June 15, 2025 • 41 mins
Some kids have a nack for saving, a piggy bank full of coins - while some never get it.
So what is it that makes someone good with money?
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talk Sedby.
Speaker 2 (00:23):
You like to gamble, I tell you so, I know
it is to blame you say, ah.
Speaker 3 (00:42):
Yes, welcome back to the Weekend Collective. By the way,
we often let our guests choose the music, and I
was looking at my guest thinking, is this one of
your choices? But no, it's not that it's my produced
it's the choice my producer, Tira, because it's her last
day for a few weeks, I think, because she's off
to get married, uh, and that's going to be lovely.
(01:03):
And if Sean does Shawn have listen to the show.
By the way, Tyra, Sean, if you're listening to the show,
trust me, if you're not an emotional guy, you need
to practice faking it, because she is going to judge
your wedding, your wedding, and I think you'll probably lose
it anyway, most grooms always lose it. She's going to
judge the success of the wedding as to whether when
(01:24):
you see her arrive and walk down the aisle and
you first see the lay eyes on her, that you
have to burst into tears. Basically, she's expecting tears and
large emotions from you and just a quick heads up.
I mean, we've told a lot of the country now,
but no pressure. But if that's not within you, then
you need to start. Go and have a chat with
(01:46):
an actor and just say, how do I look like?
How do I make it look like I'm chaking back
the tears and you'll be onto a winner because Tyra
is judging her the success of your nuptials on that
one moment.
Speaker 4 (01:58):
Okay, marriage advice from Jim Bubbish, maybe should change subjects
for the next hour.
Speaker 3 (02:05):
Well, it's not it's wedding advice. It's the actual occasion
of advice. I do have good I actually have really
good advice on weddings because actually, and I haven't even
introduced you and Manda Morrele. Good afternoon.
Speaker 4 (02:19):
How are you to see you again?
Speaker 3 (02:21):
No, because marriages weddings are show bars. And if you're
not used to show bars, people plan the biggest day
of their lives. They spend all this money and they
have all these expectations. And the one thing, because I've
sung it a few weddings as well, I just say, look,
take all your expectations and just roll with every punch
that is thrown. Your away. Just don't have any expectations
(02:42):
and enjoy yourself because otherwise you'll be like, ah, I
wish we could do it again so I could actually
enjoy myself. That's that's my advice to Tyra. Would that
be your advice to Tyra?
Speaker 4 (02:50):
Yeah, I think that's wise advice. And one day we
should tackle the personal finance of weddings because it is
really a performance, not to take away from your special day.
Speaker 3 (02:59):
But Tyro says it's too late to tackle the personal
finances of weddings because she's spent a fortune. Have you
spent a fortune on it?
Speaker 5 (03:05):
Tyra?
Speaker 4 (03:07):
Smart with money?
Speaker 3 (03:09):
Anyway, we're not talking about weddings. But actually, I don't mind.
I can always pivot on the back of a trivial
topic that I've thrown in there for the sake of it,
just because it's Tire's last day for a few weeks.
I We'll do it another time.
Speaker 4 (03:26):
On another occasion.
Speaker 3 (03:28):
Okay, of course, what we're going to talk about, well,
it's it's it's it's kind of personality related and I
won't bring it back to weddings any longer. But personality
type and there are people who are good with money
and there are people who are lousy with money, and
I sometimes wonder if that's a lot of the time
(03:49):
it boils down to personality or how much do environmental
factors if you're born into a Because I know people
are very good with money because they had none when
they were growing up, and the opposite, people who had
never even thought about money are the worst. Spend thrifts,
never learned how to right. And I mean, some kids
have a knack for saving. One of my daughters, I'm
(04:10):
not sure about the other one, so I can't I'm
not sort of narrowing it down, and they wouldn't want
me to discuss them. But one of them is absolutely
going to be good with money because she's careful with it,
for start, and she's aware of how it can work,
and you know, it's better in the bank and all
that sort of thing. But I mean, have you always
been good with money or is this something you learned?
Speaker 4 (04:31):
Yeah? I think I'm well. What it comes down to,
to my mind is sort of the psychology and habits
so behavior. So genetically, are you inclined to be better
with money than not? I would disagree with that, but
it is a multifaceted sort of thing like environmentally, you're
(04:51):
influenced by your parents. Some people, you know, they grow
up in a family home where they're horrible with money,
and is it, you know, a backlash to that they
become very frugal and sensible with their money. So it's
you know, it's it's sort of it depends really. But
I wrote about this actually in my latest blog called
I said perfect pers of finance is an inside job.
(05:12):
So I think it really does start with sort of
the motivators and a mindset to want to do things better,
and we all kind of arrive at that point differently
in life.
Speaker 3 (05:23):
That's possibly the better way to frame it. What is
the best motivation to be better with money? Because I
think that if it's a put, I don't know that
there's some sort of mindset. If you're worried that if
you think of saving money and being good with money
as meaning you can't enjoy yourself with life, then you're
never going to address it because you think, oh, it's
about finding that motivation.
Speaker 4 (05:42):
It's the psychology, right, So it's like going on a diet.
Sometimes the second you think you're on a diet, then
because you know subconsciously you're like, oh, I need to
go out and need a whole bucket of you know,
Jerry's ice cream or whatever. So you kind of you
sabotage yourself or whatever it is, Hogen does you know,
or you go up for your big mcdaughey. So there's
something in the deprivation that you end up doing something
(06:03):
stupid to trip yourself up. So you have to find
a strategy mentally that works for you, which is going
to be long term successful. But you know, the moment,
the light the light bulb moment is kind of different
for most folks. I would suggest that I could have
seen it with people and my kids and everything that
there's quite often it is event driven. For example, a wedding,
(06:27):
you know you've got to big a went, you know,
event coming up you need to save. So then you've
got a very specific event to save for. Or likewise,
you're buying your first car. You need to save for
the car and the ensurance. So those milestones quite often
trigger behavioral changes in people. Yeah, and so you're forced
to change if you want that particular object or whatever
(06:49):
it is, that goal. So there's that riding underneath that.
I guess if you wanted to generalize, you could say
some people are just naturally better. Why probably because they're
more mindful with money. You know, they're seeing, you know,
what they can do with money short, medium term, and
other people are just but you know whatever in living
for the moment, which has described one of my kids,
(07:11):
you know, go hard, go fast, you know LIFs for
Living today kind of thing.
Speaker 3 (07:15):
And that checks a lot of numbers on Saturday.
Speaker 4 (07:18):
Yeah. So so but you know, again, like certain events
will change, start to reform your behaviors because they have
to change. But ideally you want to just have sort
of an overarching view of your finances being an extension
of you and just managing them in a really healthy way.
And that's again what I wrote about this week.
Speaker 3 (07:36):
Cool. Well, look, we'd love your participation on this as well.
One hundred and eight, ten and eighty. Are you good
with money? And actually what made you good with money?
If you are? Was it the fact that you, I
don't know, played around with saving and could see the
positive effects and you set yourself up with good habits
or was it because you actually realize, oh my god,
I'm an absolutely tragedy with money. If something doesn't change,
it's like any bad habit, whether it be. You know,
(07:58):
we were talking about alcoholism in the in the last hour,
but I mean the consequences of having bad money habits
can be pretty catastrophic as well, if you blow everything
you ever spend. But what have you ever changed your
money habits and what actually motivated you do it to
do it? I was actually just reflecting as you were
(08:18):
talking there, Amanda, that I probably changed a little bit.
I was deeply traumatized recently on mortgage, on paying off
the mortgage, because I realized, how in a minute, again
an incentive and we've got you know, life costs with
having kids and all that sort of thing. Life is
expensive or it's expensive, easily let it be, I guess.
(08:40):
But I suddenly went, hang on a minute, if we
pay off the mortgage at this rate, I just did
the maths and I thought, okay, then we could pay
off for the mortgage by X date, and oh my goodness,
every dollar that we earn after that we can save.
And so I just realized, oh, man, if I hosted
a money after long enough, I should know better. But
(09:00):
it's one thing to talk about and nothing to do it.
But I just worked out that, you know, the accelerated
rate of payment if you can afford it saves you
an absolute fortune and for me, I probably needed that
little carrot.
Speaker 4 (09:15):
It's funny though, because you know, I mean, I can
have these conversations with people, you know, till the cows
come home, and it's really you know, the penny will
drop for somebody at a certain point and until such
time as they kind of.
Speaker 3 (09:27):
Get it famous last words by the way, then you know.
Speaker 4 (09:31):
Then the behavior will change. But again, I think an
earlier education so people kind of get grasp the effect
of compound interest over time, whether it's working against you
or for you. People really need to gether has wrapped
around that, and that'll change longer, you know, change outcomes.
Speaker 3 (09:49):
In fact for people. Education ultimately, whether you have been
taught by someone or whether you have educated yourself on
how money works, must be a prime motivator, isn't it.
Because again I've got a visual, a visual coming up
in my mind because I am seen an event for
a company who we've had them on the show a
couple of times, Concillium. They've got a new key we
(10:11):
saber product out. But there were some graphs that were
put up in the course of them stating their case
to the investment advisors who were there, and the power
of compounding interest. And I looked at that and one
I did feel a massive amount of regret not having
put more money into things in my twenties. But to
see the power of compounding interest, even at just the
(10:34):
change choosing the right fund for you know, better growth
and all that sort of thing, the power of making
a good decision earlier was with not tens, but even
hundreds of thousands of dollars in some cases.
Speaker 4 (10:47):
Yeah, it has a huge effect. But again, you know,
if you're preaching to maybe a fifteen year old and
showing them charts and graphs and stuff, I suspect very
few of those kids those messages are going to stack.
But other kids, you know, they'll just be like, oh whatever,
I've got a party next week, so you know what
I mean. So but if you can drive home, and
(11:09):
I think it does take you know, continual repeated messages
to get it through. And now you know, thanks to
AI and technology and apps, I hope that those behaviors
can be reformed a lot earlier to greater effect. And
you know, this is what they're partly doing with Kiwi.
Sever contributions are being increased to try to drive that.
Speaker 3 (11:30):
Well, actually, that's funny one that little I mean, this
is not quite what we're here to talk about. How
they've reduced the government's contribution on that. At least they've
still got something in. But it used to be what
was it one thousand bucks a year or something that
you go.
Speaker 4 (11:41):
Yeah, well for those of us with long memories, so
two thousand and seven, yeah, you got one thousand dollars kickstart,
which is sweet. That was sort of the kicker together.
Speaker 3 (11:50):
You put in twenty bucks a week, you got an
extra thousand from the government that.
Speaker 4 (11:53):
Was there was that in addition to the kickstart, So
you got one thousand dollars just to open an account,
and then if you had contributed a thousand, you got
an extra thousand, and then that got whittled away to
five hundred and twenty one and then just recently with
all the way So don't get me started on KIMSIC,
as I think they've done a bunch of damaged to that.
But what they did occurrent to that, well, let's go
(12:14):
to the list after the personal finance of weddings, So
so what what they've cut it back, But I mean
they've also uh, decided to increase contribution rates, which will
help to lift again that nice line over time if
you're going from three to four, which is plus four
times you know from your employer and yourself. So that
(12:37):
that will help to kind of increase that gradual line
in the positive direction for a lot of people when
they start younger, and maybe one day we'll get in
line with what Australians and other people are doing internationally,
because they're still well behind in that regard. So that's
a forced way. That's that's a big, you know, compulsory
bump for people. But you want it. You want people
(12:58):
to come to these conclusions on their own, ideally, because
then it's going to reform behaviors across the whole range
of their personal finance.
Speaker 3 (13:05):
It's I don't know what drag family into it, with
your your kids with it. Did you make a point
of trying to teach some certain financial lessons regardless of
the choices they've made.
Speaker 5 (13:15):
Oh?
Speaker 4 (13:15):
God, yeah, you do.
Speaker 2 (13:16):
They?
Speaker 4 (13:16):
I mean, I mean they've been beaten around with my
book right times and various lectures whether they'll stick, But
I do test them occasionally and like what are the
what are the things if I get hit by a bus,
you're going to remember. So for me, and I know
there's a lot of people that are really pro credit
card use. But for people who are not going to
pay off their credit card and end up racking up
all that debt, which include my two kids sadly because
(13:38):
they're still you know, consumed with partying. Is you know,
don't get a credit card when you can get one
of those debit credit cards, so you're only spending money
that you've got, right, Because for many people, all that
debt that they own, then the interest on the debt,
and then the car breaks down, it's just it's going
to be a noose around their neck and will always
(13:58):
hold them back from achieving better. It comes. The other
thing that doesn't get talked a lot about, but you
know it is out there is choose your partner carefully.
Who you partner with as your life partner. If you
go down that route will make a huge impact to
your overall financial well being and your well being in general.
Speaker 3 (14:18):
Massive impact as you mean about their attitude to money.
Rather than just make sure you marry someone who's if
you're not going to earn money that they do well, it's.
Speaker 4 (14:26):
Well, it's compatibility fundamentally, and that you're supporting each other
to achieve your goals. And you know, really if you've
got that solid base of a relationship and there's not
many but together, you know the compounded effect of having
a really strong partnership and really good communication when it
comes to money and people who are supporting one another career.
So you're on track. I mean, things change obviously, but
(14:49):
that and there's been lots of research to show can
have a huge impact on long term outcomes for a
whole range of positive things in your life, including find.
Speaker 3 (14:59):
Actually, so just getting back that, as you said, if
you got hit by a bus, you would want your
kids to stand up if you'neral in say, I tell
you what you know A mom taught us don't get
a credit cad.
Speaker 4 (15:08):
Well that but okay fine, And also I really do hope.
I mean I've made mistakes, my mistakes with relationships too,
but you know, I you know, I think a lot
of people kind of waltz into those things and thinks, oh,
but you know, financial strain is the is a bigger
cause of discussed this before of marriage breakdowns than infidelity.
Speaker 3 (15:27):
It causes a lot of financial and fidelity in a
way more.
Speaker 4 (15:30):
Well, you've just said it, like it's expensive living out
there if you've got one partner who is not paying
attention to the finances, continually spending, frittering the way the
money you know, you're gambling whatever it is. Addictions is
that you know the other person is going to get
really resentful that they're you know that they're having.
Speaker 3 (15:48):
To well stressed to the max level.
Speaker 4 (15:50):
Right, it could really be toxic in a relationship. So
getting that right, like getting the partnership. But anyhow, there'd
be there's lots of wise heads out there say they
should actually offer university courses on how to choose the
right partner for.
Speaker 3 (16:02):
You really using your right partner one oh, one, well.
Speaker 4 (16:07):
Think about it. It's it's a huge surge and it
will impact your finances as well. So and then the
third I'm trying to remember anyhow, but so that you know,
choosing the right right relationship. And oh the third thing
I said, Look, if you've got a win fall tomorrow,
(16:28):
like you know, lottery or whatever, and you've got your
mortgage to pay off, I'm a big one for repaying
the mortgage to deb and like what you're doing is like,
how much better off we're going to be when I
get rid of that Yeah noo, surround my neck and
then you know, you can start investing that money.
Speaker 3 (16:43):
We'd love you to join us as well. At one
ten eighty one, we're talking about, you know, money habits,
but is it possible to fix bad money habits as
an adult? But more specifically we've we've touched on it
just now with Amanda Morale is what are the what
are the early lessons that you can that you can
teach kids to give them a shot it actually respecting
(17:06):
themselves in a way or having having faith in their
own abilities that they can actually manage their finances, because
I mean, I can imagine if you come from a
family where mum and dad don't seem to be great
at their finances, kids might think, oh, well, you know,
we're they're poor. I'm going to be poor for the
rest of my life. But are they lessons that you
can pass on? What would they be to kids? I
(17:27):
totally agree with you, by the way, on the credit card.
If you can't pay your credit card off every month,
don't get it. Do love the airpoints though, seeing that
sucks men doesn't matter.
Speaker 4 (17:35):
Tell me that no, no, no, I'm here. I'm with
you on that one. But most people are not prompt
pairs and then they overspan and then they count and
then they make the minimum contribution on the credit, the minimum.
If you only pay the minimum, if you also do
the mouth on that, you'll be paying, like you know,
quite often like double triple the amount of the original
purchase price.
Speaker 3 (17:55):
So right, we'll take your calls eight hundred eighty ten
eighty what the best way to teach you kids financial habits?
But also is it something where you've just found with
your own children or yourself that there's an element of
your own personality on that stuff? Of course, there is
an element of personality. We all were driven to make
good and bad decisions depending on our whims, aren't we?
Are we? Maybe I'm wrong? One hundred eight and eight
(18:17):
will be back in just a moment. Is twenty five
past five news talks? You'd be yes, welcome back. Let's
take your calls on basically learning good habits? Is it
personality or are there what lessons you can pass on
to your kids to give them the best chance of
making good decisions with money? And let's kick it off
with Mark.
Speaker 5 (18:35):
Good day.
Speaker 6 (18:35):
How are you doing good?
Speaker 3 (18:36):
Thanks?
Speaker 6 (18:38):
I just wanted to talk about savings accounts, just because
I don't think people quite realize I suppose a few
pitfalls of them I've had recently, something happened to me
with west Bank, where I've had a online savor account,
which I've had for over ten years, which I think
most people have savings accounts and sort of set and
(19:00):
forget them. I put my money in getting three points
five five percent interest, and I've recently found out that
bank has dropped it down to zero port four or
five percent and never told me, so I've effectively lost
almost fifteen years of interest slowly dropping over those years
that have ever been told. And when I've queried the
(19:23):
bank about this, they've said the only way to see
it is on your statement, And of course nobody really
gets statements anymore because they're born's online. You can't see
it on your account. You have to go through various
batons to actually ever see the percentage. And I think
it's a bit dis ingenuous of the banks how they
do that when they can put your mortgage on their
(19:44):
mortgage rate on there, but when you're giving them money,
but they're not happy to give you the same access
to the rate when they're taking your money.
Speaker 4 (19:52):
Yeah, no, thanks for that. That's a good point, Mark.
I mean, I think most people know that the savings
rates you get off banks savings account are pretty abysmal,
and I would agree it's pretty opaque in terms of
the rates because I'm like, you've got you know, I've
got my investments, but I do keep some cash in
a bonus online saver and when you've got a lot
of money, you get the bonus. But it's still quite pathetic.
(20:14):
It's even more pathetic abroad, by the way, like the
New Zealand rates are a little bit better than what
you get.
Speaker 7 (20:19):
You also well not no, I'm not talking about the
actual rates themselves. What I'm saying is you've signed up
for an online saver rate, I don't know what you're
ready towards. Mine was three point five five. I don't
think people are aware that they can change those rates
and they don't have to know they do.
Speaker 4 (20:36):
They do adjust, yeah, because they're tied with the o
c R typically, but they did, they do. You have
to really pour through the to see what the rates,
so they don't make it easy and they should, like
signal the change. I agree.
Speaker 3 (20:48):
Yeah, So basically, if you got a mortgage mark, they'll
definitely know if they're going to have to shove your
mortgage rate up. But if you've got a savings account,
you have to find that out for yourself of the
mortgage rates.
Speaker 7 (20:57):
Absolutely, yeah, And I think there's there be hundreds of
thousands of people in New Zealand who don't know that happens.
I mean, I talked to a young guy I work
with today whose literally set his savings account up in January,
set and forget as part of saving to get a mortgage.
And because I told him, he checked and it dropped
one and a half percent. He knew nothing about it.
Speaker 4 (21:19):
Yeah, unfortunately there's a little there's little education. Well, I mean,
there should be more realization about you know, savings accounts
being a poor vehicle for actually saving for any tangible goal.
It's usually just a safe place to temporarily park an
amount of money where you've got a cash and call account.
(21:39):
But it does serves very little other than that.
Speaker 7 (21:44):
I think the bankship have an obligation to tell you.
I mean that they have, you know, they're supposed to
be there to look after you. There's verious Financial Act
that they're supposed to follow, and this is a prime
example of hiding it. Yeah, I think they actually probably
if anyone delved down to it and did an actual
official information Act, would p probably find that they could
(22:05):
trying to find it.
Speaker 3 (22:08):
Actually, you know what, Mark, they've probably worked out that
if they really went on a publicity campaign to remind
people to maximize their savings returns, they would they probably
worked out a dollar amount that would cost the banks,
wouldn't it.
Speaker 4 (22:19):
Well, So, to be honest, it's not just savings accounts
that you can target banks for having sort of bad
or shifty behavior, because there's all range of I mean,
banks don't draw attention if you've got your ki server
account with them to how much you're paying and Kiwi
server fees which are probably add up to a lot
more than what you're losing on your savings account over time,
if the difference is quite big. But there's that, there's
(22:42):
credit card fees, there's annual fees, you know, So that's
how banks roll. Unfortunately, Yeah, it's really the onus is
on the consumer. But I agree, Mark, you know, maybe
you shouldn't have to be the one who's doing all
the work. It should be, you know, the bank who's
demonstrating and showing you what it is exactly your pain.
(23:02):
But that's not the first time.
Speaker 3 (23:05):
Actually, the good thing is we're talking about it at
the whole point. I mean people are listening right now.
There might be people have gone, I've got an online
savings account. I might just go think see what they're
giving me? What one percent? The trick there's a trick
that for some of those incentive based ones, you know
where for instance Rabo and I'm not having a crack
at Rabo, by the way, but I had a one
where you if you stick in a certain amount per month,
(23:27):
you get the bonus interest. And I was doing it
from one account to the other. The other account ran
out of money, so it stopped doing it. And it
was a few months before I realized and I thought, see,
ideally it would have been like, hey, by the way,
you've stopped making the payments, you're missing out an interest.
But of course they're not going to do that because
they have got the use of my money.
Speaker 4 (23:45):
Right, yeah, I think I've got one, and they say,
if you don't do the extra twenty dollars, But again
I just I take it for granted now that these
are really bad savings vehicles. Again, they're a good place
to temporarily park money in the short term because you
need access to it quickly and you don't want to
be punished like breaking a term deposit. But you really
(24:05):
shouldn't be using savings accounts to earn any money because
it's not really earning you much money at all. It's
just a safe place to park your money. So anybody
who's got a large volume of money in a savings
the house should definitely be thinking about better alternatives.
Speaker 3 (24:19):
Actually, but tell you what, we'll sit on that one
and we'll come back to what you're what a couple
of suggestions would be that would be the next step
up for being a better alternative for your money. But
let's take some more calls showing Tomo good to Tomo.
Speaker 5 (24:34):
Hello, Hello, hello, you there. There's two ideas not offer here.
I love this program, but that's encouraging people to finally
really enjoy money that they accumulate, really really good, have
a house of security, you know, good clothes, piqual care,
all that wonderful, and still wasting it. Now, the two
things that I found most successful in my own life.
(24:55):
I got amount of raw rab books you know how
to get rich books like Think and Grow rich, amount
of Polly and Hill or the for our workbeak by
ten years. They both they all say the same thing.
They say, down with it's on paper. Figure out who
you are and what you want. That's first thing. The
second thing is most powerful that I found very successful
is once you've figured out on that paper what you
(25:18):
want to have and do, get some picture that magazine
or an online business computer, get images and put yourself
in the is of the things you want to have.
Visualization Yeah, exactly, exactly, very very powerful. All the wonderful
talking realities of savings and interests and all that, all
(25:39):
that will follow if you can see that house and
you standing or with your dog and you're a nice
carry outside boy, oh boys, when you go into the
shop and no, I'm not going to buy that shirt,
I'm saving form house.
Speaker 3 (25:53):
Yeah. Would that work for everyone?
Speaker 4 (25:56):
Tom and I would agree with that. But you need
the vision totally, and it's good to have, Like you know,
if you're not a visual doesn't it actually get a
collageboard and cut it out. But you also need a
plan that's going to enhance that. So whilst there are
some manifestors out there, think you could just sort of
look at your vision board.
Speaker 3 (26:15):
Yeah that vision that will happen, but.
Speaker 4 (26:18):
Okay, maybe maybe it'll happen, maybe it won't. But actually
you need an action plan to vehicle.
Speaker 5 (26:23):
Yeah it's vehicle, you know.
Speaker 3 (26:26):
Yeah, yeah, as opposed to you know, rolling out a
yoga mat and sitting there and manifesting wealth. I think
it needs another follow up action, doesn't it. Yoga is great.
By the way, this is not about yoga. I just
mentioned yoga mat for some reason. I don't know why.
Speaker 4 (26:39):
Don't be hitting on the yoga. But now listen, you
need it's you need the vision and you need some
concrete actions. Again, this is well timed because I've wrote
about this this week on my blog.
Speaker 3 (26:48):
By the way, Amanda Morale dot com. If you want
to check out the blog, isn't it Yeah, there we
go website.
Speaker 4 (26:52):
So thank you for that. Yes, absolutely, so you need
there's two parts to the equation, and so again it
comes down to that sort of psychology, the big vision
and the behavior, and that's where all get hit a
sweet spot if you're you know, rolling the two out right.
Speaker 3 (27:09):
Let's thanks for a cool time I got on you.
I think I got his name right with the spelling,
but anyway, it's Steven. Hello.
Speaker 8 (27:17):
Oh hello Sam, Hell Amanda. How are we doing good?
Speaker 5 (27:20):
Hello?
Speaker 8 (27:22):
Well, I've just got some a story or some bad
advice I actually gave my friend. I worked for a bank,
and it links to your shed at the start around
Funday and a wedding and how bad of an investment
they are. But anyway, my friend, my friend, he wanted
to get no money and obviously wanted to get married,
so he needed to get the finance. So yeah, exactly,
(27:44):
So I I your credit card and you can balance
transfer at zero percent to another bank. So you got
ten grand lunch transferred to another bank and for twelve
months only. Anyway, wedding happen in front of the wedding
Happy days. Zuroobsent interest anyway, checked them in a year
later post wedding. I was like, oh, what have you
done with that?
Speaker 5 (28:01):
Credit cards? Oh?
Speaker 8 (28:02):
Still got it? Still got it. It's like, oh, the
interesting chat. Anyway, he hadn't paid it back, so obviously
a little trip on the credit card.
Speaker 3 (28:12):
Front and paying for a wedding with a credit card is.
Speaker 8 (28:16):
Greg Yeah, obviously that the other from the person alone
or funds from others. But yeah, yeah, yeah, so it's
don't do that everyone.
Speaker 4 (28:26):
You only do that transfer if you have a good
plan to pay it off. And so if you forget,
this is why I again, I've been beating my children
over the head with us roll about credit cards. Unless
you can use a credit card, you know, intelligently, don't
go down that track. But a lot of people like
your friend, just get caught up with the business of
life and then they forget and then boom, oh yeah
I forgot. I've got a twenty percent interest rate on that,
(28:49):
you know, ten k that takes effect the date, you know,
So yeah, that should be a good warning to other
people who are getting seduced by zero percent.
Speaker 3 (28:57):
And if you have got that credit card date, just
find a way of borrowing the money from a legitimate
source other than a credit card, so at least you're
on some other interest rate that rather than your credit
card being the former borrowing.
Speaker 4 (29:09):
Have you been to's weddings where they've got like a
little gift tree and you just get piking cash, So
like if you'd had that in lieu of gifts like
that would have been a good way to pay off
the debt. It seems a little bit cold, but.
Speaker 3 (29:20):
Some cultures have a sort of thing about giving money,
don't they, rather than gifts or whatever.
Speaker 4 (29:25):
You just put an envelope a cash in there and
it's you know. I again, it might not go over
well with some people are your guests, but I know
people get way to pay off the data.
Speaker 3 (29:33):
Some people for weddings. Oh gosh, we're in dangerous territory
because we have to save this for another day. Who
actually tell people what it is per seat to go
to the wedding? So if you want to come, that's great.
It's one hundred and fifty bucks each.
Speaker 4 (29:48):
We're definitely doing this subject.
Speaker 3 (29:50):
I think we're definitely doing it, and we'll have that
maybe when Tire gets back from her wedding and she
can tell us how she funded it. I'm not sure
what her ticket prices for her wedding, but she could
possibly sell tickets, you know, very very popular wedding in
her community. It's twenty just trolley twenty one minutes to
sex News Talk said B that's.
Speaker 9 (30:09):
You are.
Speaker 3 (30:27):
Welcome back to the weekend. Let's the smart money talking
about savings, habits and what makes people good with money.
But are there lessons you can teach your kids? And
while we're talking about all sorts of things and also
big mistakes you can make with money. I think we've
put down that you should not pay for your wedding
on the credit card, but you know who knows people
will do what they need to do.
Speaker 9 (30:46):
Jan Hello, he said, you'd not say who and stick
with Jen.
Speaker 3 (30:55):
Oh no, I I just saw a different name, and
I thought, well, if it's Jan, but you were going
to I gather you have your talk back name and
your own name now, so that the cat's out of
the bag on nationwide T wrote it radio.
Speaker 9 (31:06):
Yeah, so that's my real name.
Speaker 3 (31:09):
Let's go with that.
Speaker 9 (31:12):
I think how you budget or how you deal with
money is based on your role models of your parents.
And I had a mother who was very big on
saving and budgeting, and she had a tin for each
bill and should put so much of the income into
(31:32):
each tin and until she had enough to pay the bill.
And today I have six different accounts in my bank
and I allocate them the money each fortnite into each
account for various reasons, and that's how I work my money.
(31:55):
But also I could write a book on how to
make money, How to make your money earn money for you?
Speaker 3 (32:03):
Really, what's a secret?
Speaker 9 (32:06):
Well, buying things cheaply and then reselling them at a profit.
Speaker 3 (32:14):
Well but well, actually I guess that is it, as
long as you don't buy it the wrong price and
find that nobody wants to buy what you've paid for it.
Speaker 4 (32:22):
But Buffet's got the same strategy. Just buy stakes on
the cheap and then you know he'll sit on those.
Speaker 3 (32:29):
Yep, you need to start your investment company, jam or sorry,
and yep, I mean, I mean it's very simply part.
But if you can buy things cheap and sell them
for more, and it just depends how much you incure
in marketing and sending it in business of stuff.
Speaker 4 (32:43):
But you know, businesses, it's common sense really, But you know,
common sense is you know, sorely lacking in society. And
it's just sort of the totality of these decisions that
you make over the course of you know, your lifetime
and over a whole range of areas, like whether it's
your grocery shopping or you know, holiday planning, or the
amount of money you're spending on a car. All these
decisions they incrementally add up So if you're kind of
(33:06):
if your if your mind is attuned to where you
can save and you know, not be make dumb decisions,
you're going to be in a far off better position.
But a lot of people just simply aren't thinking about
how they're spending their money. They're not mindful. So this
is where the yoga mat or meditation or some sort
of strategy, which do you think at a deeper level
(33:28):
about what it is you're doing with your money, and
back to the guy with the vision war what it
is you want to achieve with your money, and then
sitting down and coming up with a plan about how
to get from.
Speaker 5 (33:36):
A to B.
Speaker 3 (33:37):
Yeah, right, Hey, thanks for your course? Is it? Let's
go to Paul?
Speaker 10 (33:41):
Hello, how's it going. I'm just wondering what you think
of the American American Expressed Critic card because I joined
up with it and now I really hate it. I'm
going to get out of it when the when they
they runs out, but I'm really, really, really hated. And
(34:01):
the main reason I really really hate it is becalled
its FUCI. Hardly any ninety percent of people do not
take American Space credit card.
Speaker 3 (34:13):
Yeah, there's a different transaction fee on some cards.
Speaker 10 (34:15):
Yeah, yeah, yeah, that's the only one bed. There is
about a one or two perceeve more and I have
run them up every time, and I have seen bring
your prices there. People will not keep with you because
you're too dear.
Speaker 4 (34:28):
Well the no, you've reached a good point. And you
know what, Our max is getting beaten up on a
lot of the personal finance threads and Reddit as well
because they've lowered a couple of years ago, they had
a really they had the best rate for what you
could I think it was fifty seven dollars or something
to accumulate a point, and then that that has just
(34:48):
changed recently, so it's I think you've got to spend
almost eighty dollars. So a lot of people are going
off of our Max because you're not getting the points
that you used to get. You've got the annual fee.
They give you a teaser like zero, you know, zero
annual fee on the first year. So there's that and
then you know, this is surcharges and a lot of
people don't take it. So you know, I still like
(35:11):
where I use it as VP, like we're going to
get petrol and I've got petrol cars at the stage
and the shopping, you know, the big stores New World
or Countdown or whatever it's called now they take it.
So I still try to put the bulk of my
you know, shopping on there to get the points. And
it's actually been quite good for me that I've been
able to finance most of all my son's flights from
(35:33):
Danida and back and a few bonus ones for another kid,
and so this it's worked for me. But I totally
hear what you're saying, and you're not the only person
who's going off of Amex.
Speaker 3 (35:43):
I think actually the strength of the Amex years ago
was the advertising campaign where they would they made the
claim that basically, regardless of where you are, it's the
most commonly accepted credit card. And I think that time
has moved on since then.
Speaker 4 (35:57):
I think overseas it's still got more sort of Cachet
and Creed exactly. But New Zealand, you know, this mechanic
doesn't take a number of places my dentist where you've
got a big bill and you're thinking, oh, I wish
I could get the points, and again you're not getting
as many points as you used to. You've got the
annual fee and if you're into this lounge access stuff too.
(36:20):
I remember trying to get into it comes with sort
of a lounge thing and then some insurance thing. And
I've tested those two and disappointed on the insurance. And
also one lounge said no, this is a New Zealand
AMEX card. It's and it's a platinum card, but they
don't take it. So it's it's got doesn't have the
again that luster that some of these other cards do.
Speaker 3 (36:41):
I remember those very smug ads where somebody's trying to
pay for something and when he goes to American Express,
that'll do nicely.
Speaker 4 (36:47):
Think so yeah.
Speaker 3 (36:48):
Anyway, Hey, by the way, somebody sent me a link
to a story just based on the amount of and
there's an article about money and transaction accounts which are
costing New Zealand billions New Zealanders billions of dollars because
they're leaving their money on the table by keeping their
cash in either basic savings or just transaction accounts. Well,
actually tell you what, we'll just cover this. This time
(37:11):
has flown so quickly, it's almost ten minutes to six.
Just say, if you're not going to stick it in
a savings account, you don't want to go the whole
hog on sort of a diversified sort of the savings portfolio.
What are the simple answers to doing simply just a
little bit better with your money rather than leaving it
in those low paying savings or transaction accounts. We're back
in just to tick. It's ten to six. Yes, news
(37:32):
talks there be welcome back. My guest is Amanda Morale
from her website by the way, because we've been talking
about financial habits and her recent blog. It can be
found at Amanda Morale. That's MO double R A double
L dot com. Go and check it out. It's a
very well laid out website with lots of interesting information there,
so check it out Amanda Morale dot com. Now some
(37:53):
of Amanda has asked me what is read it and
they have heard read it as an ra a D
new word it, but read it as r D d
it And it's a blog where people talk about anything
including finance.
Speaker 4 (38:06):
Yeah, there's a lot of hardcore personal finance junkie's hanging
out on Reddit. You can go check it out. Yeah,
I think you have to set up an account and
then you can comment on it. But there's a lot
of information sharing which is the value and Reddit everything
from like who's the best Givi's ever to know what's
the best credit card rate? The AMAX thing will be
covered in there. That's pretty sure where I read that comment.
So it's basically just a community sharing and forum board
(38:30):
where you find everything health, finance, and.
Speaker 3 (38:32):
They're all other things called threads, threads of conversation, so
you would look for personal financing and that.
Speaker 4 (38:39):
Yeah, and they've got the same for Canada or wherever.
So anyhow, warning, you may end up spending hours on Reddit,
so don't go there if you've got busy, other important
things to do. But it can be educational. Just take
it with a grain of salt.
Speaker 3 (38:50):
That even experts. Any topic you can imagine is on Reddit. Now,
I did say we're going to just give people a
steer that if people have got money sitting in those
sort of dead transaction accounts or low paying savings accounts
and they don't want to go the whole hog, and
they just want to make a simple change to improve
their returns, what are the options.
Speaker 4 (39:09):
Well, so you have to think about your time frame
for that money, because, like I said, savings accounts just
sort of short term, you know, parking for your money
very short term. If you need access to that money
in a year's time, but you don't want to invest
some money in the stock mark, for example, you might
want to go the root of a term deposit right
and likewise, if that money is you know, going to
(39:30):
be around for that or you don't have to spend
it or tap it for the next five to ten years,
you might want to get a diversified investment fund. So
I would direct people to money Hub is a great
site to do some research. Equally, if you want to
compare the rates going all rates for savings borring interests
(39:52):
dot co dot nz, you can do. It's got great
comparisons for the volume of.
Speaker 3 (39:55):
Money storing term savings where you can.
Speaker 4 (39:58):
It's wonderful to research. Yeah, so interest stock cod has
got all those categories laid out so you can do
some good comparisons and also calculators so you can see
what the rate will be over that period of time
as well.
Speaker 3 (40:11):
And even if people are in transient, your own bank
will have a better option than what you've got right now.
Probably wouldn't they.
Speaker 4 (40:18):
I mean they do. There's like the bonus saver's count.
It's okay It really depends on the amount of money
you've got in there too. So for smaller amounts of money,
those you know, short term again saving accounts maybe okay,
But bigger volumes of money, you definitely want that money
to be working hard for you, so do some research.
There's some really great websites, so there, you know, shop around,
(40:39):
but consider the time when how long you know you
can lock that money up for too, because if you
need it, you know tomorrow, because you've got to fund
a wedding or pay for the university, Which.
Speaker 3 (40:49):
Leads to a nice seguay to say, hey, thank you
so much for listening, Amanda Morale dot com go and
check it out, and also just a public best wishes
for your wedding, Tyra. We'll look forward to discussing wedding
finances when you get back. And Sean, if you're still listening,
remember tears at the ultipate Please nothing less we'll do,
and we'll look forward to your company. Same time again
as next week. Enjoy your evening. Sunday at six is next.
Speaker 1 (41:19):
For more from the Weekend Collective, listen live to news
Talks be weekends from three pm, or follow the podcast
on iHeartRadio
You're listening to the Weekend Collective podcast from News Talk Sedby.
Speaker 2 (00:23):
You like to gamble, I tell you so, I know
it is to blame you say, ah.
Speaker 3 (00:42):
Yes, welcome back to the Weekend Collective. By the way,
we often let our guests choose the music, and I
was looking at my guest thinking, is this one of
your choices? But no, it's not that it's my produced
it's the choice my producer, Tira, because it's her last
day for a few weeks, I think, because she's off
to get married, uh, and that's going to be lovely.
(01:03):
And if Sean does Shawn have listen to the show.
By the way, Tyra, Sean, if you're listening to the show,
trust me, if you're not an emotional guy, you need
to practice faking it, because she is going to judge
your wedding, your wedding, and I think you'll probably lose
it anyway, most grooms always lose it. She's going to
judge the success of the wedding as to whether when
(01:24):
you see her arrive and walk down the aisle and
you first see the lay eyes on her, that you
have to burst into tears. Basically, she's expecting tears and
large emotions from you and just a quick heads up.
I mean, we've told a lot of the country now,
but no pressure. But if that's not within you, then
you need to start. Go and have a chat with
(01:46):
an actor and just say, how do I look like?
How do I make it look like I'm chaking back
the tears and you'll be onto a winner because Tyra
is judging her the success of your nuptials on that
one moment.
Speaker 4 (01:58):
Okay, marriage advice from Jim Bubbish, maybe should change subjects
for the next hour.
Speaker 3 (02:05):
Well, it's not it's wedding advice. It's the actual occasion
of advice. I do have good I actually have really
good advice on weddings because actually, and I haven't even
introduced you and Manda Morrele. Good afternoon.
Speaker 4 (02:19):
How are you to see you again?
Speaker 3 (02:21):
No, because marriages weddings are show bars. And if you're
not used to show bars, people plan the biggest day
of their lives. They spend all this money and they
have all these expectations. And the one thing, because I've
sung it a few weddings as well, I just say, look,
take all your expectations and just roll with every punch
that is thrown. Your away. Just don't have any expectations
(02:42):
and enjoy yourself because otherwise you'll be like, ah, I
wish we could do it again so I could actually
enjoy myself. That's that's my advice to Tyra. Would that
be your advice to Tyra?
Speaker 4 (02:50):
Yeah, I think that's wise advice. And one day we
should tackle the personal finance of weddings because it is
really a performance, not to take away from your special day.
Speaker 3 (02:59):
But Tyro says it's too late to tackle the personal
finances of weddings because she's spent a fortune. Have you
spent a fortune on it?
Speaker 5 (03:05):
Tyra?
Speaker 4 (03:07):
Smart with money?
Speaker 3 (03:09):
Anyway, we're not talking about weddings. But actually, I don't mind.
I can always pivot on the back of a trivial
topic that I've thrown in there for the sake of it,
just because it's Tire's last day for a few weeks.
I We'll do it another time.
Speaker 4 (03:26):
On another occasion.
Speaker 3 (03:28):
Okay, of course, what we're going to talk about, well,
it's it's it's it's kind of personality related and I
won't bring it back to weddings any longer. But personality
type and there are people who are good with money
and there are people who are lousy with money, and
I sometimes wonder if that's a lot of the time
(03:49):
it boils down to personality or how much do environmental
factors if you're born into a Because I know people
are very good with money because they had none when
they were growing up, and the opposite, people who had
never even thought about money are the worst. Spend thrifts,
never learned how to right. And I mean, some kids
have a knack for saving. One of my daughters, I'm
(04:10):
not sure about the other one, so I can't I'm
not sort of narrowing it down, and they wouldn't want
me to discuss them. But one of them is absolutely
going to be good with money because she's careful with it,
for start, and she's aware of how it can work,
and you know, it's better in the bank and all
that sort of thing. But I mean, have you always
been good with money or is this something you learned?
Speaker 4 (04:31):
Yeah? I think I'm well. What it comes down to,
to my mind is sort of the psychology and habits
so behavior. So genetically, are you inclined to be better
with money than not? I would disagree with that, but
it is a multifaceted sort of thing like environmentally, you're
(04:51):
influenced by your parents. Some people, you know, they grow
up in a family home where they're horrible with money,
and is it, you know, a backlash to that they
become very frugal and sensible with their money. So it's
you know, it's it's sort of it depends really. But
I wrote about this actually in my latest blog called
I said perfect pers of finance is an inside job.
(05:12):
So I think it really does start with sort of
the motivators and a mindset to want to do things better,
and we all kind of arrive at that point differently
in life.
Speaker 3 (05:23):
That's possibly the better way to frame it. What is
the best motivation to be better with money? Because I
think that if it's a put, I don't know that
there's some sort of mindset. If you're worried that if
you think of saving money and being good with money
as meaning you can't enjoy yourself with life, then you're
never going to address it because you think, oh, it's
about finding that motivation.
Speaker 4 (05:42):
It's the psychology, right, So it's like going on a diet.
Sometimes the second you think you're on a diet, then
because you know subconsciously you're like, oh, I need to
go out and need a whole bucket of you know,
Jerry's ice cream or whatever. So you kind of you
sabotage yourself or whatever it is, Hogen does you know,
or you go up for your big mcdaughey. So there's
something in the deprivation that you end up doing something
(06:03):
stupid to trip yourself up. So you have to find
a strategy mentally that works for you, which is going
to be long term successful. But you know, the moment,
the light the light bulb moment is kind of different
for most folks. I would suggest that I could have
seen it with people and my kids and everything that
there's quite often it is event driven. For example, a wedding,
(06:27):
you know you've got to big a went, you know,
event coming up you need to save. So then you've
got a very specific event to save for. Or likewise,
you're buying your first car. You need to save for
the car and the ensurance. So those milestones quite often
trigger behavioral changes in people. Yeah, and so you're forced
to change if you want that particular object or whatever
(06:49):
it is, that goal. So there's that riding underneath that.
I guess if you wanted to generalize, you could say
some people are just naturally better. Why probably because they're
more mindful with money. You know, they're seeing, you know,
what they can do with money short, medium term, and
other people are just but you know whatever in living
for the moment, which has described one of my kids,
(07:11):
you know, go hard, go fast, you know LIFs for
Living today kind of thing.
Speaker 3 (07:15):
And that checks a lot of numbers on Saturday.
Speaker 4 (07:18):
Yeah. So so but you know, again, like certain events
will change, start to reform your behaviors because they have
to change. But ideally you want to just have sort
of an overarching view of your finances being an extension
of you and just managing them in a really healthy way.
And that's again what I wrote about this week.
Speaker 3 (07:36):
Cool. Well, look, we'd love your participation on this as well.
One hundred and eight, ten and eighty. Are you good
with money? And actually what made you good with money?
If you are? Was it the fact that you, I
don't know, played around with saving and could see the
positive effects and you set yourself up with good habits
or was it because you actually realize, oh my god,
I'm an absolutely tragedy with money. If something doesn't change,
it's like any bad habit, whether it be. You know,
(07:58):
we were talking about alcoholism in the in the last hour,
but I mean the consequences of having bad money habits
can be pretty catastrophic as well, if you blow everything
you ever spend. But what have you ever changed your
money habits and what actually motivated you do it to
do it? I was actually just reflecting as you were
(08:18):
talking there, Amanda, that I probably changed a little bit.
I was deeply traumatized recently on mortgage, on paying off
the mortgage, because I realized, how in a minute, again
an incentive and we've got you know, life costs with
having kids and all that sort of thing. Life is
expensive or it's expensive, easily let it be, I guess.
(08:40):
But I suddenly went, hang on a minute, if we
pay off the mortgage at this rate, I just did
the maths and I thought, okay, then we could pay
off for the mortgage by X date, and oh my goodness,
every dollar that we earn after that we can save.
And so I just realized, oh, man, if I hosted
a money after long enough, I should know better. But
(09:00):
it's one thing to talk about and nothing to do it.
But I just worked out that, you know, the accelerated
rate of payment if you can afford it saves you
an absolute fortune and for me, I probably needed that
little carrot.
Speaker 4 (09:15):
It's funny though, because you know, I mean, I can
have these conversations with people, you know, till the cows
come home, and it's really you know, the penny will
drop for somebody at a certain point and until such
time as they kind of.
Speaker 3 (09:27):
Get it famous last words by the way, then you know.
Speaker 4 (09:31):
Then the behavior will change. But again, I think an
earlier education so people kind of get grasp the effect
of compound interest over time, whether it's working against you
or for you. People really need to gether has wrapped
around that, and that'll change longer, you know, change outcomes.
Speaker 3 (09:49):
In fact for people. Education ultimately, whether you have been
taught by someone or whether you have educated yourself on
how money works, must be a prime motivator, isn't it.
Because again I've got a visual, a visual coming up
in my mind because I am seen an event for
a company who we've had them on the show a
couple of times, Concillium. They've got a new key we
(10:11):
saber product out. But there were some graphs that were
put up in the course of them stating their case
to the investment advisors who were there, and the power
of compounding interest. And I looked at that and one
I did feel a massive amount of regret not having
put more money into things in my twenties. But to
see the power of compounding interest, even at just the
(10:34):
change choosing the right fund for you know, better growth
and all that sort of thing, the power of making
a good decision earlier was with not tens, but even
hundreds of thousands of dollars in some cases.
Speaker 4 (10:47):
Yeah, it has a huge effect. But again, you know,
if you're preaching to maybe a fifteen year old and
showing them charts and graphs and stuff, I suspect very
few of those kids those messages are going to stack.
But other kids, you know, they'll just be like, oh whatever,
I've got a party next week, so you know what
I mean. So but if you can drive home, and
(11:09):
I think it does take you know, continual repeated messages
to get it through. And now you know, thanks to
AI and technology and apps, I hope that those behaviors
can be reformed a lot earlier to greater effect. And
you know, this is what they're partly doing with Kiwi.
Sever contributions are being increased to try to drive that.
Speaker 3 (11:30):
Well, actually, that's funny one that little I mean, this
is not quite what we're here to talk about. How
they've reduced the government's contribution on that. At least they've
still got something in. But it used to be what
was it one thousand bucks a year or something that
you go.
Speaker 4 (11:41):
Yeah, well for those of us with long memories, so
two thousand and seven, yeah, you got one thousand dollars kickstart,
which is sweet. That was sort of the kicker together.
Speaker 3 (11:50):
You put in twenty bucks a week, you got an
extra thousand from the government that.
Speaker 4 (11:53):
Was there was that in addition to the kickstart, So
you got one thousand dollars just to open an account,
and then if you had contributed a thousand, you got
an extra thousand, and then that got whittled away to
five hundred and twenty one and then just recently with
all the way So don't get me started on KIMSIC,
as I think they've done a bunch of damaged to that.
But what they did occurrent to that, well, let's go
(12:14):
to the list after the personal finance of weddings, So
so what what they've cut it back, But I mean
they've also uh, decided to increase contribution rates, which will
help to lift again that nice line over time if
you're going from three to four, which is plus four
times you know from your employer and yourself. So that
(12:37):
that will help to kind of increase that gradual line
in the positive direction for a lot of people when
they start younger, and maybe one day we'll get in
line with what Australians and other people are doing internationally,
because they're still well behind in that regard. So that's
a forced way. That's that's a big, you know, compulsory
bump for people. But you want it. You want people
(12:58):
to come to these conclusions on their own, ideally, because
then it's going to reform behaviors across the whole range
of their personal finance.
Speaker 3 (13:05):
It's I don't know what drag family into it, with
your your kids with it. Did you make a point
of trying to teach some certain financial lessons regardless of
the choices they've made.
Speaker 5 (13:15):
Oh?
Speaker 4 (13:15):
God, yeah, you do.
Speaker 2 (13:16):
They?
Speaker 4 (13:16):
I mean, I mean they've been beaten around with my
book right times and various lectures whether they'll stick, But
I do test them occasionally and like what are the
what are the things if I get hit by a bus,
you're going to remember. So for me, and I know
there's a lot of people that are really pro credit
card use. But for people who are not going to
pay off their credit card and end up racking up
all that debt, which include my two kids sadly because
(13:38):
they're still you know, consumed with partying. Is you know,
don't get a credit card when you can get one
of those debit credit cards, so you're only spending money
that you've got, right, Because for many people, all that
debt that they own, then the interest on the debt,
and then the car breaks down, it's just it's going
to be a noose around their neck and will always
(13:58):
hold them back from achieving better. It comes. The other
thing that doesn't get talked a lot about, but you
know it is out there is choose your partner carefully.
Who you partner with as your life partner. If you
go down that route will make a huge impact to
your overall financial well being and your well being in general.
Speaker 3 (14:18):
Massive impact as you mean about their attitude to money.
Rather than just make sure you marry someone who's if
you're not going to earn money that they do well, it's.
Speaker 4 (14:26):
Well, it's compatibility fundamentally, and that you're supporting each other
to achieve your goals. And you know, really if you've
got that solid base of a relationship and there's not
many but together, you know the compounded effect of having
a really strong partnership and really good communication when it
comes to money and people who are supporting one another career.
So you're on track. I mean, things change obviously, but
(14:49):
that and there's been lots of research to show can
have a huge impact on long term outcomes for a
whole range of positive things in your life, including find.
Speaker 3 (14:59):
Actually, so just getting back that, as you said, if
you got hit by a bus, you would want your
kids to stand up if you'neral in say, I tell
you what you know A mom taught us don't get
a credit cad.
Speaker 4 (15:08):
Well that but okay fine, And also I really do hope.
I mean I've made mistakes, my mistakes with relationships too,
but you know, I you know, I think a lot
of people kind of waltz into those things and thinks, oh,
but you know, financial strain is the is a bigger
cause of discussed this before of marriage breakdowns than infidelity.
Speaker 3 (15:27):
It causes a lot of financial and fidelity in a
way more.
Speaker 4 (15:30):
Well, you've just said it, like it's expensive living out
there if you've got one partner who is not paying
attention to the finances, continually spending, frittering the way the
money you know, you're gambling whatever it is. Addictions is
that you know the other person is going to get
really resentful that they're you know that they're having.
Speaker 3 (15:48):
To well stressed to the max level.
Speaker 4 (15:50):
Right, it could really be toxic in a relationship. So
getting that right, like getting the partnership. But anyhow, there'd
be there's lots of wise heads out there say they
should actually offer university courses on how to choose the
right partner for.
Speaker 3 (16:02):
You really using your right partner one oh, one, well.
Speaker 4 (16:07):
Think about it. It's it's a huge surge and it
will impact your finances as well. So and then the
third I'm trying to remember anyhow, but so that you know,
choosing the right right relationship. And oh the third thing
I said, Look, if you've got a win fall tomorrow,
(16:28):
like you know, lottery or whatever, and you've got your
mortgage to pay off, I'm a big one for repaying
the mortgage to deb and like what you're doing is like,
how much better off we're going to be when I
get rid of that Yeah noo, surround my neck and
then you know, you can start investing that money.
Speaker 3 (16:43):
We'd love you to join us as well. At one
ten eighty one, we're talking about, you know, money habits,
but is it possible to fix bad money habits as
an adult? But more specifically we've we've touched on it
just now with Amanda Morale is what are the what
are the early lessons that you can that you can
teach kids to give them a shot it actually respecting
(17:06):
themselves in a way or having having faith in their
own abilities that they can actually manage their finances, because
I mean, I can imagine if you come from a
family where mum and dad don't seem to be great
at their finances, kids might think, oh, well, you know,
we're they're poor. I'm going to be poor for the
rest of my life. But are they lessons that you
can pass on? What would they be to kids? I
(17:27):
totally agree with you, by the way, on the credit card.
If you can't pay your credit card off every month,
don't get it. Do love the airpoints though, seeing that
sucks men doesn't matter.
Speaker 4 (17:35):
Tell me that no, no, no, I'm here. I'm with
you on that one. But most people are not prompt
pairs and then they overspan and then they count and
then they make the minimum contribution on the credit, the minimum.
If you only pay the minimum, if you also do
the mouth on that, you'll be paying, like you know,
quite often like double triple the amount of the original
purchase price.
Speaker 3 (17:55):
So right, we'll take your calls eight hundred eighty ten
eighty what the best way to teach you kids financial habits?
But also is it something where you've just found with
your own children or yourself that there's an element of
your own personality on that stuff? Of course, there is
an element of personality. We all were driven to make
good and bad decisions depending on our whims, aren't we?
Are we? Maybe I'm wrong? One hundred eight and eight
(18:17):
will be back in just a moment. Is twenty five
past five news talks? You'd be yes, welcome back. Let's
take your calls on basically learning good habits? Is it
personality or are there what lessons you can pass on
to your kids to give them the best chance of
making good decisions with money? And let's kick it off
with Mark.
Speaker 5 (18:35):
Good day.
Speaker 6 (18:35):
How are you doing good?
Speaker 3 (18:36):
Thanks?
Speaker 6 (18:38):
I just wanted to talk about savings accounts, just because
I don't think people quite realize I suppose a few
pitfalls of them I've had recently, something happened to me
with west Bank, where I've had a online savor account,
which I've had for over ten years, which I think
most people have savings accounts and sort of set and
(19:00):
forget them. I put my money in getting three points
five five percent interest, and I've recently found out that
bank has dropped it down to zero port four or
five percent and never told me, so I've effectively lost
almost fifteen years of interest slowly dropping over those years
that have ever been told. And when I've queried the
(19:23):
bank about this, they've said the only way to see
it is on your statement, And of course nobody really
gets statements anymore because they're born's online. You can't see
it on your account. You have to go through various
batons to actually ever see the percentage. And I think
it's a bit dis ingenuous of the banks how they
do that when they can put your mortgage on their
(19:44):
mortgage rate on there, but when you're giving them money,
but they're not happy to give you the same access
to the rate when they're taking your money.
Speaker 4 (19:52):
Yeah, no, thanks for that. That's a good point, Mark.
I mean, I think most people know that the savings
rates you get off banks savings account are pretty abysmal,
and I would agree it's pretty opaque in terms of
the rates because I'm like, you've got you know, I've
got my investments, but I do keep some cash in
a bonus online saver and when you've got a lot
of money, you get the bonus. But it's still quite pathetic.
(20:14):
It's even more pathetic abroad, by the way, like the
New Zealand rates are a little bit better than what
you get.
Speaker 7 (20:19):
You also well not no, I'm not talking about the
actual rates themselves. What I'm saying is you've signed up
for an online saver rate, I don't know what you're
ready towards. Mine was three point five five. I don't
think people are aware that they can change those rates
and they don't have to know they do.
Speaker 4 (20:36):
They do adjust, yeah, because they're tied with the o
c R typically, but they did, they do. You have
to really pour through the to see what the rates,
so they don't make it easy and they should, like
signal the change. I agree.
Speaker 3 (20:48):
Yeah, So basically, if you got a mortgage mark, they'll
definitely know if they're going to have to shove your
mortgage rate up. But if you've got a savings account,
you have to find that out for yourself of the
mortgage rates.
Speaker 7 (20:57):
Absolutely, yeah, And I think there's there be hundreds of
thousands of people in New Zealand who don't know that happens.
I mean, I talked to a young guy I work
with today whose literally set his savings account up in January,
set and forget as part of saving to get a mortgage.
And because I told him, he checked and it dropped
one and a half percent. He knew nothing about it.
Speaker 4 (21:19):
Yeah, unfortunately there's a little there's little education. Well, I mean,
there should be more realization about you know, savings accounts
being a poor vehicle for actually saving for any tangible goal.
It's usually just a safe place to temporarily park an
amount of money where you've got a cash and call account.
(21:39):
But it does serves very little other than that.
Speaker 7 (21:44):
I think the bankship have an obligation to tell you.
I mean that they have, you know, they're supposed to
be there to look after you. There's verious Financial Act
that they're supposed to follow, and this is a prime
example of hiding it. Yeah, I think they actually probably
if anyone delved down to it and did an actual
official information Act, would p probably find that they could
(22:05):
trying to find it.
Speaker 3 (22:08):
Actually, you know what, Mark, they've probably worked out that
if they really went on a publicity campaign to remind
people to maximize their savings returns, they would they probably
worked out a dollar amount that would cost the banks,
wouldn't it.
Speaker 4 (22:19):
Well, So, to be honest, it's not just savings accounts
that you can target banks for having sort of bad
or shifty behavior, because there's all range of I mean,
banks don't draw attention if you've got your ki server
account with them to how much you're paying and Kiwi
server fees which are probably add up to a lot
more than what you're losing on your savings account over time,
if the difference is quite big. But there's that, there's
(22:42):
credit card fees, there's annual fees, you know, So that's
how banks roll. Unfortunately, Yeah, it's really the onus is
on the consumer. But I agree, Mark, you know, maybe
you shouldn't have to be the one who's doing all
the work. It should be, you know, the bank who's
demonstrating and showing you what it is exactly your pain.
(23:02):
But that's not the first time.
Speaker 3 (23:05):
Actually, the good thing is we're talking about it at
the whole point. I mean people are listening right now.
There might be people have gone, I've got an online
savings account. I might just go think see what they're
giving me? What one percent? The trick there's a trick
that for some of those incentive based ones, you know
where for instance Rabo and I'm not having a crack
at Rabo, by the way, but I had a one
where you if you stick in a certain amount per month,
(23:27):
you get the bonus interest. And I was doing it
from one account to the other. The other account ran
out of money, so it stopped doing it. And it
was a few months before I realized and I thought, see,
ideally it would have been like, hey, by the way,
you've stopped making the payments, you're missing out an interest.
But of course they're not going to do that because
they have got the use of my money.
Speaker 4 (23:45):
Right, yeah, I think I've got one, and they say,
if you don't do the extra twenty dollars, But again
I just I take it for granted now that these
are really bad savings vehicles. Again, they're a good place
to temporarily park money in the short term because you
need access to it quickly and you don't want to
be punished like breaking a term deposit. But you really
(24:05):
shouldn't be using savings accounts to earn any money because
it's not really earning you much money at all. It's
just a safe place to park your money. So anybody
who's got a large volume of money in a savings
the house should definitely be thinking about better alternatives.
Speaker 3 (24:19):
Actually, but tell you what, we'll sit on that one
and we'll come back to what you're what a couple
of suggestions would be that would be the next step
up for being a better alternative for your money. But
let's take some more calls showing Tomo good to Tomo.
Speaker 5 (24:34):
Hello, Hello, hello, you there. There's two ideas not offer here.
I love this program, but that's encouraging people to finally
really enjoy money that they accumulate, really really good, have
a house of security, you know, good clothes, piqual care,
all that wonderful, and still wasting it. Now, the two
things that I found most successful in my own life.
(24:55):
I got amount of raw rab books you know how
to get rich books like Think and Grow rich, amount
of Polly and Hill or the for our workbeak by
ten years. They both they all say the same thing.
They say, down with it's on paper. Figure out who
you are and what you want. That's first thing. The
second thing is most powerful that I found very successful
is once you've figured out on that paper what you
(25:18):
want to have and do, get some picture that magazine
or an online business computer, get images and put yourself
in the is of the things you want to have.
Visualization Yeah, exactly, exactly, very very powerful. All the wonderful
talking realities of savings and interests and all that, all
(25:39):
that will follow if you can see that house and
you standing or with your dog and you're a nice
carry outside boy, oh boys, when you go into the
shop and no, I'm not going to buy that shirt,
I'm saving form house.
Speaker 3 (25:53):
Yeah. Would that work for everyone?
Speaker 4 (25:56):
Tom and I would agree with that. But you need
the vision totally, and it's good to have, Like you know,
if you're not a visual doesn't it actually get a
collageboard and cut it out. But you also need a
plan that's going to enhance that. So whilst there are
some manifestors out there, think you could just sort of
look at your vision board.
Speaker 3 (26:15):
Yeah that vision that will happen, but.
Speaker 4 (26:18):
Okay, maybe maybe it'll happen, maybe it won't. But actually
you need an action plan to vehicle.
Speaker 5 (26:23):
Yeah it's vehicle, you know.
Speaker 3 (26:26):
Yeah, yeah, as opposed to you know, rolling out a
yoga mat and sitting there and manifesting wealth. I think
it needs another follow up action, doesn't it. Yoga is great.
By the way, this is not about yoga. I just
mentioned yoga mat for some reason. I don't know why.
Speaker 4 (26:39):
Don't be hitting on the yoga. But now listen, you
need it's you need the vision and you need some
concrete actions. Again, this is well timed because I've wrote
about this this week on my blog.
Speaker 3 (26:48):
By the way, Amanda Morale dot com. If you want
to check out the blog, isn't it Yeah, there we
go website.
Speaker 4 (26:52):
So thank you for that. Yes, absolutely, so you need
there's two parts to the equation, and so again it
comes down to that sort of psychology, the big vision
and the behavior, and that's where all get hit a
sweet spot if you're you know, rolling the two out right.
Speaker 3 (27:09):
Let's thanks for a cool time I got on you.
I think I got his name right with the spelling,
but anyway, it's Steven. Hello.
Speaker 8 (27:17):
Oh hello Sam, Hell Amanda. How are we doing good?
Speaker 5 (27:20):
Hello?
Speaker 8 (27:22):
Well, I've just got some a story or some bad
advice I actually gave my friend. I worked for a bank,
and it links to your shed at the start around
Funday and a wedding and how bad of an investment
they are. But anyway, my friend, my friend, he wanted
to get no money and obviously wanted to get married,
so he needed to get the finance. So yeah, exactly,
(27:44):
So I I your credit card and you can balance
transfer at zero percent to another bank. So you got
ten grand lunch transferred to another bank and for twelve
months only. Anyway, wedding happen in front of the wedding
Happy days. Zuroobsent interest anyway, checked them in a year
later post wedding. I was like, oh, what have you
done with that?
Speaker 5 (28:01):
Credit cards? Oh?
Speaker 8 (28:02):
Still got it? Still got it. It's like, oh, the
interesting chat. Anyway, he hadn't paid it back, so obviously
a little trip on the credit card.
Speaker 3 (28:12):
Front and paying for a wedding with a credit card is.
Speaker 8 (28:16):
Greg Yeah, obviously that the other from the person alone
or funds from others. But yeah, yeah, yeah, so it's
don't do that everyone.
Speaker 4 (28:26):
You only do that transfer if you have a good
plan to pay it off. And so if you forget,
this is why I again, I've been beating my children
over the head with us roll about credit cards. Unless
you can use a credit card, you know, intelligently, don't
go down that track. But a lot of people like
your friend, just get caught up with the business of
life and then they forget and then boom, oh yeah
I forgot. I've got a twenty percent interest rate on that,
(28:49):
you know, ten k that takes effect the date, you know,
So yeah, that should be a good warning to other
people who are getting seduced by zero percent.
Speaker 3 (28:57):
And if you have got that credit card date, just
find a way of borrowing the money from a legitimate
source other than a credit card, so at least you're
on some other interest rate that rather than your credit
card being the former borrowing.
Speaker 4 (29:09):
Have you been to's weddings where they've got like a
little gift tree and you just get piking cash, So
like if you'd had that in lieu of gifts like
that would have been a good way to pay off
the debt. It seems a little bit cold, but.
Speaker 3 (29:20):
Some cultures have a sort of thing about giving money,
don't they, rather than gifts or whatever.
Speaker 4 (29:25):
You just put an envelope a cash in there and
it's you know. I again, it might not go over
well with some people are your guests, but I know
people get way to pay off the data.
Speaker 3 (29:33):
Some people for weddings. Oh gosh, we're in dangerous territory
because we have to save this for another day. Who
actually tell people what it is per seat to go
to the wedding? So if you want to come, that's great.
It's one hundred and fifty bucks each.
Speaker 4 (29:48):
We're definitely doing this subject.
Speaker 3 (29:50):
I think we're definitely doing it, and we'll have that
maybe when Tire gets back from her wedding and she
can tell us how she funded it. I'm not sure
what her ticket prices for her wedding, but she could
possibly sell tickets, you know, very very popular wedding in
her community. It's twenty just trolley twenty one minutes to
sex News Talk said B that's.
Speaker 9 (30:09):
You are.
Speaker 3 (30:27):
Welcome back to the weekend. Let's the smart money talking
about savings, habits and what makes people good with money.
But are there lessons you can teach your kids? And
while we're talking about all sorts of things and also
big mistakes you can make with money. I think we've
put down that you should not pay for your wedding
on the credit card, but you know who knows people
will do what they need to do.
Speaker 9 (30:46):
Jan Hello, he said, you'd not say who and stick
with Jen.
Speaker 3 (30:55):
Oh no, I I just saw a different name, and
I thought, well, if it's Jan, but you were going
to I gather you have your talk back name and
your own name now, so that the cat's out of
the bag on nationwide T wrote it radio.
Speaker 9 (31:06):
Yeah, so that's my real name.
Speaker 3 (31:09):
Let's go with that.
Speaker 9 (31:12):
I think how you budget or how you deal with
money is based on your role models of your parents.
And I had a mother who was very big on
saving and budgeting, and she had a tin for each
bill and should put so much of the income into
(31:32):
each tin and until she had enough to pay the bill.
And today I have six different accounts in my bank
and I allocate them the money each fortnite into each
account for various reasons, and that's how I work my money.
(31:55):
But also I could write a book on how to
make money, How to make your money earn money for you?
Speaker 3 (32:03):
Really, what's a secret?
Speaker 9 (32:06):
Well, buying things cheaply and then reselling them at a profit.
Speaker 3 (32:14):
Well but well, actually I guess that is it, as
long as you don't buy it the wrong price and
find that nobody wants to buy what you've paid for it.
Speaker 4 (32:22):
But Buffet's got the same strategy. Just buy stakes on
the cheap and then you know he'll sit on those.
Speaker 3 (32:29):
Yep, you need to start your investment company, jam or sorry,
and yep, I mean, I mean it's very simply part.
But if you can buy things cheap and sell them
for more, and it just depends how much you incure
in marketing and sending it in business of stuff.
Speaker 4 (32:43):
But you know, businesses, it's common sense really, But you know,
common sense is you know, sorely lacking in society. And
it's just sort of the totality of these decisions that
you make over the course of you know, your lifetime
and over a whole range of areas, like whether it's
your grocery shopping or you know, holiday planning, or the
amount of money you're spending on a car. All these
decisions they incrementally add up So if you're kind of
(33:06):
if your if your mind is attuned to where you
can save and you know, not be make dumb decisions,
you're going to be in a far off better position.
But a lot of people just simply aren't thinking about
how they're spending their money. They're not mindful. So this
is where the yoga mat or meditation or some sort
of strategy, which do you think at a deeper level
(33:28):
about what it is you're doing with your money, and
back to the guy with the vision war what it
is you want to achieve with your money, and then
sitting down and coming up with a plan about how
to get from.
Speaker 5 (33:36):
A to B.
Speaker 3 (33:37):
Yeah, right, Hey, thanks for your course? Is it? Let's
go to Paul?
Speaker 10 (33:41):
Hello, how's it going. I'm just wondering what you think
of the American American Expressed Critic card because I joined
up with it and now I really hate it. I'm
going to get out of it when the when they
they runs out, but I'm really, really, really hated. And
(34:01):
the main reason I really really hate it is becalled
its FUCI. Hardly any ninety percent of people do not
take American Space credit card.
Speaker 3 (34:13):
Yeah, there's a different transaction fee on some cards.
Speaker 10 (34:15):
Yeah, yeah, yeah, that's the only one bed. There is
about a one or two perceeve more and I have
run them up every time, and I have seen bring
your prices there. People will not keep with you because
you're too dear.
Speaker 4 (34:28):
Well the no, you've reached a good point. And you
know what, Our max is getting beaten up on a
lot of the personal finance threads and Reddit as well
because they've lowered a couple of years ago, they had
a really they had the best rate for what you
could I think it was fifty seven dollars or something
to accumulate a point, and then that that has just
(34:48):
changed recently, so it's I think you've got to spend
almost eighty dollars. So a lot of people are going
off of our Max because you're not getting the points
that you used to get. You've got the annual fee.
They give you a teaser like zero, you know, zero
annual fee on the first year. So there's that and
then you know, this is surcharges and a lot of
people don't take it. So you know, I still like
(35:11):
where I use it as VP, like we're going to
get petrol and I've got petrol cars at the stage
and the shopping, you know, the big stores New World
or Countdown or whatever it's called now they take it.
So I still try to put the bulk of my
you know, shopping on there to get the points. And
it's actually been quite good for me that I've been
able to finance most of all my son's flights from
(35:33):
Danida and back and a few bonus ones for another kid,
and so this it's worked for me. But I totally
hear what you're saying, and you're not the only person
who's going off of Amex.
Speaker 3 (35:43):
I think actually the strength of the Amex years ago
was the advertising campaign where they would they made the
claim that basically, regardless of where you are, it's the
most commonly accepted credit card. And I think that time
has moved on since then.
Speaker 4 (35:57):
I think overseas it's still got more sort of Cachet
and Creed exactly. But New Zealand, you know, this mechanic
doesn't take a number of places my dentist where you've
got a big bill and you're thinking, oh, I wish
I could get the points, and again you're not getting
as many points as you used to. You've got the
annual fee and if you're into this lounge access stuff too.
(36:20):
I remember trying to get into it comes with sort
of a lounge thing and then some insurance thing. And
I've tested those two and disappointed on the insurance. And
also one lounge said no, this is a New Zealand
AMEX card. It's and it's a platinum card, but they
don't take it. So it's it's got doesn't have the
again that luster that some of these other cards do.
Speaker 3 (36:41):
I remember those very smug ads where somebody's trying to
pay for something and when he goes to American Express,
that'll do nicely.
Speaker 4 (36:47):
Think so yeah.
Speaker 3 (36:48):
Anyway, Hey, by the way, somebody sent me a link
to a story just based on the amount of and
there's an article about money and transaction accounts which are
costing New Zealand billions New Zealanders billions of dollars because
they're leaving their money on the table by keeping their
cash in either basic savings or just transaction accounts. Well,
actually tell you what, we'll just cover this. This time
(37:11):
has flown so quickly, it's almost ten minutes to six.
Just say, if you're not going to stick it in
a savings account, you don't want to go the whole
hog on sort of a diversified sort of the savings portfolio.
What are the simple answers to doing simply just a
little bit better with your money rather than leaving it
in those low paying savings or transaction accounts. We're back
in just to tick. It's ten to six. Yes, news
(37:32):
talks there be welcome back. My guest is Amanda Morale
from her website by the way, because we've been talking
about financial habits and her recent blog. It can be
found at Amanda Morale. That's MO double R A double
L dot com. Go and check it out. It's a
very well laid out website with lots of interesting information there,
so check it out Amanda Morale dot com. Now some
(37:53):
of Amanda has asked me what is read it and
they have heard read it as an ra a D
new word it, but read it as r D d
it And it's a blog where people talk about anything
including finance.
Speaker 4 (38:06):
Yeah, there's a lot of hardcore personal finance junkie's hanging
out on Reddit. You can go check it out. Yeah,
I think you have to set up an account and
then you can comment on it. But there's a lot
of information sharing which is the value and Reddit everything
from like who's the best Givi's ever to know what's
the best credit card rate? The AMAX thing will be
covered in there. That's pretty sure where I read that comment.
So it's basically just a community sharing and forum board
(38:30):
where you find everything health, finance, and.
Speaker 3 (38:32):
They're all other things called threads, threads of conversation, so
you would look for personal financing and that.
Speaker 4 (38:39):
Yeah, and they've got the same for Canada or wherever.
So anyhow, warning, you may end up spending hours on Reddit,
so don't go there if you've got busy, other important
things to do. But it can be educational. Just take
it with a grain of salt.
Speaker 3 (38:50):
That even experts. Any topic you can imagine is on Reddit. Now,
I did say we're going to just give people a
steer that if people have got money sitting in those
sort of dead transaction accounts or low paying savings accounts
and they don't want to go the whole hog, and
they just want to make a simple change to improve
their returns, what are the options.
Speaker 4 (39:09):
Well, so you have to think about your time frame
for that money, because, like I said, savings accounts just
sort of short term, you know, parking for your money
very short term. If you need access to that money
in a year's time, but you don't want to invest
some money in the stock mark, for example, you might
want to go the root of a term deposit right
and likewise, if that money is you know, going to
(39:30):
be around for that or you don't have to spend
it or tap it for the next five to ten years,
you might want to get a diversified investment fund. So
I would direct people to money Hub is a great
site to do some research. Equally, if you want to
compare the rates going all rates for savings borring interests
(39:52):
dot co dot nz, you can do. It's got great
comparisons for the volume of.
Speaker 3 (39:55):
Money storing term savings where you can.
Speaker 4 (39:58):
It's wonderful to research. Yeah, so interest stock cod has
got all those categories laid out so you can do
some good comparisons and also calculators so you can see
what the rate will be over that period of time
as well.
Speaker 3 (40:11):
And even if people are in transient, your own bank
will have a better option than what you've got right now.
Probably wouldn't they.
Speaker 4 (40:18):
I mean they do. There's like the bonus saver's count.
It's okay It really depends on the amount of money
you've got in there too. So for smaller amounts of money,
those you know, short term again saving accounts maybe okay,
But bigger volumes of money, you definitely want that money
to be working hard for you, so do some research.
There's some really great websites, so there, you know, shop around,
(40:39):
but consider the time when how long you know you
can lock that money up for too, because if you
need it, you know tomorrow, because you've got to fund
a wedding or pay for the university, Which.
Speaker 3 (40:49):
Leads to a nice seguay to say, hey, thank you
so much for listening, Amanda Morale dot com go and
check it out, and also just a public best wishes
for your wedding, Tyra. We'll look forward to discussing wedding
finances when you get back. And Sean, if you're still listening,
remember tears at the ultipate Please nothing less we'll do,
and we'll look forward to your company. Same time again
as next week. Enjoy your evening. Sunday at six is next.
Speaker 1 (41:19):
For more from the Weekend Collective, listen live to news
Talks be weekends from three pm, or follow the podcast
on iHeartRadio
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