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Speaker 1: There are more ways to wealth with chair zas, save

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Speaker 1: with a great rate, ensure your car with no worries,

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Speaker 1: or join the key. We see this scheme with real choice.

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Speaker 1: It's your wealth, your way. Do more with chare zas.

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Speaker 2: Properties easy, you just buy it and hold. Essentially, I

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Speaker 2: have grown wealth from owning property, but I never bought

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Speaker 2: a single one of them. As an investment, life happens.

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Speaker 2: You can make as many five, ten, fifteen to fifty

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Speaker 2: year plans as you want. The plan is going to

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Speaker 2: go out the window, probably within twelve months. We are

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Speaker 2: in a newly unique, uncertain environment where the world trade system,

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Speaker 2: quite frankly, is changing.

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Speaker 3: Kira Koto, I'm Garth Bray and we're doing things a

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Speaker 3: little differently on shared lunch for the next few weeks.

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Speaker 3: More than money is about exploring the wealth choices that

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Speaker 3: change us. Let's open up the conversation about what wealth

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Speaker 3: really means beyond investing or hear from some familiar folks

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Speaker 3: and chat about the choices they've made on their wealth journey.

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Speaker 3: Today we're talking to independent economists and the weather man

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Speaker 3: of the New Zealand property market, Tony Alexander. But first,

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Speaker 3: some important information you should always consider when investing.

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Speaker 4: The experience is shared in this episode. Are not advice

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Speaker 4: or a recommendation or opinion by guests to invest or

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Speaker 4: act in the manner they have in appearance on the series.

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Speaker 4: Is not an endorsement by Shares. Is of the views

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Speaker 4: of the presenters or guests their views.

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Speaker 3: Of their own. Before we get to a conversation, today,

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Speaker 3: Cutinger from our social media team hit the streets to

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Speaker 3: find out what keyws think about wealth.

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Speaker 5: What is wealth to you?

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Speaker 4: Obviously there's financial wealth. There's obviously wealth and happiness, I think,

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Speaker 4: and living a good life.

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Speaker 6: The word wealth is synonymous with money. True wealth is

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Speaker 6: a lot more than that, So will you talk about

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Speaker 6: real wealth is the wealth of the environment, the wealth

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Speaker 6: of a healthy.

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Speaker 4: Planet, happiness and health. As long as you've got your

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Speaker 4: health and love and family, those are the most important things.

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Speaker 5: It's stuff that you can't change.

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Speaker 6: So it's like these are the cards you're doubt.

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Speaker 5: You know, playing well, and that can't work. It's kind

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Speaker 5: of like freedom. I grew up in a big family

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Speaker 5: and I had a lot of hand me downs and

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Speaker 5: stuff when I was little, and like there were things

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Speaker 5: that we couldn't get, So like having that freedom to

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Speaker 5: go to the supermarket and buy, like I don't know,

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Speaker 5: the nice areal and not the.

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Speaker 7: PMS, especially when you've got family and kids and stuff

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Speaker 7: is removing the worry. It takes many forms, but money

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Speaker 7: helps all those areas.

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Speaker 3: So Tony Alexander, a man known for his forecasts, You're

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Speaker 3: like the weathermen of money in the housing market. To me,

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Speaker 3: I think you can sort of look out and see

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Speaker 3: what's going on. I would have thought you have a

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Speaker 3: very good idea of what wealth means to you. Do

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Speaker 3: you care to share?

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Speaker 5: Oh?

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Speaker 2: For me, it means if I were to receive no

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Speaker 2: income at all from any source for the next two years,

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Speaker 2: I'd still be okay, be able to stay where I am,

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Speaker 2: feed myself, help out the family if necessary, because of

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Speaker 2: a good financial backstop. Basically, so for me, it means

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Speaker 2: good financial backstop as opposed to necessarily a feeling of

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Speaker 2: financial success or something like that.

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Speaker 3: Well, and I guess that sense of certainty would be

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Speaker 3: there the whole time, whether you need it or not.

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Speaker 2: Exactly, there's always a good feeling that you have something

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Speaker 2: really really goes bad. If we have huge medical expenses,

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Speaker 2: for instance, that we're going to be able to pay

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Speaker 2: them something like that, either for myself, my wife or

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Speaker 2: the children.

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Speaker 3: How does a feeling of wealth of the kind that

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Speaker 3: you talk about, how would that sort of change your

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Speaker 3: approach to risks or investments or someone? How does it

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Speaker 3: change your outlook.

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Speaker 2: If you wanted to build wealth, you want to relatively

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Speaker 2: earlier on and your working career to think about, well,

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Speaker 2: how are you best going to make it? And what

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Speaker 2: I've seen around me over the decades is basically far

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Speaker 2: too many people willing to bite off their nose to

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Speaker 2: spite their face. They may have themselves a good job

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Speaker 2: or a good business, but something upsets them about it,

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Speaker 2: and rather than, as the Chinese would say, swallow the bitterness,

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Speaker 2: they basically that's it, man, I'm out of here. Find

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Speaker 2: what you are good at and you work it like

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Speaker 2: you work nothing else apart from your marriage maybe in

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Speaker 2: your life. And I guess that's what I did. In

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Speaker 2: the corporate sector. It wasn't always the most enjoyable experience,

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Speaker 2: but every fortnight, kabam kabam, there was a salary coming along, kabam, kabam,

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Speaker 2: com bam, and that a cruise over time. So my

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Speaker 2: advice to people would be, don't be hopping around like

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Speaker 2: a phibbity gibbit, necessarily from one thing to another as

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Speaker 2: early as possible, find out sort of what you're good at,

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Speaker 2: and hopefully there's a chance it's a reasonable reasonably good

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Speaker 2: earner as well, and focus your investment on that doing

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Speaker 2: what you do better.

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Speaker 3: Flippity gibbet is such a great word. Thank you for

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Speaker 3: introducing that. Reintroducing that to the discourse again there, Tony.

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Speaker 3: If I can think about good financial decisions, and you've

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Speaker 3: talked about one there, which is sort of stable employment,

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Speaker 3: a bit of an ask these days, is there something

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Speaker 3: you can zone in on that you could share that

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Speaker 3: was a really sort of great particular financial decision that

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Speaker 3: you might have made at some point. Can be small.

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Speaker 2: It wouldn't be on the property side. I mean, property

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Speaker 2: is easy. You just buy it and hold essentially. And

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Speaker 2: for me, I have grown wealth from owning property, but

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Speaker 2: I never bought a single one of them as an investment.

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Speaker 2: There was always a family reason, so I couldn't. Actually,

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Speaker 2: despite me always talking about property, say or claim some

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Speaker 2: sort of all that was a great investment property decision, No,

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Speaker 2: that was pure luck and just holding stuff for the

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Speaker 2: long term.

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Speaker 3: For me.

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Speaker 2: My answer to questions like that has always been my

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Speaker 2: best investment has been in my career in finding what

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Speaker 2: I was good at and then change in the job around,

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Speaker 2: especially when I was working at the bn Z, so

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Speaker 2: I did less of the deep background research in the

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Speaker 2: back room and more of the front focusing talking to people,

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Speaker 2: writing in a language people could understand. I focused on

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Speaker 2: my strengths and the remuneration followed from that. So in

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Speaker 2: a way, that was my best financial decision, focusing on

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Speaker 2: my career and what I could achieve from that, and

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Speaker 2: the wealth just sort of accrued off to the side,

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Speaker 2: quite frankly.

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Speaker 3: And you had fun, and you had fun while you

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Speaker 3: were doing it, I'm presuming.

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Speaker 2: And I've had fun along the way and still am

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Speaker 2: in my role as an independent economist and feel that

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Speaker 2: I have, I guess, made the world slightly better for

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Speaker 2: maybe Kiwis on average. I haven't aimed to improve the

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Speaker 2: world for the large corporates, necessarily for the fund managers

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Speaker 2: or anything like that. My focus has always been on

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Speaker 2: the average person in the street looking at managing their

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Speaker 2: family finance answers, you know, buying their own property or

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Speaker 2: something like that, and trying to at least give them

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Speaker 2: some reasonable indication, information in a language they could understand.

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Speaker 2: And that's what I'm going to continue doing for a

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Speaker 2: way while longer.

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Speaker 3: Good to hear well, I want to add a little

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Speaker 3: drama to the story if I can. There must have

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Speaker 3: been a point where you face some difficulty of some

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Speaker 3: kind or or had to make a tough decision around,

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Speaker 3: particularly around sort of wealth and financial matters. Is that

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Speaker 3: something you're happy to talk about?

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Speaker 2: Well, in terms of everyone has challenges along the way.

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Speaker 2: Basically life happens. You can make as many five, ten, fifteen,

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Speaker 2: fifty year plans as you want. The plan is going

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Speaker 2: to go out the window, probably within twelve months because

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Speaker 2: new challenges will come along. And the secret is to

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Speaker 2: be able to recognize when the ground is shifting under

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Speaker 2: your feet and develop an adaptation adapt to changes in

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Speaker 2: your environment. And I guess for me, the biggest challenge,

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Speaker 2: quite frankly, came right at the start of my career,

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Speaker 2: or just over under forty years ago, when I had

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Speaker 2: five months working at the Reserve Bank of Australia in

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Speaker 2: Sydney and I just basically got really really bored and

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Speaker 2: I left and there was a period when I was thinking, oh,

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Speaker 2: my goodness, I think I've thrown away those five years

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Speaker 2: at university. Maybe I'm not going to be an economist overall.

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Speaker 2: I eventually became a graduate trainee at Westpac and spent

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Speaker 2: six months in a bank branch that was fantastic. There

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Speaker 2: was no economics involved at all, and it allowed me

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Speaker 2: to have a good reset at the time. So taking

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Speaker 2: some time out, just stepping away a little bit for

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Speaker 2: me was actually extremely useful at the time, and it

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Speaker 2: helped with what was essentially a crisis of that long

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Speaker 2: term career projection.

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Speaker 3: If you had something you wanted to share that Kiwis

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Speaker 3: might want to think about changing this year, particularly the

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Speaker 3: Shares's audience who are interested, I suppose in their prospects

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Speaker 3: and in some of the predictions and forecasts that you've

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Speaker 3: been talking about. What do you think people should change

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Speaker 3: this year?

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Speaker 2: Change the frequency with which you review your portfolio allocation.

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Speaker 2: Because we are in a newly unique, uncertain environment where

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Speaker 2: the world trade system, quite frankly, is changing, where the

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Speaker 2: geopolitical environment is challenged by the legitimate long term rise

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Speaker 2: of China, that there is a chance for far greater

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Speaker 2: volatility than it had been the case in the past.

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Speaker 2: And I would fully expect the very large hedge funds

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Speaker 2: are devoting increased research resources to try to figure out

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Speaker 2: exactly what's going to happen with US policies, etc. And

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Speaker 2: individuals maybe need to do the same thing. So I'll

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Speaker 2: just be keeping a closer eye on my portfolio allocations

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Speaker 2: and maybe just the allocations that are done by the

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Speaker 2: fund managers generally.

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Speaker 3: Wow a summer of watching the news. Thank you very much,

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Speaker 3: Tony Alexander, and thank you all for watching. Catch more

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Speaker 3: of More than Money here on Shared Lunch.

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Speaker 4: More Than Money is a series about the wealth choices

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Speaker 4: that change us as Cheeseys grows. We want to be

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Speaker 4: able to provide a space for shared experience that can

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Speaker 4: benefit everyone who wants to grow their wealth, whatever path

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Speaker 4: it takes. Now, there are more ways to wealth with

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Speaker 4: Chazys beyond investing. Log in to see our Ultra Flexible

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Speaker 4: cur insurance, or join our Chase's keepisab scheme. There's a

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Speaker 4: world of choice, so you can build wealth your way.

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Speaker 4: Cheesey's Investment Management Limited is the issuer of the Chaz's

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