Over the last 10 years, we’ve learnt a thing or two about financial advice. Our best advice, when it comes to finances, is that there isn’t one solution that suits everyone. There’s no magic cookie cutter solution. Financial advice isn’t a one-size-fits-all glove. It depends on who you are, and what your situation is.
That means that grandma’s point about saving for a rainy day, and mum’s advice of “go ask your father” will both work… for some of us at least. It doesn’t, however, mean that all advice has the same level of expertise behind it. Looking for good advice is still important.
We are fortunate to have friends who work in finance and figured they would have something interesting to say. So we reached out to five friends and asked them: What is the best financial advice you ever received? Here are their tried and tested answers!
Kendall is the co-founder of Banqer, an online financial education platform for primary and intermediate schools. It gives kids hands-on experience with personal finances through a classroom currency that they earn and spend over the course of the school year.
“When it comes to the best money advice I’ve received, it’s short and sweet; live within your means.
It’s not so much technical advice as it is common sense, or behavioural advice. For me this is all about being aware of and understanding consumer forces at play in our society. It’s so easy to get swept up in disposable consumerism these days; clothes, make-up, gadgets, and easy access to debt compounds this issue. The simple notion of living within my means makes me question my purchasing behaviour and helps distinguish the wants from the needs. It’s not so much about sacrifice, as it is about appreciation for what I do have.”
Read our full interview with Kendall.
Hannah is the founder and director of enableMe— Financial Personal Trainers, a Chartered Accountant, a Master of Taxation Studies, Author, TV Personality and Mum of two.
“Take control of your future by paying attention to your money today.”
Read our full interview with Hannah.
Allan is the founder and Managing Director of Booster, a default Kiwisaver provider based in Wellington that looks after $2 billion for more than 100,000 members.
“Understand the difference between “good” debt (borrowing to invest) and “bad” debt (borrowing to consume). You are not assured of getting rich by incurring good debt (that will depend on how wisely you choose your investments) but you are guaranteed to stay poor by borrowing to consume. It is interesting to note how difficult it is to convince a bank to lend you money to invest but banks will quite happily give you a credit card to spend on consumption. Not a helpful thing for most people.”
Read our full interview with Allan.
Sonia is the Head of Global Services at Serko. Back when we interviewed Sonia in 2017, she was the CIO for New Zealand Home Loans, helping Kiwis get debt free faster by making their money work for them, rather than the other way round.
“Definitely to go for an offset mortgage. This not only saves you years in interest but also educates you about your spending!”
Read our full interview with Sonia.
Dean Blair is a Financial Adviser and Director of FoxPlan, one of the largest privately-owned Financial Planning practices in New Zealand.
“Never sell property, and pay cash for cars.”
Read our full interview with Dean.