1 00:00:04,480 --> 00:00:06,960 Speaker 1: Think you know someone who keeps a tight budget. What 2 00:00:07,000 --> 00:00:09,040 Speaker 1: if I told you the richest woman in the world 3 00:00:09,200 --> 00:00:13,280 Speaker 1: never took a hot shower, or so they say. Hetty 4 00:00:13,320 --> 00:00:15,320 Speaker 1: Green was known as the Witch of Wall Street in 5 00:00:15,320 --> 00:00:19,560 Speaker 1: the nineteen hundreds, famous for her brilliant investing and outrageous cheapness. 6 00:00:20,320 --> 00:00:23,240 Speaker 1: Despite being worth nearly three billion dollars in today's money. 7 00:00:23,520 --> 00:00:25,800 Speaker 1: Press claimed that she never used heat or hot water. 8 00:00:26,320 --> 00:00:28,120 Speaker 1: She was always in a plain black dress that she 9 00:00:28,160 --> 00:00:31,320 Speaker 1: allegedly water rags, washing only the dirtiest parts to save 10 00:00:31,360 --> 00:00:34,199 Speaker 1: on soap. She didn't want to shell out for surgery 11 00:00:34,200 --> 00:00:36,640 Speaker 1: for her hernia, so she kept a stick shoved into 12 00:00:36,640 --> 00:00:40,920 Speaker 1: her underwear to apply pressure against the swelling. Other rumors 13 00:00:40,920 --> 00:00:44,720 Speaker 1: claimed that she lived off oatmeal, eggs and onions, served cold. 14 00:00:44,800 --> 00:00:48,320 Speaker 1: Of course. At thirteen, she was managing the family accounts 15 00:00:48,920 --> 00:00:51,040 Speaker 1: when her dad bought new clothes, hoping to catch the 16 00:00:51,040 --> 00:00:53,680 Speaker 1: eye of rich men. Twenty year old Hetty sold the 17 00:00:53,720 --> 00:00:57,360 Speaker 1: dresses to buy government bonds. Her husband had no access 18 00:00:57,360 --> 00:01:00,080 Speaker 1: to her money, basically unheard of at the time, and 19 00:01:00,120 --> 00:01:02,320 Speaker 1: there were also claims that she forged her aunt's signature 20 00:01:02,320 --> 00:01:04,800 Speaker 1: on a will trying to get an extra inheritance. She 21 00:01:04,880 --> 00:01:08,720 Speaker 1: had a great nose for trouble finding foreclosures and undervalued businesses, 22 00:01:08,840 --> 00:01:11,600 Speaker 1: buying low, selling high. This made her one of the 23 00:01:11,600 --> 00:01:14,680 Speaker 1: pioneers of value investing, the strategy now used by legends 24 00:01:14,680 --> 00:01:18,400 Speaker 1: like Warren Buffett. She bailed out entire banks and cities, 25 00:01:18,840 --> 00:01:21,759 Speaker 1: making a steep but fair profit on the interest as 26 00:01:21,800 --> 00:01:24,280 Speaker 1: well as more than a few enemies. She pulled a 27 00:01:24,319 --> 00:01:26,600 Speaker 1: gun on a Texas railway tycoon who was one of 28 00:01:26,640 --> 00:01:30,960 Speaker 1: her business rivals. Hetty always maintained that her reputation as 29 00:01:31,000 --> 00:01:34,120 Speaker 1: a tightwad and an opportunist was unfeared, and that she 30 00:01:34,240 --> 00:01:37,720 Speaker 1: was just a savvy businesswoman quietly supporting dozens of families 31 00:01:37,760 --> 00:01:41,160 Speaker 1: and charities. So how much of that penny pinching is 32 00:01:41,240 --> 00:01:44,280 Speaker 1: real and how much is bad pr in a society 33 00:01:44,319 --> 00:01:47,400 Speaker 1: that wasn't very nice to women, It's hard to say. 34 00:01:47,760 --> 00:01:49,960 Speaker 1: But what is for Shure is that she always chose 35 00:01:50,000 --> 00:01:53,400 Speaker 1: simple of a flashy and that made her an investing legend. 36 00:01:54,240 --> 00:01:56,960 Speaker 2: Hello there, and welcome back to the Wealthcack, a special 37 00:01:57,000 --> 00:02:00,200 Speaker 2: summer series Here on Shared Lunch, I'm Asher and with 38 00:02:00,240 --> 00:02:02,880 Speaker 2: me is Laura. I have to ask Laura, how does 39 00:02:02,920 --> 00:02:06,840 Speaker 2: Hetty fit into our episode today? That was a hectic store. 40 00:02:08,320 --> 00:02:10,000 Speaker 2: Hetty sounds like an absolute gangster. 41 00:02:10,200 --> 00:02:12,200 Speaker 1: I think the moral of the story with this one 42 00:02:12,320 --> 00:02:15,520 Speaker 1: is like, first of all, you know, hater's gonna hate, 43 00:02:16,000 --> 00:02:18,720 Speaker 1: and then I think the other thing that's kind of 44 00:02:18,720 --> 00:02:21,760 Speaker 1: interesting about this one is that like she was, you know, 45 00:02:21,840 --> 00:02:23,519 Speaker 1: she was around in the Gilded Age. It was a 46 00:02:23,520 --> 00:02:26,600 Speaker 1: pretty crazy time for Wall Street. There was bubbles left 47 00:02:26,639 --> 00:02:29,079 Speaker 1: and right. People were like throwing money at all these 48 00:02:29,120 --> 00:02:33,840 Speaker 1: crazy ideas, and she was actually very conservative with her investing, 49 00:02:34,280 --> 00:02:37,200 Speaker 1: but somehow managed to turn that into being one of 50 00:02:37,200 --> 00:02:38,400 Speaker 1: the richest people alive. 51 00:02:39,240 --> 00:02:41,920 Speaker 2: I wish we could interview Hetty on our episode today. 52 00:02:41,919 --> 00:02:45,480 Speaker 2: I'm sure she'd have some pretty solid, some pretty solid 53 00:02:45,560 --> 00:02:49,080 Speaker 2: takes when it came to investing. Today's episode is about 54 00:02:49,200 --> 00:02:51,799 Speaker 2: leveling up your investing. If you've been doing it for 55 00:02:51,800 --> 00:02:53,840 Speaker 2: a couple of years, what are the next stages for you? 56 00:02:54,240 --> 00:02:56,240 Speaker 2: We've got financial advisor Ed Lenny. 57 00:02:56,320 --> 00:02:58,639 Speaker 3: The number one thing if you're going to level up 58 00:02:58,720 --> 00:02:59,840 Speaker 3: is actually. 59 00:02:59,680 --> 00:03:02,919 Speaker 2: We've got what happy saver Ruth Henderson investing done well 60 00:03:02,919 --> 00:03:05,960 Speaker 2: as es you remarkably simple and Cheese's co founder and 61 00:03:06,040 --> 00:03:09,880 Speaker 2: three to zero Brook Roberts returns to the Wealthcake as well. 62 00:03:09,960 --> 00:03:12,480 Speaker 4: The really cool thing about what we try to do 63 00:03:12,520 --> 00:03:14,960 Speaker 4: at Chairsya's is actually the best way of learning is 64 00:03:15,000 --> 00:03:16,480 Speaker 4: by doing right. 65 00:03:16,520 --> 00:03:18,800 Speaker 1: But before we get into it, we do have to 66 00:03:18,840 --> 00:03:21,840 Speaker 1: say investing involves risk. You might lose the money you 67 00:03:21,880 --> 00:03:25,119 Speaker 1: start with. We recommend talking to a licensed financial advisor. 68 00:03:25,400 --> 00:03:28,920 Speaker 1: We also recommend reading product disclosure documents before deciding to invest, 69 00:03:29,280 --> 00:03:31,519 Speaker 1: and everything in today's episode is current at the time 70 00:03:31,520 --> 00:03:32,040 Speaker 1: of recording. 71 00:03:32,200 --> 00:03:34,359 Speaker 2: Well, let's meet our first guest today. 72 00:03:34,560 --> 00:03:38,000 Speaker 5: Ed Bloody. I'm a financial advisor for Genesis Advice. I 73 00:03:38,040 --> 00:03:41,680 Speaker 5: specialize investments and I also do Kii Savor and Ed. 74 00:03:41,760 --> 00:03:45,800 Speaker 2: Is joining us from Waikiki in Hawaii. He's there on holiday. 75 00:03:45,840 --> 00:03:49,160 Speaker 2: The commitment to come on this podcast as impressive. What 76 00:03:49,200 --> 00:03:52,200 Speaker 2: does he think when we say leveling up your investing? 77 00:03:52,400 --> 00:03:54,640 Speaker 5: Well, I think, particularly with Chairsy's, I think a lot 78 00:03:54,680 --> 00:03:56,840 Speaker 5: of people would have set up their account. They might 79 00:03:56,880 --> 00:03:59,760 Speaker 5: have started with a small amount of money. Gradually over 80 00:03:59,800 --> 00:04:04,520 Speaker 5: time that pot of money has grown, and I guess 81 00:04:04,320 --> 00:04:08,360 Speaker 5: it's at a stage when you've had some success, you've 82 00:04:08,360 --> 00:04:10,920 Speaker 5: seen some ups and downs, especially in the last sort 83 00:04:10,920 --> 00:04:13,600 Speaker 5: of eighteen months, and you really feel like, hey, I 84 00:04:13,640 --> 00:04:15,600 Speaker 5: want to take it to that next level. As you say, 85 00:04:16,760 --> 00:04:19,480 Speaker 5: leveling up to me would be a way of actually 86 00:04:19,560 --> 00:04:22,160 Speaker 5: working out what you want to do with your investments, 87 00:04:22,800 --> 00:04:25,359 Speaker 5: sticking to your financial goals that you've set, but you 88 00:04:25,480 --> 00:04:28,200 Speaker 5: might actually really want to make a go of this properly. 89 00:04:28,480 --> 00:04:33,040 Speaker 1: So let's say you've been investing for maybe a year 90 00:04:33,160 --> 00:04:34,560 Speaker 1: or two and you kind of feel like you've got 91 00:04:34,600 --> 00:04:37,360 Speaker 1: the basics down, but you've got a bit of a 92 00:04:37,400 --> 00:04:39,640 Speaker 1: what now feeling and maybe you feel like you should 93 00:04:39,640 --> 00:04:43,000 Speaker 1: be doing a little bit more. What's something that people 94 00:04:43,000 --> 00:04:45,160 Speaker 1: could be thinking about to kind of tenet up or not. 95 00:04:46,160 --> 00:04:49,239 Speaker 5: Look, I think the key thing, Laura is stay doing 96 00:04:49,279 --> 00:04:53,040 Speaker 5: what you've been doing. Consistency investing is key. It's probably 97 00:04:53,040 --> 00:04:53,680 Speaker 5: been successful. 98 00:04:53,680 --> 00:04:54,520 Speaker 3: If you've got to level up. 99 00:04:54,560 --> 00:04:56,880 Speaker 5: If it's been a bad strategy, you're probably ready to 100 00:04:56,920 --> 00:04:57,720 Speaker 5: close things up. 101 00:04:57,880 --> 00:04:59,760 Speaker 3: So look, I think keep doing what you're doing. 102 00:05:01,320 --> 00:05:03,839 Speaker 5: The next thing I would say is look in the 103 00:05:03,880 --> 00:05:07,359 Speaker 5: context we talk about as a financial advisor's asset allocation, 104 00:05:07,720 --> 00:05:09,520 Speaker 5: and you look at take a step back, and you 105 00:05:09,520 --> 00:05:12,720 Speaker 5: sort of look at, hey, how big is my cheesy's 106 00:05:12,760 --> 00:05:15,760 Speaker 5: portfolio relative to what else I've got? And I think 107 00:05:15,800 --> 00:05:19,119 Speaker 5: in an earlier episode in the series, Ruth was talking 108 00:05:19,160 --> 00:05:21,520 Speaker 5: about your net worth and I think the interesting thing 109 00:05:21,560 --> 00:05:23,880 Speaker 5: with net worth is you take your assets and your 110 00:05:23,920 --> 00:05:26,680 Speaker 5: minus your liabilities. You want to sort of say, well, look, 111 00:05:26,720 --> 00:05:29,760 Speaker 5: actually i might have property here, or I might be 112 00:05:29,800 --> 00:05:32,800 Speaker 5: saving to buy property, so I've got some cash. I've 113 00:05:32,800 --> 00:05:36,680 Speaker 5: also got the Kiwi saver, I've got other assets, and 114 00:05:36,720 --> 00:05:39,039 Speaker 5: I think that in that context you'll be able to 115 00:05:39,080 --> 00:05:42,919 Speaker 5: sort of say what can I afford then, And chances 116 00:05:42,920 --> 00:05:45,760 Speaker 5: are you might actually be able to afford more into 117 00:05:45,800 --> 00:05:48,320 Speaker 5: that Cheesey's account When you actually want to level up 118 00:05:48,520 --> 00:05:53,039 Speaker 5: as an advisor. We talk about emergency funds. That's key 119 00:05:53,080 --> 00:05:55,479 Speaker 5: to keep that, but you might actually be able to 120 00:05:56,720 --> 00:05:57,560 Speaker 5: look afford a. 121 00:05:57,560 --> 00:05:59,599 Speaker 3: Little bit more out of that, or if you're saving 122 00:05:59,640 --> 00:06:00,200 Speaker 3: for something. 123 00:06:00,320 --> 00:06:03,400 Speaker 5: The other thing is is we talk about reducing friction, 124 00:06:03,920 --> 00:06:06,839 Speaker 5: and reducing friction is sort of looking at your portfolio 125 00:06:06,839 --> 00:06:09,480 Speaker 5: and looking at it more efficiently. And I think that's 126 00:06:09,480 --> 00:06:12,640 Speaker 5: something if you've got too many positions. You don't want 127 00:06:12,640 --> 00:06:14,560 Speaker 5: to have too many line items because you've got to 128 00:06:14,640 --> 00:06:16,400 Speaker 5: keep track of that, but also you want to then 129 00:06:16,560 --> 00:06:20,080 Speaker 5: think of how you're sizing some of those positions because 130 00:06:20,080 --> 00:06:24,960 Speaker 5: when you buy and sell, you'll have transaction costs. 131 00:06:25,320 --> 00:06:27,800 Speaker 3: So that's something to be quite mindful of. And I 132 00:06:27,800 --> 00:06:28,640 Speaker 3: think the last point. 133 00:06:28,560 --> 00:06:33,000 Speaker 5: Laura i'd say is perhaps increase your time horizon. You 134 00:06:33,080 --> 00:06:34,839 Speaker 5: might have initially set. 135 00:06:34,720 --> 00:06:36,720 Speaker 3: Up a Cheezy's account to sort of think, hey, well 136 00:06:36,760 --> 00:06:38,320 Speaker 3: what is sheares? He's have heard a lot about it. 137 00:06:38,360 --> 00:06:40,920 Speaker 5: I've seen all the ads, friends are talking about it, 138 00:06:42,240 --> 00:06:45,600 Speaker 5: and there's always that sort of and I think, sadly 139 00:06:45,640 --> 00:06:48,440 Speaker 5: it's sort of it's a heart back to even the 140 00:06:48,480 --> 00:06:51,599 Speaker 5: nine to eighty seven crash. Oh, share market's a dodgy 141 00:06:51,600 --> 00:06:54,080 Speaker 5: You're going to lose your money. Only invest what you 142 00:06:54,240 --> 00:06:56,520 Speaker 5: thought you could what you could afford to lose. And 143 00:06:56,560 --> 00:06:59,520 Speaker 5: you hear that quite often, but actually you're not necessarily 144 00:06:59,560 --> 00:07:01,440 Speaker 5: going to lose it. You might lose some of it 145 00:07:02,040 --> 00:07:04,839 Speaker 5: with a drop in the market, but I think just 146 00:07:04,920 --> 00:07:07,960 Speaker 5: think of it in the context that actually markets go 147 00:07:08,080 --> 00:07:08,679 Speaker 5: up and down. 148 00:07:09,279 --> 00:07:11,480 Speaker 3: You might have had a slightly shorter. 149 00:07:11,280 --> 00:07:16,000 Speaker 5: Term horizon when you set up your account. It's been 150 00:07:16,040 --> 00:07:18,680 Speaker 5: going quite well, so that's sort of morphed into mid term. 151 00:07:19,480 --> 00:07:22,760 Speaker 5: But I think, actually think, hey, I've got this capital, 152 00:07:23,040 --> 00:07:25,480 Speaker 5: it's been working really well on my Cheesy's account. I 153 00:07:25,520 --> 00:07:26,960 Speaker 5: want to take it to the next level, So I'm 154 00:07:27,000 --> 00:07:30,000 Speaker 5: actually going to extend my time horizon even further. And 155 00:07:30,040 --> 00:07:33,120 Speaker 5: when I have some money for maybe a short term goal, 156 00:07:33,240 --> 00:07:35,240 Speaker 5: like as I say, if you're using it for a 157 00:07:35,280 --> 00:07:40,000 Speaker 5: house deposits, an overseas holiday or whatever, you but actually 158 00:07:40,040 --> 00:07:43,920 Speaker 5: think I want to have this capital to have a 159 00:07:43,960 --> 00:07:46,600 Speaker 5: decent life. In the longer term, things are only going 160 00:07:46,680 --> 00:07:49,640 Speaker 5: up in value and cost. We had this lot of 161 00:07:49,640 --> 00:07:55,440 Speaker 5: this talk about pressures of cost inflation and rising costs. Yeah, 162 00:07:55,880 --> 00:07:58,360 Speaker 5: just think your time horizon has to be longer because 163 00:07:58,360 --> 00:08:00,200 Speaker 5: you're going to live longer and you're going to want 164 00:08:00,760 --> 00:08:03,000 Speaker 5: if you can, to be able to draw on that 165 00:08:03,080 --> 00:08:05,760 Speaker 5: capital and times as you age. 166 00:08:06,040 --> 00:08:09,560 Speaker 1: Do you see that people's risk tolerance tends to sort 167 00:08:09,560 --> 00:08:11,680 Speaker 1: of shift as they get a bit more experience, Like 168 00:08:11,680 --> 00:08:13,520 Speaker 1: do people get more comfortable with risk? 169 00:08:15,240 --> 00:08:16,040 Speaker 3: Good question more. 170 00:08:16,480 --> 00:08:18,760 Speaker 5: I think it really depends on the individual. And I 171 00:08:18,800 --> 00:08:21,840 Speaker 5: think that's really where an advisor. You've been through these cycles, 172 00:08:21,920 --> 00:08:24,720 Speaker 5: so you are so to try to guide people through 173 00:08:24,760 --> 00:08:28,520 Speaker 5: that risk tolerance. You often sort of talk about risk tolerance, 174 00:08:28,520 --> 00:08:30,920 Speaker 5: but it's also your capacity for risk is something that's 175 00:08:30,960 --> 00:08:34,480 Speaker 5: quite important because people might think they've got high capacity, 176 00:08:34,520 --> 00:08:37,280 Speaker 5: but their actual tolerance for risk is low. I find 177 00:08:37,640 --> 00:08:41,160 Speaker 5: in my case probably clients that are older tend to 178 00:08:41,240 --> 00:08:44,440 Speaker 5: be more risk averse because they're sort of over that 179 00:08:44,480 --> 00:08:47,760 Speaker 5: particularly in Key, we say for over sixty five. They're 180 00:08:47,760 --> 00:08:51,760 Speaker 5: built up that pot and they want to protect it. Now, 181 00:08:52,320 --> 00:08:54,240 Speaker 5: the flip side to that is they could actually they 182 00:08:54,320 --> 00:08:56,439 Speaker 5: get they're going to live a lot longer. They're sort 183 00:08:56,440 --> 00:08:58,560 Speaker 5: of in the sort of late sixties, they could be 184 00:08:58,600 --> 00:09:03,160 Speaker 5: living for another twenty years, and they should actually have 185 00:09:03,280 --> 00:09:08,240 Speaker 5: that sort of tolerance that they'll need that money to 186 00:09:08,320 --> 00:09:11,280 Speaker 5: last longer. So if they're too conservative, and you see 187 00:09:11,280 --> 00:09:13,559 Speaker 5: that also a lot of young people as well, they 188 00:09:13,600 --> 00:09:15,880 Speaker 5: get really white worried and look at us also in 189 00:09:15,920 --> 00:09:20,000 Speaker 5: the press every day you hear people commentators, you've got 190 00:09:20,320 --> 00:09:25,040 Speaker 5: you sort of that that's not necessarily helpful. But also 191 00:09:25,080 --> 00:09:26,840 Speaker 5: a sell off is actually a great time to be 192 00:09:26,840 --> 00:09:29,800 Speaker 5: buying because actually you're getting it cheaper than you would have. 193 00:09:29,920 --> 00:09:30,680 Speaker 3: The last week. 194 00:09:31,240 --> 00:09:34,160 Speaker 5: And look, it's also something called dolo cost averaging, where 195 00:09:34,160 --> 00:09:35,920 Speaker 5: you're sort of where you have sort of an auto 196 00:09:36,000 --> 00:09:40,160 Speaker 5: invest and you're buying all the time, regardless of whether 197 00:09:40,200 --> 00:09:43,120 Speaker 5: the market's going up or down. So yeah, look, I 198 00:09:43,720 --> 00:09:46,559 Speaker 5: think your tolerance for risk is important. But one thing 199 00:09:46,559 --> 00:09:50,920 Speaker 5: I definitely see is people are probably this is a 200 00:09:51,000 --> 00:09:53,839 Speaker 5: big generalization, but I think people are more conservative than 201 00:09:53,840 --> 00:09:56,920 Speaker 5: they think they are. And you see, particularly in Keiwi Saver, 202 00:09:57,920 --> 00:10:01,199 Speaker 5: they're not taking as much risk as they should. And 203 00:10:01,400 --> 00:10:04,560 Speaker 5: anyone who's sort of in my view sort of you've 204 00:10:04,559 --> 00:10:07,120 Speaker 5: got definitely got more than ten years that's really fifty 205 00:10:07,120 --> 00:10:11,160 Speaker 5: five and under should be in the current environment, they 206 00:10:11,160 --> 00:10:13,080 Speaker 5: should have a lot of growth assets in my view. 207 00:10:13,520 --> 00:10:15,679 Speaker 5: And look, this is a generalization, this is just in 208 00:10:15,679 --> 00:10:18,680 Speaker 5: my view. I think the biggest mistake I've seen is 209 00:10:18,760 --> 00:10:22,440 Speaker 5: people actually sell their winners too early. So you've got 210 00:10:22,440 --> 00:10:26,520 Speaker 5: something that you like and people just that they tend 211 00:10:26,600 --> 00:10:30,679 Speaker 5: to it's doubled and that they go, oh wow, that's 212 00:10:30,920 --> 00:10:33,720 Speaker 5: the thesis that I had is played out, and they 213 00:10:33,800 --> 00:10:37,959 Speaker 5: might sell or reduce. But that's also something I would say, 214 00:10:38,760 --> 00:10:41,760 Speaker 5: you tend to. It can be hard psychologically to cut 215 00:10:41,840 --> 00:10:45,160 Speaker 5: your losers. And I think that's something that you also 216 00:10:45,240 --> 00:10:49,040 Speaker 5: do see, is that people that they sell their winners 217 00:10:49,080 --> 00:10:52,080 Speaker 5: and then they hold on to their losers. Look, another 218 00:10:52,120 --> 00:10:55,360 Speaker 5: thing is di versification. If you spread your investments across 219 00:10:55,559 --> 00:10:59,120 Speaker 5: a sort of industry and geographies, et cetera. I think 220 00:10:59,160 --> 00:11:01,319 Speaker 5: that's something that sort of protects you in a way 221 00:11:01,480 --> 00:11:04,440 Speaker 5: because if one thing's not working in one part of 222 00:11:04,480 --> 00:11:07,720 Speaker 5: your portfolio, it might be playing out another part of 223 00:11:07,760 --> 00:11:08,400 Speaker 5: your portfolio. 224 00:11:08,520 --> 00:11:11,280 Speaker 3: Look, we've seen that gold is a good example. 225 00:11:12,080 --> 00:11:13,960 Speaker 5: In the old days, people didn't want to own gold 226 00:11:14,000 --> 00:11:16,040 Speaker 5: because there's no yield on it, and it just sort 227 00:11:16,040 --> 00:11:18,800 Speaker 5: of sat there as sort of a hedge. Now it's 228 00:11:18,800 --> 00:11:21,839 Speaker 5: not necessarily a hedge. It's almost sort of an active bet. 229 00:11:22,160 --> 00:11:26,800 Speaker 5: So that's just an example of these things are cyclical 230 00:11:27,320 --> 00:11:29,880 Speaker 5: and if you've got a long term view, you can 231 00:11:29,960 --> 00:11:31,720 Speaker 5: do very well out of the market. 232 00:11:33,760 --> 00:11:36,439 Speaker 1: For this episode, we also wanted to bring in Ruth Henderson, 233 00:11:36,440 --> 00:11:37,120 Speaker 1: the Happy Savor. 234 00:11:37,520 --> 00:11:40,400 Speaker 6: So the one thing I learned about investing long ago 235 00:11:40,440 --> 00:11:43,120 Speaker 6: from Jail Collins A simple path to wealth, is that 236 00:11:43,679 --> 00:11:47,120 Speaker 6: investing done well is actually remarkably simple. And if you 237 00:11:47,320 --> 00:11:50,360 Speaker 6: just set up a good framework early on and just 238 00:11:50,480 --> 00:11:53,760 Speaker 6: invest you know, a little and often or a lot, 239 00:11:54,120 --> 00:11:57,160 Speaker 6: a lot and often ideally, and just leave that to 240 00:11:57,280 --> 00:12:00,760 Speaker 6: grow and compound and coming back tracking your net worth 241 00:12:00,840 --> 00:12:04,400 Speaker 6: so every month you can see it rising over time, 242 00:12:04,880 --> 00:12:08,840 Speaker 6: then there's not much leveling up to be done. It's 243 00:12:08,960 --> 00:12:11,680 Speaker 6: just you are tracking towards a goal that you're trying 244 00:12:11,679 --> 00:12:12,040 Speaker 6: to get to. 245 00:12:12,400 --> 00:12:14,080 Speaker 1: I think a lot of the time, people feel a 246 00:12:14,080 --> 00:12:16,640 Speaker 1: bit of a pressure to like optimize things or to 247 00:12:16,800 --> 00:12:19,840 Speaker 1: step it up because otherwise they're not doing it right. 248 00:12:20,080 --> 00:12:22,880 Speaker 1: But that's really interesting that you're suggesting that maybe actually 249 00:12:23,000 --> 00:12:26,439 Speaker 1: just getting comfortable with doing those things, doing them consistently, 250 00:12:26,480 --> 00:12:29,199 Speaker 1: and then maybe just doubling down on those simple strategies. 251 00:12:29,960 --> 00:12:32,120 Speaker 6: I sort of say to people, just like, we don't 252 00:12:32,280 --> 00:12:35,280 Speaker 6: walk into the supermarket and buy one of everything on 253 00:12:35,320 --> 00:12:38,960 Speaker 6: the shelf. We go, we choose what's right for us 254 00:12:39,080 --> 00:12:42,400 Speaker 6: to cook our dinner that night, and then we retreat 255 00:12:42,440 --> 00:12:45,920 Speaker 6: from the supermarket knowing that we're sorted. And it's a 256 00:12:45,920 --> 00:12:48,880 Speaker 6: bit like that with investing. It's like, if you have 257 00:12:50,280 --> 00:12:54,960 Speaker 6: done your research, created a financial plan, you've got enough 258 00:12:55,000 --> 00:12:56,920 Speaker 6: money in the bank at home, and you've got money 259 00:12:57,000 --> 00:13:02,480 Speaker 6: being invested, and you've got these long term direction that 260 00:13:02,520 --> 00:13:06,000 Speaker 6: you're heading in, then stop seeking guessing yourself, and particularly 261 00:13:06,040 --> 00:13:08,720 Speaker 6: if you're seeing in your net worth that it's going 262 00:13:09,000 --> 00:13:12,480 Speaker 6: our investments are increasing month on month on month, it's 263 00:13:12,559 --> 00:13:16,040 Speaker 6: like it ain't broke, it don't need fixing. And like 264 00:13:16,160 --> 00:13:19,360 Speaker 6: when some people do say to me, like they find 265 00:13:19,960 --> 00:13:22,120 Speaker 6: investing that way like a key we save or an 266 00:13:22,160 --> 00:13:25,920 Speaker 6: eaty fund boring and I'm like freaking go bungee jumping. 267 00:13:25,960 --> 00:13:28,400 Speaker 6: If you want excitement like this is. I don't look 268 00:13:28,480 --> 00:13:30,800 Speaker 6: to my money for excitement. I look to what my 269 00:13:30,880 --> 00:13:33,400 Speaker 6: money can do to give me excitement. But the investing 270 00:13:33,520 --> 00:13:36,240 Speaker 6: side of things, the more boring the better, and we 271 00:13:36,320 --> 00:13:38,480 Speaker 6: get the odd sheer market crash thrown in, which is 272 00:13:38,559 --> 00:13:41,240 Speaker 6: terribly exciting briefly, and then it all goes back up again. 273 00:13:41,400 --> 00:13:46,280 Speaker 6: So simple wins. That's what I have absolutely learned in 274 00:13:46,360 --> 00:13:48,200 Speaker 6: all my years of talking about this. 275 00:13:51,320 --> 00:13:54,040 Speaker 2: Well, I love that don't look to money or investing 276 00:13:54,120 --> 00:13:57,400 Speaker 2: for excitement. If we can't turn to money, I have 277 00:13:57,559 --> 00:14:00,079 Speaker 2: noticed that hide and seek tag works for me for 278 00:14:00,120 --> 00:14:02,199 Speaker 2: a little bit of excitement. That's free excitement. Get the 279 00:14:02,280 --> 00:14:05,640 Speaker 2: kids going. Have you got any any free exciting tips 280 00:14:05,760 --> 00:14:07,920 Speaker 2: for a cheap thrill? Cheap thrills, let's go. 281 00:14:08,640 --> 00:14:11,080 Speaker 1: Well, this makes me sound like a man in his fifties, 282 00:14:11,120 --> 00:14:14,280 Speaker 1: but I have recently been getting into fishing. 283 00:14:14,600 --> 00:14:18,280 Speaker 2: Have what's the most intense fish fight you've had? 284 00:14:21,000 --> 00:14:26,920 Speaker 1: I wrestled in octopus stuff. Yeah, certainly not true. 285 00:14:27,400 --> 00:14:29,160 Speaker 7: Well, I tell you what, when you when you're when 286 00:14:29,160 --> 00:14:32,400 Speaker 7: you're when you're haul up a really big snapper, it's 287 00:14:32,480 --> 00:14:35,960 Speaker 7: pretty thrilling stuff, especially because we are on an inflatable kayak, 288 00:14:36,040 --> 00:14:39,880 Speaker 7: which really adds to the sense of, you know, I 289 00:14:40,000 --> 00:14:41,120 Speaker 7: might drowned at any moment. 290 00:14:41,440 --> 00:14:43,360 Speaker 2: I took my sunfish in the other day actually, and 291 00:14:44,000 --> 00:14:46,120 Speaker 2: I feel like I took a photo of the fish 292 00:14:46,520 --> 00:14:48,720 Speaker 2: that we caught, and I scanned it on the old 293 00:14:49,120 --> 00:14:51,720 Speaker 2: Google image thing, and it said that we had caught 294 00:14:51,720 --> 00:14:56,120 Speaker 2: an anchovy smaller than it was, about as big as 295 00:14:56,160 --> 00:14:58,200 Speaker 2: my little finger. So we haven't had too much. 296 00:14:58,440 --> 00:15:00,600 Speaker 1: Like with the old we can make one slight pizza. 297 00:15:00,760 --> 00:15:02,880 Speaker 2: That's probably all the an jervis I need on pizza, 298 00:15:02,920 --> 00:15:07,840 Speaker 2: to be honest, Right, Let's bring in Charsy's co founder 299 00:15:07,960 --> 00:15:12,120 Speaker 2: and three Brook Roberts. Who better to talk to about 300 00:15:12,160 --> 00:15:15,080 Speaker 2: investing than one of the CEOs of Chess. 301 00:15:15,000 --> 00:15:18,720 Speaker 1: So Brooke. Today, we're talking about leveling up your investing 302 00:15:18,840 --> 00:15:21,080 Speaker 1: and this feeling that a lot of people have that 303 00:15:21,520 --> 00:15:23,640 Speaker 1: in order to do that, you need to make it 304 00:15:23,720 --> 00:15:27,200 Speaker 1: a bit more complicated. What are your thoughts on that 305 00:15:27,280 --> 00:15:30,120 Speaker 1: in terms of getting more advanced with your investments. 306 00:15:30,480 --> 00:15:33,120 Speaker 4: You've heard that so much on our journey, in terms 307 00:15:33,200 --> 00:15:35,800 Speaker 4: of oh, I can't be an investor because you know, 308 00:15:35,880 --> 00:15:37,760 Speaker 4: I don't have time to watch the markets or what's 309 00:15:37,760 --> 00:15:40,480 Speaker 4: happening in the you know with these companies, or I 310 00:15:40,520 --> 00:15:44,280 Speaker 4: don't know enough. And the really cool thing about what 311 00:15:44,320 --> 00:15:47,040 Speaker 4: we try to do at Cheesy's is actually the best 312 00:15:47,080 --> 00:15:49,320 Speaker 4: way of learning is by doing. And that's why we 313 00:15:49,480 --> 00:15:53,120 Speaker 4: made sure that there was no minimum investment required, and 314 00:15:53,200 --> 00:15:56,400 Speaker 4: you can invest how much you can afford over time 315 00:15:56,480 --> 00:15:58,360 Speaker 4: and learn as you go. But in terms of like 316 00:15:58,480 --> 00:16:02,800 Speaker 4: leveling up investing, I think there's a really important aspect 317 00:16:02,840 --> 00:16:06,520 Speaker 4: of money is time. If you're putting money away every 318 00:16:06,560 --> 00:16:08,520 Speaker 4: payday with the mounts you can afford, you know, it 319 00:16:08,600 --> 00:16:10,600 Speaker 4: might not feel like much. You know. It's like say 320 00:16:10,640 --> 00:16:12,640 Speaker 4: you go to the gym, and you're like, you don't 321 00:16:12,640 --> 00:16:14,600 Speaker 4: expect to be really strong enough to got into the 322 00:16:14,640 --> 00:16:17,600 Speaker 4: gym once, But if you go consistently over time for 323 00:16:17,680 --> 00:16:20,800 Speaker 4: a year, it's likely you're going to end up stronger 324 00:16:20,840 --> 00:16:22,800 Speaker 4: than what you were at the start. And that's exactly 325 00:16:22,840 --> 00:16:24,520 Speaker 4: the same when it comes to money. It's like your 326 00:16:24,560 --> 00:16:27,960 Speaker 4: behaviors and your habits really matter, and so the best 327 00:16:27,960 --> 00:16:31,680 Speaker 4: way to level up you're investing is really set habits 328 00:16:31,720 --> 00:16:34,800 Speaker 4: that you can easily not give up. You know, how 329 00:16:34,840 --> 00:16:36,960 Speaker 4: can you automate, how can you make it really easy 330 00:16:37,040 --> 00:16:39,400 Speaker 4: to be putting money away for future you to make 331 00:16:39,440 --> 00:16:40,880 Speaker 4: you stronger financially in the future. 332 00:16:43,200 --> 00:16:44,960 Speaker 1: All right, now we're moving into the part of the 333 00:16:44,960 --> 00:16:47,760 Speaker 1: episode where we find out how shares Is can actually 334 00:16:47,760 --> 00:16:51,640 Speaker 1: help you to get the job done. So I think 335 00:16:51,680 --> 00:16:54,440 Speaker 1: everybody listening probably knows that CHES is going to help 336 00:16:54,440 --> 00:16:57,880 Speaker 1: you to invest. But what if we want to get 337 00:16:57,880 --> 00:17:00,360 Speaker 1: a little bit more, a little bit fancy, a little 338 00:17:00,360 --> 00:17:03,360 Speaker 1: more sophisticated with the ways that we're investing. Can Judis 339 00:17:03,360 --> 00:17:03,720 Speaker 1: help with that? 340 00:17:04,320 --> 00:17:06,719 Speaker 4: Yeah, So that's a great thing. Is like if you're 341 00:17:06,760 --> 00:17:09,439 Speaker 4: just starting to invest, you'll learn as you go and 342 00:17:09,480 --> 00:17:12,119 Speaker 4: start to see, Oh, I can set this price notification 343 00:17:12,280 --> 00:17:16,040 Speaker 4: so if this company's share price goes to this certain amount, 344 00:17:16,160 --> 00:17:19,280 Speaker 4: or I could watch this just and just see how 345 00:17:19,320 --> 00:17:22,480 Speaker 4: this company or exchange traded fund is performing. So there's 346 00:17:22,520 --> 00:17:25,000 Speaker 4: some really cool features like that that we have. Also 347 00:17:25,320 --> 00:17:29,440 Speaker 4: AI search, you can go, hm, you know what happens 348 00:17:29,119 --> 00:17:31,800 Speaker 4: if there is a change in Greenland, like how does 349 00:17:31,840 --> 00:17:34,840 Speaker 4: that impact different companies and different stocks? And it might 350 00:17:34,880 --> 00:17:37,080 Speaker 4: come up with hey, here's some companies it might be 351 00:17:37,240 --> 00:17:40,159 Speaker 4: impacted in the US, New Zealand, Australia and why and 352 00:17:40,560 --> 00:17:42,200 Speaker 4: just start to kind of break down these things that 353 00:17:42,240 --> 00:17:44,640 Speaker 4: are happening in the economy or what you're interested in too, 354 00:17:45,280 --> 00:17:47,640 Speaker 4: you know, setting setting the exact price that you want 355 00:17:47,640 --> 00:17:49,280 Speaker 4: to buy or sell a share it. You can do 356 00:17:49,359 --> 00:17:52,400 Speaker 4: that through the limit order through Chess. Who really care 357 00:17:52,440 --> 00:17:54,760 Speaker 4: about making sure that we're with you on your full journey. 358 00:17:54,760 --> 00:17:57,919 Speaker 4: Whether you're been investing for years and you you know, 359 00:17:57,960 --> 00:17:59,560 Speaker 4: you really love it and you want all the bars 360 00:17:59,600 --> 00:18:02,080 Speaker 4: and whistles to those who just want to automate and 361 00:18:02,119 --> 00:18:05,359 Speaker 4: make sure that the investing regularly. So there's heaps of 362 00:18:05,359 --> 00:18:07,000 Speaker 4: features and heaps and more to come. So if you've 363 00:18:07,000 --> 00:18:09,720 Speaker 4: got any requests, do let us know, because we love 364 00:18:09,760 --> 00:18:12,160 Speaker 4: to make sure that we're with you throughout your whole 365 00:18:12,200 --> 00:18:12,680 Speaker 4: lust journey. 366 00:18:14,960 --> 00:18:17,720 Speaker 2: All right, well let's do the activity for today. We 367 00:18:17,760 --> 00:18:20,320 Speaker 2: are crossing the ditch. And a couple of years ago, 368 00:18:20,400 --> 00:18:22,919 Speaker 2: actually we spoke to Glynn James. He's the host of 369 00:18:22,920 --> 00:18:25,760 Speaker 2: a popular Aussie podcast called Money, Money, Money, or you 370 00:18:25,800 --> 00:18:29,200 Speaker 2: may remember it as My Millennial Money. We asked him 371 00:18:29,560 --> 00:18:32,400 Speaker 2: what did he think you should do if you've been 372 00:18:32,440 --> 00:18:34,720 Speaker 2: in the game, the investing game for a while. 373 00:18:35,000 --> 00:18:37,640 Speaker 8: I think if you've been investing for a couple of years, 374 00:18:38,160 --> 00:18:40,320 Speaker 8: I want you to maybe make a list of things 375 00:18:40,400 --> 00:18:44,439 Speaker 8: that you've learned, because you're probably need more advanced than 376 00:18:44,480 --> 00:18:47,880 Speaker 8: what you think. If you have been investing for some time, 377 00:18:47,960 --> 00:18:51,119 Speaker 8: two or three years, go back, refresh, what do you know? 378 00:18:52,080 --> 00:18:55,080 Speaker 8: Are you happy with the portfolio? And now how do 379 00:18:55,200 --> 00:18:58,360 Speaker 8: I revisit my goals and how do I double down 380 00:18:58,359 --> 00:19:01,280 Speaker 8: and shovel more money into that investment for the long term? 381 00:19:01,320 --> 00:19:03,480 Speaker 2: Well, there you goo. That is Glenn James, And so 382 00:19:03,560 --> 00:19:06,840 Speaker 2: that activity today is to maybe make a list of 383 00:19:06,880 --> 00:19:10,119 Speaker 2: the things that you've learned. Write you down your own lessons, 384 00:19:10,160 --> 00:19:12,879 Speaker 2: because the investing journey that you're on is your own journey, 385 00:19:12,880 --> 00:19:14,880 Speaker 2: and you are going to do it in your own way. 386 00:19:15,000 --> 00:19:15,200 Speaker 5: Yeah. 387 00:19:15,240 --> 00:19:17,360 Speaker 1: I think it's easy to have a bit of an 388 00:19:17,400 --> 00:19:21,280 Speaker 1: imposter syndrome around investing, where it's like, oh, well, I'm 389 00:19:21,280 --> 00:19:24,040 Speaker 1: not a stockbroker, do I really know anything about this? 390 00:19:25,160 --> 00:19:28,159 Speaker 1: And I think that activity from Glenn is great because 391 00:19:28,200 --> 00:19:30,800 Speaker 1: I think most of us actually we know a lot 392 00:19:30,840 --> 00:19:33,679 Speaker 1: more than we think we do, and we probably actually 393 00:19:33,680 --> 00:19:35,719 Speaker 1: are like doing a lot of things right. I think 394 00:19:35,760 --> 00:19:37,360 Speaker 1: it's good to give yourself that pat on the back 395 00:19:37,680 --> 00:19:40,720 Speaker 1: and also to realize that, yeah, maybe you don't need 396 00:19:40,760 --> 00:19:42,800 Speaker 1: to make it more complicated, fantastic. 397 00:19:43,119 --> 00:19:44,840 Speaker 2: Coming up in our next episode, we're going to talk 398 00:19:44,840 --> 00:19:47,920 Speaker 2: about something that I say at the beginning of pretty 399 00:19:47,960 --> 00:19:50,000 Speaker 2: much every Shared Lunch episode. 400 00:19:50,040 --> 00:19:52,439 Speaker 1: So you may have heard us say many times that 401 00:19:52,520 --> 00:19:56,239 Speaker 1: you could speak to a licensed financial advisor. What do 402 00:19:56,280 --> 00:19:58,560 Speaker 1: we actually mean when we say that, How do you 403 00:19:58,600 --> 00:20:01,240 Speaker 1: go about finding a financial what do you talk to 404 00:20:01,280 --> 00:20:03,680 Speaker 1: them about? And when do you know that it's time 405 00:20:03,800 --> 00:20:04,960 Speaker 1: to look for that a little bit of help. 406 00:20:05,119 --> 00:20:07,840 Speaker 2: We're going to maybe not give you financial advice, but 407 00:20:07,880 --> 00:20:09,359 Speaker 2: we're definitely going to find out about it. 408 00:20:10,160 --> 00:20:11,119 Speaker 1: Thank you, Laura, Thank you. 409 00:20:11,160 --> 00:20:16,000 Speaker 9: Asher Cheers's has done it again. Now you can view 410 00:20:16,040 --> 00:20:20,120 Speaker 9: your wealth in one place in depth investing features right 411 00:20:20,160 --> 00:20:25,040 Speaker 9: alongside your kiwisaver, balance, crypto, competitive savings and insurance. Your 412 00:20:25,040 --> 00:20:29,840 Speaker 9: wealth finally together on chers E's. Chasy's Investment Management Limited 413 00:20:30,040 --> 00:20:33,000 Speaker 9: is the issuer of the chasa's Kiwisaver scheme. You the 414 00:20:33,119 --> 00:20:35,159 Speaker 9: lodged bds on our website.