WEBVTT - Amanda Morrall: Are you financially 'average' - and does it matter? 0:00:05.761 --> 0:00:09.681 You're listening to the Weekend Collective podcast from News talks'd be. 0:00:15.161 --> 0:00:17.081 I want to see you alone. I want to shop. 0:00:17.601 --> 0:00:19.841 I want to pounce a part. I want to sweat, 0:00:20.081 --> 0:00:20.481 I want to. 0:00:22.201 --> 0:00:22.481 See it. 0:00:22.521 --> 0:00:24.401 I want to preacher here and I want to plant 0:00:24.401 --> 0:00:24.761 sweat it. 0:00:25.001 --> 0:00:30.601 I want to against class. I want to talk with 0:00:30.681 --> 0:00:33.161 the clown who wanted to parties down the PREMI of 0:00:33.241 --> 0:00:35.441 pound and take a class. And I want to play 0:00:35.521 --> 0:00:38.321 the man. I want to I want to see you. Okay, 0:00:38.361 --> 0:00:40.281 there's only so long you can wait for the chorus 0:00:40.281 --> 0:00:42.641 in a song, and it wasn't coming. But this welcome 0:00:42.641 --> 0:00:44.121 to the back to the show. I'm Tim Beverages. This 0:00:44.201 --> 0:00:47.721 is the Weekend Collective that a starburst by the fonte 0:00:47.841 --> 0:00:50.641 of the Fontaines. And what we're trying to do is 0:00:50.681 --> 0:00:52.681 with I guess just bit of fun is you know, 0:00:52.761 --> 0:00:55.241 find out what they're preferred tuns, which is why you 0:00:55.281 --> 0:00:58.681 heard yesterday a little bit of motive was the creatine 0:00:58.681 --> 0:01:01.281 of the property here anyway, joining me today it is 0:01:01.361 --> 0:01:06.761 a financial specialist and author Ian Morale. Hello, Amanda, how 0:01:06.761 --> 0:01:07.201 are you doing? 0:01:07.521 --> 0:01:08.201 Leice deceited? 0:01:08.561 --> 0:01:10.801 Now we're going to talk about the topic we're talking 0:01:10.801 --> 0:01:12.801 about today and we want your calls on eight hundred 0:01:12.801 --> 0:01:15.241 and eighty ten eighty in text nine two nine two, 0:01:15.441 --> 0:01:19.281 and the conversation is really around milestones and what your 0:01:19.321 --> 0:01:21.481 financial milestones have been through life. Did you aim for 0:01:21.521 --> 0:01:23.441 your milestones? And I need to be this is what 0:01:23.521 --> 0:01:25.081 I want by my thirties, this is what I want 0:01:25.121 --> 0:01:28.081 by my forties and my fifties, which sounds incredibly organized. 0:01:28.081 --> 0:01:29.521 I can imagine a lot of you listening going, God, 0:01:29.561 --> 0:01:31.481 I'd never thought of it in those terms. But there 0:01:31.521 --> 0:01:33.841 might be those of you who did have financial milestones 0:01:33.841 --> 0:01:36.601 for the generations or are you feeling that you are 0:01:36.641 --> 0:01:39.361 playing catch up? And so if you are playing ketchup, 0:01:39.481 --> 0:01:41.321 we're going to address some of the things that maybe 0:01:41.361 --> 0:01:42.961 you can do when you sort of think, oh gosh 0:01:43.001 --> 0:01:47.041 that that horse has bolted and I'm miles behind. So 0:01:47.201 --> 0:01:49.321 just for a few figures for you, and Amanda's going 0:01:49.321 --> 0:01:51.201 to chip in in just a moment with some interesting 0:01:51.241 --> 0:01:55.361 stats about our savings. But the average hourly wage in 0:01:55.401 --> 0:01:59.001 New Zealand's forty two bucks an hour, roughly annually eighty 0:01:59.001 --> 0:02:01.081 eight thousand dollars a year. The average home is worth 0:02:01.241 --> 0:02:05.041 nine hundred thousand, average mortgages three hundred thousand, average key 0:02:05.121 --> 0:02:07.561 we save with thirty seven thousand depending on your age, 0:02:08.241 --> 0:02:11.041 but average this and average that it can Actually I 0:02:11.081 --> 0:02:13.241 think when people hear stats, they either feel like they're 0:02:13.281 --> 0:02:15.001 well behind or maybe you have a moment of feeling 0:02:15.041 --> 0:02:18.561 pretty slight smug. But if you're feeling that far behind, 0:02:19.201 --> 0:02:21.041 how do you catch up and how do you go 0:02:21.161 --> 0:02:23.441 about genuinely changing your mindset? So we'd love to hear 0:02:23.441 --> 0:02:26.561 from you about milestones and are you keeping up with 0:02:26.601 --> 0:02:29.041 yours and how have you set them? But to discuss it, 0:02:29.081 --> 0:02:32.201 Amanda Morale's with us and Amanda, you've got some other 0:02:32.241 --> 0:02:35.001 stats around, which is this is going to make us 0:02:35.041 --> 0:02:36.001 feel not so flash? 0:02:36.041 --> 0:02:36.241 Is it? 0:02:36.241 --> 0:02:39.401 Because we've got savings rates in New Zealand the average 0:02:39.401 --> 0:02:42.041 saver and you've got some stats around comparing us with 0:02:42.081 --> 0:02:44.721 Australia and I get the feeling that they are going 0:02:44.761 --> 0:02:46.521 to be big brother in every respect on this one? 0:02:46.521 --> 0:02:46.881 Are they? 0:02:47.001 --> 0:02:50.521 I know? So this is kind of coincidentally on the 0:02:50.561 --> 0:02:54.401 heels of that survey comparing how happy Australians are versus 0:02:55.041 --> 0:02:57.801 New Zealanders and we got slammed in that regard. We're 0:02:57.801 --> 0:03:00.361 not as happy as you can imagine. And for a 0:03:00.361 --> 0:03:03.881 whole number of reasons. But when it comes to financial 0:03:05.481 --> 0:03:08.681 sort of comfort and preparation for retirement were well behind 0:03:08.881 --> 0:03:11.201 our Aussie peers and. 0:03:11.161 --> 0:03:14.601 So is so is this all because of super you're 0:03:14.601 --> 0:03:16.121 talking about serving separate to. 0:03:16.081 --> 0:03:19.561 That, Well, I'm talking about superannuation, which is most people's 0:03:19.601 --> 0:03:23.161 primary savings vehicle, and you may be surprised. And I 0:03:23.201 --> 0:03:25.681 don't like averages. I'll have to just kind of I 0:03:25.721 --> 0:03:28.921 prefer medians, but I'm working with averages today. But so, 0:03:28.961 --> 0:03:33.801 the average for men over way Upond in Australia is 0:03:33.881 --> 0:03:37.481 one hundred and eleven thousand. That's for men people. 0:03:37.841 --> 0:03:39.721 But anyway, that's not well, you know, it. 0:03:39.641 --> 0:03:43.121 Does seem very high compared to what men in New 0:03:43.241 --> 0:03:45.801 Zealand have and their KISA accounts by comparison, which is 0:03:46.281 --> 0:03:50.281 forty two two thousand on average. But what's what's what's 0:03:50.321 --> 0:03:52.961 really sort of clawed me when I looked into the 0:03:53.041 --> 0:03:55.321 data and compared it with some other countries as well, 0:03:55.401 --> 0:03:58.921 is that women by comparison on average have sixty eight 0:03:59.081 --> 0:04:03.001 across the pond thousand and women here and their keys 0:04:03.041 --> 0:04:06.441 havever AC counts have on average thirty four. So between 0:04:06.441 --> 0:04:08.521 those two countries, as long as a thirty eight percent 0:04:08.601 --> 0:04:11.721 gap with men and women in Australia and a twenty 0:04:11.761 --> 0:04:15.841 five percent gap here. But regardless, we are well behind 0:04:16.441 --> 0:04:20.921 or Australian counterparts for a number of reasons. So and 0:04:21.321 --> 0:04:25.321 it was a similar pattern in Canada, the UK, the 0:04:25.441 --> 0:04:28.761 US with men well had usually by a minimum of 0:04:28.761 --> 0:04:31.841 twenty five percent in the savings department compared to men's 0:04:31.881 --> 0:04:37.321 So there's a separate issue here with gender divide, So 0:04:37.361 --> 0:04:40.241 we can maybe tackle that. But when you asked, you know, 0:04:40.281 --> 0:04:43.161 what's your milestone? Where are you aiming for? You know, 0:04:43.481 --> 0:04:46.001 I think the first thing is you should have a goal, 0:04:46.561 --> 0:04:47.601 You should know where you're at. 0:04:47.681 --> 0:04:50.441 Did you have a milestone when you were a as 0:04:50.481 --> 0:04:52.641 a young woman? But did you think did you think 0:04:52.641 --> 0:04:54.601 it through and go you know what, by the time 0:04:54.641 --> 0:04:57.361 I'm thirty, I want to have saved up this amount 0:04:57.361 --> 0:04:59.001 of money, and by the time I'm forty, I want 0:04:59.041 --> 0:05:01.641 to have I don't know, maybe I'll hopefully own a 0:05:01.641 --> 0:05:04.161 home or of course we have personal goals as well 0:05:04.201 --> 0:05:06.481 as to you know, relationships and all this stuff, but 0:05:06.521 --> 0:05:07.561 did you have financial goals? 0:05:07.801 --> 0:05:09.681 You know, I don't think I was born thinking I 0:05:09.721 --> 0:05:11.761 wanted to be a billionaire or anything like that and 0:05:11.841 --> 0:05:14.281 I would have fallen short anyhow if that was the case. 0:05:14.321 --> 0:05:20.401 But but but. 0:05:18.881 --> 0:05:22.121 There is really something to that mindset if you want 0:05:22.121 --> 0:05:24.561 to then achieve and work towards that goal. But no, 0:05:24.881 --> 0:05:28.561 I think for me, when it became, you know, a homeowner, 0:05:28.721 --> 0:05:30.681 you know the goal for me when you start to 0:05:30.681 --> 0:05:32.681 look at how much you're going to be just paying 0:05:32.681 --> 0:05:35.121 off the interest alone and not the capitol, and you 0:05:35.641 --> 0:05:38.521 see how much that house really costs you. For me, 0:05:38.601 --> 0:05:40.801 I became very driven about I would like to become 0:05:40.921 --> 0:05:44.321 mortgage free, and so that was sort of my focus. 0:05:44.521 --> 0:05:47.521 I'm again one of these sticky note junkies. Always in 0:05:47.601 --> 0:05:51.121 my book, this is what I want to achieve, you know. 0:05:51.201 --> 0:05:54.721 So I again I think is important whilst you're assessing 0:05:54.841 --> 0:05:58.721 any sort of goals, but especially financial, to articulate them 0:05:59.121 --> 0:06:02.361 really clearly, have the like visibly in front of you. 0:06:02.361 --> 0:06:05.121 You know, did you ever sticky notes mirrors? You know? 0:06:05.201 --> 0:06:06.121 When did you buy a house? 0:06:06.161 --> 0:06:06.321 Then? 0:06:07.161 --> 0:06:11.361 I had my first house back in Canada. Gosh, I 0:06:11.401 --> 0:06:15.241 got to go back here now, but just time just 0:06:15.281 --> 0:06:17.601 to come for the birth of the birth of my son. 0:06:17.641 --> 0:06:20.241 And I don't say how many years ago, A long. 0:06:20.041 --> 0:06:23.241 Time ago, twenty two over twenty years ago, so that 0:06:23.801 --> 0:06:26.041 you know, and I wasn't ancient at the time. 0:06:26.081 --> 0:06:28.521 The reason I was digging into that, apart from just 0:06:28.521 --> 0:06:32.881 being generally nosy, is because I was while you were 0:06:32.881 --> 0:06:35.321 talking about it. I thought, did your decision around I 0:06:35.361 --> 0:06:37.201 want to become mortgage free or I want to have 0:06:37.241 --> 0:06:41.601 a house? Did it come about because you had planned 0:06:42.401 --> 0:06:45.201 or thought about this by a particular age you wanted 0:06:45.241 --> 0:06:47.361 to do it, or did it come about And this 0:06:47.481 --> 0:06:49.001 is a question for you if you're listening as well. 0:06:49.641 --> 0:06:52.561 Did your financial goals simply come about because you thought, 0:06:52.961 --> 0:06:55.641 I'm paying all this money in rent and this is silly, 0:06:55.681 --> 0:06:57.921 I should buy a house. And then when you buy 0:06:57.921 --> 0:07:00.921 a house, you go, gosh, if I keep this mortgage 0:07:00.961 --> 0:07:03.281 going for thirty years, I'm going to spend all this 0:07:03.401 --> 0:07:06.361 money on interest. Therefore, I'm going to set a goal. 0:07:06.481 --> 0:07:08.521 So what I mean is I'm turning my question that 0:07:08.601 --> 0:07:11.081 I started with on its head. That some people might 0:07:11.121 --> 0:07:13.641 have goals about where they want to go, but maybe 0:07:13.721 --> 0:07:17.681 those goals that we arrive at are simply driven by 0:07:17.721 --> 0:07:21.441 financial realities that hit us as we're moving through life. 0:07:21.441 --> 0:07:24.201 So yeah, I agree, I think there's a bit of 0:07:24.201 --> 0:07:26.841 both there. I think some people may you know, just 0:07:26.881 --> 0:07:29.401 got this burning desire from a young age, or this 0:07:29.481 --> 0:07:32.001 particular event happens in their life that they determine this 0:07:32.041 --> 0:07:34.961 as the course I'm going on. Equally, the moment of 0:07:35.641 --> 0:07:37.841 sort of plotting that path may arrive when you sit 0:07:37.881 --> 0:07:40.041 down and you look. You have that moment of shock 0:07:40.121 --> 0:07:43.201 when you realize how much, again like the mortgage, for example, 0:07:43.241 --> 0:07:45.841 how much you're being an interest before you even touch 0:07:45.881 --> 0:07:48.801 the principle and what you owe. So that becomes a 0:07:48.921 --> 0:07:52.161 very motivating factor for anybody who's done those numbers and 0:07:52.201 --> 0:07:55.361 then really lights of fire under your butt to move 0:07:55.401 --> 0:07:57.561 things forward, because I think at the end of the day, 0:07:57.601 --> 0:08:01.921 most people you aspire towards financial independence and freedom, and 0:08:02.001 --> 0:08:05.281 that is the ability to do what you want want 0:08:05.281 --> 0:08:08.401 to do it. And you know, if you're in a 0:08:08.561 --> 0:08:11.801 miserable whatever it is, job, marriage or something, having the 0:08:12.121 --> 0:08:16.881 you know, the the capacity to say okay, I'm not so, 0:08:17.401 --> 0:08:22.041 you know, having that freedom to take that action is 0:08:22.601 --> 0:08:25.721 muchly enriched by having your bank account at a certain 0:08:26.281 --> 0:08:27.161 yeah status. 0:08:27.321 --> 0:08:28.281 Muchly, I love that. 0:08:28.801 --> 0:08:31.681 I appropriate words, it's quick enough. 0:08:31.521 --> 0:08:34.321 But now I love that because Muchley is sort of 0:08:34.321 --> 0:08:35.561 part of the New Zealand Mexican. 0:08:35.721 --> 0:08:40.881 Is it I apologize for making Dan this maybe I've inherited. 0:08:40.481 --> 0:08:43.721 Well actually because what that you? I'm sure you have 0:08:43.881 --> 0:08:47.041 because I think actually there are certain milestones that are 0:08:47.081 --> 0:08:52.281 more generically accepted by different For instance, I would say 0:08:52.321 --> 0:08:55.441 that a lot of people would give a lot of thought, 0:08:55.681 --> 0:08:58.721 regardless of their optimism about reaching the target, about what 0:08:58.761 --> 0:09:01.281 a sixty five look like for them, because the obvious 0:09:01.361 --> 0:09:04.081 milestone is where am I going to You know, what 0:09:04.121 --> 0:09:05.681 are my one of my go was going to be? 0:09:05.921 --> 0:09:07.601 Or how much money do I want to have? Or 0:09:07.881 --> 0:09:10.601 what's my minimum standard of what I want to have 0:09:10.601 --> 0:09:14.041 achieved by sixty five, which would be I would say 0:09:14.041 --> 0:09:16.321 for many people, they would hope that at the bare 0:09:16.361 --> 0:09:18.801 minimum that they would have paid their mortgage off if 0:09:18.801 --> 0:09:21.041 they've been lucky enough to buy a house. But you know, 0:09:21.041 --> 0:09:23.761 it's almost like you trace that backwards, Whereas I don't 0:09:23.761 --> 0:09:27.041 think i'd know many people, or would have known anyone 0:09:27.161 --> 0:09:31.161 who expressed any particular goal in their thirties or their 0:09:31.161 --> 0:09:34.081 twenties about this is what I want to do. That's wondering. 0:09:34.521 --> 0:09:36.441 Have you ever had a moment where it's kicked in 0:09:36.481 --> 0:09:38.521 for you? You go, right, Okay, ten years time I need. 0:09:38.441 --> 0:09:42.121 To do this again. I think for me, the you know, 0:09:42.241 --> 0:09:46.121 the wake up moment was becoming a homeowner when you 0:09:46.201 --> 0:09:48.201 owe a lot of money and you see, you know 0:09:48.201 --> 0:09:50.361 you're going to be married to your bank for many 0:09:50.401 --> 0:09:53.161 many years before you have that point of financial freedom. 0:09:53.201 --> 0:09:56.561 So that that was a very motivating factor for me personally. 0:09:57.321 --> 0:09:59.441 I mean, you know, goals are goals, right, so they're 0:09:59.481 --> 0:10:02.121 not just financial. I mean maybe your goal is I 0:10:02.121 --> 0:10:04.401 want to see X number of countries before the time, 0:10:04.441 --> 0:10:08.001 you know, before again, but you know you might become 0:10:08.001 --> 0:10:09.841 a travel writer and figure out a way to do 0:10:09.881 --> 0:10:14.241 that for free. Things cost money exactly. So what of 0:10:14.361 --> 0:10:17.281 those goals are you know you are going to have 0:10:17.281 --> 0:10:19.001 to come up with a plan to achieve those goals 0:10:19.121 --> 0:10:21.841 or to get there, and that may be in tandem 0:10:21.881 --> 0:10:25.601 with you know, having your house by mortgageree by sixty 0:10:25.641 --> 0:10:29.161 year or whatever it is. It's highly individualized. I mean, 0:10:29.961 --> 0:10:33.721 did you have a burning desire to achieve x. 0:10:33.681 --> 0:10:38.161 By Well, well, that's the thing I mean I went 0:10:38.321 --> 0:10:41.401 in for I threw up away every everything in terms 0:10:41.401 --> 0:10:44.561 of financial practicality when I had a career in the arts, 0:10:44.601 --> 0:10:46.441 when I decided I want to I want to go 0:10:46.521 --> 0:10:50.481 on the stage, and so I got used very quickly 0:10:50.561 --> 0:10:53.121 to the idea of financial instability of although, funnily enough, 0:10:53.201 --> 0:10:55.521 my first few gigs, I think my first gig is 0:10:55.521 --> 0:10:57.001 a singer. I got paid more than I was earning 0:10:57.041 --> 0:10:59.521 as a lawyer, but that's not saying a lot. So 0:10:59.561 --> 0:11:02.241 it was just a first year, second year's staff solicitor. 0:11:02.241 --> 0:11:06.121 But yeah, it's it's a difficult one to put my 0:11:06.121 --> 0:11:09.921 finger on because I became everything financially is a struggle 0:11:09.961 --> 0:11:11.961 when you're work trying to make a career in the arts. 0:11:12.361 --> 0:11:14.641 So I don't know what particular goal I had. I 0:11:14.681 --> 0:11:17.241 probably have my wife to think that when we got 0:11:18.001 --> 0:11:21.961 when we had our first child, that you know, she 0:11:22.081 --> 0:11:25.161 was driving the move to with let's think about buying something, 0:11:25.161 --> 0:11:26.881 and we were very lucky the way that worked out. 0:11:27.321 --> 0:11:29.601 But yeah, because I was I'll be honest, I think 0:11:29.641 --> 0:11:31.721 I was pessimistic. I thought, God, I'm screwed and less 0:11:31.841 --> 0:11:34.441 and I kept on thinking, at some stage I'll work 0:11:34.521 --> 0:11:36.681 something out. But I never really came up with a 0:11:36.721 --> 0:11:38.681 particular plan, which. 0:11:38.441 --> 0:11:42.161 Is you know, you know how to details go well, 0:11:42.441 --> 0:11:46.041 somebody in the relationship usually well, I'm surprised it is women. 0:11:46.161 --> 0:11:48.721 No, I am actually the I'm the details guy on things, 0:11:48.761 --> 0:11:51.721 but I just for many years I was following a 0:11:51.761 --> 0:11:55.961 different priority. And so the worst, the best advice I 0:11:56.041 --> 0:11:59.241 never listened to was when I was in Melbourne with 0:11:59.361 --> 0:12:02.161 a show called Sunset Boulevard and I don't know how 0:12:02.201 --> 0:12:05.801 I met. I think I signed up with a bank 0:12:05.961 --> 0:12:07.761 and I met the guy, the bank manager, and for 0:12:07.761 --> 0:12:09.841 some reason, it was the end of the day and 0:12:09.881 --> 0:12:11.801 he said, oh, whereabouts you living? Because I was about 0:12:11.841 --> 0:12:13.201 to catch stream, says I'll give you a lift, and 0:12:13.201 --> 0:12:15.081 as he's driving home, he said, the best advice I've 0:12:15.081 --> 0:12:17.161 ever got, and this is the advice I ignored. He said, 0:12:17.321 --> 0:12:19.561 you should try and buy a house in Melbourne while 0:12:19.601 --> 0:12:23.641 you're earning good money. I remember thinking, ah, yeah, maybe, 0:12:23.641 --> 0:12:26.841 but god if I wish I'd taken that advice. 0:12:26.881 --> 0:12:28.001 But yeah, I know. 0:12:28.201 --> 0:12:29.361 Hindsight twenty twenty. 0:12:29.641 --> 0:12:33.841 Hindsight for me, actually, the most important thing to setting goals, 0:12:33.881 --> 0:12:37.641 I think was it's only just recently even it's just 0:12:37.721 --> 0:12:42.121 getting good information. So I've just restructured my mortgage a 0:12:42.161 --> 0:12:45.961 little bit and paid a big chunk off from my business. 0:12:46.521 --> 0:12:50.361 And I actually made that decision and have determined a 0:12:50.361 --> 0:12:55.201 few goals by chat GPT. I put it into chat 0:12:55.241 --> 0:12:58.521 GPT and I literally said, I've got this amount sitting 0:12:58.561 --> 0:13:00.521 in my business account. I'd like to still be able 0:13:00.521 --> 0:13:02.961 to use it, but I've got this on my mortgage 0:13:03.041 --> 0:13:05.401 and I'm paying this off. Can you give me some 0:13:05.401 --> 0:13:08.801 different scenarios on what would work and what would help 0:13:08.841 --> 0:13:10.801 me pay the mortgage off quicker without me having to 0:13:11.561 --> 0:13:13.881 be too you know, with that too radical a change. 0:13:14.241 --> 0:13:15.721 And it came up with all these scenarios. 0:13:16.401 --> 0:13:19.201 I've got to say, I use it all the time. 0:13:19.321 --> 0:13:21.161 Wow, It's incredibly powerful. 0:13:21.441 --> 0:13:24.321 Great for scenario testing. You need to kind of check 0:13:24.361 --> 0:13:30.881 it against you know, don't bet your house on chats, correct, 0:13:32.041 --> 0:13:34.201 But no for for that kind of those kind of 0:13:34.241 --> 0:13:38.081 things that are brilliant again for if for for those 0:13:38.081 --> 0:13:41.161 of you who are struggling to figure out how much 0:13:41.641 --> 0:13:45.241 they're going to need for retirement based on their current 0:13:45.281 --> 0:13:49.281 contribution rates, et cetera. I mean, Chat and AI is 0:13:49.441 --> 0:13:51.641 just as only as good as the prompt. So if 0:13:51.681 --> 0:13:55.441 you instruct it intelligently about the different scenarios that you're 0:13:55.721 --> 0:13:58.681 kind of exploring mentally, it can come up with some 0:13:58.801 --> 0:14:03.041 very good solutions. And so that takes a lot of 0:14:03.081 --> 0:14:06.241 the pain away because I think is king, isn't it 0:14:06.281 --> 0:14:08.281 one hundred percent? And I think a lot of people, 0:14:08.321 --> 0:14:11.801 particularly in New Zealand, are very reluctant to get paid 0:14:12.281 --> 0:14:15.521 to pay a financial advisor or if they are probably 0:14:15.521 --> 0:14:17.841 getting stung in really high fears. So this is going 0:14:17.921 --> 0:14:22.681 to be a real moment for everybody out there who 0:14:22.721 --> 0:14:25.281 wants to get a bit more confident in their finance. 0:14:25.281 --> 0:14:28.241 For instance, looking at that milestone question back when I 0:14:28.241 --> 0:14:30.761 I mean I was, I did worked in Australia for 0:14:31.401 --> 0:14:33.161 a few years in musical theater, and I had there 0:14:33.201 --> 0:14:35.801 was a compulsory pension scheme I paid no attention to, 0:14:36.521 --> 0:14:38.401 which is actually funny enough. I didn't put there wasn't 0:14:38.481 --> 0:14:39.921 much put into it over the years, but I look 0:14:39.921 --> 0:14:43.241 at how much it's grown. But if I had actually 0:14:44.361 --> 0:14:48.561 bothered to or got advice about, say, for instance, if 0:14:48.561 --> 0:14:51.321 there was a chat GPT back then and I'd said, hey, 0:14:51.801 --> 0:14:53.921 I want to have a million dollars in my bank 0:14:53.961 --> 0:14:57.361 account by the time I'm sixty or sixty five, how 0:14:57.441 --> 0:14:59.801 much do I need to start putting away now, assuming 0:15:00.121 --> 0:15:02.481 a growth rate of such and such percent, it would 0:15:02.521 --> 0:15:04.921 have given me an answer that probably would have made 0:15:04.921 --> 0:15:07.641 me think, gosh, that's actually quite doable. Maybe I should 0:15:07.721 --> 0:15:10.801 make that sacrifice as opposed to thinking I needed a 0:15:10.841 --> 0:15:12.561 million dollars one or a time. Where do I begin? 0:15:12.801 --> 0:15:15.841 Yeah, and then you just spend every mony all your 0:15:15.841 --> 0:15:17.201 money at the pub. 0:15:17.401 --> 0:15:18.161 Yeah, exactly. 0:15:18.201 --> 0:15:20.361 So now you can have some hard numbers to hang 0:15:20.401 --> 0:15:22.321 your hat on, or at least some soft numbers to 0:15:22.361 --> 0:15:25.961 work towards, and so use it. It's a great tool. 0:15:26.761 --> 0:15:30.481 Again there, I always harp on about SWORTED, but I 0:15:30.561 --> 0:15:33.401 was on there again before the show, and they keep 0:15:33.481 --> 0:15:37.561 updating their calculators. So you know, if you're trying to 0:15:37.601 --> 0:15:40.961 test the limits about what you know at your current rates, 0:15:41.561 --> 0:15:42.921 where you're going to be and how much can you 0:15:42.921 --> 0:15:45.041 spend and how much will New Zealand super be On 0:15:45.081 --> 0:15:47.641 top of that, feed all those numbers in, you're going 0:15:47.721 --> 0:15:50.521 to get some really good indicative results that will tell 0:15:50.561 --> 0:15:54.321 you, you know, you've got to do a better job saving equally. 0:15:54.681 --> 0:15:57.601 I love to experiment, and I would encourage people to 0:15:57.641 --> 0:16:00.641 do it. You know, the difference over time of contributing, 0:16:00.801 --> 0:16:03.881 you know, for six, eight, ten percent of your income 0:16:03.921 --> 0:16:08.201 towards UKV siviies huge differences over time because of compound interest. 0:16:08.881 --> 0:16:12.601 So I think if people kind of just gain feed 0:16:12.641 --> 0:16:15.121 on that information. It may spur them on to make 0:16:15.241 --> 0:16:18.881 more immediate decisions, which you know, time is your friend 0:16:18.921 --> 0:16:22.281 when you're investing, So don't wait until you're fifty five. 0:16:22.441 --> 0:16:24.841 You know, if you're in your forties or younger listening 0:16:24.841 --> 0:16:28.041 to this, you know, start just exploring. It doesn't take 0:16:28.041 --> 0:16:30.041 a long time. You don't have to sit down and read, 0:16:30.721 --> 0:16:34.201 you know, toms of novels on personal finance. This stuff 0:16:34.241 --> 0:16:37.641 is readily at your fingertips now, so great for young 0:16:37.721 --> 0:16:40.761 savers who are interested in goal setting. 0:16:41.121 --> 0:16:43.201 So we'd love to hear from you on this. What 0:16:43.241 --> 0:16:45.601 are your financial milestones? Have you ever actually had a 0:16:45.641 --> 0:16:48.161 financial milestone a little bit like what we Amanda and 0:16:48.201 --> 0:16:50.401 I talked about that you when you realize how much 0:16:50.441 --> 0:16:52.521 you're paying in renting, you think, goodness, may I should 0:16:52.561 --> 0:16:54.841 be putting this into a house. Or you realize, gosh, 0:16:54.961 --> 0:16:56.921 I've been paying all some mortgage. Maybe I should try 0:16:56.921 --> 0:16:58.961 and pay out off quicker and I'll save. How much? 0:16:59.441 --> 0:17:02.521 Did you have financial milestones you aim for? But if 0:17:02.521 --> 0:17:03.921 you're paying catch up, We're going to dig into that 0:17:03.961 --> 0:17:04.721 a little bit as well. 0:17:05.161 --> 0:17:05.241 Us. 0:17:05.321 --> 0:17:08.361 I think most people probably, I would say, be interesting 0:17:08.401 --> 0:17:10.241 that if we could do a formal survey on this 0:17:10.401 --> 0:17:13.561 on how many people feel they're playing financial financial catch up, 0:17:13.921 --> 0:17:16.521 I'd love to know what those results would be. But 0:17:16.561 --> 0:17:19.081 I bet you it's quite significant. We're going to significant. 0:17:19.081 --> 0:17:21.161 We're going to dig into that. But yes, from you, 0:17:21.801 --> 0:17:26.761 how did you assess your financial milestones? And yeah? Or 0:17:27.121 --> 0:17:28.921 is it different? Do you just find that you stumble 0:17:28.961 --> 0:17:31.481 across goals as you live go through life? Oh wait, 0:17:31.481 --> 0:17:33.841 one hundred and eighty ten eighty text nine two nine two. 0:17:34.161 --> 0:17:45.281 It's a twenty four past five news talks. He'd be, 0:17:56.321 --> 0:17:58.121 it's welcome back news talks. There'd be there's a Smart 0:17:58.121 --> 0:18:00.361 Money the weeking on the weekend collective and Beverage. My 0:18:00.401 --> 0:18:04.081 guest is a financial specialist and author and commentator of Amanda Morale. 0:18:04.241 --> 0:18:06.921 We're talking about how important it is to have financial milestones. 0:18:07.201 --> 0:18:09.521 Did you have financial milestones and did you manage to 0:18:09.561 --> 0:18:11.601 achieve them or did you just find you stumbled across 0:18:11.641 --> 0:18:14.201 your goals as you lived life? Give us a call 0:18:14.241 --> 0:18:17.561 on eight hundred eighty ten eighty just before we go 0:18:17.641 --> 0:18:22.761 to we'll continue the conversation. Douger's text is saying, I 0:18:22.761 --> 0:18:25.801 think this is sort of probably indicative of quite a 0:18:25.841 --> 0:18:28.441 few blocks. I had three goals as a young man. 0:18:28.841 --> 0:18:32.921 One was earn enough to attract a woman interesting. I 0:18:32.921 --> 0:18:35.041 think invest in personality is a good idea too, to 0:18:35.361 --> 0:18:37.521 get to the point of no reliance on state funding 0:18:37.561 --> 0:18:43.241 for anything. Okay, yep, and three payin no tacks. He's 0:18:43.281 --> 0:18:46.321 achieved the first two, he said, dear. By the way, 0:18:46.401 --> 0:18:48.601 did I have to tease you just lightly? Because when 0:18:48.641 --> 0:18:53.561 you gave the information website, I've misheard you. I thought 0:18:53.561 --> 0:18:55.761 you were advertising something that sounded a bit naughty when 0:18:55.761 --> 0:18:58.921 you said go to your accent assorted, and I thought 0:18:58.921 --> 0:19:04.521 you said sordid as a dirty You're familiar, you have 0:19:04.601 --> 0:19:06.961 this know, But I was just like I heard. When 0:19:07.001 --> 0:19:10.881 I listened, I thought, all right, yes, sorted sort of 0:19:11.361 --> 0:19:13.361 dot org dots in. 0:19:13.441 --> 0:19:13.801 That's right. 0:19:15.081 --> 0:19:18.481 It's got such great retrees, so I highly recommend it's free, 0:19:18.721 --> 0:19:19.961 and you've got your friend chat. 0:19:20.201 --> 0:19:21.881 And by the way, if you're listening and you want 0:19:21.881 --> 0:19:24.201 to know where you sit with everyone else, because sometimes 0:19:24.241 --> 0:19:26.881 they're having a bit of a comparison, can well it 0:19:27.001 --> 0:19:28.841 might not be good news if you're matching everyone else 0:19:28.881 --> 0:19:30.441 in your age group. But we're going to dig into 0:19:30.441 --> 0:19:32.001 some of the key we save with data as well 0:19:32.641 --> 0:19:35.561 darted data. Right, let's take our first call, Jam. 0:19:35.641 --> 0:19:39.281 Hello, Hi, I'm a bit nervous. 0:19:40.641 --> 0:19:43.241 Oh, you'll be fine. It's just you and me and Amanda. 0:19:46.761 --> 0:19:50.321 My mum and dad used to work, and Mom had 0:19:50.361 --> 0:19:52.721