myself almost have to go somewhere.

[00:41:06]>> You're going to Grandma Island to buy flowers?

[00:41:08]>> Totally.

[00:41:09]>> Got it.

[00:41:09]>> Or like I'm even going to a convenience store to like buy a lip gloss or makeup or like a new >> There's a lot of small random purchases.

[00:41:18]>> So many small random purchases that are so unnecessary. I'll be like, "Oh, I went into um just even like London Drugs and there's a protein bar that I've never seen before. Like, have to try it.

[00:41:29]Have to get it." like you know just kind of like >> I love to like or I go to Michaels now all the time like I'll just walk to Michael's and I don't really need anything but I'll be like what hobby can I doing?

[00:41:40]>> Yeah. So that's kind of like the the leakage I suppose like in terms of spending like it's just a lot of random >> so much cuz it's like I always want to like be going somewhere with a purpose almost. So I like make a purpose that I don't actually need.

[00:41:52]>> Okay.

[00:41:53]>> What can we name that category? Cuz I want you to track that >> useless I can put it on use. Do you want me to actually name it utilize?

[00:42:02]>> Yeah, it totally is. There's not one thing from there. Like I did not need that vitamin water. I did not need that that bag of chips. Like I just will go there and be like, "Oh, >> okay.

[00:42:12]>> Oh, new highlighter, new whatever." Like it's just unnecessary.

[00:42:15]>> How much do you think you spend?

[00:42:16]>> Probably like 250.

[00:42:17]>> Okay. So, we'll probably lower that.

[00:42:19]What do you want if we were to look at like next month? If you are trying to be super like we're trying to cut back a little bit in the spending, what do you think we want to try to hit max >> for that >> that that one alone? Like maybe we give myself 50 cuz I can't just go I can't go cold turkey on it.

[00:42:36]>> No, absolutely. I'm all about balance.

[00:42:37]>> I want I want it to be zero. Like truly that's silly.

[00:42:41]>> Or okay, just to like make myself feel a little bit better. I'm also like I I would say that like I'm really generous with other people. Like I love gift giving. I like and there's usually something I'm going to. So like I would categorize like a friend gift or like >> like friends.

[00:42:54]>> Yeah. Like bottle of wine that I needed to bring somewhere for that or like getting someone flowers, a housewarming like whatever it is.

[00:43:00]>> Friends and family category. I don't have that. So like I would say that some of that would fall into that. Like that would be I'd be like, "Oh, I have to go on a walk today." Like, "Oh, I'll go get that for the >> No, it's nice to have like I like having a separate category for that." So there's just a lot more added into that.

[00:43:15]It's not necessary.

[00:43:17]>> Friends, how much do you want to budget for that then?

[00:43:19]>> Well, then I would say that was like in the other category.

[00:43:21]>> Okay. Do you want to >> So, we can like keep that around like maybe 50 as well.

[00:43:26]>> Okay. So, do a 100 between the two.

[00:43:28]>> I think that's fair. I don't know.

[00:43:29]>> Yeah.

[00:43:30]>> What about shopping? Do you shop a lot?

[00:43:32]>> Um, I wouldn't say like I'm actually that big of a shopper. I go through like moments of being like, "Oh my gosh." Or like stuff for my home cuz I just moved.

[00:43:39]So, like in general, I would say like the last few months were a bit heavy on buying some furniture that I needed. But in general, I'm actually really It's not a frequent thing.

[00:43:47]>> No, like if anything, I would spend like $100 every like 3 months on clothes and I I go like I go I go thrifting or like try and find like a good sale or like go and like it's very there's no intention for it. It's just in passing and like >> grab something.

[00:44:03]>> So if we were to look at like next month like a normal month, would you budget zero? Like are we just trying to like not spend or >> Yeah. I mean I mean you could probably put like $50 a month so that like throughout the year that probably adds up to like what I would be spending.

[00:44:16]>> Okay. But like a lot of months at zero.

[00:44:18]>> Okay. Um beauty. So the way that I would approach this is like depending on the month and what you're spending. So if you have a hair appointment, do you need to buy makeup? Do we need to buy skincare? So if we were looking at next month specifically, do we have anything going on? Do you want me to give you a bit of a buffer for beauty stuff?

[00:44:35]>> Uh that's a hard category. uh my hair.

[00:44:38]>> That's why I always say like look at on a monthby-month basis because that's the only way that you're going to get any type of accurate representation of what that's going to be.

[00:44:45]>> My hair is incredibly expensive. Like being a fake blonde is no joke, you guys, >> to maintain that. Um so that would be like my huge huge ticket, but that's like every 3 or 4 months.

[00:44:57]>> Okay.

[00:44:58]>> Um and then other than that, like even makeup, I'm not a I'm not a I'm not a beauty girl. Like I don't really know anything about that kind of stuff. So like that's actually pretty minimal. not like using the same for so long.

[00:45:08]>> Um, >> so you want like the average?

[00:45:12]>> Let's No, let's just go next month.

[00:45:13]Like, do you have any appointments? Do we need anything?

[00:45:16]>> Probably get my nails done.

[00:45:17]>> How much is that?

[00:45:19]>> Like 65.

[00:45:20]>> Oh my god.

[00:45:21]>> If I need to get my toes done, it's like 100, but not next month.

[00:45:24]>> Okay, we're not summer yet. Okay, beauty $65 then. So yeah, just budget in.

[00:45:29]>> Good thing my hair appointment's not next month then. So, when you do have your hair appointment, you'll want to up this and that's going to become even more obvious to see like what's going on. What else? Is there anything else that you think we're missing in terms of spending?

[00:45:43]Friends, eating out, coffee, useless, beep, shopping, beauty. Um, oh, like Okay, I I might have this as a different category. Maybe we should have put it in eating out, but like happy hours.

[00:45:58]>> Sure. like social >> social category. I have that too because like I would say that I that's like the best when I do try and catch up with friends or like see friends would just be like in a social category and like again that's not going to be anything crazy. Maybe another like 50 or 100 maybe >> 100 bucks. Let's do 100 bucks between that. Okay.

[00:46:17]>> So we have about $440 worth of spending in terms of your wants and then another 835 in needs. Okay. I mean this like isn't a crazy budget. Like in terms of wand spending, this is like pretty it's not a lot. It's nothing crazy. Like I'd say I mean obviously just depends on how much discretionary money you have, but >> yeah, >> it's nothing crazy. Obviously, you're going to have some months where you're spending more. However, it's not as bad money coming in. We've got 5,200 bucks left to budget. We're at negative almost $900, which means >> we need about an extra $1,000 a month to kind of sustain >> this and like a pretty reasonable spending and balanced approach. So >> hopefully this is like eye opening in the sense of like how much money actually does need to be coming in from the corpse. So maybe you need to change up a little bit of structuring there.

[00:47:04]>> Yeah.

[00:47:05]>> Yeah.

[00:47:06]>> Because we didn't actually talk about a tax >> tax bucket.

[00:47:09]>> Yeah. Because if the pay that you're paying yourself is five grand and that is after taxes or sorry before taxes, that's another $1,000 that you want to set aside >> towards taxes which puts you in the negative by >> almost $1,900.

[00:47:22]>> Yeah.

[00:47:23]>> So, we're in a place where yeah, maybe you need to be looking at some numbers to see like how you can change >> Yeah.

[00:47:30]>> some things. At least you have the flexibility there. But this probably gives you some good insight into like what maybe >> needs to happen in terms of >> Yeah, I mean my fixed expenses are just are pretty I mean I don't know if that's even average or or what like again single income so I have to >> I have to do all that by myself and afford that but >> it's yeah it's for sure a lot like I'd say if you didn't have any other opportunities to make more money that would be like a pretty tight situation if we're it's if it's at 4,800 bucks and we're bringing in that's like not sustainable for most people. Um, but yeah, at least now we kind of have a good accurate representation of what's going on and maybe we need to make some changes in terms of the structure of >> how we're pulling money out and if you're going to pay yourself maybe a salary versus dividends and the pros and cons between that too, right?

[00:48:21]>> Right. Yeah.

[00:48:22]>> Because that's the thing is like we don't want to worry about taxes on the personal side and then the corporation side. So, I don't know.

[00:48:28]>> For sure. Yeah. This is very eye opening. I do think that I can do a lot better with my groceries because your reaction to that was, "Whoops."

[00:48:37]>> Try I didn't even think that was that bad, but >> try for $500. Um, and maybe the next month after that, maybe you can do 400 bucks.

[00:48:46]>> Who knows?

[00:48:47]>> Um, okay. I feel like this is a good way to kind of wrap up the budgeting. And I think we both learned a lot and I'm hoping that anyone who's listening also learned a lot from this. Um, but yeah, for anyone that is watching, is there anything that you would want them to take away from this conversation that we had today? Anyone specifically that's maybe interested in real estate or just like this in general? Like any any last words for them?

[00:49:10]>> Yeah. Um, I think like one thing I really want to highlight is that >> here like I don't want to be here saying like, "Oh, I'll just pay myself more."

[00:49:20]Mhm.

[00:49:20]>> I want people to understand that like if we were to go into the business side of my spending as well, that those bills are higher than what we've done now with my with me personally.

[00:49:32]>> Yeah.

[00:49:33]>> And again, like I work my butt off all the time and it is not easy. And I do deal with financial stress myself. Like I'm I'm trying to like laugh some of this off, but like trust me, I'm sitting here just being like this is crazying.

[00:49:47]>> It's very eye opening. and I have to be the one that's paying for all of this out of my own hard work.

[00:49:55]>> And that I don't take that lightly. And >> I don't want people to think like, oh, you're in real estate, so now you can just pay yourself more. You have that luxury. Like, I promise you it's not that that simple. And it's a lot of work that has to go into being able to even do that. And then that's still then sacrificing my corporation. So, like I have tried to make this like light and informative for other people, but I don't want the part of it being like really hard and me dealing with financial stress and just because I'm a real estate agent and you think you make all this money. Like, it's not true. It took me years to be able to be able to do some of this stuff and like also be working since I've been 2 years old and saving money and everything. So, like there's a lot of other reasons I'm in a position to be able to do this, but it's not just because >> everyone in real estate makes a lot of money. And I promise like this is this is a challenge. Work is a challenge.

[00:50:43]Living in the city is a challenge. Doing it by myself is a challenge. So like >> yeah, that's like I don't want people to think like oh >> it's easier.

[00:50:50]>> Easy. No problem. I can just pull it from other things. Like obviously it sounds like yeah a lot of this is you're like oh wow this is actually >> quite >> different maybe from what you initially thought. So, I'm glad that this is like at least a place where you can kind of restructure things and uh yeah, maybe creates a lot of these costs for me because before I got into real estate, I didn't own a car. I didn't need a car.

[00:51:16]And that's like a huge a huge portion of what I'm paying here, >> right? So, like there's other things that my job has made me have to have and do and spend potentially more than I would. So like there's just like other things and there's layers to this that it's not >> like you know it it's not that simple, but >> it's not.

[00:51:36]>> Yeah. This it's a it's a challenge in city. It's a challenge in life.

[00:51:40]>> We're making it.

[00:51:41]>> Well, thank you Kylie for like your transparency and having a look into like your finances to see what's going on and also the background about you. I think it's super interesting to see and I that's exactly what I want this show to be about is just having different walks of life on here is to have these conversations. Totally. Um, so yeah, thank you so much.

[00:51:58]>> Yeah. No, thank you. This is great.

[00:52:00]Thanks. Bye.