Speaker 1: You're listening to the Weekend Collective podcast from News Talks EDB.
Speaker 2: And welcome back to the Weekend Collective. I'm Tim Beverage.
Speaker 2: By the way, gosh, a couple of fantastic hours, No
Speaker 2: pressure on my next guest. We had a great interesting
Speaker 2: interview on politics with Lockwoodsmith just around the UK election,
Speaker 2: but also if he had an interesting take on First
Speaker 2: Past the Post and a certain nostalgia for it which
Speaker 2: was kind of irresistible the way he described it. But anyway,
Speaker 2: you can go and check that out. Go and look
Speaker 2: for the Weekend Collective on iHeartRadio. All the show's packaged
Speaker 2: up into any little package, and the last hour talking
Speaker 2: about the benefits of lifting heavy weights when it comes
Speaker 2: to defeating or fending off osteoporosis, and a fascinating discussion
Speaker 2: with with Greg Pain from BioSport dot in dot codd
Speaker 2: en Zen. But right now it's smart money and my
Speaker 2: guest is while she's written a few books, she's a
Speaker 2: personal wealth educator from Acumen.
Speaker 3: And it is Lisa Dudson, Lisa High, how are you.
Speaker 4: I'm very good, Thank you, Bonip.
Speaker 2: It is well one would hope, so I guess yeah,
Speaker 2: you are you? A winter person.
Speaker 4: Not really. I mean I've just come back. I've you know,
Speaker 4: obviously you read to get the violins out, but I've
Speaker 4: just come back from six weeks in Greece and Turkey,
Speaker 4: so you know, the whole winter things a little bit
Speaker 4: more jealousy.
Speaker 2: I just feel a bit a bit hot, a bit
Speaker 2: cold here, just because I've been in Greece. You know,
Speaker 2: it's all sunny and hot.
Speaker 3: I've got a maide of mind.
Speaker 2: He's just been. He's in Greece right now and sending
Speaker 2: me photos and that all looks so it does. I mean,
Speaker 2: obviously people make sure they send you the best pecks,
Speaker 2: but man, it does look gorgeous in that water and everything.
Speaker 1: Yeah.
Speaker 4: I have to say though, the water when we're in
Speaker 4: Greece was pretty chilly. The water in Turkey was nice.
Speaker 4: But you know, you know, we loved being away, but
Speaker 4: also we came home, we thought, and you know, it's
Speaker 4: pretty hard to beat in New Zealand.
Speaker 2: Oh nice to be home then, yeah, good on you,
Speaker 2: Yeah and.
Speaker 4: Really nice, you know. I mean, it's nice scenery overseas,
Speaker 4: but I think a lot of people don't look after
Speaker 4: the country quite as well as maybe what we do
Speaker 4: in New Zealand. So that's a nice thing about being
Speaker 4: back home.
Speaker 5: You know.
Speaker 2: The other thing you've been if you've been traveling there,
Speaker 2: you've been almost at the peak of sort of summer type.
Speaker 2: Well not the peak, but it's fairly hot. Lots of
Speaker 2: tourists and.
Speaker 3: I always think that the Yeah, I like.
Speaker 2: To travel on sort of off season now because the
Speaker 2: crowds and some of these you know, you see photos
Speaker 2: of the Trevy Fountain or something, but you see the
Speaker 2: reality versus the brochure, and it's like, you know, I
Speaker 2: think they had to close the Trevy Fountain or something.
Speaker 2: I'm thinking of a different country obviously.
Speaker 4: Bit yeah, I mean honestly that we were in Greecelan
Speaker 4: Pantheon at the beginning of May and we were shuffling
Speaker 4: with that people, right, yeah, so crazy busy.
Speaker 2: Anyway, Well, nice to have in the studio. Do we
Speaker 2: need to adjust their conditioning for you?
Speaker 4: I don't know, it's got to ask it out of
Speaker 4: it out of the heat.
Speaker 2: Can you set it to grease temperature please?
Speaker 3: I don't know.
Speaker 4: A nice twenty eight actually I think we were up
Speaker 4: to thirty nine. Oh no, that wasn't so pleasant.
Speaker 2: But I'm a winter guy. I like to be able
Speaker 2: to just dress for the cold. But anyway, enough of
Speaker 2: that now. Actually just sort of leading into the topic,
Speaker 2: what was it like being away? And you obviously as
Speaker 2: a tourist, you've sort of got your roast tinted glasses
Speaker 2: on a little bit from time to time. What was
Speaker 2: it like coming back to New Zealand Because we are
Speaker 2: pretty down on ourselves right now.
Speaker 4: Yeah, and look at there is a little bit of
Speaker 4: that sentimental all around the world. I think, you know,
Speaker 4: everyone in Greece and Turkey was talking about the fact that,
Speaker 4: you know, the cost of living. I mean Turkey in
Speaker 4: particular has had phenomenal inflation and I was actually surprised
Speaker 4: to how expense for everything was in Turkey. So, you know,
Speaker 4: I think we've we're not on our own talking about
Speaker 4: how tough it is out there at the moment, and
Speaker 4: that was a common thing that everyone was talking about
Speaker 4: while we're away.
Speaker 2: It's interesting because I've spoken to people in Australia and
Speaker 2: a lot of the lot of the well, the zeitgeist
Speaker 2: in New Zealand as everyone's going on, it's so great
Speaker 2: in Australia and everyone's leaving, and yet when you speak
Speaker 2: to people who have been living in Australia, they complain
Speaker 2: of the same things that we're winging about as well.
Speaker 2: It's funny, isn't it that we have this gilded sort
Speaker 2: of image of everywhere else, but to hear someone in Australia, oh, mate,
Speaker 2: the cost of living has gone up and the interest
Speaker 2: rates and et cetera, et cetera, et cetera, And I
Speaker 2: was like, oh, it's almost a relief.
Speaker 4: And I think also too, human beings always tend to
Speaker 4: think the grass is greener on the other side, and
Speaker 4: invariably it's not. And you know, that was the thing
Speaker 4: we love to be in overseas, but we're also super
Speaker 4: glad to be home as well, because there's lots of
Speaker 4: great things about being in New Zealand.
Speaker 2: Oh that is that's surprisingly refreshing to hear that, Lisa,
Speaker 2: good on you. But now look while we're talking about
Speaker 2: it though, because at the moment, I mean, where there's
Speaker 2: conversations not that we're going to be talking about so
Speaker 2: much about the property market, but one of the things
Speaker 2: that we're chatting yesterday with Kelvin Davidson from the from
Speaker 2: Core Logic about how the saggy economy is you know,
Speaker 2: the effect on the property market, but the word saggi
Speaker 2: economy and the fact that there are a lot of
Speaker 2: people who are struggling.
Speaker 3: Because forget tax cuts.
Speaker 2: If Adrian or keeps his cash right up there, that's
Speaker 2: doing a hell of a lot more impact on people's
Speaker 2: lives than any little tax cut can do. And people
Speaker 2: are doing it tough, aren't they.
Speaker 4: Oh? Look absolutely, I mean there's no question. It's just
Speaker 4: about everyone you talk to is doing it tough in
Speaker 4: some shape or form. You know, what, did I read
Speaker 4: the other five hundred thousand, almost five hundred thousand Kiwis
Speaker 4: are behind in some kind of debt repayment?
Speaker 2: Yeah it was I think, Yeah, it was just under
Speaker 2: five hundred thousand people who've defilt they had defaulted on
Speaker 2: some debt arrangement.
Speaker 4: Yeah, so that's that's really significant. And that's whether it's
Speaker 4: your credit card, or whether it's your more good or
Speaker 4: car payments or business loans, you know, could be a
Speaker 4: whole range of things. So I don't know how that compares.
Speaker 4: I mean, it is high. I don't know how much
Speaker 4: higher statistically it was from last year though.
Speaker 2: But you know how they measure that would have been?
Speaker 2: How would they get the data on that. Would they
Speaker 2: would they get data from for instance, I mean like
Speaker 2: your water care bill, if you have missed the payment,
Speaker 2: would you suddenly go bing wow?
Speaker 4: And then that's the thing. They probably do some surveys
Speaker 4: and then makes a bunch of assumptions, I would imagine,
Speaker 4: because it would be quite hard to get that really
Speaker 4: accurate data, I would think, But it would be if
Speaker 4: you missed a utility payment.
Speaker 2: I missed them all the time, only because I'm so
Speaker 2: like disorganized. Well, it's not the biggest bill you get.
Speaker 2: And I do pay attention to my credit card bill
Speaker 2: because that's the one where hello, twenty eight percent or
Speaker 2: whatever if you don't pay it twenty yeah.
Speaker 4: But the utilities, though, if you don't pay it on time,
Speaker 4: you're often paid a ten percent penalty on it.
Speaker 2: I think I got a four dollar penalty at one stage,
Speaker 2: So I was like, that's not very you know, but
Speaker 2: it's actually you know what, let's not get distracted by that.
Speaker 2: But the thing is financial stress is I think one
Speaker 2: of the if not the top of the list for
Speaker 2: the most debilitating thing that can affect Okay, I know
Speaker 2: there are people who will have health issues and stuff
Speaker 2: that can be also very stressful, but in terms of
Speaker 2: it's a very common ailment. Oh, you got to have
Speaker 2: financial stress, and how to deal with that when the
Speaker 2: solution financially is not always immediately apparent. I mean, you've
Speaker 2: written books about money and finance and things like that.
Speaker 2: I mean, what are your sort of observations on the
Speaker 2: best ways to deal with it when you really are
Speaker 2: just thinking, gosh, I'm just sweating from week to week.
Speaker 4: Well, yeah, And I guess there is two pop components
Speaker 4: that one is the mental head space around it and
Speaker 4: that sort of financial stress, and then there's also the
Speaker 4: practical side of financial stress. So we look at it
Speaker 4: more from the mental perspective. I guess it's just trying
Speaker 4: not to let it overwhelm you and recognizing that you
Speaker 4: are going through some tough time and not beating yourself
Speaker 4: up too much about it, because I think that's one
Speaker 4: of the challenges that a lot of people have is
Speaker 4: they kind of ready give themselves a good kicking about
Speaker 4: the fact that they're in the maybe the meat that
Speaker 4: they are that they're in. But a lot of other people,
Speaker 4: as we've just heard with that statistic, are in a
Speaker 4: bit of a francive pickle as well. So I think
Speaker 4: it's you know, you're not on your own, and it's
Speaker 4: just kind of going, Okay, well, let's just trying to
Speaker 4: work through this, maybe some meditation or mindfulness.
Speaker 2: Because I think that the problem with it is is
Speaker 2: if you're the way it can be so I can't
Speaker 2: think of the word, but it seeps its way into
Speaker 2: other aspects.
Speaker 3: Of your life.
Speaker 2: Absolutely when you're unhappy, So maybe you're you've got less
Speaker 2: patience for your kids and your relationship and your grump
Speaker 2: and things like that, and it just has this and
Speaker 2: you know, I just wonder if if there are any
Speaker 2: what are the best ways? I guess maybe with the
Speaker 2: question we should ask is what is the worst way
Speaker 2: to deal with financial stress? Which is probably to ignore it?
Speaker 4: Yeah, to put your head in the sand. Yeah, absolutely.
Speaker 4: And you know, even if you've got problems with the
Speaker 4: ID for instance, you know the ID, and I've said
Speaker 4: this before on the show, is that they're actually really
Speaker 4: good to deal with if you get in some challenges
Speaker 4: with anything, you with tax debt or i idid it.
Speaker 4: But if you put your head in the sand, then
Speaker 4: they conver the complete opposite. And it's the same with
Speaker 4: payment plans. I've worked with a couple of friends and
Speaker 4: clients over the years who've got themselves behind in payments,
Speaker 4: and if they just go and ignore things, it gets
Speaker 4: really bad. But if you actually contact those people that
Speaker 4: you own money to and say, oh, look, i'm struggling,
Speaker 4: how do we work through a bit of a plan,
Speaker 4: then you might be surprised about how open people are
Speaker 4: to putting a plan together for you. But if you're
Speaker 4: going to go down that path too, though, you need
Speaker 4: to make sure that you do stick to it and
Speaker 4: you communicate. So dealing with things I think does make
Speaker 4: a big difference.
Speaker 2: Yeah, we'd love to hear from you on one hundred
Speaker 2: and eighty ten eighty if you've got any questions for
Speaker 2: Lisa and you, or you're struggling with just the load,
Speaker 2: financial load and how you're going to get ahead. Problem
Speaker 2: shared is a problem halved, as they say. But if
Speaker 2: you're seeking some input and I think actually picking up
Speaker 2: the phone sometimes on shows like this where it's fairly anonymous,
Speaker 2: that sometimes it can be just that first step to
Speaker 2: maybe addressing the problem that's grinding your down. I mean,
Speaker 2: I've been I'm going to it's certainly not about me
Speaker 2: but I've been a singer and a performing artist for
Speaker 2: many years, and let me tell you, you go through a
Speaker 2: lot of financial stress, and probably some of the financial
Speaker 2: stress I feel now it's still an overhang from those
Speaker 2: emotions of you know, when you're not sure exactly where
Speaker 2: the next gig's coming from and how you're going to
Speaker 2: pay for things.
Speaker 4: Well, that's right because you've had an experience that at
Speaker 4: times wasn't necessarily great, and so that you tend to
Speaker 4: reflect back on that experience that wasn't necessarily great. And
Speaker 4: I think you know, when you are facing that stress,
Speaker 4: you know, picking up the phone, talking to a friend,
Speaker 4: talking to a family member, getting it off your chest.
Speaker 4: You know, there's some really great services around New Zealand,
Speaker 4: you know, budget free budgeting advisory services. If you work
Speaker 4: for a large corporate, they've got, you know, an employee
Speaker 4: assistance program that you may be able to tap into
Speaker 4: to get some financial help. So there are a lot
Speaker 4: of resources out there for you. I think it's just
Speaker 4: having that courage to say, look, you know, I am struggling,
Speaker 4: and to kind of own it and recognize it and
Speaker 4: then say, okay, well what can I actually do to
Speaker 4: move forward? And not give yourself a good bit kick
Speaker 4: about it.
Speaker 2: Well, give us a call on eight hundred and eighty
Speaker 2: ten eighty if you've got you may have some advice
Speaker 2: for people who are really struggling. Is if you've been
Speaker 2: through tough times and you look at a lot of
Speaker 2: successful people who and it seems like a trite story
Speaker 2: that a lot of them like to point towards hardship
Speaker 2: in this, but actually it's true a lot of them
Speaker 2: have been through that hardship. And the difference between what
Speaker 2: was the difference between single swimm I don't know what
Speaker 2: it would have been, but we'd love to hear from
Speaker 2: you on eight hundred and eighty ten eighty.
Speaker 3: I would just want to.
Speaker 2: Dig into the the IRD because I've I was pleased
Speaker 2: to hear you mention the IRD and that they're not
Speaker 2: the sort of the bogey man that you know it
Speaker 2: used to be, the sort of the ultimate sort of
Speaker 2: heartless organization. The tax man is coming for you. But they,
Speaker 2: my dealings have been quite surprising over the years in
Speaker 2: that if you, especially if you communicate with them, they
Speaker 2: are my I mean, look, there'll be people who have
Speaker 2: exceptions to it. I thought they're fantastic actually, yeah.
Speaker 4: And I think you know that's you know, my personal
Speaker 4: experience and experience you know, obviously working with people over
Speaker 4: the twenty five years that I have done, is that
Speaker 4: if you communicate politely and fairly, they will do the same. Right,
Speaker 4: But if you're going to give them grief because you're
Speaker 4: going to remember, the person at the end of the
Speaker 4: telephone and customer service is not the person who sets
Speaker 4: the tax rates. So if you've put an issue with
Speaker 4: how much tax you're paying, then obviously you're going to
Speaker 4: have a problem. But you know, if you're just going
Speaker 4: I'm behind in my taxes and I'm really struggling, and
Speaker 4: you're genuine about it, they will you know, they're not
Speaker 4: going to come down on hard, are you, because how
Speaker 4: are they going to get their money if they just
Speaker 4: come down to hard on you. They're going to genuinely
Speaker 4: want to try and put a plan in place to
Speaker 4: pick up their taxes. Right, But then you've got to
Speaker 4: make sure that you follow that pain and then you
Speaker 4: communicate if you're not following that plan, because otherwise if
Speaker 4: you don't, then you get yourself into trouble.
Speaker 2: If you have people talking to you about what are
Speaker 2: the first bits of advice you give to people who
Speaker 2: are struggling to make ends meet that they maybe hadn't anticipated.
Speaker 4: Yeah, well, I think it's coming back to the basics,
Speaker 4: which is really looking at every single thing that you
Speaker 4: spend money on. And this is something I found really
Speaker 4: quite interesting because obviously I've looked at so many people's
Speaker 4: financial situations over doing this for twenty five years, and
Speaker 4: you know, people go, oh, you know, I'm doing it
Speaker 4: pretty tough. And then I see the nails, and I
Speaker 4: see the new iPhones and you see all these sort
Speaker 4: of things that may be important to them, but really,
Speaker 4: if you're in a bit of a financial pack or
Speaker 4: how important actually are they? So I think it's just
Speaker 4: been super realistic and going back and going what other
Speaker 4: things I can genuinely cut out. It's not necessarily forever,
Speaker 4: but just to get yourself through this tough time.
Speaker 2: Is that one of the mental.
Speaker 3: Blocks for people though, because.
Speaker 2: I would say for one of the mental blocks to
Speaker 2: people properly planning for their retirement is so they don't
Speaker 2: want to know how bad it's looking yep, and what
Speaker 2: they're going to have to do. And that would be
Speaker 2: the same that you're worried about certain key little things
Speaker 2: in your life that you're thinking, but I just couldn't
Speaker 2: bear it if I had to give up this simple
Speaker 2: pleasure yep, or this, And I think that's a really
Speaker 2: understandable human thing You've got to find you suddenly aiming
Speaker 2: to metaphorically speaking sleep on a you know, on a plank.
Speaker 4: Well, that's right. But then the other side of it
Speaker 4: is is going, okay, well, if I don't, you know,
Speaker 4: let's let go of this thing that gives me a
Speaker 4: bit of pleasure, then where am I going to be financially?
Speaker 4: What's the other side of that? So I get this
Speaker 4: temporary relief from getting my nails done using the same example,
Speaker 4: But then on the other side of you thinking, gosh,
Speaker 4: you know, I'm not paying off my credit card, so
Speaker 4: just one negate the other. And then the other thing
Speaker 4: to think about, too, is that you don't necessarily not
Speaker 4: have to do that thing that gives you pleasure for
Speaker 4: the rest of your life. You may just say, look,
Speaker 4: I'm just going to knock on its head for three
Speaker 4: months just to get me through the tough time that
Speaker 4: I'm in at the moment.
Speaker 2: Yeah, okay, So we'd like to hear from you E
Speaker 2: one hundred and eighty ten eighty. If you've got any
Speaker 2: questions for Lisa Dudson, she's are you actually do we
Speaker 2: describe you as a financial advisor as well? I can't
Speaker 2: mean what the rule?
Speaker 4: Yeah, well I am in a financial advisor, but I
Speaker 4: don't I'm not a regulated one.
Speaker 2: Okay, right, So we're not giving specific financial advice, but
Speaker 2: if you if you'd like to have a chat, share
Speaker 2: your experience, or if you're seeking some advice on a
Speaker 2: problem you want to get on top of, then we'd
Speaker 2: love to hear from you on how do you deal
Speaker 2: with financial stress without resting ruining your life or seeping into.
Speaker 3: Every other area of your life.
Speaker 2: Give us a call eight one hundred and eighty ten
Speaker 2: eighty in text on nine two nine two, and actually
Speaker 2: this hour as well, we're else it going to touch
Speaker 2: on you know, there's is there a silver lining to
Speaker 2: some of these dark times and opportunities that might present themselves,
Speaker 2: and how do you make sure that you're one of
Speaker 2: the ones who does it. It's twenty two past five
Speaker 2: News Talks.
Speaker 3: He'd be.
Speaker 2: Now sunbound myself.
Speaker 5: Heselfvery week content.
Speaker 2: Yes, welcome back to smart Money. This is the week
Speaker 2: in collective. I'm Tim Beverage. My guest is Lisa Dudson's.
Speaker 2: She's a personal wealth educated from acumen. She's how many
Speaker 2: books have you written, Lisa hones?
Speaker 4: Seem to you might, oh, that'd be helpful at eight eight,
Speaker 4: But that's over twenty years.
Speaker 2: Wow, I remembered it was quite some number when you
Speaker 2: wrote your first Yep, what's because I would have thought
Speaker 2: you'd get it out of your system if you've written,
Speaker 2: you know, I guess, yeah, what makes you write?
Speaker 3: Say for it? You've written number two?
Speaker 2: One, it does well, maybe I'll run another and okay, three,
Speaker 2: that's fine, But then you go four, five, six, seven, eight.
Speaker 4: Now, there was seemed to be a bit of a
Speaker 4: reason why I wrote one, you know, at the time,
Speaker 4: and and the first one was actually because I used
Speaker 4: to talk to property vistas all the time and teach
Speaker 4: them how about how to be property visitas. And then
Speaker 4: I kind of got a bit bored telling people the
Speaker 4: same thing over and over again, and then kind of thought, well,
Speaker 4: why didn't I put this into a manuscript? And then
Speaker 4: I put into a manuscript, and then I had a
Speaker 4: bright idea one day I thought why didn't I publish it?
Speaker 4: So I opened up the Yellow Pages and started ringing,
Speaker 4: and I rung Penguin and they said, they said, oh yeah, yes,
Speaker 4: Sin just manuscript, and so I sent it and they said, oh,
Speaker 4: you know, we're quite keen to publish that, but then
Speaker 4: turned it down at the lembit of hour and then
Speaker 4: I was like, oh my god. So I went into
Speaker 4: morning for about a month about it, and then I thought,
Speaker 4: oh no, I'll pick up Yellow Page and I you
Speaker 4: know this, this is in the old days, it's twenty
Speaker 4: years ago. And then I sort of rang a few
Speaker 4: other publishers and then got a contract with Read and
Speaker 4: Random House and had to choose between the two, and
Speaker 4: then you know, the rest is history. So it kind
Speaker 4: of started as a way for me to be more
Speaker 4: efficient and not keep repeating myself to all my clients.
Speaker 3: I'm not sure.
Speaker 2: I'm not sure you could invite somebody comes on financial
Speaker 2: advice and you go, listen, just here's the book.
Speaker 4: Come back from your well, there's a lot of information
Speaker 4: to try and impart right. You know, you're charging people.
Speaker 4: So I was trying to be efficient and be cost
Speaker 4: effective for my clients, and you know, and I've just had.
Speaker 3: This sort of comic image of like, oh, look, here's
Speaker 3: here's the book.
Speaker 4: Well that's not how most people typically decide to write
Speaker 4: a book, but it was quite effective.
Speaker 2: Okay, now, let's just on the a few people are
Speaker 2: suffering from financial stress. What are the proactive steps that
Speaker 2: I mean, I'm not saying we're going to come up
Speaker 2: with a list of things, but from your experience, what
Speaker 2: are the things that can be helpful to people to
Speaker 2: start one perceiving their problem in a different way? I
Speaker 2: guess yeah, Well.
Speaker 4: It gives me talk to a little bit about the
Speaker 4: sort of the mental side of it and how you
Speaker 4: approach it, because if you're a bit more positive about it,
Speaker 4: I think you're gonna have a better outcome than if
Speaker 4: you're very doom and gloom about it. So that probably
Speaker 4: would be your first point. The second thing is probably
Speaker 4: really around creating some awareness because most people, it's really
Speaker 4: quite surprising is how little awareness people have over where
Speaker 4: they actually spend their money, but tepicularly in the world
Speaker 4: that we live in today, because we just you know,
Speaker 4: we se that credit cards. In fact, we don't even
Speaker 4: do that now. We use our phones right with payWave,
Speaker 4: and so we lose a lot of that awareness that
Speaker 4: we had when we did use to use cash.
Speaker 3: That's right.
Speaker 2: There's some app, isn't there is it? I seem to
Speaker 2: have some recollection of an app that you could plug
Speaker 2: your finances in too, and it would tell you you've
Speaker 2: spent In fact, I think I might have had it
Speaker 2: but deleted it.
Speaker 4: There's been a few different ones over there.
Speaker 2: You've spent this amount at the supermarket, You've spent this
Speaker 2: on at cafes, and it gives.
Speaker 4: You categorizer and some of them have, you know, the
Speaker 4: categorized you're spending.
Speaker 2: But then you've got to still to look at it like,
Speaker 2: I don't think I like what I read so well.
Speaker 4: And that's the problem right with awarness thing, right, because
Speaker 4: you've got to have a bit of a bit of
Speaker 4: confidence and a bit of bravery when you do actually
Speaker 4: decide that you want to be a little bit more
Speaker 4: aware with your money. But that's I think, really what
Speaker 4: your first step is is to create that awareness, and
Speaker 4: then once you've got that n awenness, you can actually go, well,
Speaker 4: am I actually being smart with where I'm spending my money?
Speaker 4: And because I've done this for so many years now,
Speaker 4: I know that in the vast majority of cases when
Speaker 4: people actually do pay some attention and track where they
Speaker 4: spend their money for let's say a month, they will
Speaker 4: usually be quite surprised about where they spend their money
Speaker 4: because it's twenty dollars here, it's fifty dollars here, and
Speaker 4: then they don't realize how much that adds up to
Speaker 4: over a period of time.
Speaker 2: It's actually recently I have I don't eat out very much,
Speaker 2: and I think I did. We have a bit of
Speaker 2: a get together with some of the hosts here who
Speaker 2: work overnights and we do a regular monthly lunch. But
Speaker 2: it gave me a taste for having and I did
Speaker 2: stop and I thought, hang on a minute, so that
Speaker 2: cost me X that one I did on Wednesday, and
Speaker 2: I went, I, I'm I have to button back on that,
Speaker 2: because man, it adds up as soon as you just
Speaker 2: do a little bit of analysis. It can be quite
Speaker 2: confronting because that piece of plastic that just goes blip.
Speaker 4: Yep, yeah, well that's wrong.
Speaker 3: Pray.
Speaker 4: A lot of my more professional clients who reasonable and
Speaker 4: comes maybe spending five teen thousand dollars a year easily
Speaker 4: on lunches and lattes and the odd wine after work
Speaker 4: and not even talking about dinners out at night, but
Speaker 4: just literally buying their lunches and morning teas well.
Speaker 2: Actually even and when we don't even need to be
Speaker 2: talking about having a flash lunch where you sit down
Speaker 2: for a nice meal and have it last one. But
Speaker 2: if you are buying a filled roll yep, five times
Speaker 2: a week and then you go, yeah, i'll get a
Speaker 2: coffee today, I'll get another call.
Speaker 4: Well, there's probably twenty dollars easy, no sweat, Yeah, that's right.
Speaker 4: So all those things add up and so then you go, okay,
Speaker 4: well is there a smarter way for me to spend
Speaker 4: my money? So I think it's looking at them and
Speaker 4: go you know, are you going to make can you
Speaker 4: make different decisions about where you spend your money? And
Speaker 4: then the other side of it is to kind of
Speaker 4: look at and where can you create some income. So
Speaker 4: I saw something that came through on my Facebook page
Speaker 4: of the day that you know, someone was looking to
Speaker 4: house Chinese students who were over here for I think
Speaker 4: it was only about a month or so, but they
Speaker 4: were paying four hundred dollars a week. Now, you know,
Speaker 4: you've got to obviously feed them, but it's probably not
Speaker 4: a huge amount extra on your family grocery bill, but
Speaker 4: that could be a way of raising ony twelve hundred
Speaker 4: dollars over a month, which may help with paying off
Speaker 4: a credit card bill. And then you may say, well,
Speaker 4: you don't necessarily like having other people in your homes,
Speaker 4: but then you how do you you know, you just
Speaker 4: goint of reconcile the value of that money versus having
Speaker 4: someone in your house, and it could be a great
Speaker 4: cultural experience too for your kids.
Speaker 2: The other well, the other thing you touched on earlier
Speaker 2: at the start of the show is budgeting services. Yeah,
Speaker 2: and I would imagine there wouldn't be too many people
Speaker 2: involved in budgeting services who who would say, actually, we
Speaker 2: had this person and we couldn't save them any money.
Speaker 4: Yeah. Oh, honestly, I've you know, I've been doing this
Speaker 4: for twenty five years, what I've been doing and doing
Speaker 4: consultations and charging people for it. And I would be
Speaker 4: absolutely stunned if I have ever had a client and
Speaker 4: the whole time that I've been in business that I
Speaker 4: haven't been able to save them my fee of coming
Speaker 4: to see me. Because there's always something that you can find, right,
Speaker 4: and part of it is is because you know, just
Speaker 4: human nature sometimes we don't want to have to look
Speaker 4: at some of those things because we go, oh, we
Speaker 4: actually really like that, so but you may like it,
Speaker 4: but it may not actually be that good for you.
Speaker 3: What a sort of it?
Speaker 2: What are some obvious areas of wastage that people might
Speaker 2: find if they went or hang on a minute, I
Speaker 2: think she's got a point that I'm not going to have.
Speaker 3: A look at that.
Speaker 4: Oh, I mean, I think food is probably number one.
Speaker 4: It's looking at making visual food. Yeah, yeah, and let's
Speaker 4: take aways. You know a lot of people, you know busy,
Speaker 4: so you know uber eats, you like, I've got lots
Speaker 4: of friends who are complaining about their kids spending all
Speaker 4: their money on ubeats, you know, and after Nuban eats
Speaker 4: you're paying more than what you are even going out.
Speaker 2: And actually well also and actually I think probably because
Speaker 2: it's uber eats, people think, oh, it's quite a bargain
Speaker 2: driven sort of deal.
Speaker 4: No, because they usually the I think the prices are
Speaker 4: usually higher with ub eats than if you went and
Speaker 4: picked up takes away and they've got a fee.
Speaker 2: Usually well, I wouldn't know because I've never done them.
Speaker 2: Because I'm inherently sort of thinking I'll do it myself,
Speaker 2: thanks very much.
Speaker 3: Yeah, well there is usually sober.
Speaker 4: So usually well we order some for some friends, some
Speaker 4: burgers one night from I don't know where it was,
Speaker 4: and they were like thirty dollars each by the time
Speaker 4: around burger on uber eats, and I was like, holy moly,
Speaker 4: that's expensive, you know, So that's that's not one. I mean,
Speaker 4: I think food is a big one, right, So it's lunches, lat's,
Speaker 4: you know, you know, takeaways, Uber eats, that's a biggie. Also,
Speaker 4: looking sometimes at your clothes, you know, because there are
Speaker 4: some great secondhand places out there where you can get
Speaker 4: second hand clothes, second hand clothes for your kids, second
Speaker 4: hand clothes for yourself. That can save you a bit
Speaker 4: of money. There's also quite a bit in nails, facials, massages,
Speaker 4: a lot of you know, those sorts of things that
Speaker 4: make you feel.
Speaker 2: Good, well actually beauty treatments and bety treatments. Yeah yeah,
Speaker 2: I mean again, I don't have a hell of a
Speaker 2: lot to do with that apart from the old hair cut.
Speaker 4: But yeah, you know, you don't spend a lot of
Speaker 4: money on facial.
Speaker 2: It's no regular facial, you can tell.
Speaker 3: I don't spend a lot of money on probably is
Speaker 3: it a surprise.
Speaker 2: I mean, so if people went through a simple what
Speaker 2: period of time would they look at with their budget,
Speaker 2: basically a month or time?
Speaker 4: I think a month is the minimum and if you
Speaker 4: can check in and I always think if you can
Speaker 4: do it really strictly with the month, So if you
Speaker 4: had some sort of notebook or piece of paper that
Speaker 4: you wrote down every single set that you spend over
Speaker 4: the course of a month, that would give you a
Speaker 4: really good understanding. If you could squeeze it sort of
Speaker 4: to two months or three months, that would be awesome.
Speaker 4: But I think one month is the minimum. And say,
Speaker 4: because I've done this exercise with so many people over
Speaker 4: the years, they winge and moan, and you know, but
Speaker 4: once they actually do it, they actually realize how rewarding
Speaker 4: and how helpful it actually is.
Speaker 2: And how does that change? I mean, what does that
Speaker 2: lead to in the end if they once they started
Speaker 2: addressing that, what's the sort of journey they take? Well,
Speaker 2: they just.
Speaker 4: Typically go, gosh, I had no idea of spending that
Speaker 4: much money on that, right, So that's really what the
Speaker 4: issue is. And then it's going, Okay, now I realize
Speaker 4: where I'm spending my money and I've got this financial
Speaker 4: stress on the other side of me. How do I
Speaker 4: actually reconcile those things? And it's the same when you're
Speaker 4: trying to lose weight, you know, the Dietesians always tell
Speaker 4: you to write down anything that you eat so you're
Speaker 4: not you know, and then you're starting to realize, oh, well,
Speaker 4: I'm having three chocolate bars every afternoon, right, And whereas
Speaker 4: if you hadn't written it down, you may not have
Speaker 4: been aware that you were okneaking in the chocolate bars.
Speaker 2: On the more serious side of things, okay, imagine there'll
Speaker 2: be people who have lost their jobs, and we've had
Speaker 2: some high profile job losses of course with the news
Speaker 2: have people which is just one section of society where
Speaker 2: people have lost their jobs are very public. But if
Speaker 2: you've got a mortgage, you know the cash rate's still high,
Speaker 2: you might have refixed recently, and it's not just a
Speaker 2: case of cutting out the lattes.
Speaker 5: What is.
Speaker 3: What is the first step you should I guess you should.
Speaker 4: Talk to your bank, absolutely, talk to your bank, talk
Speaker 4: to your mortage advisor, and then go okay, right, I'm
Speaker 4: just not going to be able to pay my mortgage
Speaker 4: this month, and you know, get a bit of a
Speaker 4: break on your mortgage if you can. So that's the
Speaker 4: that's the first thing that you've really got to be
Speaker 4: doing again. It's all this stuff about being proactive, because
Speaker 4: I think as soon as you get onto it, the
Speaker 4: better off you're going to be.
Speaker 3: Has there been it?
Speaker 2: I remember my Donkeys years ago that you could read
Speaker 2: the property press and there was always a section at
Speaker 2: the back well. At one particular time it must have
Speaker 2: been in an earlier crash, but there were a lot
Speaker 2: of mortgage sales the black and white pages. And I
Speaker 2: think from chatting to people in the property sector as well,
Speaker 2: in which you've been heavily involved as well, that there
Speaker 2: has been a change of culture even that we will
Speaker 2: never see those days of those chapters of mortgage sales
Speaker 2: because the banks, it's just the institutions seem to approach
Speaker 2: it from a more I don't know, this is the
Speaker 2: last thing they want to do. I wonder if in
Speaker 2: days gone by, maybe twenty or thirty years ago, mortgage
Speaker 2: b sales happened more frequently simply because the attitude of
Speaker 2: the bank, the culture of banking is. Is there a
Speaker 2: difference now being a bit too sunbeam and rainbows sort
Speaker 2: of optimistic about the way that the banks treat these
Speaker 2: things well.
Speaker 4: I mean I don't necessarily know because they still are
Speaker 4: morgs Stales happening, but I think there is differently. You know,
Speaker 4: these banks today have departments that deal with financial hardship.
Speaker 4: So the banks don't want to They want to try
Speaker 4: and make it work for you. And this is the
Speaker 4: same when I was saying with the IAD before. You know,
Speaker 4: if you're proactive and you sit down and go, I'm
Speaker 4: in this, you know, financial challenge, how do we work
Speaker 4: through it? They will do their best because they don't
Speaker 4: want to tip you out of their you know, out
Speaker 4: of your home. It's the last thing I want to do.
Speaker 4: But again, you can't just ring them after the third
Speaker 4: month that you've not paid your more, because you've got
Speaker 4: to do it as soon as you possibly can.
Speaker 2: Okay, look, we take a quick break and come back
Speaker 2: in a moment. It's a twenty three twenty three minutes
Speaker 2: to six. Gosh, time flies already. We're with Lisa Dudson
Speaker 2: talking about financial stress. How have you dealt with it?
Speaker 3: With it? Have you any lessons you like it?
Speaker 2: In part to us that might be useful for people
Speaker 2: who are doing it tough. Right now, this is NEWSTALKSB.
Speaker 2: It's O eight hundred and eighty ten eighty and the
Speaker 2: time is twenty Hamman. I almost read that time for
Speaker 2: a second, twenty three minutes to six.
Speaker 5: Please please please don't true, please please please don't bring
Speaker 5: me years.
Speaker 2: We just us and welcome back to the Weekend Collective.
Speaker 2: This is smart money. My guest is Lisa Dudson, Personal wealth,
Speaker 2: educated from acumen. Now, actually we're going to shift the
Speaker 2: topic as well, because there are two sides to There
Speaker 2: are two sides Lisa.
Speaker 3: Of course to win.
Speaker 2: There's a bit of a downturn, and that in fact,
Speaker 2: I know that unless I do something about this myself,
Speaker 2: I'll be kicking myself in a couple of years time again.
Speaker 2: But of course, in tough times, there are other opportunities
Speaker 2: to be had, aren't they.
Speaker 4: Oh, look absolutely, I mean, now's a great time to
Speaker 4: be looking at, you know, the property market, because the
Speaker 4: property markets really in a bit of a lull at
Speaker 4: the moment. I mean, I think some people tend to
Speaker 4: think that it's you know, has further to fall, and
Speaker 4: maybe that might be on the short term, but I
Speaker 4: think Every commentator that I tend to talk to is
Speaker 4: pretty positive about the future. But that future probably starts
Speaker 4: next year rather than this year.
Speaker 2: What do you think I mean, how I mean this
Speaker 2: is reckons It does have.
Speaker 3: The idea. It does feel like it might be soft
Speaker 3: for a while.
Speaker 2: Should I say because we've got the government saying we
Speaker 2: want to Well, it's not because of them, it's because,
Speaker 2: you know, it's expensive to borrow in comparison to what
Speaker 2: people have got accustomed to two or three years ago,
Speaker 2: and there are people struggling, there are people who need
Speaker 2: to sell. How long do you see that sort of
Speaker 2: the current situation persisting for, you.
Speaker 4: Know, looking into my very hazy crystal ball, I would
Speaker 4: think that as soon as we are start sing industrates
Speaker 4: come down, that will be quite a fundamental change. Obviously,
Speaker 4: firstly from the perspective that you you're starting to pay
Speaker 4: less for your money. You've i mean for a lot
Speaker 4: of people who got fixed rates that you've obviously got
Speaker 4: to come to the end of your current rate to
Speaker 4: be able to take advantage of that. But then also
Speaker 4: sentiment changes, and I think that's the challenge we have
Speaker 4: at the moment, is that when everyone we're in the
Speaker 4: middle of the winter. We're in the middle of winter
Speaker 4: with the economy as well as the weather, so everyone
Speaker 4: around you is often talking about losing your jobs, and
Speaker 4: things are tough, so you get a bit kind of
Speaker 4: drowned in it, and that's all that you see. Whereas
Speaker 4: let's imagine we get to the end of the year
Speaker 4: and interstrates start coming down, some is out, you know,
Speaker 4: sunshining every day, and then people will start feeling a
Speaker 4: lot more positive, and that has a bit of a
Speaker 4: it becomes a bit of a self fulfilling prophecy. So
Speaker 4: I think, you know, we're not far away from that.
Speaker 2: It does have I do have a sense that with
Speaker 2: property that we're a little bit like a herd, of course,
Speaker 2: and there are many who who sort of run in
Speaker 2: a different path to the herd, and those people probably
Speaker 2: sometimes do quite well because the interest rates drops all
Speaker 2: of a sudden, Whe's like, oh, you know, put the
Speaker 2: heads up and think about getting in to it, and
Speaker 2: all of a sudden. I wouldn't say there's going to
Speaker 2: be a stampede or anything, but we have seen those
Speaker 2: moments in the proper mines of way, of course.
Speaker 4: So look, you know, a lot of my friends of
Speaker 4: mine and people I know that are successful investors have
Speaker 4: all been buying right now if they can get the money,
Speaker 4: they're buying right because I think that's never going to
Speaker 4: be cheaper than what it is right now. You know,
Speaker 4: Back in October sort of into twenty twenty one, I
Speaker 4: was saying to everyone who listened to me, is like,
Speaker 4: don't buy. We're in a bubble. The prices are too crazy,
Speaker 4: and we had the whole sort of fom I think
Speaker 4: going on the fear of missing out. So everyone was
Speaker 4: going gangbusters and going into property paying silly, silly prices.
Speaker 4: And then obviously the thing you know that started it
Speaker 4: peeked out and it has dropped it a twenty odd
Speaker 4: percent since then, so you know, but it's that herd mentality, right,
Speaker 4: and people are saying, to my least, you're wrong. It's
Speaker 4: still got lots to go. Everything's happening, and I'm like,
Speaker 4: it's getting to out of control. And it's the same
Speaker 4: thing in reverse now. Right, everyone's thinking very doom and gloom.
Speaker 4: But I think it's actually the time to be seriously
Speaker 4: looking at buying.
Speaker 3: For that.
Speaker 2: It's interesting for people who actually are looking to sell
Speaker 2: simply because they want to well they want to upsize,
Speaker 2: downsize or whatever. But buying and selling it, I guess
Speaker 2: the buying and selling in the same market is never
Speaker 2: such a problem, but it does.
Speaker 3: Is it a tricky sort of.
Speaker 2: Climate to negotiate it if you're getting out to get
Speaker 2: into something else.
Speaker 3: Yeah.
Speaker 4: And it was funny because a conversation with a friend
Speaker 4: came to mind recently and that an investment property and
Speaker 4: they were thinking about selling it because they go, you know,
Speaker 4: seven percent interest rates. It's costing us X dollars you know,
Speaker 4: per month extra than what we thought it was going
Speaker 4: to cost to keep this rental property. So we've got
Speaker 4: negative cash flow on it. And I'm like, okay, well
Speaker 4: why did you go into the property? Okay, we went
Speaker 4: with the property for the long term. Okay, So now
Speaker 4: it's not long term, is it. You know, you're taking
Speaker 4: a short term view. So if you think about the
Speaker 4: long term. So let's say that you sell that investing property,
Speaker 4: you take a bit of a hit on it, and
Speaker 4: then you're saving yourself a bit of a bit of
Speaker 4: that negative cash flow. But then in twelve months time
Speaker 4: or two years time, when the market's gone up again,
Speaker 4: you're buying in and paying fifty thousand dollars more so,
Speaker 4: how does that compare to the money you're paying to
Speaker 4: top that place up? Right now?
Speaker 2: Is it that people just get There'll be people who
Speaker 2: just I'm just so over absolutely subsidized in this bloody
Speaker 2: property and it's it's is it going to go up?
Speaker 2: And they're starting to lose faith in it and they're
Speaker 2: just knack it emotionally and they're sick of they just run.
Speaker 3: Out, you know.
Speaker 2: And it's a really strong impulse for people, isn't it.
Speaker 4: Yeah? Absolutely? And again it's that all that negativity around you,
Speaker 4: and then everyone sees it's like the TEXTI driver right.
Speaker 4: Everyone says, oh, you know, shouldn't be buying property right now?
Speaker 4: And then you look at you all this money going
Speaker 4: out of your bank out every month, and you're going, oh, gosh,
Speaker 4: maybe I should sell. But then again, because I've been
Speaker 4: doing this for such a long time, I would almost
Speaker 4: say to spend. Every single person I know that has
Speaker 4: sold the ever ende property in these situations has later
Speaker 4: regretted it.
Speaker 3: Well, it is a little bit locking in your locking.
Speaker 2: Your losses as well.
Speaker 3: It is that.
Speaker 2: Always simple, simplistic.
Speaker 4: Now, now all these things are simplistic really, because you're
Speaker 4: really going to look at your own personal circumstances. Now,
Speaker 4: if it's a matter of you don't like it's a
Speaker 4: bit tough, but you don't really like that negative cash
Speaker 4: every month, that's a bit different from you can't afford
Speaker 4: you seriously cannot afford that negative casual every month. So
Speaker 4: they're two slightly different situations, right, because.
Speaker 2: Look, if I was an expert, i'd be sitting where
Speaker 2: you are probably. But the one thing I get the
Speaker 2: sense is that if you can, if you can hold
Speaker 2: onto the property. Now, you should hold property, if you
Speaker 2: should hold onto it, if you are an investor, if
Speaker 2: you can, because when it turns around, it'll.
Speaker 3: You'll catch up.
Speaker 4: Yeah, that's right. And look, there's you know, there's always
Speaker 4: downturns and where you know, we can look in lots
Speaker 4: of different analysis over the years about share markets and
Speaker 4: property markets and all sorts of different types of investment
Speaker 4: markets and you'll find that there's always peaks and drops.
Speaker 4: But if you hold for that long term, you know,
Speaker 4: it's very very rare that you won't do well. But
Speaker 4: the things with property, though, is long term. I perceive
Speaker 4: I always think it's ten years plus yeah, it's not
Speaker 4: under ten years. It's over ten years. And I'm always
Speaker 4: encouraging people that I'm dealing with to be thinking at
Speaker 4: least ten years.
Speaker 2: Is that Do you think that that's because so many
Speaker 2: of those headline in the boom sort of time, we're
Speaker 2: all about, oh.
Speaker 3: Well, the property flippers.
Speaker 2: Of course we never read about the property flippers who
Speaker 2: bought just before it turned to custard and flipped it
Speaker 2: for a massive loss. But let's put that to one side.
Speaker 2: But there's so many stories about, oh, only bought it
Speaker 2: four years ago. It's we're worth another three hundred thousand.
Speaker 3: It's so unhelpful.
Speaker 4: Yeah, yeah, and we've all got that. We've all got,
Speaker 4: you know, buying zero. She is she is at certain
Speaker 4: price or testa she is at certain.
Speaker 3: Prices down those few years ago.
Speaker 4: Yeah, that's right. So but if you know, it's all
Speaker 4: about timing sometimes and sometimes you kind of luck out
Speaker 4: of wee. And look, I've got a friend of mine's
Speaker 4: a very been a very successful trader over the long term,
Speaker 4: but he's had a couple of doozies in the last
Speaker 4: couple of years. You know, he's got it wrong. So
Speaker 4: you know, that's the thing with most things in life.
Speaker 4: And it's not all sunshine and roses.
Speaker 2: No, it's just that people like to talk about the
Speaker 2: sunshine and roses and they leave out the crappy stories.
Speaker 4: Yeah, that's right. So I think a lot of these
Speaker 4: things come back to looking at your personal circumstances, what
Speaker 4: are you trying to achieve, and thinking about context and
Speaker 4: also been read careful about listening sometimes to your friends
Speaker 4: and family because often they don't know much about anything.
Speaker 2: What are the sort of properties that people right now?
Speaker 2: I mean you've talked about property investors. If they can
Speaker 2: they're getting in. Is there a type of property in
Speaker 2: general that people are going for that is the most
Speaker 2: appealing sort of investment? And I guess you're going to
Speaker 2: say it depends what you want. Do you want the yield?
Speaker 2: Do you want the yield from the investment, or do
Speaker 2: you want to even though you can't tell the taxman
Speaker 2: you buy it with the intensive capital gains because technically
Speaker 2: you have to pay tax on that that they can
Speaker 2: improve your intention. But let's be honest, most long term
Speaker 2: people are holding because well, I mean they're looking maybe
Speaker 2: that they get on top of it and get the yield,
Speaker 2: but also eventually it's going to be worth a lot.
Speaker 4: Yeah, that's right. And look, I think again there's pros
Speaker 4: and cons are different types of property because like there's
Speaker 4: some advantages to new bills. For instance, you know their
Speaker 4: exempt from the DTIs, you know, less deposit year, low maintenance,
Speaker 4: you know, quite good cash flow on them because consistent
Speaker 4: cashlo because you don't have that maintenance issue. But then
Speaker 4: you know, and they're quite good for more passive investors.
Speaker 4: But if you've got the time and I'm talking about
Speaker 4: some serious amount of time to actually loan to be
Speaker 4: a property investor, you know, like for instance, training friends
Speaker 4: of mine might look at fifty houses before they buy
Speaker 4: buy one, all.
Speaker 3: Right, they just go out and go, right, there's one.
Speaker 4: And they've often spent years learning about that market, right,
Speaker 4: So there's a lot of time and effort that goes
Speaker 4: into it. So let's say you buy something and you
Speaker 4: buy it quite well, and then you've got to go
Speaker 4: and get a trades team together and renovate it and
Speaker 4: make sure that you renovate it well so you don't
Speaker 4: have any issues, but you don't overspend because then you
Speaker 4: overcapitalize and then with a bit of ac because you've
Speaker 4: bought well, you've done all that research, you've bought well,
Speaker 4: you've renovated, well, then you might have an upside with
Speaker 4: the revaluation.
Speaker 2: So somebody has decided they're going to buy an investment property,
Speaker 2: Now how I mean, where would their starting point for
Speaker 2: homework be?
Speaker 3: Do you think?
Speaker 4: I always think for the most part, you're better off
Speaker 4: trying to find something that's kind of local to you,
Speaker 4: because it's all very well saying okay, you're an Aukland,
Speaker 4: you can buy a house is cheaper Dunedin, but you've
Speaker 4: got to get on a plane and be able to
Speaker 4: get down to Dunedin and do that research. I mean, yes,
Speaker 4: you can do a lot of stuff online, but nothing
Speaker 4: beats on.
Speaker 2: The paper, whether people just look on paper or whether
Speaker 2: it's best to you know, focus on a market. You
Speaker 2: one or two markets, you think you'll have a hunch
Speaker 2: about them, then go do you?
Speaker 5: Yeah?
Speaker 4: And I think it's just you know, these property investment
Speaker 4: groups out there, there's heaps and heaps of stuff online
Speaker 4: that you can go and have a look at. It's
Speaker 4: just doing that research. Joining your local property investors association
Speaker 4: is fantastic, so you know, there's it's just trying to
Speaker 4: build up that knowledge like anything new that you're learning,
Speaker 4: it's just it's building up that skill in education.
Speaker 2: Fantastic. Look, we'll be back in a moment. This is
Speaker 2: Smart Money with Lisa Dudson. I'm Tim Beveridge. That is
Speaker 2: just gone nine minutes to sex News Talk to Welcome
Speaker 2: back to the show. I'm Tim Beveradge. This is Smart Money.
Speaker 2: We've only got a couple of minutes left, Lisa, And
Speaker 2: actually it's a shame we went on are while we
Speaker 2: were chatting just about now. Somebody something in text about
Speaker 2: is it a good time to buy shares at the moment?
Speaker 2: Very very open open question. Is it depends what shares?
Speaker 3: I guess.
Speaker 2: And but we were talking about our chat that I've
Speaker 2: had with Martin Haores and that it used to be
Speaker 2: the key we discussion on shares that I should buy
Speaker 2: X company ABC or this or that, And it seems
Speaker 2: that most of the people know what they're talking about, saying, look,
Speaker 2: go with a good fund. They're always going to be
Speaker 2: hit on you their amount of money they spend on
Speaker 2: researchers and either that or just go to the races.
Speaker 3: Like that. Isn't it for picking your own stocks? Unless
Speaker 3: your one on Buffett, Well.
Speaker 4: That's right, and I think, look, I do meet some
Speaker 4: people that do okay picking their own stops, but that's
Speaker 4: lack a part time job that they have, right, and
Speaker 4: so they spend a lot of time on that. But
Speaker 4: I think for the average investa far better off going
Speaker 4: to a fund manager. I think one of the barriers
Speaker 4: is people go, oh, well, I've got to pay for them,
Speaker 4: but it's like, yeah, you've got to be looking at
Speaker 4: what do you actually get in return? And you know,
Speaker 4: we because I have another company called Satin Advice, and
Speaker 4: you know, we outsource a lot of our research of
Speaker 4: our funds, and we spent a fortune on that. And
Speaker 4: they're let alone the money that the company that we
Speaker 4: get all our research from, how much time benefit that
Speaker 4: they spend keeping on top of the market. So there's
Speaker 4: a there's a lot of work that goes into trying
Speaker 4: to figure out not only when you buy, but when
Speaker 4: you sell. And like we were talking about before, you know,
Speaker 4: the price of shares can actually change super quick.
Speaker 2: Yeah, and if if you get caught out then I've
Speaker 2: been caught out by that before. Just fun story, but
Speaker 2: won't share that with you. We've only got about thirty
Speaker 2: seconds together. But I people want to check out your work.
Speaker 4: It's acumen acumen dot co dot insid.
Speaker 2: Acumen dot co dot inziend gosh, time flies.
Speaker 3: Thanks so much, Lisa, very welcome.
Speaker 2: Yeah, and how did you manage to miss getting a
Speaker 2: town in grease?
Speaker 4: Well?
Speaker 2: Sorry, I was just killing twenty seconds with an insult
Speaker 2: you forel bit about just killing hey. Thanks, thanks so
Speaker 2: much for coming, and thanks my producer, Tyra Roberts. I'll
Speaker 2: actually I'm away for a couple of weeks, so we'll
Speaker 2: catch you Weekend up the next and enjoy the rest.
Speaker 3: Of your evening and catch you soon.
Speaker 5: Awesome.
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