March 8, 2026 • 41 mins
We've all found ourselves day dreaming about where we'd spend a big Lotto win at one point or another.
Realistically, many of us will come into a major windfall - but it's likely to come in the form of a bonus at work, or an inheritance.
Is it okay to buy a new car and go on holiday? Or should we invest it all?
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News TALKSB.
Speaker 2 (00:26):
News.
Speaker 3 (00:37):
Yeah, so welcome back to the Weekend Collectible. Welcome in
if you've just joined us, if you miss any of
the previous housing can go and check out our podcast.
They go and do it after sixthlock and just go
to iHeartRadio and news Talk said B look for the
Weekend Collective and it's all They're beautifully presented. Tells you
who I've chatted to, which interview We had a chat
with Helen Clark I thought which was illuminating. Actually listened
to Helen arguing her case about Round and her thoughts
(01:00):
around the Iran conflict, and also with Clint Smith Jasindra
Durnes former advisor, but just on you know how much
trouble Luxen's if anything. And it's a fascinating discussion really
because there's polls, but then there's the discussions that they generate,
So go and check those out on iHeartRadio. But right
now it is this is the Weekend Collective, of course,
(01:22):
and it's time for smart money where we want your
calls and participation on eight hundred and eighty ten eighty
text nine two nine two. Now the first thing with
a couple of things we're going to have a look
at here. But actually I met my we've got a
new guest here, and I actually met him at a
conference when we're chatting about you know, I think the
lotto was you know, it was getting up there at
(01:43):
one stage, and he mentioned, yeah, that's something I do
a bit of advice on. In fact, he even wrote
a book which is called Sudden Money and How to
Handle It. Because you know who doesn't dream of winning
the lot? No, I haven't won this weekend because it's
gone up. I haven't checked my ticket because I always
liked to delay the gratification or the disappointment. It's at
thirteen point seven million. Of course, we have seen some
(02:06):
crazy totals. But actually it's not just lotto, because if
we were doing a thing about what if you won lotto,
then it's a pretty limited audience, isn't it. But people
come into money in all sorts of ways. Whether you
call it a major wind fall, does it come from
It might be a bonus from work, it might be
you've suddenly been made redundant, or and you know you've
(02:29):
had a contract where you've been paid out a lot
of money, and then you've moved on to another job.
So all of a sudden you've got this extra cash.
It could be an inheritance. So what do you actually
do and what are the mistakes that people make when
they suddenly are in the money. You know, we should
have played that song We're in the money. You can't
remember where that's from? Or got abb of money, money, money,
There's so many songs about money. In fact, I've got
(02:51):
a couple of thoughts already anyway, but what should you
do with it when you come into a wind fall?
Should you just sit tight? Should you invest it all?
Should you splash it on a new car? Depends how
much you've got, of course, but anyway, we want to
know what you have done or what you would do
on eight hundred and eighty ten eighty text nine two
nine two. And the guy we're talking about who is
my new guest. He's managing director at the Private Offer,
(03:14):
a private office and as I say, author of Sudden
Money and how to Handle It.
Speaker 4 (03:18):
And his name is Nick.
Speaker 3 (03:18):
Crawford, and he's with me now if I can just
hit that button and make it work, Nick, GOODA, here
you going.
Speaker 2 (03:24):
I'm very well. Thanks Tim nice to be here.
Speaker 3 (03:27):
Thanks for coming in. Hey, actually tell us a bit
about you the Private Now you're managing director at the
Private Office.
Speaker 4 (03:34):
What or who are the Private Office?
Speaker 2 (03:37):
So the Private Office are a boutique wealth management firm
based in Auckland. And yeah, we give financial advice to
people who come into money in all sorts of different ways.
And you've you've mentioned a few there so inheritances, business sales,
widow divorce, lotto wins and of divorce.
Speaker 4 (03:58):
I forgot about that one.
Speaker 2 (04:00):
Yeah, that's that's quite a common one these days.
Speaker 3 (04:03):
Is it a windful because it's technic just splitting what
you both share. But I guess I have heard of
some fairly large divorce settlements and you go, what but anyway.
Speaker 2 (04:11):
And often we see the non financial person who's wondering
what to do with the money. So yeah, like you said,
people can come into money in all sorts of weird
and wonderful ways and not know what to do next.
Speaker 3 (04:26):
How did you get involved in the money game or
what's your background?
Speaker 2 (04:29):
So I've been in an advisor for twenty five years
now and almost fifty percent of the time in the UK,
where I lived with my Kiwi wife and when our
kids were born, we decided that we should move over
to New Zealand, especially she was born and brought up
on why Hickey Island. So we moved across in twenty
thirteen and have lived in Auckland based on Why Hickey
(04:51):
ever since.
Speaker 4 (04:52):
Really gosh, that's that is a big shift. What were
you in? Were you Which part of Britain were you in?
Speaker 2 (04:58):
We were in Manchester, which is my hometown.
Speaker 3 (05:01):
It's the excellence a little bit of a giveaway, but yeah.
Speaker 2 (05:04):
I know it's it's not getting anything.
Speaker 4 (05:06):
From Manchester to why hecky.
Speaker 3 (05:08):
That's is that a bit of a couple how much
of a cult shock? I mean you had a Kiwi
wife and you had kids and everything, and so you're
was that a big that's a big move.
Speaker 4 (05:16):
It's not just moving to New Zealand, it's moving to why.
Speaker 2 (05:19):
Heck Yeah, it was a big move. And Manchester is
a great city. But I think I'm on the up side.
I think WAYHIKEI versus Manchester wins most well on most levels.
Maybe the music is not quite so good on Why
Heickey bought the beaches and vineyards are definitely better.
Speaker 3 (05:38):
Yeah, hey, so what what other common it's one thing
for us to imagine winning it. And you know, of
course we buy a lot of ticket. I mean in
a way, I always think when you're buying a lot
of ticket, you're buying you're buying a think you're buying
an aspiration. So when I sometimes thought it'd be nice
to win lotto, obviously unless it's a one and thirty
(06:01):
eight million chance or something, unless it's not going to
come up, but I often think, well, gosh, maybe there
are other ways I should. You know, it makes me
think maybe there are other ways I could actually try
and make some more money, and then I would be
able to do with a few of these things. But
I don't know what it's like to come into a
large amount. What are people's initial reactions if you have
them come to see you, what's the reaction do they
(06:23):
Are they sort of a bit spaced out?
Speaker 2 (06:24):
Or yes? Absolutely so. When we're all lying in bed
imagining what we do if we win lotto, the actual
reality is quite different. And that's one of the main
reasons why I decided to write write this book, Because
people coming in and they were nearly always feeling anxious, nervous,
(06:45):
and worried rather than elated, excited and looking forward to
the future. And so there was that common theme that yeah,
just in a bit of shock. They were absolutely in
shock and not knowing what to do next, but realizing
that their life had changed suddenly and overnight.
Speaker 4 (07:07):
Actually that it's an interesting one. It reminds me.
Speaker 3 (07:10):
I might have mentioned this before on talkback, but there's
a line in the you know, the old music, the
Broadway West End musical My Fair Lady, where Eliza Doolittle's
father arrives and sort of dazzles Higgins with a bit
of logic about you know, he's come to and we
don't really know what the transaction is, but Higgins offers
and five pounds for him to basically go away or
(07:30):
something and then do little charms them of it where
there's logic around money.
Speaker 4 (07:35):
He goes, oh, no, this is redicted.
Speaker 3 (07:36):
I'm going to give you ten pounds, and he goes, no, no, no, no,
five pounds is enough for me to have a good time.
Speaker 4 (07:40):
Ten pounds would make me prudent, like and it's it's
the stress. It would be too much money. There's something
in that, isn't there.
Speaker 3 (07:48):
So if you if I won say okay, look if
it was if suddenly I came into forty or fifty
thousand dollars, you know, it wouldn't stress me out as
much as suddenly having I don't know, five million. You'd
think it feels a responsibility, doesn't it.
Speaker 2 (08:05):
And that's it. That's it, and it's a number that
people you've some it up perfectly there. And the fact
that if someone said, right, I've given you one thousand dollars,
go and invest some shares, you'd actually just go out
and do that. You wouldn't even really give it more
than half an hour's thought. But you put several more
zeros on the end and it becomes much more serious
(08:27):
and you think about the mistakes you could make, and
the anxiety comes in. Whereas actually, in theory it should
be the same, but it isn't. And that's what stresses
people out.
Speaker 3 (08:40):
Because the things that I have heard from people who
are advising people, and I think even from the lotteries
commissioned themselves, is that the general advice is first do nothing. Yes,
I mean, give yourself a little treat or something if
there's you know you mean, but first do nothing.
Speaker 2 (08:57):
Yeah. And that's the biggest mistake that people make is
to think they have to do something quickly. We all
hear those stories. I don't leave money just sitting in
the bank idle. You've got to do something with it.
And actually, yeah, the first thing that you should do
is stop put it in the bank and do nothing,
go on a holiday and just try and recalibrate to
(09:20):
this new situation.
Speaker 4 (09:21):
Do people? Does it ruin people? Have you seen it?
Speaker 2 (09:25):
The statistics, particularly for lotto, are that it does ruin people.
I think it's getting up towards fifty percent of people.
Speaker 4 (09:37):
Oh so you're just tapping on the table.
Speaker 2 (09:38):
As I said, fifty percent of people lose everything and.
Speaker 3 (09:43):
Yeah, everything, Yeah, so what are they just? They is
it because they're not accustomed to the money, so therefore
they lurch into They're more likely lurching too, I don't know,
some sort of addicted spinning behavior, all sorts of things
when before you know it, it's just gone.
Speaker 2 (10:00):
They're One of the things is that that actually with it.
In the lottery, people from all sorts of walks of
life can win it, and so a lot of people
win it have no real experience of managing money before,
and so they can make bad decisions and lurch from
one expensive mistake to another. And that's not just with lotto,
(10:24):
that's with inheritances and all sorts of of money types
that it can easily lost. Hard to build, but easy
to lose.
Speaker 3 (10:33):
What are what are the things that people do that
actually help them basically remain themselves. What if you observed
in terms of the smart decisions or the attitude to
the money would be one I guess.
Speaker 2 (10:47):
Well, I think that's it. So there's a few things.
The first is just to take your time and recalibrate
to that new situation and actually think what do you
want to do and why? And so if you can
spend some time thinking about those things, so what you
want to do? So work is the big example. People
(11:08):
think I've got all this money, I should stop work,
But actually, for lots of people, work is their purpose.
Work is something that they are good at and enjoy.
And if you take that away there can be an
emptiness and so.
Speaker 3 (11:19):
So vcumen and you have to fill it with something.
And if you make the bad decisions with money, then
before you burn.
Speaker 2 (11:25):
For you absolutely, and so people's identity is sometimes wrapped
up in what they do. So but other people it's
that freedom not having to work is the right thing.
So I'd recommend people to take their time and work
out what they want in life, what's important to them
(11:45):
and why, and then start to think about that.
Speaker 1 (11:47):
Well.
Speaker 3 (11:47):
Also, I was thinking in a way people have come
to see you, if they've come to get a financial advice,
they're probably less likely to be making a mistake, because
imagine the first mistake would be people just launching under
the spending without getting any advice whatsoever. They've just got
so many they think, how can and I can't go wrong?
So let's just get into it. Let's go by the
(12:08):
Aston Martin. Let's you know, buy the big new house.
Speaker 2 (12:11):
Absolutely in New Zealand, you could be penniless on Saturday
afternoon and then on Monday morning have fifty million dollars
in your bank account and so it's a big change,
And you're right. The first piece of self awareness is
to recognize that you need some advice, and just for
whatever reason, some people never get there and they go
(12:34):
it alone. And those statistics that's just not New Zealand,
that's globally that if you're able to take a step
back and take some advice and you are starting to
increase your chances of success.
Speaker 3 (12:45):
Hey, look, we love your calls on this. Look, it's
something we've all done it. We all dream about it,
whether it be winning lotto or somehow. I mean, there's
I know people who have literally been left a property,
a magnificent property up in the Bay of Violence, and
that was it wasn't money, So that's you know, what
do you do with that? But we've all imagined what
(13:07):
would what would we do if we suddenly end up
with a bonus windfall on our door set?
Speaker 4 (13:14):
What would you do? Eight hundred eighty ten eighty? Is it?
Speaker 3 (13:17):
I mean, it's as I say, it's fun to think about.
It doesn't happen to most people. Most people just carry
on working for their lives and hoping that they've saved enough.
But if you have had that inheritance or the lotto win,
have you thought about or if you've thought about having it,
have you thought about what you do with it? Sorry,
it was a very clumsy way of me describing what
the topic of conversation is. But we're with Nick Crawford.
He's managing director at the Private Office. He's also the
(13:38):
author of a book called Sudden Money and How to
Handle It. We'd love your calls on it and the
number is eight hundred eighty ten eighty text nine two
nine to two. How would you make sure that you
don't let it ruin your life? There's the simple question.
Eight hundred eighty ten eighty. It's twenty past five. News Talk,
said B. Yes, News Talk, said B. Where with Nick Crawford.
(13:59):
He's managing director at the Private Office. He's also author
of a book called Sudden Money and.
Speaker 4 (14:04):
How to Handle It?
Speaker 3 (14:05):
And how would you handle or how did you handle
if you had sudden money come into your hands? Actually, Nick,
it's interesting that the if you inherited money somehow I
wouldn't have as much problem talking about it, whereas with
the lotto, I sort of feel that, if you can,
(14:29):
the hardest thing would be to keep it secret, because
what my fear would be would be that it would
alter my relationships with people, because there's something about when
people are seen to have come into money. Look you
why you're not shouting every time we go for lunch
or something, the expectation that you are suddenly that financial resource.
Whereas isn't it funny I think if I knew someone
(14:52):
who had inherited a lot of money or earned it
or something. I don't think people have that same expectation.
But the easy come of a lotto win does tend
to suggest I don't know how you'd keep it secret.
But you couldn't go and by the Eston Matten because
people are you'd have to explain it. You could go
out and buy a new toyota. But I mean, how
important does it for people to keep it quiet?
Speaker 2 (15:14):
Absolutely? And that's another thing actually mentioned in the book.
To tell or not to tell people? And this is
one of the things where you need to work out
what sort of person you are. And Tim, if you're
that type of person who doesn't hold a secret well
and actually holding something and kind of living a lie,
maybe you're the type of person that would be better
(15:35):
to tell people and open up about it. And you know,
there's that phrase that today's news is tomorrow's fish and
chip wrappers, although you're always in the news, so maybe
it's different for you, but it's not. There's not a
one right way. I think for the majority of people,
you would want to keep that secret. And you've hit
on the reason why you want to be known as
(15:56):
yourself as Tim, not this big pile of money that
whenever you go out for a coffee. You're thinking, are
they thinking I should be paid for this or not?
And actually it's one of those things. It's probably they're
not thinking that at all, but it's in our heads.
Speaker 3 (16:12):
Well, that would That's the thing I think you'd find
out by virtue of various conversations who your real friends are,
because I mean, does it money does change you? It's inevitable,
isn't it that your tastes for In fact, I do
know I have met some individuals who are incredibly wealthy,
(16:34):
and the secret to their normality is that they still
have the friends, yes, that they grew up with, and
they haven't changed their social scene that you know, their
friends have benefit in a way because you know they're
able to treat them, but they've kept there. That would
be the biggest worry for me would be changing relationships.
Speaker 2 (16:52):
Yes, and and and it's right, and those wealthy people
and it's like these famous entertainers or sports people and
you see them still with their school friends and they've
got that authenticity rather than they've got this new wealth
and then they've got a whole lot of new friends,
which which which wasn't work. So in terms of what
(17:14):
you should do into it telling people, then I think
you're right. If you've earned that money and it's come
through business sales, then everyone I'm successful.
Speaker 3 (17:28):
Yeah, you know there's if it's even it's interesting. I
wonder if there's someone Some wind falls are different to others,
aren't they?
Speaker 2 (17:36):
Absolutely? And the lotto is one that can cause a
lot of envy and then and in my experience, the
most envies. Actually, yes, friends is one thing, but it's
family members, family members who've won the lotto. It can
get really quite difficult for the winners and the other
(17:57):
family members. And I suppose we see the winners and
they feel like I'm feeling all this stress, But no
one's going to be sorry for me. I've just born
ten million dollars. And what we train recognize is actually, yes,
there's the great things about having some winney, but it
does come with its challenges too.
Speaker 3 (18:17):
Look, we love your cause on this if you'd like
to join us on eight hundred and eighty ten eighty.
Have you imagined what you do with a windfall? Have
you actually had a windfall? Did it cause your problems?
And how did you handle it or did you not
handle it? By the way, I have to read out
a couple of texts just for your enjoyment. Nick One says,
one's asked if it's Chris Martin from Coldplay giving out
financial advice on newstalk, s'd b from Roscoe. I'm guessing
(18:40):
does he have the same accent as you? And he's
a man Cunian?
Speaker 2 (18:42):
Is he must be similar?
Speaker 4 (18:43):
Yeah? And somebody else.
Speaker 2 (18:45):
He's definitely got more money than me.
Speaker 3 (18:48):
Necklace will decide if I listen to you anymore? Are
yoused for city or Manchester United City? Well, you know
you can say that categorically.
Speaker 4 (18:58):
Actually that's good. How long you've been a city fan.
Speaker 2 (19:00):
For since the mid nineteen eighties.
Speaker 4 (19:03):
There you go.
Speaker 3 (19:03):
That's genuine as opposed to these Manchester United people who
just jump on the band bandwagon back when they were successful.
They're not doing so well anyway. Let's not get distracted
about this. Eight hundred and eighty ten to eighty. Here's
some texts on the questions that we've put out there.
Got multimillionaire, I've got multimillionaire friends, have the same lifestyle,
(19:26):
the same circle of friends, and they just travel more,
but they do worry more, says Karen. And this one
says received a six digit inheritance, put three quarters of
it on a term deposit where it still is, and
the rest I used to pay off a credit card.
Speaker 4 (19:42):
Ultimately.
Speaker 3 (19:43):
I mean that's the first port of call. I guess
is that what is the first porter call for that.
Speaker 2 (19:46):
Most part of call? I'd agree with what that text did.
Did pay off your DABT. That is a really good idea.
And put some money in a term deposit and work
out what you need from the money. And if everything
that you've ever dreamed of can be achieved and you
keep the money in term deposit, then it's a nice
(20:06):
low stress solution. And so understand your goals and objectives
and then try and achieve them. That's the advice that
we give to people rather than trying to predict what
the invest investment is.
Speaker 3 (20:21):
To most people, you advise, do they actually keep it secret?
Or what's the lotto winners?
Speaker 2 (20:26):
Do? Yes? And I've seen both sides of the people
who it is being a secret They've agonized with and
people don't want their kids to find out. Often they
think it will ruin their kids and the kids will
lose perfectly.
Speaker 4 (20:40):
What my thoughts would be, I don't think.
Speaker 3 (20:42):
I think i'd have to make up a white lie.
In fact, look I've imagined it. I've thought you'd have
to keep it quiet and then pretend that you won
half a million instead of ten million, and so you
could explain, you know, we've had I've come into a
bit of money.
Speaker 2 (20:57):
But you just couldn't tell a little.
Speaker 3 (21:00):
I think most people would be terrified it would ruin
their kids, would ruin their ambition, because they're just changes
everything and you're an adult when you get it. But
if you children, you know.
Speaker 2 (21:11):
I think the it depends on the edges of the children.
But certainly whilst they young and impressionable, then any big
life changing event will have an impact on them older children.
I seem to What I tend to see is the
values that you bring your children up with actually have meaning.
(21:33):
And if you're from a hard working family and you
put those values in, having some extra money won't necessarily
change that. But there's a real nervousness about that. So
a little white lie isn't isn't white?
Speaker 3 (21:49):
Yeah, here's I'm not sure who this one's promised is.
I got an inheritance, I bought a rintling Meta matter,
got two knee replacements bought a car and bought a
lounge sweeten and visted the wrist. I guess, you know,
we don't know how much the inheritance was, but I mean,
if you had health problems and you wanted to get
those done, that's a you know, that's a ya.
Speaker 2 (22:09):
And what it sounds like they did is spread it
about a bit, which is always a good idea. Don't
put too many eggs in one basket, and have a
range of different investments, whether that's property, cash, stock market
type investments.
Speaker 3 (22:25):
Because there's something that ties into this, and this is
just around investing and whether you're doing it because you've
got a wind for the back in the.
Speaker 4 (22:35):
Ahes or something.
Speaker 3 (22:36):
You might remember that people used to make decisions on,
or you might know this historically anyway, because you're probably
too young to remember the aighties from an investor's point
of view, but you remember everyone was buying certain stocks
and there were Darling stocks and people would always discuss on,
you know, whether you've got Fletcher shares or I mean
(22:56):
the Braley shares with the thing at one stage, but
there were certain stocks and people making a lot of
their own decisions. It's a sort of form of uninformed
gambling in a way. But these days it seems to
have shifted that people are more likely to get advice
from a fund manager, but often the question that comes
up as what sort of portfolio do you want? So
(23:18):
no longer are people thinking I'm going to buy this
share and this share and this share and based on
having a chat with stockbroker. But now the choices. Do
you want an investment fund that has weighted towards the
US stock market or do you want something that's weighted
towards rare earth minerals or do you want that's just
another mind bending choice for people.
Speaker 4 (23:39):
Do they how do you?
Speaker 2 (23:40):
Absolutely? So what's changed since the eighties and more recently
is advisors focus more on goals than markets now, so
really asking you what are you trying to achieve? So
that might be to retire in five years time or
income and so if you understand the goals, then you
(24:01):
can understand the returns that you need. And the reason
that these all the investments are more popular is to
have diversifications, so you aren't channeling all of your money
into a small number of stocks, and if those stocks
have a bad performance, you can really lose a lot
of money.
Speaker 3 (24:20):
So if I came in, if we're and I'd say,
let's say I had had a half a million dollars
a bit of a windfall or something, I want to
invest it. And you said to me, what's your goal,
I'd be tempted to say I want this, I want
to I want to turn this into a million, And
I'd say why, because then I want to turn that
into two. I mean, you know, initially, surely everyone what's
(24:43):
your goal? And I want to make a lot of
money out of my investment? How do you narrow down
on what a realistic what a goals look like?
Speaker 2 (24:49):
Absolutely, and you've hit on something. People don't go around
thinking what their financial goals are, and so it's quite
a funny question to be asked. And so it's what
do they say?
Speaker 3 (25:02):
You're like, well, well, you know, I want to get
a huge return on my investment.
Speaker 2 (25:08):
So I had a client that came in last week
and she said, I want to generate more income and
so I said, well, why do you want to do that?
And she's because I want to work less. And I
said why do you want to do that? And said, well,
my dad's sick, and so I need to spend more
time with him, and so if I could replace some
of my income, I'd be able to do that. So
actually it's just about being able to listen and ask
(25:32):
the questions to tease out what it is you're really
looking for. And making lots of money is great, but
that's just something in a bank account, and it's what
do you ultimately want to use it you it might
be to travel the world, not to have to work,
and once you can start building on that. But yeah,
one of the harder jobs that we have is actually
(25:54):
really getting to people to say what it is they're
looking to achieve their money.
Speaker 4 (26:00):
People find that.
Speaker 3 (26:02):
It's funny when you say what are your money goals?
And you say, well, I want to do this, and
then you ask another question, and you ask another question.
Speaker 4 (26:08):
Do you ask them?
Speaker 3 (26:08):
Does that sort of build a bit of tension in
an interview sometimes where people are like, why you ask
me all these questions?
Speaker 4 (26:13):
I told you I want to you know, But.
Speaker 2 (26:16):
Well, most people are sitting down with us because they've
got some sort of problem that and it's often one
chapter of their life is come to an end and
a new one's about to start. And whether it's some
money or some goals, and so they're sitting down with
this because they've got an issue that they're concerned about.
So we're normally okay with that. So no, that's fine.
(26:42):
But people do struggle to articulate their goals, and we've
got quite a lot of experience in helping people come
through that, so people don't get too cross to people.
Speaker 3 (26:52):
Not really know their goals in a way, they just
turn up and they're like, Oh, I actually hadn't really
thought about it, but now you've asked me. That helped
snare it down. Yes, I want to I want to
pay for my children's education.
Speaker 2 (27:04):
That's the sort of thing. Pay for children's education, have
enough money to stop work at some point, have enough
money to reduce work, travel, grow the money to buy
a house in the future. It might be that. But
actually what surprises people when they come and sit down
with us is that we're not talking about markets and
(27:26):
investments and returns the whole time. And that's what people
think will happen if they go and see an advise.
It is we'll talk about the American stock marketing and
the Europe and what this.
Speaker 3 (27:37):
Has a choice with it though, isn't it. I mean,
I've had people on the show and the slightly different
key Wei Saber fans, and there are some Keywi server fans,
which I mean there's one one that has a little
bit of bitcoin here and there. I mean, how how
do people it's even with Okay, look, I'm summoning having
a question there, for instance, the question around you know,
(28:00):
even your risk profile. I mean that's do people even
understand what risks is?
Speaker 4 (28:06):
Because I mean.
Speaker 3 (28:07):
I switched to a more aggressive, a more aggressive profile
on the key We say it just because I'm you know,
I am anticipating working for a reasonable length of time
and I've got a bit of time.
Speaker 4 (28:18):
I'm a sleeve, yes, But.
Speaker 3 (28:21):
Do I really know what how high risk it is.
Speaker 4 (28:23):
I don't think I really understand how high risk it is.
Speaker 3 (28:25):
I've just gone, I've looked at a chart that says,
you know, conservative, safe, balanced, balanced, aggressive, aggressive, But I
don't think I really understand the risk. I just look
at it and go, well, let's go for that one, which.
Speaker 2 (28:40):
Absolutely and that's why, as we're talking about before, when
it's a small amount of money, you kind of think
I don't really understand it. But it doesn't matter because
I should be in the high risk, you put some
more notes on that, and that's when it comes more serious.
And so, like lots of jobs, you don't really know
(29:00):
what your accountant or lawyer does, but you don't need to.
And so it's relationship side. Do you feel like the
person's listening to you and understanding you and explaining things well.
And actually risk and return are just different sides of
the same coin. The more risk you take, the more
you can potentially have in return, but also losses and
(29:20):
it's and it's having someone that can explain things that
allow you to understand and not that you're going to
become an expert, but feel that Okay, yeah, now I
understand what they're saying and that makes sense to me,
and then you can move forward. Yeah on that.
Speaker 3 (29:38):
Okay, we're going to do them to this a little
bit more. If you'd like to join the conversation, we'd
love to hear from you. E. One hundred and eighteen eighty.
My guest as Nick Crawfordy's managing director at the Private Office.
He was also the author of a book called Sudden
Money and How to Handle It and he's with us
for Smart Money. We'd love to love you to join us.
We've got any questions for Nick. And the other angle
that we've just started to explore is that, you know,
(29:59):
these days, as opposed to back in the eighties when
everyone was obsessed with various individual stocks, a lot of
the conversations are what kind of portfolio, what flavor do
you want it to have, How have you had to
make that choice, and how did you make it. We'll
dig into that a bit more with Neck in just
a moment. It's News Talk, said b It's twenty minutes
to six, News Talk, said be on Tim Beverages a
(30:21):
smart money. We're with a new guest for the Show's
name is Nick Crawford, managing Direct to the Private Office,
and he's written a book about being in basically it's
called Sudden Money and How to Handle It.
Speaker 4 (30:31):
But also were talking a little bit.
Speaker 3 (30:32):
About how the investment decisions of investors is different to
what it might have been a few decades ago, where
everyone talked over I mean the water cooler, that's the
cliche about what the latest stock was. And we were
talking in the break actually Nick, how there was you know,
back when the crash happened, there were a bunch of
people who were put off investing because they had all
(30:53):
their eggs. You know, that was the thing where you
were following the trends and everyone was investing in certain
Darling stocks which suddenly went Darling's any longer and everyone's like,
that's it. I'm never buying another share in my life.
Speaker 2 (31:06):
Yes, absolutely. And I remember the nineteen eighty seven crash.
I was twelve years old in the UK and it
was big there, but it wasn't as big as the
Stockmarke crash in New Zealand, which put a whole generation
of kiwi's off investing in shares. And so they can
be quite formative experiences. And so what people tend to
(31:28):
do now is going to these much more broadly diversified
investments rather than a few stocks.
Speaker 3 (31:33):
Actually just out of curiosity. And this is just a
complete guesswork. How much do you think the experiences of
that generation pushed them into property that you know, New
Zealand said this love of fear with property, it was,
you know, went bonkers. I mean, I think the love
of fear is slightly you know, on the wane. But
how much do you think that the stock market crash
in the eighties feed an obsession with property?
Speaker 4 (31:56):
Because we were just like it was. It was the
new craze.
Speaker 2 (31:59):
Yes, I think it had a profound effect and it
definitely put people of investing in share markets. And the
alternative investment to that with growth potential is property, and
people saw themselves doing well in that.
Speaker 3 (32:15):
Well, leverage also worked and you know the gains and
you just leverage yourself up the ying yang.
Speaker 2 (32:21):
And the beach house and then the investment properties and
maybe commercial property, and then people saw that that was
a good and lucrative investment for them. And so but
you're right, more recently that's changed. Properties stagnated and share
market investing is much more commonplace than it was even
fifteen years ago.
Speaker 3 (32:40):
I think it's probably it's probably more trusted now turn
away because we've also you know, we had the finance
companies and people, you know, there were these promised returns,
but the regulation around it, it seems that it just
feels a little that people are a little more protected
from you know, adverts promising all sort of return without
(33:00):
people are really understanding the risk they are undertaking.
Speaker 2 (33:03):
Yes, regulation has been really good for the financial advice market,
and I think things like key we Saver have made
share investing more familiar. Again, that's been around for maybe
fifteen to twenty years now, and so people have got
more use to investing in shares through their key WE saver.
(33:24):
And we've seen quite a lot of ups and downs
over the last twenty years, the global financial crisis in
two thousand and eight, and people recognize that you get
these ups and downs, but overall investing in shares is
a good way to build long term capital growth.
Speaker 3 (33:40):
So what do you I mean, we haven't got too
long ago, but the obviously we know it's the world.
There's a bit of turn more going on with an
uncertainty around Iran and oil prices and all sorts of things.
But I haven't followed it too closely in terms of
shares because and in a way, I think that's the
whole thing with you know, I've got KEYI Saver and
(34:02):
also on Australian Fund from the day's over there and
I just sit and forget sort of thing.
Speaker 4 (34:08):
But what are them?
Speaker 3 (34:10):
It seems that the markets and as they're not reacting
as dramatically to these events because they've got used to
the sort of highs and lows of the Trump administration's
decisions and stuff. But what are you seeing from your
you're end?
Speaker 2 (34:24):
I think you're right. The world's got used to the
fact that we're in more volatile times, and I think
the oil and gas prices up maybe ten fifteen percent,
maybe slightly more over the last two weeks. But yeah,
global stock markets are down between two and four percent
in the last couple of weeks, so nothing major, and
(34:46):
that might be a reaction to the fact that no
one's quite sure what's happening yet. But in terms of
what people should do, your strategy of not reacting is
the right one reacting?
Speaker 3 (35:01):
What are we more measured in our response? Are the
markets more measured than there sponsors to things like this?
Speaker 2 (35:06):
Because well, I think with the global financial crisis COVID,
the lessons that will learned we don't react. Don't react
after there's been a four because that's one way to
crystallize a loss and things can come up quite quickly.
Speaker 3 (35:22):
What does it mean for the advice that you've given
your clients so that you would have the phones running
a little hotter than usual. Wouldn't you win something like
the emence or is it what?
Speaker 2 (35:33):
Yes, I don't but I'd say only slightly because our
clients all have a long term financial plan, and in
that cash planning, we anticipate there be times when markets
go down, and so we know it will happen, we
just don't know when. That's the reason that investing gives
returns because there's some risks. So our clients tend to
(35:56):
not get in contact with concerns because they just in
the long game, well, they don't need the money now,
and so their monthly income if they're taking withdrawal, can
carry on and it's a long term investment. Now. That's
not to say people aren't worried, and not to say
that we don't get calls asking whether any changes should
(36:17):
be made. But normally when we talk that through, people
recognize that actually reacting after the news has happened is
often a mistake.
Speaker 3 (36:27):
I think the other one that I mean everyone's looking
that through COVID and things is that by the time
bad news has hit, it's too late to change your fun.
Speaker 4 (36:35):
You know how.
Speaker 3 (36:35):
People sometimes they've got an agressive fund and they'll be like, oh,
things are looking bad, so they'll suddenly shovel and conservative.
When I think most people understand you're just locking in
your loss.
Speaker 2 (36:46):
Absolutely, the markets assimilate new information very quickly, and so
by the time you want to react the next morning,
the markets has already moved, and so actually that's the
worst thing you can do. You don't wait for things
to go down before you sell.
Speaker 3 (37:03):
There's still a lot of people who play the markets
in terms of they see a shock and they see
that the S and P or some fans have dropped,
and they immediately given them buy because they're confident it's
going to go back up. Many people, I mean, the
day trader thing, isn't it really exactly? Many people are
still doing that. It feels very nineteen nineties.
Speaker 2 (37:22):
Absolutely. The GFC in COVID, we did a lot of
those people out. It's a really stressful thing. It's gambling.
And so most people are like yourself, like our client's
long term investors. But there is a subset who are
playing the markets. They're short term investors. And what you
(37:43):
see is those people maybe at times like this, if
they were able to work out what maybe was potentially
going to happen in around after a period of gains,
take some risk off the table. But those traders, it's
more of a gambling type approach rather than the majority
of iris.
Speaker 3 (38:02):
And you know, I reckon, Trump's going to get on
top of us in six weeks and there's going to
be pressure on them to de scale things, and they
make all these political, geopolitical sort of gambles and then
go therefore, I reckon the price of all is going
to do x, and they go in.
Speaker 4 (38:16):
I mean, it's ballsy stuff, but it's pretty.
Speaker 2 (38:18):
Absolutely and people who are playing that sort of game,
they will buy something with the intention of selling it
in the same day sometimes. So it's just small market
movements in all sorts of assets, looking at the derivatives
markets and trading at But that is very different from
(38:40):
what ninety nine percent of us are doing, which is
trying to build sobers.
Speaker 4 (38:44):
Yeah, look what we take a break.
Speaker 3 (38:46):
We'll be a back in just a moment. It is
nine minutes to six news talks, he'd be news talks,
it'd be yes, welcome back to the Smart Money. Just
wrapping up really with Nick Crawford. He's managing director at
the Private Office. But we started the conversation talking about
sudden money and how to handle it, which is actually
now this is not actually a plug for next book
for Neck, but the book Sudden Money and How to
(39:07):
Handle it, you actually have a charitable angle towards the
start your next So if people are interested in getting
a copy of it, tell us about that.
Speaker 2 (39:17):
Yes, they can just get in contact with us and
we'll happily send them a copy. And we just asked
them to make a donation to the Mental Health Foundation
of New Zealand. We say twenty five dollars, but really
you can put whatever you want and that's where all
the proceeds go.
Speaker 3 (39:32):
Did you how did you end up with the connection
with the Medal Health Foundation? Was there a particular sort.
Speaker 2 (39:37):
Of Yeah, a family member of mine had some issues
a few years ago, and just really recognize that mental
health in New Zealand is woefully underfunded and there's a
charity they're doing a great job. And I thought that
money comes with emotions and some kind of mental health
(39:59):
issues potentially. So we felt that that was a good
hardder to have for this book.
Speaker 4 (40:04):
What a great initiative.
Speaker 3 (40:05):
So if you go to the private office Dot curt
And said, all they want to see is that you've
made a donation to the Mental Health Foundation and you'll
get a copy of it. And if we were going
to go out with a couple of with about thirty
seconds to go. If you do come into a bit
of sun money, first thing I guess is what do nothing?
Speaker 2 (40:21):
Get some book a holiday, sit on the beach and
plum your next move and.
Speaker 4 (40:27):
Then get some advice.
Speaker 3 (40:28):
Hey, great to see you, Nick, Thanks for coming in, mate,
really appreciate it.
Speaker 2 (40:31):
Thanks Adam.
Speaker 3 (40:31):
If you've missed any of the previous hours, you want
to check them out. The podcast is loaded up pretty
much within I could almost say seconds of us saying cherio,
thanks to my producer Tyre Award and we'll look forward
to your company again. Sunday at six is next, as
is the news. It's three and a half minutes to sex.
Speaker 5 (40:50):
Have a great evening, catch your saying I made off
the same things.
Speaker 2 (41:05):
Freed, Dumb, Freedom, Freedom.
Speaker 1 (41:16):
For more from the Weekend Collective, listen live to news
Talks it be weekends from three pm, or follow the
podcast on iHeartRadio.
You're listening to the Weekend Collective podcast from News TALKSB.
Speaker 2 (00:26):
News.
Speaker 3 (00:37):
Yeah, so welcome back to the Weekend Collectible. Welcome in
if you've just joined us, if you miss any of
the previous housing can go and check out our podcast.
They go and do it after sixthlock and just go
to iHeartRadio and news Talk said B look for the
Weekend Collective and it's all They're beautifully presented. Tells you
who I've chatted to, which interview We had a chat
with Helen Clark I thought which was illuminating. Actually listened
to Helen arguing her case about Round and her thoughts
(01:00):
around the Iran conflict, and also with Clint Smith Jasindra
Durnes former advisor, but just on you know how much
trouble Luxen's if anything. And it's a fascinating discussion really
because there's polls, but then there's the discussions that they generate,
So go and check those out on iHeartRadio. But right
now it is this is the Weekend Collective, of course,
(01:22):
and it's time for smart money where we want your
calls and participation on eight hundred and eighty ten eighty
text nine two nine two. Now the first thing with
a couple of things we're going to have a look
at here. But actually I met my we've got a
new guest here, and I actually met him at a
conference when we're chatting about you know, I think the
lotto was you know, it was getting up there at
(01:43):
one stage, and he mentioned, yeah, that's something I do
a bit of advice on. In fact, he even wrote
a book which is called Sudden Money and How to
Handle It. Because you know who doesn't dream of winning
the lot? No, I haven't won this weekend because it's
gone up. I haven't checked my ticket because I always
liked to delay the gratification or the disappointment. It's at
thirteen point seven million. Of course, we have seen some
(02:06):
crazy totals. But actually it's not just lotto, because if
we were doing a thing about what if you won lotto,
then it's a pretty limited audience, isn't it. But people
come into money in all sorts of ways. Whether you
call it a major wind fall, does it come from
It might be a bonus from work, it might be
you've suddenly been made redundant, or and you know you've
(02:29):
had a contract where you've been paid out a lot
of money, and then you've moved on to another job.
So all of a sudden you've got this extra cash.
It could be an inheritance. So what do you actually
do and what are the mistakes that people make when
they suddenly are in the money. You know, we should
have played that song We're in the money. You can't
remember where that's from? Or got abb of money, money, money,
There's so many songs about money. In fact, I've got
(02:51):
a couple of thoughts already anyway, but what should you
do with it when you come into a wind fall?
Should you just sit tight? Should you invest it all?
Should you splash it on a new car? Depends how
much you've got, of course, but anyway, we want to
know what you have done or what you would do
on eight hundred and eighty ten eighty text nine two
nine two. And the guy we're talking about who is
my new guest. He's managing director at the Private Offer,
(03:14):
a private office and as I say, author of Sudden
Money and how to Handle It.
Speaker 4 (03:18):
And his name is Nick.
Speaker 3 (03:18):
Crawford, and he's with me now if I can just
hit that button and make it work, Nick, GOODA, here
you going.
Speaker 2 (03:24):
I'm very well. Thanks Tim nice to be here.
Speaker 3 (03:27):
Thanks for coming in. Hey, actually tell us a bit
about you the Private Now you're managing director at the
Private Office.
Speaker 4 (03:34):
What or who are the Private Office?
Speaker 2 (03:37):
So the Private Office are a boutique wealth management firm
based in Auckland. And yeah, we give financial advice to
people who come into money in all sorts of different ways.
And you've you've mentioned a few there so inheritances, business sales,
widow divorce, lotto wins and of divorce.
Speaker 4 (03:58):
I forgot about that one.
Speaker 2 (04:00):
Yeah, that's that's quite a common one these days.
Speaker 3 (04:03):
Is it a windful because it's technic just splitting what
you both share. But I guess I have heard of
some fairly large divorce settlements and you go, what but anyway.
Speaker 2 (04:11):
And often we see the non financial person who's wondering
what to do with the money. So yeah, like you said,
people can come into money in all sorts of weird
and wonderful ways and not know what to do next.
Speaker 3 (04:26):
How did you get involved in the money game or
what's your background?
Speaker 2 (04:29):
So I've been in an advisor for twenty five years
now and almost fifty percent of the time in the UK,
where I lived with my Kiwi wife and when our
kids were born, we decided that we should move over
to New Zealand, especially she was born and brought up
on why Hickey Island. So we moved across in twenty
thirteen and have lived in Auckland based on Why Hickey
(04:51):
ever since.
Speaker 4 (04:52):
Really gosh, that's that is a big shift. What were
you in? Were you Which part of Britain were you in?
Speaker 2 (04:58):
We were in Manchester, which is my hometown.
Speaker 3 (05:01):
It's the excellence a little bit of a giveaway, but yeah.
Speaker 2 (05:04):
I know it's it's not getting anything.
Speaker 4 (05:06):
From Manchester to why hecky.
Speaker 3 (05:08):
That's is that a bit of a couple how much
of a cult shock? I mean you had a Kiwi
wife and you had kids and everything, and so you're
was that a big that's a big move.
Speaker 4 (05:16):
It's not just moving to New Zealand, it's moving to why.
Speaker 2 (05:19):
Heck Yeah, it was a big move. And Manchester is
a great city. But I think I'm on the up side.
I think WAYHIKEI versus Manchester wins most well on most levels.
Maybe the music is not quite so good on Why
Heickey bought the beaches and vineyards are definitely better.
Speaker 3 (05:38):
Yeah, hey, so what what other common it's one thing
for us to imagine winning it. And you know, of
course we buy a lot of ticket. I mean in
a way, I always think when you're buying a lot
of ticket, you're buying you're buying a think you're buying
an aspiration. So when I sometimes thought it'd be nice
to win lotto, obviously unless it's a one and thirty
(06:01):
eight million chance or something, unless it's not going to
come up, but I often think, well, gosh, maybe there
are other ways I should. You know, it makes me
think maybe there are other ways I could actually try
and make some more money, and then I would be
able to do with a few of these things. But
I don't know what it's like to come into a
large amount. What are people's initial reactions if you have
them come to see you, what's the reaction do they
(06:23):
Are they sort of a bit spaced out?
Speaker 2 (06:24):
Or yes? Absolutely so. When we're all lying in bed
imagining what we do if we win lotto, the actual
reality is quite different. And that's one of the main
reasons why I decided to write write this book, Because
people coming in and they were nearly always feeling anxious, nervous,
(06:45):
and worried rather than elated, excited and looking forward to
the future. And so there was that common theme that yeah,
just in a bit of shock. They were absolutely in
shock and not knowing what to do next, but realizing
that their life had changed suddenly and overnight.
Speaker 4 (07:07):
Actually that it's an interesting one. It reminds me.
Speaker 3 (07:10):
I might have mentioned this before on talkback, but there's
a line in the you know, the old music, the
Broadway West End musical My Fair Lady, where Eliza Doolittle's
father arrives and sort of dazzles Higgins with a bit
of logic about you know, he's come to and we
don't really know what the transaction is, but Higgins offers
and five pounds for him to basically go away or
(07:30):
something and then do little charms them of it where
there's logic around money.
Speaker 4 (07:35):
He goes, oh, no, this is redicted.
Speaker 3 (07:36):
I'm going to give you ten pounds, and he goes, no, no, no, no,
five pounds is enough for me to have a good time.
Speaker 4 (07:40):
Ten pounds would make me prudent, like and it's it's
the stress. It would be too much money. There's something
in that, isn't there.
Speaker 3 (07:48):
So if you if I won say okay, look if
it was if suddenly I came into forty or fifty
thousand dollars, you know, it wouldn't stress me out as
much as suddenly having I don't know, five million. You'd
think it feels a responsibility, doesn't it.
Speaker 2 (08:05):
And that's it. That's it, and it's a number that
people you've some it up perfectly there. And the fact
that if someone said, right, I've given you one thousand dollars,
go and invest some shares, you'd actually just go out
and do that. You wouldn't even really give it more
than half an hour's thought. But you put several more
zeros on the end and it becomes much more serious
(08:27):
and you think about the mistakes you could make, and
the anxiety comes in. Whereas actually, in theory it should
be the same, but it isn't. And that's what stresses
people out.
Speaker 3 (08:40):
Because the things that I have heard from people who
are advising people, and I think even from the lotteries
commissioned themselves, is that the general advice is first do nothing. Yes,
I mean, give yourself a little treat or something if
there's you know you mean, but first do nothing.
Speaker 2 (08:57):
Yeah. And that's the biggest mistake that people make is
to think they have to do something quickly. We all
hear those stories. I don't leave money just sitting in
the bank idle. You've got to do something with it.
And actually, yeah, the first thing that you should do
is stop put it in the bank and do nothing,
go on a holiday and just try and recalibrate to
(09:20):
this new situation.
Speaker 4 (09:21):
Do people? Does it ruin people? Have you seen it?
Speaker 2 (09:25):
The statistics, particularly for lotto, are that it does ruin people.
I think it's getting up towards fifty percent of people.
Speaker 4 (09:37):
Oh so you're just tapping on the table.
Speaker 2 (09:38):
As I said, fifty percent of people lose everything and.
Speaker 3 (09:43):
Yeah, everything, Yeah, so what are they just? They is
it because they're not accustomed to the money, so therefore
they lurch into They're more likely lurching too, I don't know,
some sort of addicted spinning behavior, all sorts of things
when before you know it, it's just gone.
Speaker 2 (10:00):
They're One of the things is that that actually with it.
In the lottery, people from all sorts of walks of
life can win it, and so a lot of people
win it have no real experience of managing money before,
and so they can make bad decisions and lurch from
one expensive mistake to another. And that's not just with lotto,
(10:24):
that's with inheritances and all sorts of of money types
that it can easily lost. Hard to build, but easy
to lose.
Speaker 3 (10:33):
What are what are the things that people do that
actually help them basically remain themselves. What if you observed
in terms of the smart decisions or the attitude to
the money would be one I guess.
Speaker 2 (10:47):
Well, I think that's it. So there's a few things.
The first is just to take your time and recalibrate
to that new situation and actually think what do you
want to do and why? And so if you can
spend some time thinking about those things, so what you
want to do? So work is the big example. People
(11:08):
think I've got all this money, I should stop work,
But actually, for lots of people, work is their purpose.
Work is something that they are good at and enjoy.
And if you take that away there can be an
emptiness and so.
Speaker 3 (11:19):
So vcumen and you have to fill it with something.
And if you make the bad decisions with money, then
before you burn.
Speaker 2 (11:25):
For you absolutely, and so people's identity is sometimes wrapped
up in what they do. So but other people it's
that freedom not having to work is the right thing.
So I'd recommend people to take their time and work
out what they want in life, what's important to them
(11:45):
and why, and then start to think about that.
Speaker 1 (11:47):
Well.
Speaker 3 (11:47):
Also, I was thinking in a way people have come
to see you, if they've come to get a financial advice,
they're probably less likely to be making a mistake, because
imagine the first mistake would be people just launching under
the spending without getting any advice whatsoever. They've just got
so many they think, how can and I can't go wrong?
So let's just get into it. Let's go by the
(12:08):
Aston Martin. Let's you know, buy the big new house.
Speaker 2 (12:11):
Absolutely in New Zealand, you could be penniless on Saturday
afternoon and then on Monday morning have fifty million dollars
in your bank account and so it's a big change,
And you're right. The first piece of self awareness is
to recognize that you need some advice, and just for
whatever reason, some people never get there and they go
(12:34):
it alone. And those statistics that's just not New Zealand,
that's globally that if you're able to take a step
back and take some advice and you are starting to
increase your chances of success.
Speaker 3 (12:45):
Hey, look, we love your calls on this. Look, it's
something we've all done it. We all dream about it,
whether it be winning lotto or somehow. I mean, there's
I know people who have literally been left a property,
a magnificent property up in the Bay of Violence, and
that was it wasn't money, So that's you know, what
do you do with that? But we've all imagined what
(13:07):
would what would we do if we suddenly end up
with a bonus windfall on our door set?
Speaker 4 (13:14):
What would you do? Eight hundred eighty ten eighty? Is it?
Speaker 3 (13:17):
I mean, it's as I say, it's fun to think about.
It doesn't happen to most people. Most people just carry
on working for their lives and hoping that they've saved enough.
But if you have had that inheritance or the lotto win,
have you thought about or if you've thought about having it,
have you thought about what you do with it? Sorry,
it was a very clumsy way of me describing what
the topic of conversation is. But we're with Nick Crawford.
He's managing director at the Private Office. He's also the
(13:38):
author of a book called Sudden Money and How to
Handle It. We'd love your calls on it and the
number is eight hundred eighty ten eighty text nine two
nine to two. How would you make sure that you
don't let it ruin your life? There's the simple question.
Eight hundred eighty ten eighty. It's twenty past five. News Talk,
said B. Yes, News Talk, said B. Where with Nick Crawford.
(13:59):
He's managing director at the Private Office. He's also author
of a book called Sudden Money and.
Speaker 4 (14:04):
How to Handle It?
Speaker 3 (14:05):
And how would you handle or how did you handle
if you had sudden money come into your hands? Actually, Nick,
it's interesting that the if you inherited money somehow I
wouldn't have as much problem talking about it, whereas with
the lotto, I sort of feel that, if you can,
(14:29):
the hardest thing would be to keep it secret, because
what my fear would be would be that it would
alter my relationships with people, because there's something about when
people are seen to have come into money. Look you
why you're not shouting every time we go for lunch
or something, the expectation that you are suddenly that financial resource.
Whereas isn't it funny I think if I knew someone
(14:52):
who had inherited a lot of money or earned it
or something. I don't think people have that same expectation.
But the easy come of a lotto win does tend
to suggest I don't know how you'd keep it secret.
But you couldn't go and by the Eston Matten because
people are you'd have to explain it. You could go
out and buy a new toyota. But I mean, how
important does it for people to keep it quiet?
Speaker 2 (15:14):
Absolutely? And that's another thing actually mentioned in the book.
To tell or not to tell people? And this is
one of the things where you need to work out
what sort of person you are. And Tim, if you're
that type of person who doesn't hold a secret well
and actually holding something and kind of living a lie,
maybe you're the type of person that would be better
(15:35):
to tell people and open up about it. And you know,
there's that phrase that today's news is tomorrow's fish and
chip wrappers, although you're always in the news, so maybe
it's different for you, but it's not. There's not a
one right way. I think for the majority of people,
you would want to keep that secret. And you've hit
on the reason why you want to be known as
(15:56):
yourself as Tim, not this big pile of money that
whenever you go out for a coffee. You're thinking, are
they thinking I should be paid for this or not?
And actually it's one of those things. It's probably they're
not thinking that at all, but it's in our heads.
Speaker 3 (16:12):
Well, that would That's the thing I think you'd find
out by virtue of various conversations who your real friends are,
because I mean, does it money does change you? It's inevitable,
isn't it that your tastes for In fact, I do
know I have met some individuals who are incredibly wealthy,
(16:34):
and the secret to their normality is that they still
have the friends, yes, that they grew up with, and
they haven't changed their social scene that you know, their
friends have benefit in a way because you know they're
able to treat them, but they've kept there. That would
be the biggest worry for me would be changing relationships.
Speaker 2 (16:52):
Yes, and and and it's right, and those wealthy people
and it's like these famous entertainers or sports people and
you see them still with their school friends and they've
got that authenticity rather than they've got this new wealth
and then they've got a whole lot of new friends,
which which which wasn't work. So in terms of what
(17:14):
you should do into it telling people, then I think
you're right. If you've earned that money and it's come
through business sales, then everyone I'm successful.
Speaker 3 (17:28):
Yeah, you know there's if it's even it's interesting. I
wonder if there's someone Some wind falls are different to others,
aren't they?
Speaker 2 (17:36):
Absolutely? And the lotto is one that can cause a
lot of envy and then and in my experience, the
most envies. Actually, yes, friends is one thing, but it's
family members, family members who've won the lotto. It can
get really quite difficult for the winners and the other
(17:57):
family members. And I suppose we see the winners and
they feel like I'm feeling all this stress, But no
one's going to be sorry for me. I've just born
ten million dollars. And what we train recognize is actually, yes,
there's the great things about having some winney, but it
does come with its challenges too.
Speaker 3 (18:17):
Look, we love your cause on this if you'd like
to join us on eight hundred and eighty ten eighty.
Have you imagined what you do with a windfall? Have
you actually had a windfall? Did it cause your problems?
And how did you handle it or did you not
handle it? By the way, I have to read out
a couple of texts just for your enjoyment. Nick One says,
one's asked if it's Chris Martin from Coldplay giving out
financial advice on newstalk, s'd b from Roscoe. I'm guessing
(18:40):
does he have the same accent as you? And he's
a man Cunian?
Speaker 2 (18:42):
Is he must be similar?
Speaker 4 (18:43):
Yeah? And somebody else.
Speaker 2 (18:45):
He's definitely got more money than me.
Speaker 3 (18:48):
Necklace will decide if I listen to you anymore? Are
yoused for city or Manchester United City? Well, you know
you can say that categorically.
Speaker 4 (18:58):
Actually that's good. How long you've been a city fan.
Speaker 2 (19:00):
For since the mid nineteen eighties.
Speaker 4 (19:03):
There you go.
Speaker 3 (19:03):
That's genuine as opposed to these Manchester United people who
just jump on the band bandwagon back when they were successful.
They're not doing so well anyway. Let's not get distracted
about this. Eight hundred and eighty ten to eighty. Here's
some texts on the questions that we've put out there.
Got multimillionaire, I've got multimillionaire friends, have the same lifestyle,
(19:26):
the same circle of friends, and they just travel more,
but they do worry more, says Karen. And this one
says received a six digit inheritance, put three quarters of
it on a term deposit where it still is, and
the rest I used to pay off a credit card.
Speaker 4 (19:42):
Ultimately.
Speaker 3 (19:43):
I mean that's the first port of call. I guess
is that what is the first porter call for that.
Speaker 2 (19:46):
Most part of call? I'd agree with what that text did.
Did pay off your DABT. That is a really good idea.
And put some money in a term deposit and work
out what you need from the money. And if everything
that you've ever dreamed of can be achieved and you
keep the money in term deposit, then it's a nice
(20:06):
low stress solution. And so understand your goals and objectives
and then try and achieve them. That's the advice that
we give to people rather than trying to predict what
the invest investment is.
Speaker 3 (20:21):
To most people, you advise, do they actually keep it secret?
Or what's the lotto winners?
Speaker 2 (20:26):
Do? Yes? And I've seen both sides of the people
who it is being a secret They've agonized with and
people don't want their kids to find out. Often they
think it will ruin their kids and the kids will
lose perfectly.
Speaker 4 (20:40):
What my thoughts would be, I don't think.
Speaker 3 (20:42):
I think i'd have to make up a white lie.
In fact, look I've imagined it. I've thought you'd have
to keep it quiet and then pretend that you won
half a million instead of ten million, and so you
could explain, you know, we've had I've come into a
bit of money.
Speaker 2 (20:57):
But you just couldn't tell a little.
Speaker 3 (21:00):
I think most people would be terrified it would ruin
their kids, would ruin their ambition, because they're just changes
everything and you're an adult when you get it. But
if you children, you know.
Speaker 2 (21:11):
I think the it depends on the edges of the children.
But certainly whilst they young and impressionable, then any big
life changing event will have an impact on them older children.
I seem to What I tend to see is the
values that you bring your children up with actually have meaning.
(21:33):
And if you're from a hard working family and you
put those values in, having some extra money won't necessarily
change that. But there's a real nervousness about that. So
a little white lie isn't isn't white?
Speaker 3 (21:49):
Yeah, here's I'm not sure who this one's promised is.
I got an inheritance, I bought a rintling Meta matter,
got two knee replacements bought a car and bought a
lounge sweeten and visted the wrist. I guess, you know,
we don't know how much the inheritance was, but I mean,
if you had health problems and you wanted to get
those done, that's a you know, that's a ya.
Speaker 2 (22:09):
And what it sounds like they did is spread it
about a bit, which is always a good idea. Don't
put too many eggs in one basket, and have a
range of different investments, whether that's property, cash, stock market
type investments.
Speaker 3 (22:25):
Because there's something that ties into this, and this is
just around investing and whether you're doing it because you've
got a wind for the back in the.
Speaker 4 (22:35):
Ahes or something.
Speaker 3 (22:36):
You might remember that people used to make decisions on,
or you might know this historically anyway, because you're probably
too young to remember the aighties from an investor's point
of view, but you remember everyone was buying certain stocks
and there were Darling stocks and people would always discuss on,
you know, whether you've got Fletcher shares or I mean
(22:56):
the Braley shares with the thing at one stage, but
there were certain stocks and people making a lot of
their own decisions. It's a sort of form of uninformed
gambling in a way. But these days it seems to
have shifted that people are more likely to get advice
from a fund manager, but often the question that comes
up as what sort of portfolio do you want? So
(23:18):
no longer are people thinking I'm going to buy this
share and this share and this share and based on
having a chat with stockbroker. But now the choices. Do
you want an investment fund that has weighted towards the
US stock market or do you want something that's weighted
towards rare earth minerals or do you want that's just
another mind bending choice for people.
Speaker 4 (23:39):
Do they how do you?
Speaker 2 (23:40):
Absolutely? So what's changed since the eighties and more recently
is advisors focus more on goals than markets now, so
really asking you what are you trying to achieve? So
that might be to retire in five years time or
income and so if you understand the goals, then you
(24:01):
can understand the returns that you need. And the reason
that these all the investments are more popular is to
have diversifications, so you aren't channeling all of your money
into a small number of stocks, and if those stocks
have a bad performance, you can really lose a lot
of money.
Speaker 3 (24:20):
So if I came in, if we're and I'd say,
let's say I had had a half a million dollars
a bit of a windfall or something, I want to
invest it. And you said to me, what's your goal,
I'd be tempted to say I want this, I want
to I want to turn this into a million, And
I'd say why, because then I want to turn that
into two. I mean, you know, initially, surely everyone what's
(24:43):
your goal? And I want to make a lot of
money out of my investment? How do you narrow down
on what a realistic what a goals look like?
Speaker 2 (24:49):
Absolutely, and you've hit on something. People don't go around
thinking what their financial goals are, and so it's quite
a funny question to be asked. And so it's what
do they say?
Speaker 3 (25:02):
You're like, well, well, you know, I want to get
a huge return on my investment.
Speaker 2 (25:08):
So I had a client that came in last week
and she said, I want to generate more income and
so I said, well, why do you want to do that?
And she's because I want to work less. And I
said why do you want to do that? And said, well,
my dad's sick, and so I need to spend more
time with him, and so if I could replace some
of my income, I'd be able to do that. So
actually it's just about being able to listen and ask
(25:32):
the questions to tease out what it is you're really
looking for. And making lots of money is great, but
that's just something in a bank account, and it's what
do you ultimately want to use it you it might
be to travel the world, not to have to work,
and once you can start building on that. But yeah,
one of the harder jobs that we have is actually
(25:54):
really getting to people to say what it is they're
looking to achieve their money.
Speaker 4 (26:00):
People find that.
Speaker 3 (26:02):
It's funny when you say what are your money goals?
And you say, well, I want to do this, and
then you ask another question, and you ask another question.
Speaker 4 (26:08):
Do you ask them?
Speaker 3 (26:08):
Does that sort of build a bit of tension in
an interview sometimes where people are like, why you ask
me all these questions?
Speaker 4 (26:13):
I told you I want to you know, But.
Speaker 2 (26:16):
Well, most people are sitting down with us because they've
got some sort of problem that and it's often one
chapter of their life is come to an end and
a new one's about to start. And whether it's some
money or some goals, and so they're sitting down with
this because they've got an issue that they're concerned about.
So we're normally okay with that. So no, that's fine.
(26:42):
But people do struggle to articulate their goals, and we've
got quite a lot of experience in helping people come
through that, so people don't get too cross to people.
Speaker 3 (26:52):
Not really know their goals in a way, they just
turn up and they're like, Oh, I actually hadn't really
thought about it, but now you've asked me. That helped
snare it down. Yes, I want to I want to
pay for my children's education.
Speaker 2 (27:04):
That's the sort of thing. Pay for children's education, have
enough money to stop work at some point, have enough
money to reduce work, travel, grow the money to buy
a house in the future. It might be that. But
actually what surprises people when they come and sit down
with us is that we're not talking about markets and
(27:26):
investments and returns the whole time. And that's what people
think will happen if they go and see an advise.
It is we'll talk about the American stock marketing and
the Europe and what this.
Speaker 3 (27:37):
Has a choice with it though, isn't it. I mean,
I've had people on the show and the slightly different
key Wei Saber fans, and there are some Keywi server fans,
which I mean there's one one that has a little
bit of bitcoin here and there. I mean, how how
do people it's even with Okay, look, I'm summoning having
a question there, for instance, the question around you know,
(28:00):
even your risk profile. I mean that's do people even
understand what risks is?
Speaker 4 (28:06):
Because I mean.
Speaker 3 (28:07):
I switched to a more aggressive, a more aggressive profile
on the key We say it just because I'm you know,
I am anticipating working for a reasonable length of time
and I've got a bit of time.
Speaker 4 (28:18):
I'm a sleeve, yes, But.
Speaker 3 (28:21):
Do I really know what how high risk it is.
Speaker 4 (28:23):
I don't think I really understand how high risk it is.
Speaker 3 (28:25):
I've just gone, I've looked at a chart that says,
you know, conservative, safe, balanced, balanced, aggressive, aggressive, But I
don't think I really understand the risk. I just look
at it and go, well, let's go for that one, which.
Speaker 2 (28:40):
Absolutely and that's why, as we're talking about before, when
it's a small amount of money, you kind of think
I don't really understand it. But it doesn't matter because
I should be in the high risk, you put some
more notes on that, and that's when it comes more serious.
And so, like lots of jobs, you don't really know
(29:00):
what your accountant or lawyer does, but you don't need to.
And so it's relationship side. Do you feel like the
person's listening to you and understanding you and explaining things well.
And actually risk and return are just different sides of
the same coin. The more risk you take, the more
you can potentially have in return, but also losses and
(29:20):
it's and it's having someone that can explain things that
allow you to understand and not that you're going to
become an expert, but feel that Okay, yeah, now I
understand what they're saying and that makes sense to me,
and then you can move forward. Yeah on that.
Speaker 3 (29:38):
Okay, we're going to do them to this a little
bit more. If you'd like to join the conversation, we'd
love to hear from you. E. One hundred and eighteen eighty.
My guest as Nick Crawfordy's managing director at the Private Office.
He was also the author of a book called Sudden
Money and How to Handle It and he's with us
for Smart Money. We'd love to love you to join us.
We've got any questions for Nick. And the other angle
that we've just started to explore is that, you know,
(29:59):
these days, as opposed to back in the eighties when
everyone was obsessed with various individual stocks, a lot of
the conversations are what kind of portfolio, what flavor do
you want it to have, How have you had to
make that choice, and how did you make it. We'll
dig into that a bit more with Neck in just
a moment. It's News Talk, said b It's twenty minutes
to six, News Talk, said be on Tim Beverages a
(30:21):
smart money. We're with a new guest for the Show's
name is Nick Crawford, managing Direct to the Private Office,
and he's written a book about being in basically it's
called Sudden Money and How to Handle It.
Speaker 4 (30:31):
But also were talking a little bit.
Speaker 3 (30:32):
About how the investment decisions of investors is different to
what it might have been a few decades ago, where
everyone talked over I mean the water cooler, that's the
cliche about what the latest stock was. And we were
talking in the break actually Nick, how there was you know,
back when the crash happened, there were a bunch of
people who were put off investing because they had all
(30:53):
their eggs. You know, that was the thing where you
were following the trends and everyone was investing in certain
Darling stocks which suddenly went Darling's any longer and everyone's like,
that's it. I'm never buying another share in my life.
Speaker 2 (31:06):
Yes, absolutely. And I remember the nineteen eighty seven crash.
I was twelve years old in the UK and it
was big there, but it wasn't as big as the
Stockmarke crash in New Zealand, which put a whole generation
of kiwi's off investing in shares. And so they can
be quite formative experiences. And so what people tend to
(31:28):
do now is going to these much more broadly diversified
investments rather than a few stocks.
Speaker 3 (31:33):
Actually just out of curiosity. And this is just a
complete guesswork. How much do you think the experiences of
that generation pushed them into property that you know, New
Zealand said this love of fear with property, it was,
you know, went bonkers. I mean, I think the love
of fear is slightly you know, on the wane. But
how much do you think that the stock market crash
in the eighties feed an obsession with property?
Speaker 4 (31:56):
Because we were just like it was. It was the
new craze.
Speaker 2 (31:59):
Yes, I think it had a profound effect and it
definitely put people of investing in share markets. And the
alternative investment to that with growth potential is property, and
people saw themselves doing well in that.
Speaker 3 (32:15):
Well, leverage also worked and you know the gains and
you just leverage yourself up the ying yang.
Speaker 2 (32:21):
And the beach house and then the investment properties and
maybe commercial property, and then people saw that that was
a good and lucrative investment for them. And so but
you're right, more recently that's changed. Properties stagnated and share
market investing is much more commonplace than it was even
fifteen years ago.
Speaker 3 (32:40):
I think it's probably it's probably more trusted now turn
away because we've also you know, we had the finance
companies and people, you know, there were these promised returns,
but the regulation around it, it seems that it just
feels a little that people are a little more protected
from you know, adverts promising all sort of return without
(33:00):
people are really understanding the risk they are undertaking.
Speaker 2 (33:03):
Yes, regulation has been really good for the financial advice market,
and I think things like key we Saver have made
share investing more familiar. Again, that's been around for maybe
fifteen to twenty years now, and so people have got
more use to investing in shares through their key WE saver.
(33:24):
And we've seen quite a lot of ups and downs
over the last twenty years, the global financial crisis in
two thousand and eight, and people recognize that you get
these ups and downs, but overall investing in shares is
a good way to build long term capital growth.
Speaker 3 (33:40):
So what do you I mean, we haven't got too
long ago, but the obviously we know it's the world.
There's a bit of turn more going on with an
uncertainty around Iran and oil prices and all sorts of things.
But I haven't followed it too closely in terms of
shares because and in a way, I think that's the
whole thing with you know, I've got KEYI Saver and
(34:02):
also on Australian Fund from the day's over there and
I just sit and forget sort of thing.
Speaker 4 (34:08):
But what are them?
Speaker 3 (34:10):
It seems that the markets and as they're not reacting
as dramatically to these events because they've got used to
the sort of highs and lows of the Trump administration's
decisions and stuff. But what are you seeing from your
you're end?
Speaker 2 (34:24):
I think you're right. The world's got used to the
fact that we're in more volatile times, and I think
the oil and gas prices up maybe ten fifteen percent,
maybe slightly more over the last two weeks. But yeah,
global stock markets are down between two and four percent
in the last couple of weeks, so nothing major, and
(34:46):
that might be a reaction to the fact that no
one's quite sure what's happening yet. But in terms of
what people should do, your strategy of not reacting is
the right one reacting?
Speaker 3 (35:01):
What are we more measured in our response? Are the
markets more measured than there sponsors to things like this?
Speaker 2 (35:06):
Because well, I think with the global financial crisis COVID,
the lessons that will learned we don't react. Don't react
after there's been a four because that's one way to
crystallize a loss and things can come up quite quickly.
Speaker 3 (35:22):
What does it mean for the advice that you've given
your clients so that you would have the phones running
a little hotter than usual. Wouldn't you win something like
the emence or is it what?
Speaker 2 (35:33):
Yes, I don't but I'd say only slightly because our
clients all have a long term financial plan, and in
that cash planning, we anticipate there be times when markets
go down, and so we know it will happen, we
just don't know when. That's the reason that investing gives
returns because there's some risks. So our clients tend to
(35:56):
not get in contact with concerns because they just in
the long game, well, they don't need the money now,
and so their monthly income if they're taking withdrawal, can
carry on and it's a long term investment. Now. That's
not to say people aren't worried, and not to say
that we don't get calls asking whether any changes should
(36:17):
be made. But normally when we talk that through, people
recognize that actually reacting after the news has happened is
often a mistake.
Speaker 3 (36:27):
I think the other one that I mean everyone's looking
that through COVID and things is that by the time
bad news has hit, it's too late to change your fun.
Speaker 4 (36:35):
You know how.
Speaker 3 (36:35):
People sometimes they've got an agressive fund and they'll be like, oh,
things are looking bad, so they'll suddenly shovel and conservative.
When I think most people understand you're just locking in
your loss.
Speaker 2 (36:46):
Absolutely, the markets assimilate new information very quickly, and so
by the time you want to react the next morning,
the markets has already moved, and so actually that's the
worst thing you can do. You don't wait for things
to go down before you sell.
Speaker 3 (37:03):
There's still a lot of people who play the markets
in terms of they see a shock and they see
that the S and P or some fans have dropped,
and they immediately given them buy because they're confident it's
going to go back up. Many people, I mean, the
day trader thing, isn't it really exactly? Many people are
still doing that. It feels very nineteen nineties.
Speaker 2 (37:22):
Absolutely. The GFC in COVID, we did a lot of
those people out. It's a really stressful thing. It's gambling.
And so most people are like yourself, like our client's
long term investors. But there is a subset who are
playing the markets. They're short term investors. And what you
(37:43):
see is those people maybe at times like this, if
they were able to work out what maybe was potentially
going to happen in around after a period of gains,
take some risk off the table. But those traders, it's
more of a gambling type approach rather than the majority
of iris.
Speaker 3 (38:02):
And you know, I reckon, Trump's going to get on
top of us in six weeks and there's going to
be pressure on them to de scale things, and they
make all these political, geopolitical sort of gambles and then
go therefore, I reckon the price of all is going
to do x, and they go in.
Speaker 4 (38:16):
I mean, it's ballsy stuff, but it's pretty.
Speaker 2 (38:18):
Absolutely and people who are playing that sort of game,
they will buy something with the intention of selling it
in the same day sometimes. So it's just small market
movements in all sorts of assets, looking at the derivatives
markets and trading at But that is very different from
(38:40):
what ninety nine percent of us are doing, which is
trying to build sobers.
Speaker 4 (38:44):
Yeah, look what we take a break.
Speaker 3 (38:46):
We'll be a back in just a moment. It is
nine minutes to six news talks, he'd be news talks,
it'd be yes, welcome back to the Smart Money. Just
wrapping up really with Nick Crawford. He's managing director at
the Private Office. But we started the conversation talking about
sudden money and how to handle it, which is actually
now this is not actually a plug for next book
for Neck, but the book Sudden Money and How to
(39:07):
Handle it, you actually have a charitable angle towards the
start your next So if people are interested in getting
a copy of it, tell us about that.
Speaker 2 (39:17):
Yes, they can just get in contact with us and
we'll happily send them a copy. And we just asked
them to make a donation to the Mental Health Foundation
of New Zealand. We say twenty five dollars, but really
you can put whatever you want and that's where all
the proceeds go.
Speaker 3 (39:32):
Did you how did you end up with the connection
with the Medal Health Foundation? Was there a particular sort.
Speaker 2 (39:37):
Of Yeah, a family member of mine had some issues
a few years ago, and just really recognize that mental
health in New Zealand is woefully underfunded and there's a
charity they're doing a great job. And I thought that
money comes with emotions and some kind of mental health
(39:59):
issues potentially. So we felt that that was a good
hardder to have for this book.
Speaker 4 (40:04):
What a great initiative.
Speaker 3 (40:05):
So if you go to the private office Dot curt
And said, all they want to see is that you've
made a donation to the Mental Health Foundation and you'll
get a copy of it. And if we were going
to go out with a couple of with about thirty
seconds to go. If you do come into a bit
of sun money, first thing I guess is what do nothing?
Speaker 2 (40:21):
Get some book a holiday, sit on the beach and
plum your next move and.
Speaker 4 (40:27):
Then get some advice.
Speaker 3 (40:28):
Hey, great to see you, Nick, Thanks for coming in, mate,
really appreciate it.
Speaker 2 (40:31):
Thanks Adam.
Speaker 3 (40:31):
If you've missed any of the previous hours, you want
to check them out. The podcast is loaded up pretty
much within I could almost say seconds of us saying cherio,
thanks to my producer Tyre Award and we'll look forward
to your company again. Sunday at six is next, as
is the news. It's three and a half minutes to sex.
Speaker 5 (40:50):
Have a great evening, catch your saying I made off
the same things.
Speaker 2 (41:05):
Freed, Dumb, Freedom, Freedom.
Speaker 1 (41:16):
For more from the Weekend Collective, listen live to news
Talks it be weekends from three pm, or follow the
podcast on iHeartRadio.
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