It is Pay Day! The ABC’s new column the place we ask Australians the cash questions we do not like to speak about. We intention to demystify private finance and normalise conversations about what we earn and the way we put it aside — or spend it.
Final yr Reece Edwards sped previous two Olympians to win the 2023 Melbourne Marathon, crossing the end line in 2:14:34. You would possibly suppose an athlete would take a break or relaxation after an achievement like that — however the very subsequent day Reece went again to work in healthcare.
Since operating his first marathon in 2018 the Coffs Harbour native has turn into certainly one of Australia’s prime distance runners, competing in occasions all over the world. He suits in coaching round his full-time job as a rehabilitation physiotherapist in Melbourne.
For Pay Day, Reece displays on why he has been comfortable to forgo typical “monetary achievements” like constructing a property portfolio to deal with life achievements corresponding to operating and travelling as a substitute.
How would you describe your monetary scenario proper now?
I earn nearly precisely the common yearly wage in Australia and do not presently expertise any vital monetary issues. My spouse and I don’t personal bank cards and are usually not large spenders. We do not want the most recent smartphone, a brand new automotive yearly and many others… nevertheless I additionally do not feel we actively prohibit what we buy when wanted.
Reece gained the 2023 Melbourne Marathon. (Provided: Reece Edwards)
How was cash spoken about in your home rising up?
Each of my mother and father spent their whole working careers on the NAB. My father labored in enterprise banking and my mom retail banking. Subsequently cash, particularly saving cash, was spoken about usually in our home rising up.
What did you spend your first pay cheque on?
I began working at 14 years 9 months at an area retail retailer. I did not spend any of this cash till I used to be 17 on a $3,500 carbon street bike for biking.
About how a lot of your revenue goes in direction of your lease or mortgage every week?
I’m guessing an excessive amount of. I’m paying lease plus I’ve a mortgage for a block of land and finally a house. I might say roughly 70 per cent of revenue goes in direction of the funds though I’ve by no means thought of this.
What has been your greatest monetary catastrophe?
I’ve at all times been a saver, due to this fact I had the power to purchase a house greater than 10 years in the past however by no means actually bought round to wanting.
I believe an onlooker would name this a catastrophe — however I personally would by no means have lived abroad with my spouse and achieved lots of my running-related outcomes and had so many wonderful adventures and tales if I had of gotten a mortgage at 19-20 years of age. So I suppose I’ve by no means had an enormous monetary catastrophe, in my eyes.
Reece and his spouse lived abroad earlier than returning to Australia. (Provided: Reece Edwards)
What’s your responsible splurge?
I buy a Banh Mi on Wednesdays for lunch.
Have you ever ever saved a secret about cash?
It is a arduous query. Possibly I’ve beforehand lied about the price of a few of my trainers to my spouse.
How a lot was the final loaf of bread to procure?
I bought a $1.90 baguette from Coles. Might be cut up into three to 4 sandwiches for work.
Money or card?
What’s money!!! I’m the kind of individual that may depart a store if they don’t permit using card fee.
Reece usually suits in two coaching classes a day, round full-time work. (Provided: Reece Edwards)
What number of financial institution accounts do you might have?
I’ve 4 accounts: a spending account which is the place my pay enters; a small financial savings account for emergencies; a big financial savings account which presently has a 5.2 per cent rate of interest (this account is financial savings for a house on our present land and to make sure I at all times get the bonus curiosity, I by no means draw on this account for residing bills); after which I’ve an offset account linked to my mortgage.
What’s your greatest supply of cash anxiousness?
Day by day I’m reminded in regards to the cost-of-living disaster and housing disaster within the Australian information. I do not suppose that is wholesome. I’m lucky to not presently expertise any anxiousness round cash as I spend and borrow inside my capability.
What are you saving for proper now and the way are you doing it?
I’m not actively saving for something presently. I not often spend cash past the essential wants so I are inclined to at all times have some financial savings for experiences/journey with my spouse and little one throughout annual depart durations.
Reece (third from left) has a younger little one. (Provided: Reece Edwards)
What’s your greatest monetary achievement?
Not limiting my experiences of life on monetary phrases. I do not discover proudly owning property, having a big inventory portfolio and many others fascinating achievements. Life with out work could be fairly boring for my part so I’m comfortable to have as many experiences operating marathons and ultra-marathons all over the world while I’m younger.
Journey if you end up younger vs retired may be very totally different and I need to have the ability to run up a mountain after I journey, not sit on a tour bus as soon as I retire and at last have time.
In case you may inform 18-year-old you one factor about cash, what would it not be?
I might reinforce the significance of getting financial savings. Additionally if selecting a sport perhaps deal with golf or tennis as a substitute of operating.
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Reece Edwards is a rehabilitation physiotherapist at Epworth HealthCare in Melbourne. Outdoors of the clinic he’s an extended and extremely distance runner.
