WEBVTT - Luke Kemeys from Keep the change–Five blockers to growing your wealth 0:00:03.520 --> 0:00:03.840 Jord It. 0:00:04.120 --> 0:00:06.280 Welcome to Sheared Lunch. My name is Laighton Robertson, the 0:00:06.320 --> 0:00:09.760 co founder and co CEO at Sheass. Today I'm joined 0:00:09.800 --> 0:00:13.000 by Luke Kemmys, who was from the Next Advisory and 0:00:13.080 --> 0:00:15.880 from the podcast Keep the Change, and we're going to 0:00:15.960 --> 0:00:19.120 be speaking about the top five barriers that he hears 0:00:19.120 --> 0:00:22.919 from his listeners on growing wealth. But before we get started, 0:00:23.079 --> 0:00:24.320 here's some important information. 0:00:24.600 --> 0:00:27.159 Investing involves the risk you might lose the money you 0:00:27.200 --> 0:00:30.520 start with. We recommend talking to a licensed financial advisor. 0:00:31.240 --> 0:00:35.040 We also recommend reading product disclosure documents before deciding to invest. 0:00:35.320 --> 0:00:37.680 Everything you're about to see and here is current at 0:00:37.720 --> 0:00:38.519 the time of recording. 0:00:38.720 --> 0:00:40.839 So we've got Luke awesome to catch up again. Luke, 0:00:40.920 --> 0:00:44.600 so thanks so much for joining us today. Look, you're 0:00:44.640 --> 0:00:45.760 a super busy guy. 0:00:46.320 --> 0:00:47.479 You've got to keep the change. 0:00:48.120 --> 0:00:51.720 You've got boys get paid. A little bit of accounting 0:00:51.720 --> 0:00:54.080 on the side, I hear. I'd love to hear just 0:00:54.120 --> 0:00:57.440 a little bit about you and how you came to 0:00:57.480 --> 0:01:00.160 be Luke Kemmys and the views and the education that 0:01:00.160 --> 0:01:00.880 you'll bring to the world. 0:01:00.920 --> 0:01:02.440 Now, yeah, nice mate. 0:01:03.000 --> 0:01:06.920 Yeah, accounting is my day job as such, nine to 0:01:07.000 --> 0:01:10.120 five and I got into the industry. I liked business 0:01:10.120 --> 0:01:12.959 at university. I think I did my first sort of 0:01:13.000 --> 0:01:15.720 introduction to shares when I was sixth form via an 0:01:15.720 --> 0:01:19.240 economics teacher who taught us about buying a share and 0:01:19.240 --> 0:01:20.920 then we're going to track it over the school term 0:01:20.920 --> 0:01:23.399 and stuff. So I think that's what intrigued me about investing. 0:01:23.480 --> 0:01:24.959 Did you actually buy a share? 0:01:24.959 --> 0:01:27.520 Not physically. I think we did some sort of website 0:01:27.560 --> 0:01:29.039 you could go to. I think maybe even like the 0:01:29.240 --> 0:01:31.480 Zidex had some sort of like dummy type thing that 0:01:31.520 --> 0:01:34.600 you could log in to learn from, but I can't remember. 0:01:34.640 --> 0:01:36.959 I feel like I might have purchased infotel or something 0:01:37.040 --> 0:01:39.520 like that, but that would have done it right, yeah, 0:01:39.560 --> 0:01:41.479 if I held it. But we'll get to that, mate, 0:01:41.520 --> 0:01:44.520 But that probably yeah led to me believing that maybe 0:01:44.560 --> 0:01:46.520 investing was a bit like gambling, where you kind of 0:01:46.520 --> 0:01:47.960 put it in and the hope you get it out 0:01:48.040 --> 0:01:51.040 in the coming weeks, but it's not necessarily how it works. 0:01:51.080 --> 0:01:52.800 And I've had a couple of those lessons throughout my 0:01:52.800 --> 0:01:54.880 life too. But yeah, so chart to account it now. 0:01:54.880 --> 0:01:57.400 I have my own accounting practice, And then often I 0:01:57.400 --> 0:02:00.000 would go home to my parents and talk about money 0:02:00.080 --> 0:02:01.760 in finance, and we'll come back to sort of this 0:02:02.400 --> 0:02:04.840 conversation around how we have a lack of financial education 0:02:04.920 --> 0:02:07.160 in New Zealand. And so they were sort of saying, 0:02:07.160 --> 0:02:08.919 one day, why don't you do something about it? You know, 0:02:08.960 --> 0:02:11.160 I stopped talking about it. So I started writing a 0:02:11.200 --> 0:02:13.520 money mail, which is basically a Friday email to go 0:02:13.600 --> 0:02:17.320 out to help people understand more about money and texts 0:02:17.560 --> 0:02:19.280 and some of the things that I was seeing in 0:02:19.320 --> 0:02:22.520 my day job. And that then started to grow, and 0:02:22.560 --> 0:02:24.920 I knew that podcasting was probably the platform that was 0:02:24.919 --> 0:02:26.720 sort of in vogue and what people really want. 0:02:26.600 --> 0:02:27.160 To consume on. 0:02:27.200 --> 0:02:31.160 So I started doing podcasts with an audio version and 0:02:31.200 --> 0:02:34.920 that's growing and turned into Keep the Change Today that 0:02:35.000 --> 0:02:37.359 a lot of people listen to, but people read as well. 0:02:37.400 --> 0:02:39.480 And then the social content that wraps around, you know, 0:02:39.560 --> 0:02:42.000 everything we do in life these days, whether it's growing 0:02:42.000 --> 0:02:44.680 a business or trying to get information in front of people. 0:02:44.800 --> 0:02:48.920 So yeah, I'm into year five of Keep the Change 0:02:49.120 --> 0:02:52.200 Now and I'm into year eight of Next Advisory. 0:02:52.400 --> 0:02:57.600 Wow eight years, right, So let's you're right into it. Congratulations. 0:02:58.200 --> 0:03:00.520 I tell the team around she is his often. Actually, 0:03:00.600 --> 0:03:03.800 it's that your podcasts and your type of education is 0:03:03.800 --> 0:03:05.760 one that I personally resonate with a lot. So I'm 0:03:06.000 --> 0:03:08.359 I'm I've been excited to have this conversation, and you're 0:03:08.400 --> 0:03:11.640 super passionate about financial literacy. And it's obviously something that 0:03:11.680 --> 0:03:14.640 we believe in shares Is and we invest in heavily 0:03:14.680 --> 0:03:18.400 as well. It's absolutely critical to our business model. But 0:03:18.960 --> 0:03:21.240 what I'd like to know is, like, of the top 0:03:21.280 --> 0:03:25.160 five barriers that stop people from creating wealth, what are 0:03:25.200 --> 0:03:25.560 they for you? 0:03:25.639 --> 0:03:28.080 And you know, give us the first one, all right? 0:03:28.160 --> 0:03:29.959 So I was trying to sort of distill it into 0:03:30.000 --> 0:03:32.040 some of the common themes that I see, and I 0:03:32.040 --> 0:03:34.280 think you know one of them is that people, to 0:03:34.320 --> 0:03:36.640 start with, you know, don't have goals. And as much 0:03:36.640 --> 0:03:40.040 as I said before, invest for options people when they'll 0:03:40.080 --> 0:03:42.120 ask me money questions, which I'm not going to answer 0:03:42.120 --> 0:03:43.840 because I'm not a financial advisor, but I'm like, why 0:03:43.880 --> 0:03:45.880 don't you just take action that's going to get you 0:03:45.880 --> 0:03:49.480 closer to your goals? And so many times people won't respond, 0:03:49.720 --> 0:03:52.080 or that you can tell that they haven't actually thought 0:03:52.080 --> 0:03:54.480 about why they're doing what they need to be doing, 0:03:55.320 --> 0:03:57.320 or you know, what it is that they need to 0:03:57.320 --> 0:03:59.520 be doing, because they don't really know where they're going, 0:03:59.520 --> 0:04:02.240 and they've just been drifting. But I see it in 0:04:02.280 --> 0:04:04.520 business as well, and it's often why people come to 0:04:04.560 --> 0:04:06.320 us because they're trying to figure out where is it 0:04:06.320 --> 0:04:08.440 that they're trying to go and what is it that 0:04:08.440 --> 0:04:10.840 they're trying to achieve. And it's actually a really exciting 0:04:10.920 --> 0:04:13.480 exercise to do is figure out, Okay, you know, what 0:04:13.520 --> 0:04:15.760 are these things and it could be having a child, 0:04:15.800 --> 0:04:17.880 for instance, So then your goals are going to be Okay, 0:04:17.920 --> 0:04:20.120 well let's get ourselves ready for that. What are we 0:04:20.160 --> 0:04:21.480 going to need to buy? You know, what are those 0:04:21.480 --> 0:04:23.559 things going to cost? And all that sort of stuff. 0:04:23.560 --> 0:04:26.239 And then okay, well we set up an investment account 0:04:26.240 --> 0:04:28.320 for them. Do we agree with that as a couple, 0:04:28.520 --> 0:04:30.000 or do we want to make it hard for them 0:04:30.080 --> 0:04:31.760 or whatever? And you start to then get to have 0:04:31.800 --> 0:04:34.800 more of those conversations and then direct your money or 0:04:34.800 --> 0:04:37.880 your investments towards that. So I think to start with, 0:04:37.920 --> 0:04:41.320 you know, not knowing yourself or your goals. If you 0:04:41.360 --> 0:04:44.400 don't do that work, then it makes it tricky to 0:04:44.960 --> 0:04:47.600 kind of get on the right train and actually get 0:04:47.640 --> 0:04:48.600 moving in the right direction. 0:04:48.920 --> 0:04:50.560 I see a lot of that, and this was something 0:04:50.560 --> 0:04:53.880 I've always struggled with in business, and it surprises a 0:04:53.880 --> 0:04:57.960 lot of people given my background now, But I've always 0:04:57.960 --> 0:05:00.360 struggled with goals setting. But what I haven't struggle with 0:05:00.520 --> 0:05:02.160 is the idea that I will have goals and things 0:05:02.200 --> 0:05:03.800 I want to do in the future, which is something 0:05:03.800 --> 0:05:07.320 you touched on earlier around flexibility. So my early investing 0:05:07.440 --> 0:05:09.839 I started this investment club when I was seventeen, was 0:05:09.920 --> 0:05:12.479 purely because I knew that at some point in the 0:05:12.480 --> 0:05:14.040 future I would want to have money. 0:05:13.800 --> 0:05:16.200 Available, and I don't think I had any idea on 0:05:16.240 --> 0:05:16.839 what that was for. 0:05:16.920 --> 0:05:19.479 But like, I think you can overstress, can't you like 0:05:19.520 --> 0:05:22.279 the specifics of that sometimes, Like it's fine not to 0:05:22.320 --> 0:05:24.920 know necessarily that you want, but you should also be 0:05:24.960 --> 0:05:26.680 aware that you probably will want something. 0:05:26.880 --> 0:05:29.880 Yeah, yeah, I mean, like I paid eleven bucks in 0:05:29.920 --> 0:05:33.000 an uber to get down here for this, But years 0:05:33.000 --> 0:05:35.240 ago I would never have paid that because I'd be like, oh, 0:05:35.360 --> 0:05:36.719 you know, want to waste the money. I could just 0:05:36.760 --> 0:05:39.039 walk down and all that sort of stuff, But I 0:05:39.120 --> 0:05:41.680 needed to use the time, and I needed to take 0:05:41.680 --> 0:05:43.240 a phone call, and I needed to do like a 0:05:43.240 --> 0:05:44.920 little bit of prep for some other things that I've 0:05:44.960 --> 0:05:46.640 got coming up. So I look at it differently, and 0:05:46.720 --> 0:05:49.280 I think, actually that twelve dollars uber is an investment 0:05:49.440 --> 0:05:52.480 into myself because I can now get that time back 0:05:52.560 --> 0:05:54.599 rather than getting on a scooter and going down Queen 0:05:54.640 --> 0:05:56.960 Street and potentially bumping into someone or dropping my phone 0:05:57.080 --> 0:05:59.640 or getting to the endpoint and still being stressed. So 0:06:00.200 --> 0:06:02.200 you know, once you're a little bit clear around, you 0:06:02.200 --> 0:06:04.279 know what you're doing, why you're doing these things, and 0:06:04.279 --> 0:06:06.680 then what you need money for, it then makes it 0:06:06.720 --> 0:06:08.960 actually a little bit easier to deploy that. But if 0:06:09.000 --> 0:06:10.760 you know, if you told me at one stage or 0:06:10.800 --> 0:06:12.359 you'll pay twelve bucks to go and an uber to 0:06:12.360 --> 0:06:16.320 do that, I would be like, there's no way that 0:06:16.320 --> 0:06:17.200 I'm going to spend that. 0:06:17.240 --> 0:06:19.120 What a waste of money. Now I see it as 0:06:19.160 --> 0:06:21.320 an investment into my goals. 0:06:22.040 --> 0:06:24.640 Yeah, that's another good example of where I think people 0:06:24.760 --> 0:06:26.760 if they're doing that on behalf of the business, get 0:06:26.760 --> 0:06:29.640 that that's good use of money. Yeah, but on behalf 0:06:29.680 --> 0:06:32.360 themselves is a bit harder. That's a fantastic first one. 0:06:32.400 --> 0:06:33.080 What about the second? 0:06:33.560 --> 0:06:36.400 I think just not getting started at all and sort 0:06:36.440 --> 0:06:38.800 of being stuck at that, Oh maybe next year or 0:06:38.920 --> 0:06:41.440 I'll wait toill have cleared my credit card, or like 0:06:41.480 --> 0:06:43.480 there's always something that's going to get in the way. 0:06:43.960 --> 0:06:47.240 And I think if we don't just get started, then 0:06:47.480 --> 0:06:50.560 we don't give ourselves the opportunity to get closer to 0:06:51.160 --> 0:06:53.880 an ability to build a habit doing some of these things. 0:06:54.360 --> 0:06:56.200 Or it could be you know, someone said to me recently, 0:06:56.240 --> 0:06:58.200 I'm a student, so I don't have any money to invest. 0:06:58.279 --> 0:07:01.479 I'm like, well, mate, like dollar, you know, invest five 0:07:01.560 --> 0:07:04.360 dollars just to learn the process, just to get closer 0:07:04.400 --> 0:07:07.560 to it, to get around the right information, to understand 0:07:07.600 --> 0:07:10.200 what information they need to figure out what would you 0:07:10.240 --> 0:07:12.400 put it into? Because if you always believe you don't 0:07:12.400 --> 0:07:14.520 have enough money, like when do you sit down and 0:07:14.520 --> 0:07:17.320 have the conversation with yourself and go, oh, I've got 0:07:17.320 --> 0:07:19.480 a lot of money. Now all start investing. Because then 0:07:19.520 --> 0:07:21.920 what I see people do is they let's say inherent 0:07:21.960 --> 0:07:24.160 money or they get a bit of money and they're like, right, 0:07:24.640 --> 0:07:27.320 I'm going to start investing, But what do I do? 0:07:27.720 --> 0:07:29.920 So you probably could have learned what to do in 0:07:30.000 --> 0:07:32.600 the meantime, or you know, now they've got to go 0:07:32.680 --> 0:07:36.400 through the fear mode of oh, I'm too scared to invest. 0:07:36.440 --> 0:07:38.680 Should I Is it a good idea, but if they 0:07:38.720 --> 0:07:42.720 had maybe educated themselves along that journey, then it might 0:07:42.800 --> 0:07:45.360 be easier once they get to that point of having 0:07:45.400 --> 0:07:45.800 the money. 0:07:46.160 --> 0:07:48.520 One of the quotes I like to give anyone it 0:07:48.560 --> 0:07:51.240 shares is or listen to me. But the exponential part 0:07:51.320 --> 0:07:53.400 of the time folly of money equation, which for those 0:07:53.480 --> 0:07:55.640 who don't know that equation, it's worth a google. But 0:07:56.440 --> 0:08:01.320 it's basically just explaining compound interest. But literally the exponential 0:08:01.400 --> 0:08:04.520 or to the power of is time, and time is 0:08:04.640 --> 0:08:07.680 the most influential thing that you can do with your money. 0:08:08.200 --> 0:08:10.760 So I ran this interesting test. We've got kids accounts 0:08:10.800 --> 0:08:13.920 for a while. We we have kids, so it was 0:08:14.280 --> 0:08:17.080 very important to us that we gave them that opportunity. 0:08:17.520 --> 0:08:20.200 But what we started doing was we put five dollars 0:08:20.240 --> 0:08:26.040 a week away into our kids accounts because the maths 0:08:26.120 --> 0:08:28.800 I did was that that would mean they never had 0:08:28.840 --> 0:08:32.880 to worry about retirement if they and hopefully I'll be 0:08:32.920 --> 0:08:34.600 able to convince them to do it as well once 0:08:34.640 --> 0:08:37.880 they turn eighteen or whatever age you hand the portfolio, 0:08:38.120 --> 0:08:40.920 but not inflation adjust at all, just literally, in real terms, 0:08:40.960 --> 0:08:44.440 five dollars until they are sixty five, and they won't 0:08:44.559 --> 0:08:47.560 need anything else in their life for retirement, so just 0:08:47.600 --> 0:08:49.480 really trying to teach those habits over time. 0:08:50.000 --> 0:08:53.760 Yeah, I started investing for my nephew because I don't 0:08:53.800 --> 0:08:56.719 have kids yet, and I thought, Okay, I'm going to 0:08:56.760 --> 0:08:58.880 build a fund so that as he gets older, I 0:08:58.880 --> 0:09:01.880 can start teaching him around investing and there may be 0:09:02.320 --> 0:09:04.320 you know what he could put some money into, or 0:09:04.360 --> 0:09:07.920 maybe some different options around schooling or starting a business 0:09:08.080 --> 0:09:10.480 or you know, like whatever it could be. 0:09:11.200 --> 0:09:13.240 That's that's an awesome secument. What about the third. 0:09:13.640 --> 0:09:15.760 I've said here, like aiming for perfect? So I kind 0:09:15.760 --> 0:09:18.040 of get the messages of hey, what's the best platform 0:09:18.240 --> 0:09:21.120 to use? I'm like, just one that's going to get 0:09:21.160 --> 0:09:22.760 you in the game? Oh, which one is it? 0:09:22.840 --> 0:09:24.600 Like, I don't know, Like I don't go around studying 0:09:24.640 --> 0:09:24.920 the best. 0:09:24.960 --> 0:09:27.360 I've never been one of those people, so I don't 0:09:27.360 --> 0:09:29.400 get the whole sort of the perfect or what's the 0:09:29.440 --> 0:09:31.760 perfect time or that the. 0:09:31.720 --> 0:09:33.559 Best platform and all that stuff. 0:09:33.559 --> 0:09:35.040 And I kind of joke about it, you know, and 0:09:35.080 --> 0:09:37.679 I say, oh, look, well I'm going to get rid 0:09:37.679 --> 0:09:40.600 of the internet at my at my apartment now because 0:09:40.760 --> 0:09:43.400 you know, until I know what the best internet provider is, 0:09:43.559 --> 0:09:45.480 I just don't think there's any point in me having 0:09:45.480 --> 0:09:48.760 the internet? You know you, what are you doing? Your dickhead, 0:09:48.840 --> 0:09:51.640 Like that's ridiculous. But when it's investing, I don't think 0:09:51.679 --> 0:09:54.319 it's actually what people are saying. I think they're saying, Look, 0:09:54.640 --> 0:09:57.719 I'm pretty scared to do this, so I'm going to 0:09:57.760 --> 0:09:58.160 wait for. 0:09:58.120 --> 0:09:59.600 The perfect time, the best platform. 0:09:59.640 --> 0:10:01.680 I'm going to research you know what about their fees 0:10:01.760 --> 0:10:03.360 and like all of this stuff, and that's look, it's 0:10:03.400 --> 0:10:06.240 all important stuff to look into. But I kind of think, 0:10:06.640 --> 0:10:09.120 what wouldn't you get started first? And like, wouldn't you 0:10:09.120 --> 0:10:11.559 get the internet provider first? And someone comes around and goes, oh, 0:10:11.600 --> 0:10:13.000 you have them for the internet? Do you know you 0:10:13.040 --> 0:10:15.080 can actually switch easy and that one's a lot cheaper. 0:10:15.200 --> 0:10:17.520 Oh okay, but like, at least you've got the internet, 0:10:17.520 --> 0:10:19.800 you've got the Wi Fi going, you've got access to learning. 0:10:20.200 --> 0:10:22.000 But I think when you get yourself stuck at that 0:10:22.080 --> 0:10:24.719 kind of I need everything to be perfect, it's a 0:10:25.120 --> 0:10:27.360 really tough place to live because what happens if you 0:10:27.480 --> 0:10:29.680 got the perfect platform and the perfect time to invest, 0:10:29.760 --> 0:10:32.440 and then you know it just it changes. And you 0:10:32.440 --> 0:10:35.040 know this timing for me has always been something that 0:10:35.080 --> 0:10:36.840 I've kind of had to cop because you know, I 0:10:37.000 --> 0:10:39.319 made some really poor financial decisions throughout my life when 0:10:39.400 --> 0:10:42.480 you know, I should have known better, and I could 0:10:42.480 --> 0:10:44.679 have invested into zero, I could have invested in more 0:10:44.720 --> 0:10:46.720 into a two milk. And I've got all these stories 0:10:46.720 --> 0:10:48.360 that I share and keep the change and stuff. But 0:10:48.640 --> 0:10:51.800 then I finally start getting myself financially sweet again, and 0:10:51.840 --> 0:10:53.800 I'm like, right, mate, you know the next step is 0:10:53.840 --> 0:10:56.640 to is to start investing. So Bang deploys some capital 0:10:56.640 --> 0:10:59.480 into the market, and it's like, you know, three months 0:10:59.480 --> 0:11:02.320 before the pandemic starts. I'm like, of course it is, 0:11:02.559 --> 0:11:06.200 you know, seriously, But I'm like, well, I just have 0:11:06.280 --> 0:11:08.920 to go through it, you know. But you're never going 0:11:09.000 --> 0:11:10.800 to perfect it. You're never going to time it. But 0:11:10.840 --> 0:11:13.199 I think when you get stuck in the analysis paralysis 0:11:13.280 --> 0:11:15.520 or waiting for the perfect time or the perfect platform, 0:11:15.840 --> 0:11:17.480 you just have to have a chat with yourself and 0:11:17.520 --> 0:11:20.079 go how realistic is this and how long is it 0:11:20.120 --> 0:11:21.960 going to hold me back from moving forward in my life? 0:11:22.080 --> 0:11:25.000 And then there's like a second confidence thing on this 0:11:25.080 --> 0:11:27.560 getting started, which is something I hear a huge amount, 0:11:27.600 --> 0:11:30.000 including from some of the people who work at Cheesy sometimes, 0:11:30.520 --> 0:11:33.960 which is like, oh, I'll ask about investing, like do 0:11:34.000 --> 0:11:36.520 you invest, And I'm very proud that most people now 0:11:36.520 --> 0:11:38.880 say yes, I do. Like that's an epic change I 0:11:38.880 --> 0:11:41.200 think over the last sort of eight years or so. 0:11:42.080 --> 0:11:43.600 But after that, though, like, but I don't really know 0:11:43.640 --> 0:11:45.480 what I'm doing. I just put some money in every 0:11:45.480 --> 0:11:48.480 week into these funds and I ort to invest it. 0:11:48.720 --> 0:11:51.679 I'm just like, you know exactly what you're doing, Like, 0:11:52.559 --> 0:11:54.880 there is actually a great strategy and it's the one 0:11:54.920 --> 0:11:57.959 you've chosen. And I'm like, I'm excited for that next 0:11:58.640 --> 0:12:00.840 bit of ownership, which is not only have people got 0:12:00.840 --> 0:12:03.720 past this getting started hurdle, they're also in the confidence 0:12:03.760 --> 0:12:06.360 part of like, yes, I'm an in vesta and yes 0:12:06.400 --> 0:12:08.360 I know what I'm doing. I dollar cost average and 0:12:08.400 --> 0:12:10.520 I do that every week and it's the way that 0:12:10.559 --> 0:12:14.040 my money works best for me. So that's another epic one. 0:12:14.080 --> 0:12:15.600 Watch one way up to here are we up to 0:12:15.760 --> 0:12:16.839 number four? 0:12:17.800 --> 0:12:18.000 Four? 0:12:18.440 --> 0:12:19.440 Yeah? 0:12:19.480 --> 0:12:22.520 So this one, I guess it's kind of analysis paralys 0:12:22.679 --> 0:12:25.280 paralysis slash noise and it kind of combines with that 0:12:25.320 --> 0:12:27.400 through one I think. But then I bump into these 0:12:27.400 --> 0:12:29.880 people that like know everything, and I'm like, wow, this 0:12:29.920 --> 0:12:32.800 person is so educated and like, how the hell do 0:12:32.840 --> 0:12:35.240 they know all this information? And then I'll ask them, Okay, 0:12:35.240 --> 0:12:36.680 so what are you doing of this information? 0:12:37.679 --> 0:12:37.959 Ah? 0:12:38.040 --> 0:12:41.640 No, nothing, Well what's the point of having you know 0:12:41.720 --> 0:12:44.360 all of this information? So I think some people go 0:12:44.400 --> 0:12:47.559 and collect all the data and they do analyze all 0:12:47.559 --> 0:12:49.680 of the platforms and all the different options and the 0:12:49.720 --> 0:12:52.360 different funds, and there's this one hedged against the dollar 0:12:52.520 --> 0:12:54.760 and this one backed by gold, and like all of 0:12:54.760 --> 0:12:57.000 this stuff, and they know it all, but they still 0:12:57.040 --> 0:12:59.840 haven't taken any action. You kind of think, what, like, 0:13:00.000 --> 0:13:02.000 why have you made your life so hard? So I think, 0:13:02.440 --> 0:13:06.680 you know, sometimes those sorts of people they gravitate towards 0:13:06.720 --> 0:13:10.280 having everything before getting started. But again, it doesn't mean 0:13:10.320 --> 0:13:14.520 that they may make the right decisions because they still 0:13:14.600 --> 0:13:18.120 can't bring themselves to letting go of the cash. 0:13:17.440 --> 0:13:19.480 To repeat the four we've got so far as I 0:13:19.800 --> 0:13:22.920 written down, So no goals or not knowing yourself and 0:13:22.960 --> 0:13:27.360 then not getting started or thinking it won't make a 0:13:27.400 --> 0:13:32.120 difference if you do aiming for perfect and then analysis paralysis, 0:13:32.200 --> 0:13:34.560 so overthinking it and doing too much work, but also 0:13:34.600 --> 0:13:35.360 not getting started. 0:13:35.600 --> 0:13:37.360 So what's the fifth? 0:13:37.679 --> 0:13:39.760 I think the fifth is, you know, fear of losing money, 0:13:39.800 --> 0:13:41.720 and I think if we're realistic, for a lot of us, 0:13:41.800 --> 0:13:44.600 we're scared, right, we are really freaking out that our 0:13:44.600 --> 0:13:46.520 money is going to go backwards. And we are the 0:13:46.559 --> 0:13:49.520 people who got it wrong, who timed it wrong, who 0:13:50.160 --> 0:13:52.640 you know, have to tell people that my investments have 0:13:52.720 --> 0:13:53.240 gone backwards. 0:13:53.240 --> 0:13:54.600 And like you say, people are probably. 0:13:54.280 --> 0:13:57.319 Logging into their accounts and seeing that, and it's I 0:13:57.840 --> 0:14:00.680 think I've read somewhere that you know, your human sees 0:14:00.720 --> 0:14:04.120 the negative and it feels way worse than the positive. Right, 0:14:04.160 --> 0:14:06.400 So if we're down ten percent, that's going to be 0:14:06.480 --> 0:14:09.240 magnified compared to if we're up ten percent. So we're 0:14:09.240 --> 0:14:11.040 probably going to be logging back in the next day like, 0:14:11.040 --> 0:14:12.079 oh we're down to eleven. 0:14:12.760 --> 0:14:15.520 But you know, does it really matter? 0:14:15.800 --> 0:14:18.599 And if you're keeping yourself in the market, time in 0:14:18.640 --> 0:14:20.600 the market, and you're not trying to time it, then 0:14:21.360 --> 0:14:23.000 you're going to have to accept that there will be 0:14:23.120 --> 0:14:25.240 ups and downs, just like me buying just before we 0:14:25.320 --> 0:14:28.560 go into a pandemic. And you know, I've got countless 0:14:28.600 --> 0:14:31.560 stories about it. But you know, to think that you're 0:14:31.560 --> 0:14:34.760 gonna ever invest or to get away with spending money 0:14:34.760 --> 0:14:37.720 in your life and not get something go wrong, it's 0:14:37.800 --> 0:14:40.840 probably a little bit silly, and I think what's hard 0:14:40.880 --> 0:14:42.080 And you know, what's something I was going to touch 0:14:42.080 --> 0:14:44.680 on earlier for you guys, mate, is that you're competing 0:14:44.720 --> 0:14:46.680 in a world of consumerism with so many people can 0:14:46.680 --> 0:14:49.520 make sense of the best credit card, the best buy now, 0:14:49.560 --> 0:14:52.440 pay later, you know, all of that stuff, and you know, 0:14:52.480 --> 0:14:55.080 wait till this month to get this deal, and what 0:14:55.240 --> 0:14:56.720 this place has got a better deal, and like we 0:14:56.720 --> 0:14:58.640 can figure all that out, but as soon as it 0:14:58.680 --> 0:15:00.600 comes and we're going to get some thing in return 0:15:00.720 --> 0:15:02.920 quickly that we probably won't even have by the next 0:15:03.000 --> 0:15:04.960 year and it might end up in the bin or 0:15:04.960 --> 0:15:07.440 we don't use it, and the dopamine rushes is let go. 0:15:07.560 --> 0:15:10.520 But when it comes to investing, it's like, oh should 0:15:10.560 --> 0:15:11.000 I do that? 0:15:11.160 --> 0:15:12.120 Is that a good idea? 0:15:12.680 --> 0:15:15.080 When really you know there's a chance that that's actually 0:15:15.080 --> 0:15:17.120 going to turn into something in the future. 0:15:17.880 --> 0:15:19.840 One of the examples we often use it shares is 0:15:20.120 --> 0:15:24.520 like New Zealanders love investment property. If we can move 0:15:24.600 --> 0:15:26.920 the knowledge that we have from there, which is now 0:15:27.000 --> 0:15:32.440 inherent I think as a country, into capital or equities 0:15:32.800 --> 0:15:35.520 in capital markets, then that could serve us very well 0:15:35.520 --> 0:15:37.360 and what I mean by that is like, if someone 0:15:37.400 --> 0:15:40.280 buys a house first, there's no little ticker on the 0:15:40.400 --> 0:15:43.080 letterbox that says, hey, you're up one percent today and 0:15:43.120 --> 0:15:45.320 down one percent or anything, So you don't arrive at 0:15:45.360 --> 0:15:47.200 it every day thinking you need to check what that is, 0:15:48.080 --> 0:15:50.400 or if you do check on one of the websites. 0:15:50.480 --> 0:15:53.400 It doesn't really emotionally affect you because you know that 0:15:53.520 --> 0:15:56.480 a sealer or a buyer has to want a certain price. 0:15:56.760 --> 0:15:58.720 You know that if you sell it tomorrow. 0:15:58.360 --> 0:16:00.600 You'll probably lose money on real estate fees and all 0:16:00.640 --> 0:16:02.840 of these other things, and you know if you hold 0:16:02.840 --> 0:16:04.480 it for a long time, you'll probably do very well 0:16:04.480 --> 0:16:04.880 out of it. 0:16:05.640 --> 0:16:07.280 So, like, I think we can. 0:16:07.160 --> 0:16:09.720 Just take those lessons because it's exactly the same in companies, 0:16:09.760 --> 0:16:12.480 and ultimately, we live in a world. 0:16:12.320 --> 0:16:14.160 Where growth is required. 0:16:14.160 --> 0:16:16.760 It's baked into our system a certain amount of inflation, 0:16:17.440 --> 0:16:19.280 and to achieve that we need to do certain things. 0:16:19.280 --> 0:16:23.640 And companies, Like, one of my favorite things to remind 0:16:23.640 --> 0:16:25.520 people is that companies pay the mortgage. 0:16:25.560 --> 0:16:27.000 The mortgage doesn't pay the company. 0:16:27.640 --> 0:16:29.960 So like, the more we can get into that in 0:16:29.960 --> 0:16:32.520 that mindset, then like, at the end of the day, 0:16:32.560 --> 0:16:34.720 if the market as a whole is not worth anything 0:16:34.760 --> 0:16:37.040 into the future, then money is not a thing as 0:16:37.080 --> 0:16:38.800 we know it now, so it doesn't matter, you know it. 0:16:39.120 --> 0:16:43.000 Actually it's engineered to perform the. 0:16:43.160 --> 0:16:44.360 Like very quickly on that, you know. 0:16:44.360 --> 0:16:45.880 I think that was one of the unlocks for me 0:16:45.920 --> 0:16:47.800 as I started building up enough money that I got 0:16:47.840 --> 0:16:50.480 a return on it, and I had this realization of, well, 0:16:50.560 --> 0:16:52.720 this company's paid for my gym membership, and then I 0:16:52.720 --> 0:16:55.160 started to go deeper. O. Okay, if I continue to invest, 0:16:55.160 --> 0:16:57.040 and if I continue to get returns, whether it be 0:16:57.120 --> 0:17:01.000