WEBVTT - Creating opportunity in a cost-of-living crisis 0:00:03.360 --> 0:00:06.840 Curt Koto, Welcome to Shared Lunch on Garth Bray. Every 0:00:06.880 --> 0:00:10.520 week we're all about enabling people to make better wealth choices, 0:00:10.600 --> 0:00:13.360 and so this week we're with someone who's a fellow 0:00:13.440 --> 0:00:16.680 traveler on that journey, someone else who's just as pumped 0:00:16.680 --> 0:00:19.680 about helping other people work out whether at where they 0:00:19.760 --> 0:00:22.079 need to get to next and how to take action 0:00:22.320 --> 0:00:23.280 on that next step. 0:00:23.320 --> 0:00:25.160 If I can plant seeds for people, they might be 0:00:25.200 --> 0:00:27.360 able to see a future that they couldn't see. I 0:00:27.360 --> 0:00:29.880 think we get ourselves caught in these like we want 0:00:29.880 --> 0:00:32.519 to time everything perfectly and we don't want to be 0:00:32.560 --> 0:00:34.800 the one that's lost a bit of money or whatever 0:00:34.880 --> 0:00:35.400 it may be. 0:00:35.680 --> 0:00:39.760 It's Luke Kemmi's the people's accountant, the host of Keep 0:00:39.760 --> 0:00:42.640 the Change. Before we get to him, though, some important 0:00:42.680 --> 0:00:45.159 information you should always consider when investing. 0:00:45.400 --> 0:00:47.960 Investing involves the risk you might lose the money you 0:00:48.000 --> 0:00:51.279 start with. We recommend talking to a licensed financial advisor. 0:00:52.000 --> 0:00:55.840 We also recommend breading product disclosure documents before deciding to invest. 0:00:56.080 --> 0:00:58.639 Everything you're about to see and here is current at the. 0:00:58.560 --> 0:00:59.360 Time of recording. 0:01:00.120 --> 0:01:03.240 Keevy's Welcome to the Chasi's Dojo. You no stranger to 0:01:03.280 --> 0:01:06.200 the mix and no stranger to the topics when I checked. 0:01:06.200 --> 0:01:10.280 So you're a podcast host, a business strategist, and you're 0:01:10.319 --> 0:01:15.399 also a fellow charted accountant. Yeah, congratulations, I think what 0:01:15.480 --> 0:01:18.759 is that? What is a fellow charted accountant? And maybe more? 0:01:18.920 --> 0:01:21.640 Why? Yeah, thank you. So I got into accounting. 0:01:21.640 --> 0:01:24.880 I enjoyed math and numbers and the economy and therefore 0:01:24.880 --> 0:01:28.200 accounting when I was at school, and yeah, I've sort 0:01:28.200 --> 0:01:30.160 of built out a career in that space. And then 0:01:30.200 --> 0:01:34.200 the fellowship comes when you use your charted accounting experience 0:01:34.240 --> 0:01:36.560 and knowledge to give back to the community and go 0:01:36.600 --> 0:01:40.080 a bit above and beyond and really apply yourself, so 0:01:40.160 --> 0:01:42.320 to speak. So one of the youngest to receive it, 0:01:42.360 --> 0:01:43.320 which is pretty cool. 0:01:43.440 --> 0:01:45.400 Because that sounds like something you do towards the end 0:01:45.400 --> 0:01:47.039 of the career when you've made away your bucks, you've 0:01:47.040 --> 0:01:49.480 made all your decisions, you've set yourself up for success, 0:01:49.480 --> 0:01:51.720 but you've kind of done it all at once. 0:01:52.120 --> 0:01:54.000 Yeah, along the way, well part of it. 0:01:54.000 --> 0:01:56.320 You know, often you'll see accountants will go out and 0:01:56.320 --> 0:01:58.200 they might be on boards, they might be helping out 0:01:58.200 --> 0:02:01.800 in school environments and bought of trustee roles and things 0:02:01.880 --> 0:02:03.320 like that. I was kind of looking at it, going 0:02:03.320 --> 0:02:05.880 how can I take my skill set and apply it 0:02:05.920 --> 0:02:08.280 to the here and now? And part of that for 0:02:08.360 --> 0:02:11.400 me is education and trying to help people with some 0:02:11.440 --> 0:02:13.600 of the things that I've learned. So yeah, I could 0:02:13.600 --> 0:02:15.959 probably see it coming at some stage, but probably Yeah, 0:02:16.120 --> 0:02:18.360 pretty lucky to be recognized early on. 0:02:18.560 --> 0:02:20.919 So I guess that's a lot of what Cheesy's is 0:02:20.960 --> 0:02:22.760 trying to do, right. It's all about trying to empower 0:02:22.800 --> 0:02:25.560 people to make better wealth choices and give them the 0:02:26.080 --> 0:02:29.760 access to opportunities to sort of weigh them up. Is 0:02:29.800 --> 0:02:31.560 that a little bit about what you've been trying to 0:02:31.560 --> 0:02:33.840 do with how you're advising people. 0:02:34.200 --> 0:02:35.600 Yeah, So for me, I look at it as Okay, 0:02:35.600 --> 0:02:37.400 if I can plant seeds for people, they might be 0:02:37.440 --> 0:02:39.960 able to see a future that they couldn't see before 0:02:40.120 --> 0:02:43.040 reading something, before listening to the podcast, watching the video. 0:02:43.639 --> 0:02:45.720 And you know, we talk a bit about role modeling 0:02:46.240 --> 0:02:48.360 and needing more role models in the country, And I 0:02:48.400 --> 0:02:50.440 don't mean I need to be that role model. I 0:02:50.480 --> 0:02:53.520 mean can we find people and tell their stories that 0:02:53.560 --> 0:02:55.800 other people can learn from and go, oh, well, I 0:02:55.840 --> 0:02:58.440 could be doing that. So a very quick example today, 0:02:58.480 --> 0:03:00.760 for instance, I spoke to somebody who went down the 0:03:00.760 --> 0:03:03.440 property route and got rent to properties and things like that, 0:03:03.480 --> 0:03:05.840 and they've decided to actually, you know, get out of 0:03:05.840 --> 0:03:07.960 that route and go down the business route. So they've 0:03:07.960 --> 0:03:10.079 built up equity and now they're going to buy a business, 0:03:10.120 --> 0:03:12.440 and now they're looking for education and how. 0:03:12.280 --> 0:03:13.919 Do I do this better? How do I get it right? 0:03:13.919 --> 0:03:15.160 How do I protect my investment? 0:03:15.600 --> 0:03:18.280 And they decided to do that off of the back 0:03:18.320 --> 0:03:20.160 of listening to some of the Keep the Change podcasts 0:03:20.160 --> 0:03:21.920 where they're like, oh, okay, that's an avenue that I 0:03:21.960 --> 0:03:25.240 hadn't even considered. So wherever anybody is that in their journey, 0:03:25.280 --> 0:03:27.560 I hope they can take a lesson and then apply. 0:03:27.320 --> 0:03:28.040 It to their life. 0:03:28.320 --> 0:03:29.800 Keep the Change tell me about that. 0:03:30.240 --> 0:03:32.280 So I used to go and get breakfast in the 0:03:32.280 --> 0:03:34.760 morning after the gym, and I had a twenty dollar 0:03:34.840 --> 0:03:36.640 note most of the time, and I would say, can 0:03:36.640 --> 0:03:38.800 I be SA have postdiggs on toast with salmon, And 0:03:38.840 --> 0:03:41.680 it was nineteen dollars. It sounds like it's nineteen eighty, 0:03:41.720 --> 0:03:44.240 but I promise it wasn't. That's how bad Infati's been. 0:03:44.480 --> 0:03:46.840 And I would get the dollar back and I would think, right, 0:03:47.080 --> 0:03:48.640 I would say, keep the change and I'd let them 0:03:48.680 --> 0:03:50.640 keep the dollar, and it just stuck with me. It 0:03:50.720 --> 0:03:53.080 was I was trying to teach myself abundance that you know, 0:03:53.120 --> 0:03:56.320 i'd probably gone through and lived it in an upbringing 0:03:56.320 --> 0:03:58.040 of like, Okay, you've got to hold on to every 0:03:58.080 --> 0:04:00.000 penny tight and be very careful and things like that. 0:04:00.000 --> 0:04:01.560 I was trying to teach myself a bit of you 0:04:01.600 --> 0:04:03.080 know what, there's plenty of money in the world. If 0:04:03.080 --> 0:04:06.280 you do good things, if you add value, it'll come back. 0:04:06.280 --> 0:04:09.040 So sort of almost forcing myself to let go of 0:04:09.080 --> 0:04:11.640 a little bit of it to then trust myself that 0:04:11.680 --> 0:04:13.160 I could get it back, and so that didn't have 0:04:13.160 --> 0:04:14.240 as much of a hold over me. 0:04:14.520 --> 0:04:16.320 And that's where, yeah, the name came. 0:04:16.120 --> 0:04:20.760 From thinking about that and thinking about how people maybe 0:04:20.760 --> 0:04:23.440 can be more financially empowered in someone. What do you 0:04:23.440 --> 0:04:26.400 think of some of the strongest forces that hold people 0:04:26.440 --> 0:04:26.960 back from that? 0:04:27.400 --> 0:04:30.080 Well, honestly, and this sounds really tough, but I think 0:04:30.080 --> 0:04:33.480 it's a lack of action. So we don't actually want 0:04:33.520 --> 0:04:36.239 to do the things that we inherently know we probably 0:04:36.320 --> 0:04:38.560 need to be doing them, so we will instead of 0:04:38.640 --> 0:04:40.440 saving a dollar of a week a dollar a week 0:04:40.480 --> 0:04:42.599 to create a savings habit. We'll say I don't have 0:04:42.680 --> 0:04:44.880 enough money to save or to invest, and so then 0:04:44.920 --> 0:04:48.159 we tell ourselves that we are not an investor. But 0:04:48.240 --> 0:04:50.440 it's very easy for me to say because he's now 0:04:50.480 --> 0:04:52.480 got a lot of money or whatever. So you know, 0:04:52.520 --> 0:04:55.880 we don't lean into the actions that we know we 0:04:55.920 --> 0:04:58.479 need to take. And I think life has become so 0:04:58.760 --> 0:05:01.080 easy for us in so many different ways now, which 0:05:01.120 --> 0:05:03.960 sounds very tough in an economic environment like this, that 0:05:04.120 --> 0:05:06.400 people have gone before us and broken down these barriers. 0:05:06.400 --> 0:05:09.320 Set up key we saver, set up sheers e's, set 0:05:09.400 --> 0:05:11.919 up platforms for us to sell things online, set up 0:05:11.960 --> 0:05:13.599 ways for us to be able to lease our properly 0:05:13.640 --> 0:05:14.960 out for a long weekend and make a bit of 0:05:15.040 --> 0:05:17.800 extra money. Everyone's coming and doing this for us, and 0:05:17.800 --> 0:05:20.320 we're sitting there going, ah, can't be me, And so 0:05:20.720 --> 0:05:23.080 I don't know what that is. Why don't we step 0:05:23.160 --> 0:05:26.320 to our start line and run our race, not keep 0:05:26.360 --> 0:05:29.239 comparing ourselves to other people running their race and think, oh, well, 0:05:29.440 --> 0:05:31.479 you know, I could never achieve what they're doing. Therefore 0:05:31.480 --> 0:05:32.760 I'm not going to start my own. 0:05:32.920 --> 0:05:36.240 Because I've heard of like analysis paralysis for almost like 0:05:36.240 --> 0:05:38.560 you're standing in the shop which sort of cereal or whatever, 0:05:38.600 --> 0:05:40.920 you know, you kind of there are so many choices, 0:05:41.080 --> 0:05:43.560 so many possible courses of action. Some people get into 0:05:43.560 --> 0:05:45.719 that kind of trap too, where they're just wanting to 0:05:45.760 --> 0:05:48.000 make a better decision and they never quite get to one. Right, 0:05:48.000 --> 0:05:50.880 But you're saying it's more fundamental people just they learn 0:05:50.920 --> 0:05:52.800 the learnings, but they don't actually follow through and do 0:05:52.839 --> 0:05:53.080 the do. 0:05:53.440 --> 0:05:55.320 Yeah, yeah, I think for a lot of people. Yeah, 0:05:55.560 --> 0:05:57.920 but part of it probably is that analysis paralysis. We 0:05:57.960 --> 0:05:59.920 are part of it too. I think is then goes 0:06:00.040 --> 0:06:03.320 back to psychology of if I make this choice, I 0:06:03.440 --> 0:06:05.640 make this choice and I get it wrong. A, you've 0:06:05.640 --> 0:06:08.040 got to live with that. B. If you believe money's 0:06:08.040 --> 0:06:10.560 hard to come by, well, you know, do you want 0:06:10.600 --> 0:06:12.920 to take a risk? Because A you've got to own 0:06:12.960 --> 0:06:15.479 that you made the decision to do it. And then secondly, 0:06:15.920 --> 0:06:17.479 you know, how do you get it back if you 0:06:17.520 --> 0:06:18.919 do get it wrong? And I think a lot of 0:06:19.000 --> 0:06:20.560 us are pretty risk averse. 0:06:20.839 --> 0:06:23.280 How do you break down the risks for people so 0:06:23.320 --> 0:06:25.640 that they can actually take a risk that's the right 0:06:25.680 --> 0:06:27.160 size for them. Is that part of it? 0:06:27.640 --> 0:06:27.880 Yeah? 0:06:27.920 --> 0:06:30.640 I think you've got to individually understand how much risk 0:06:30.720 --> 0:06:32.480 you're willing to take. So whether you're doing a mundy 0:06:32.520 --> 0:06:35.680 personality type test and googling those and learning a bit 0:06:35.720 --> 0:06:36.720 more about yourself. You know. 0:06:36.760 --> 0:06:38.120 I was talking to a good friend yesterday. 0:06:38.360 --> 0:06:40.599 He's at the stage of his journey where he is 0:06:40.640 --> 0:06:43.080 going to be doing debt recycling, so he's borrowing money 0:06:43.080 --> 0:06:45.760 to invest into the stock market, and he's like, I'm 0:06:45.760 --> 0:06:47.479 going in at all time high as you know, what's 0:06:47.480 --> 0:06:49.760 going to happen. I'm going to copy twenty percent, you know, 0:06:49.880 --> 0:06:52.039 fall in it. And so who's already worrying about this? 0:06:52.080 --> 0:06:54.080 And I said, well, mate, let's say it's one hundred grand. 0:06:54.360 --> 0:06:57.359 Let's be honest. If that one hundred becomes eighty, is 0:06:57.360 --> 0:07:00.520 your life going to be dramatically different? And you know 0:07:00.880 --> 0:07:02.440 it's a good point. I said, that's the same thing. 0:07:02.440 --> 0:07:04.159 If that one hundred becomes one hundred and twenty, is 0:07:04.160 --> 0:07:06.480 your life going to be dramatically different to how it is? 0:07:06.640 --> 0:07:10.600 And no, Mike, So just zoom out from it and think, Okay, 0:07:11.040 --> 0:07:12.840 what is the risk that I'm taking at the moment, 0:07:13.000 --> 0:07:14.960 and can I make more sense of that over a 0:07:15.040 --> 0:07:17.480 longer time period, Because I think we get ourselves caught 0:07:17.480 --> 0:07:20.440 in these like we want to time everything perfectly, and 0:07:20.760 --> 0:07:22.200 we don't want to be the one that's lost a 0:07:22.200 --> 0:07:25.440 bit of money or whatever it may be. But you've 0:07:25.440 --> 0:07:28.280 got to you know where you are on that journey. 0:07:28.320 --> 0:07:30.360 I think for a lot of people, if they're getting 0:07:30.400 --> 0:07:34.680 starting started with investing, they are you know, if say 0:07:34.720 --> 0:07:37.400 you're investing, I'll say to someone you know they might invest. 0:07:37.200 --> 0:07:37.880 Five hundred dollars. 0:07:37.960 --> 0:07:40.240 If that's five point fifty and you've got a ten 0:07:40.240 --> 0:07:42.160 percent return at the end of this twelve months, is 0:07:42.200 --> 0:07:43.880 that fifty dollars is going to change your life? 0:07:44.960 --> 0:07:46.240 No, let's be honest. 0:07:46.280 --> 0:07:49.640 So the risk and even the reward isn't as big 0:07:49.760 --> 0:07:53.160 as we make it out to be. So then don't 0:07:53.160 --> 0:07:55.240 then take that and go okay, well, then don't do anything. 0:07:55.800 --> 0:07:56.360 What happens. 0:07:56.400 --> 0:07:59.920 I think when you start investing a larger number, then 0:08:00.080 --> 0:08:03.960 that increment increases or decreases have more meaning to us, 0:08:04.080 --> 0:08:06.920 and then we really start to take it seriously. But 0:08:07.000 --> 0:08:09.200 it's and that's why there's so much content about that 0:08:09.240 --> 0:08:11.480 first one hundred thousand dollars and like getting to that 0:08:11.880 --> 0:08:13.000 and seeing it snowball. 0:08:13.320 --> 0:08:15.440 It's great to say, have a plan for the first 0:08:15.600 --> 0:08:18.320 hundred k, but if you're worried about the price of butter, 0:08:19.280 --> 0:08:21.480 and a lot of people seem to be. And if 0:08:21.480 --> 0:08:24.400 you're worried about the cost of living, if you're really 0:08:24.400 --> 0:08:27.480 focused on how much rent you're paying rather than your income, 0:08:28.920 --> 0:08:31.000 how do you bridge that gap? 0:08:31.560 --> 0:08:34.319 Well, firstly, there's a word in there that doesn't help us, right, worry. 0:08:34.800 --> 0:08:37.760 Nothing good comes when we're constantly worried about something. So 0:08:37.960 --> 0:08:40.520 as part of the change, I've gone and found people 0:08:40.559 --> 0:08:43.000 that might help us understand what's going on up here right, 0:08:43.040 --> 0:08:45.240 And you know, you see things like ninety percent of 0:08:45.280 --> 0:08:47.480 our thoughts are the same as yesterday and then the 0:08:47.559 --> 0:08:49.959 day before that, and eighty percent of them are negative 0:08:49.960 --> 0:08:52.720 as well. So your brain is fighting against you with 0:08:52.880 --> 0:08:56.320 negative information constantly. So I think even just acknowledging that 0:08:56.400 --> 0:09:00.559 and going, oh, it's okay to keep thinking about this. However, 0:09:00.720 --> 0:09:03.880 action is the antidote to anxiety. So what are we 0:09:03.880 --> 0:09:05.200 going to have to do. We're actually going to have 0:09:05.280 --> 0:09:08.320 to do something, and that's tough because I think we 0:09:08.400 --> 0:09:10.360 don't want it to be in our control. But a 0:09:10.360 --> 0:09:12.959 big part of my teaching is basically, you're going to 0:09:13.040 --> 0:09:15.280 have to find ways to increase your income because there's 0:09:15.280 --> 0:09:17.840 only so much like, okay, review your subscriptions and find 0:09:17.840 --> 0:09:20.400 the cheapest provider and whatnot you can do, and that 0:09:20.440 --> 0:09:22.720 should be you know, a yearly practice. 0:09:22.880 --> 0:09:24.800 Stop handing back that dollar to the people that just 0:09:24.840 --> 0:09:26.640 sold you the very cheap salmon and eggs. 0:09:26.760 --> 0:09:29.520 Yeah, and then focus on Okay, we're too from here, 0:09:29.960 --> 0:09:33.320 what's my plan? What resources do I have? What options 0:09:33.320 --> 0:09:35.160 do I have? But you know, if you're stuck in 0:09:35.200 --> 0:09:38.880 that survival mode, it's a tough place to be. And 0:09:38.960 --> 0:09:40.680 I think a lot of us have probably been there where, 0:09:40.720 --> 0:09:43.360 you know, trying to pay off a credit card or 0:09:43.840 --> 0:09:47.040 just get buying things, but you know it's a bit brutal, 0:09:47.080 --> 0:09:48.760 but no one's coming to do it for you. And 0:09:48.800 --> 0:09:50.720 I think I had to have that realization too, if 0:09:50.640 --> 0:09:52.600 I could see my life could look a lot different 0:09:52.600 --> 0:09:54.560 to what it was, but I was getting in the way, 0:09:54.600 --> 0:09:57.960 and a lot of it was my unwillingness to take 0:09:57.960 --> 0:10:00.760 that action as well. And again, like I know that 0:10:00.760 --> 0:10:03.760 that can sound very frustrating and hard hitting, but we 0:10:03.760 --> 0:10:06.240 don't have to do it straight away, Like we. 0:10:06.160 --> 0:10:07.000 Can go on a journey. 0:10:07.040 --> 0:10:08.480 It could take a year, it could take two years, 0:10:08.480 --> 0:10:10.480 it could take five, but it's better than staying on 0:10:10.559 --> 0:10:14.360 the same path and just getting more worry, anxiety and 0:10:14.880 --> 0:10:17.200 kind of you know, fear that we can't get in 0:10:17.240 --> 0:10:18.160 control of these things. 0:10:18.480 --> 0:10:20.839 How much of that do you think is early years 0:10:20.880 --> 0:10:23.120 for you? Because you did a very bold thing. You 0:10:23.200 --> 0:10:25.960 got your mum on your podcast recently, Yeah, which I 0:10:25.960 --> 0:10:29.160 thought was kudos to you. But that's diving back into 0:10:29.200 --> 0:10:31.680 your own money history as well and your own upbringing. 0:10:31.720 --> 0:10:34.880 So how much of that is given you an insight 0:10:35.120 --> 0:10:37.400 into how it might shape other people's views of money 0:10:37.440 --> 0:10:40.520 and their agency, their ability to actually take an action. 0:10:40.960 --> 0:10:43.240 Yeah, massively for me, and like and I acknowledge that, 0:10:43.320 --> 0:10:44.960 and I can see that, and I think I grew 0:10:45.040 --> 0:10:47.760 up in a very resourceful household, so because there wasn't 0:10:47.760 --> 0:10:50.200 a lot, it was like, how do we stretch this further? 0:10:50.880 --> 0:10:53.160 And then the journey I was going on as I 0:10:53.160 --> 0:10:56.160 got older, I'm like, oh, wow, there's an abundance out there. 0:10:56.360 --> 0:11:00.320 I can learn from my past, but I can you know, 0:11:00.440 --> 0:11:03.520 take it and change it to achieve things that I 0:11:03.559 --> 0:11:06.400 once you know, never thought possible or wouldn't be possible 0:11:06.440 --> 0:11:08.280 if I didn't take those actions. So I've sort of 0:11:08.280 --> 0:11:10.160 had to go on that June as well. The thing 0:11:10.200 --> 0:11:11.920 that I see a lot of this is a whole, 0:11:12.120 --> 0:11:16.200 big subsection of Kiwi people that could and will have. 0:11:16.120 --> 0:11:17.160 A very different life. 0:11:17.360 --> 0:11:20.560 They just needed a bit of education like I got 0:11:20.600 --> 0:11:24.040 from sixteen studying economics, accounting. Then, you know, doing two 0:11:24.080 --> 0:11:26.240 decades of talking to people in this space and you 0:11:26.320 --> 0:11:28.800 go oh, like all of a sudden, it becomes you're 0:11:28.800 --> 0:11:30.800 a lot more in control of it, and it becomes simpler. 0:11:31.080 --> 0:11:33.280 And now that I'm five years in to keep the change, 0:11:33.280 --> 0:11:35.280 I'm starting to see these people come out and go, oh, 0:11:35.320 --> 0:11:38.160 I applied what you said and it's working. I was 0:11:38.280 --> 0:11:40.960 saying to people, hey, if you know unemployment's going to increase, 0:11:41.000 --> 0:11:43.520 I tell you a great thing to do. Show up 0:11:43.840 --> 0:11:46.840 beyond time. You know, old school. Put your hand up 0:11:46.920 --> 0:11:49.320 so you're here to do. You're willing to do anything extra. 0:11:49.679 --> 0:11:53.000 Get a message from young lady this morning. She's like, hey, company, 0:11:53.000 --> 0:11:56.560 why pay increases three percent? I've been given eight because 0:11:56.720 --> 0:11:58.400 I put my hand up and said, hey, I'm willing 0:11:58.400 --> 0:11:58.640 to go. 0:11:58.600 --> 0:12:00.840 Above and beyond. I'm willing to do mixture and whatnot. 0:12:01.000 --> 0:12:04.440 Like Epic, you know, they've been acknowledged for and rewarded 0:12:04.440 --> 0:12:08.640 for their initiative and their attitude and that's a micro 0:12:08.720 --> 0:12:09.400 decision that. 0:12:09.320 --> 0:12:11.520 Can effectively change the trajectory of their life. 0:12:11.520 --> 0:12:13.880 Because what if they now take that five percent difference 0:12:13.920 --> 0:12:16.040 between the eight and the three and they start dolo 0:12:16.120 --> 0:12:20.560 cost averaging that into a sheer ETF that they've been 0:12:20.640 --> 0:12:23.520 learning about, and all of a sudden, twelve eighteen months later, 0:12:23.600 --> 0:12:25.320 you know, their life is very different. 0:12:25.720 --> 0:12:28.199 That's so interesting that people are reaching out to you 0:12:28.280 --> 0:12:31.160 with those examples, you're obviously connecting with them. What are 0:12:31.160 --> 0:12:34.439 some other things that you're consistently hearing that people are 0:12:34.440 --> 0:12:37.960 either doing to get past it, or maybe there are 0:12:38.040 --> 0:12:39.760 obstacles that they're really struggling with. 0:12:40.080 --> 0:12:41.880 Well, I think the narrative out there at the moment 0:12:42.000 --> 0:12:44.199 is that it's really tough, there's no money out there. 0:12:44.600 --> 0:12:47.920 But I'm constantly reminding people there is so much money 0:12:47.960 --> 0:12:52.280 out there, and what has changed is that it's accumulated 0:12:52.280 --> 0:12:55.200 at the older demographic right because they've been here for longer. 0:12:55.360 --> 0:12:56.200 But what do they do with it? 0:12:56.320 --> 0:12:59.480 Term deposits bank accounts, thus sitting on it? Now, what 0:12:59.520 --> 0:13:01.920 are they Well, we're running out of time because we're 0:13:01.960 --> 0:13:04.720 getting older. Therefore we're valuing convenience, and the world's become 0:13:04.720 --> 0:13:08.000 more convenient if you go and offer services to people 0:13:08.120 --> 0:13:13.199 like hey, I'll split your fireward, Hey, I'll paint your fence, whatever, 0:13:13.840 --> 0:13:16.160 mow your lawns for you. There are people every week 0:13:16.160 --> 0:13:18.040 miss to me. We're like, hey, I didn't believe you, 0:13:18.160 --> 0:13:20.600 but honestly, I've just picked up, you know, thirty grand 0:13:20.600 --> 0:13:22.440 worth the work in my neighborhood and whatnot. 0:13:22.440 --> 0:13:23.120 This is crazy. 0:13:23.320 --> 0:13:25.000 I didn't realize that all this money has been sitting 0:13:25.040 --> 0:13:27.120 there the whole time. But that starts with the belief 0:13:27.120 --> 0:13:29.520 that that's even possible, right, because if you look outward 0:13:29.559 --> 0:13:33.480 at the moment, you've basically been told no, like unemployment's high, 0:13:33.520 --> 0:13:36.079 there's no money out there, everything's hard, the economy's broken. 0:13:36.080 --> 0:13:38.440 You probably should move to Australia. I'm fighting the tide 0:13:38.480 --> 0:13:39.960 being like, I don't want you to move to Australia. 0:13:39.960 --> 0:13:41.600 I'm trying to give you some skills where you can 0:13:41.800 --> 0:13:43.720 get in control of your own income. So I think 0:13:43.880 --> 0:13:46.760 that's probably become something I've been really passionate about because 0:13:46.760 --> 0:13:50.000 I've learned more about making money and how it exchanges hands, 0:13:50.040 --> 0:13:52.440 and I don't think people learn about that. So then 0:13:52.480 --> 0:13:55.640 we do default to the cheaper subscription, cheaper power et cetera, 0:13:56.000 --> 0:13:58.240 and don't explore, oh, how can I put another ten 0:13:58.320 --> 0:14:01.240 thousand dollars into the family household? And there are when 0:14:01.240 --> 0:14:03.520 you give yourself a goal and set it there and go, right, 0:14:03.559 --> 0:14:04.200 what if we did. 0:14:04.120 --> 0:14:04.960 Over twelve months? 0:14:05.240 --> 0:14:07.079 You start to realize there's so many different ways that 0:14:07.120 --> 0:14:09.160 you can actually increase your house on income. But first 0:14:09.200 --> 0:14:11.280 you need someone to tell you that it's possible, I think. 0:14:11.640 --> 0:14:15.400 And then there's that great wealth subscription that kiwis love, 0:14:15.600 --> 0:14:17.840 which is just buy a house and subscribe to a 0:14:17.880 --> 0:14:21.160 mortgage and make regular installment payments and you'll come out 0:14:21.160 --> 0:14:23.080 of it at the ends fine, right, And that's how 0:14:23.320 --> 0:14:25.880 that older generation have built up quite a lot of capital, 0:14:26.160 --> 0:14:28.200 and they've wound up in a position where they actually 0:14:28.240 --> 0:14:31.400 have a fair chunk of you know, of wealth to 0:14:31.400 --> 0:14:33.840 put around. Right, But is that a path you think 0:14:33.880 --> 0:14:35.160 that is there for everybody? Now? 0:14:35.240 --> 0:14:38.880 Still for everybody? Probably not? What about you? 0:14:38.960 --> 0:14:40.200 I can talk about you for a second. 0:14:40.280 --> 0:14:41.600 Well, I guess yeah, I'm a good example. 0:14:41.680 --> 0:14:43.440 At the other end, I could have five rental properties 0:14:43.440 --> 0:14:45.600 probably six, and service those I have zero? 0:14:46.280 --> 0:14:47.000 Now why not? 0:14:47.240 --> 0:14:50.160 I find it boring to be honest, Like, I'd rather 0:14:50.200 --> 0:14:52.800 plug my money into you know shares and then just 0:14:52.880 --> 0:14:54.800 get back to focusing on the things that I love doing. 0:14:55.160 --> 0:14:56.720 But you know, I talk to probably people like what 0:14:56.760 --> 0:14:59.200 are you doing? Man like leverage? Leverage, I'm like, there's 0:14:59.280 --> 0:15:01.640 leverage is one. There are many ways to leverage things. 0:15:01.680 --> 0:15:06.320 You can leverage skills, your time, audience, experience, like it 0:15:06.360 --> 0:15:09.240 can go wider. So I, yeah, I probably just don't 0:15:09.280 --> 0:15:11.920 find property that interesting for me. And what I often 0:15:11.960 --> 0:15:14.200 do have all decisions is like walk down the path. Okay, 0:15:14.240 --> 0:15:16.880 if I invest into this company and it goes to zero, 0:15:17.120 --> 0:15:17.840 can I live with that? 0:15:18.240 --> 0:15:20.240 Like yep, Okay, I can own that decision. 0:15:20.000 --> 0:15:22.840 Make it faster, carry on. Okay, if I buy a property, 0:15:23.320 --> 0:15:24.800 what does that look like? Okay, then I'm going to 0:15:24.840 --> 0:15:26.920 have a tenant. Well, I'll be frustrated if something does 0:15:26.960 --> 0:15:29.640 break you so probably will because I can't fix things. 0:15:29.640 --> 0:15:31.960 Look at these hands. So I'm not a DIY guy. 0:15:32.040 --> 0:15:33.320 So then I'm gonna have to pay for that. That's 0:15:33.320 --> 0:15:35.440 going to decrease my returns on that. But I'm not 0:15:35.480 --> 0:15:38.080 saying that, you know, people shouldn't be investing into property. 0:15:38.400 --> 0:15:40.480 I just think maybe we got a little bit too 0:15:40.520 --> 0:15:43.960 flippant with the advice that that was the way to 0:15:44.000 --> 0:15:45.520 do it, and now we've got to pay the price 0:15:45.520 --> 0:15:48.600 for a little bit where house prices are really high 0:15:48.680 --> 0:15:51.840 and people aren't then educated as to the other options 0:15:51.840 --> 0:15:52.440 that they could have. 0:15:52.680 --> 0:15:54.560 Do you, though, look at that property journey that other 0:15:54.600 --> 0:15:56.160 people are on and get a bit of fomo or 0:15:56.200 --> 0:15:58.640 you a no fomo guy, you've already walked down the 0:15:58.720 --> 0:16:00.320 road and go, look I'm fine. 0:16:00.160 --> 0:16:02.120 This or not at the moment, obviously with how flat 0:16:02.160 --> 0:16:03.640 it is. But I mean in twenty twenty one, I 0:16:03.680 --> 0:16:05.520 was thinking, oh, maybe I should having you build, and 0:16:05.560 --> 0:16:07.440 you know what, yeah, so yeah, I fall into the 0:16:08.000 --> 0:16:10.600 same traps that other people do. I think what I've 0:16:10.720 --> 0:16:14.760 seen and observed across businesses, across personal investments, as soon 0:16:14.760 --> 0:16:17.840 as you start leveraging yourself with you're like in need 0:16:17.880 --> 0:16:18.920 of every dollar. 0:16:18.680 --> 0:16:19.320 Of your income. 0:16:19.960 --> 0:16:22.680 I look at that and go ooh, you're like now 0:16:22.720 --> 0:16:28.080 you're compromised and life gets harder because you need something 0:16:28.120 --> 0:16:30.640 to work out. And I think we saw that with people, 0:16:30.760 --> 0:16:32.680 you know, leveraging right up in twenty twenty one, like 0:16:32.880 --> 0:16:35.560 we should think back and go The will was closing 0:16:35.560 --> 0:16:38.200 down because of a pandemic, and what were we doing? 0:16:38.440 --> 0:16:41.120 We were going to open homes like that seems pretty 0:16:41.120 --> 0:16:45.080