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The Investing Trap That Even the Experts Fall Into (And How to Avoid It) · Making Cents

• 0:00
  Investing
• 0:01
  is
• 0:01
  one
• 0:01
  of
• 0:01
  the
• 0:01
  most
• 0:01
  powerful
• 0:02
  tools
• 0:02
  you
• 0:02
  have
• 0:03
  for
• 0:03
  building
• 0:04
  real
• 0:04
  financial
• 0:05
  security.
• 0:06
  It's
• 0:06
  also
• 0:07
  an
• 0:07
  area
• 0:08
  where
• 0:08
  it's
• 0:08
  surprisingly
• 0:09
  easy
• 0:09
  to
• 0:09
  get
• 0:09
  it
• 0:10
  wrong,
• 0:10
  especially
• 0:10
  as
• 0:11
  you
• 0:11
  build
• 0:11
  up
• 0:11
  knowledge,
• 0:12
  because
• 0:12
  a
• 0:13
  little
• 0:13
  bit
• 0:13
  of
• 0:13
  knowledge
• 0:14
  can
• 0:14
  be
• 0:14
  a
• 0:14
  dangerous
• 0:15
  thing
• 0:15
  and
• 0:15
  it
• 0:15
  can
• 0:16
  actually
• 0:16
  create
• 0:17
  some
• 0:17
  traps
• 0:18
  that
• 0:18
  mean
• 0:18
  that
• 0:18
  even
• 0:18
  as
• 0:19
  you're
• 0:19
  trying
• 0:19
  to
• 0:19
  do
• 0:19
  everything
• 0:20
  right,
• 0:21
  you
• 0:21
  end
• 0:21
  up
• 0:21
  shooting
• 0:22
  yourself
• 0:22
  in
• 0:22
  the
• 0:22
  foot.
• 0:23
  These
• 0:23
  mistakes
• 0:23
  are
• 0:24
  common,
• 0:24
  they're
• 0:25
  costly,
• 0:25
  they
• 0:25
  and
• 0:26
  most
• 0:26
  people
• 0:26
  only
• 0:27
  spot
• 0:27
  them
• 0:27
  in
• 0:28
  hindsight.
• 0:28
  Well,
• 0:29
  Chris
• 0:29
  Walsh
• 0:29
  is
• 0:30
  the
• 0:30
  co
• 0:30
  founder
• 0:30
  of
• 0:31
  MoneyHub,
• 0:31
  where
• 0:31
  they
• 0:31
  have
• 0:32
  all
• 0:32
  sorts
• 0:32
  of
• 0:32
  brilliant
• 0:33
  guides
• 0:33
  to
• 0:33
  help
• 0:34
  you
• 0:34
  with
• 0:34
  your
• 0:34
  money.
• 0:35
  He's
• 0:35
  also,
• 0:35
  by
• 0:36
  his
• 0:36
  own
• 0:36
  admission,
• 0:37
  someone
• 0:37
  who
• 0:37
  has
• 0:38
  fallen
• 0:38
  into
• 0:38
  these
• 0:38
  investing
• 0:39
  traps
• 0:39
  himself.
• 0:40
  My
• 0:40
  number
• 0:40
  one
• 0:41
  has
• 0:41
  been
• 0:41
  not
• 0:42
  dollar
• 0:42
  cost
• 0:42
  averaging.
• 0:43
  Single
• 0:43
  shares
• 0:44
  are
• 0:44
  also
• 0:45
  problematic
• 0:46
  because
• 0:46
  here's.
• 0:46
  The
• 0:47
  thing
• 0:47
  about
• 0:47
  these
• 0:47
  investing
• 0:48
  mistakes,
• 0:48
  they
• 0:48
  usually
• 0:49
  don't
• 0:49
  feel
• 0:50
  like
• 0:50
  mistakes
• 0:50
  at
• 0:50
  the
• 0:51
  time.
• 0:52
  They
• 0:52
  feel
• 0:52
  like
• 0:52
  opportunity,
• 0:53
  like
• 0:54
  confidence,
• 0:55
  like
• 0:55
  you've
• 0:55
  finally
• 0:56
  figured
• 0:56
  something
• 0:57
  out
• 0:57
  to
• 0:58
  borrow.
• 0:58
  Money
• 0:59
  to
• 1:00
  buy
• 1:00
  shares.
• 1:01
  Risky.
• 1:02
  But
• 1:02
  the
• 1:03
  good
• 1:03
  news
• 1:03
  is
• 1:03
  it's
• 1:04
  also
• 1:04
  incredibly
• 1:05
  fixable
• 1:06
  once
• 1:06
  you
• 1:06
  know
• 1:06
  what
• 1:06
  to
• 1:07
  look
• 1:07
  for.
• 1:07
  It's
• 1:08
  a
• 1:08
  trap.
• 1:08
  And
• 1:09
  I
• 1:09
  know
• 1:10
  this
• 1:10
  is.
• 1:10
  We're
• 1:10
  trying
• 1:10
  to
• 1:11
  focus
• 1:11
  on
• 1:11
  investing
• 1:11
  here,
• 1:11
  but
• 1:12
  you
• 1:12
  go
• 1:12
  backwards
• 1:13
  when
• 1:13
  you
• 1:13
  have
• 1:14
  all
• 1:14
  this
• 1:14
  personal
• 1:15
  debt,
• 1:16
  so.
• 1:16
  Welcome
• 1:16
  to
• 1:16
  Making
• 1:17
  Sense.
• 1:17
  It's
• 1:17
  the
• 1:17
  podcast
• 1:18
  for
• 1:18
  people
• 1:18
  who
• 1:18
  want
• 1:18
  financial
• 1:19
  freedom
• 1:20
  without
• 1:20
  giving
• 1:20
  up
• 1:20
  their
• 1:20
  coffee.
• 1:21
  I'm
• 1:21
  Francis
• 1:22
  Cook,
• 1:22
  financial
• 1:22
  journalist
• 1:23
  and
• 1:23
  fellow
• 1:23
  financial
• 1:24
  freedom
• 1:24
  seeker
• 1:25
  who
• 1:25
  makes
• 1:25
  money
• 1:25
  simple
• 1:26
  for
• 1:26
  you
• 1:27
  today.
• 1:28
  The
• 1:28
  bear
• 1:28
  traps
• 1:29
  you
• 1:29
  don't
• 1:29
  always
• 1:30
  see
• 1:30
  coming
• 1:30
  and
• 1:31
  how
• 1:31
  to
• 1:31
  be
• 1:31
  a
• 1:32
  truly
• 1:32
  smart
• 1:32
  investor.
• 1:34
  This
• 1:34
  episode
• 1:34
  of
• 1:35
  Making
• 1:35
  Sense
• 1:35
  is
• 1:35
  supported
• 1:36
  by
• 1:36
  Odoo,
• 1:37
  the
• 1:37
  all
• 1:37
  in
• 1:37
  one
• 1:38
  solution
• 1:38
  to
• 1:38
  make
• 1:38
  running
• 1:39
  your
• 1:39
  business
• 1:39
  smoother
• 1:40
  and
• 1:40
  more
• 1:40
  affordable.
• 1:41
  Go
• 1:41
  to
• 1:41
  odoo.com
• 1:43
  that's
• 1:43
  o-o.com
• 1:45
  for
• 1:45
  more.
• 1:46
  I
• 1:46
  want
• 1:46
  to
• 1:46
  help
• 1:46
  as
• 1:47
  many
• 1:47
  people
• 1:47
  as
• 1:47
  possible
• 1:48
  reach
• 1:48
  financial
• 1:49
  freedom
• 1:49
  by
• 1:49
  taking
• 1:50
  control
• 1:50
  of
• 1:51
  their
• 1:51
  money.
• 1:51
  You
• 1:52
  can
• 1:52
  help
• 1:52
  me
• 1:52
  in
• 1:52
  that
• 1:52
  mission
• 1:53
  two
• 1:54
  really
• 1:54
  easy
• 1:54
  ways.
• 1:55
  First,
• 1:55
  hit
• 1:56
  subscribe
• 1:56
  wherever
• 1:57
  you
• 1:57
  like
• 1:57
  to
• 1:57
  listen.
• 1:58
  YouTube,
• 1:59
  Spotify,
• 1:59
  Apple
• 1:59
  Podcasts
• 2:00
  or
• 2:00
  any
• 2:00
  other
• 2:01
  podcast
• 2:01
  player.
• 2:02
  Then
• 2:03
  send
• 2:03
  this
• 2:03
  episode
• 2:03
  to
• 2:04
  a
• 2:04
  friend
• 2:04
  so
• 2:04
  we
• 2:05
  can
• 2:05
  all
• 2:05
  level
• 2:05
  up
• 2:06
  together.
• 2:06
  Then
• 2:07
  the
• 2:07
  show
• 2:07
  grows
• 2:07
  and
• 2:07
  I
• 2:08
  can
• 2:08
  keep
• 2:08
  giving
• 2:08
  you
• 2:09
  the
• 2:09
  money
• 2:09
  info
• 2:10
  that
• 2:10
  makes
• 2:10
  a
• 2:10
  difference
• 2:11
  for
• 2:11
  your
• 2:11
  life.
• 2:12
  Okay,
• 2:12
  back
• 2:13
  to
• 2:13
  it.
• 2:14
  Welcome,
• 2:15
  Chris.
• 2:15
  So
• 2:16
  nice
• 2:16
  to
• 2:16
  have
• 2:16
  you
• 2:16
  on.
• 2:17
  Look,
• 2:17
  investing,
• 2:18
  it's
• 2:18
  one
• 2:19
  of
• 2:19
  those
• 2:19
  things
• 2:19
  where
• 2:19
  it's
• 2:19
  really
• 2:20
  important
• 2:20
  for
• 2:20
  your
• 2:20
  financial
• 2:20
  stability.
• 2:21
  You'll
• 2:21
  know
• 2:21
  all
• 2:21
  about
• 2:21
  that,
• 2:22
  but
• 2:22
  it's
• 2:23
  also,
• 2:23
  I
• 2:23
  think
• 2:24
  it's
• 2:24
  one
• 2:24
  of
• 2:24
  those
• 2:24
  things
• 2:24
  that
• 2:24
  there
• 2:25
  are
• 2:25
  bear
• 2:25
  traps,
• 2:25
  right,
• 2:26
  where
• 2:27
  you
• 2:27
  can
• 2:27
  stumble
• 2:28
  into
• 2:28
  them
• 2:29
  quite
• 2:29
  easily.
• 2:29
  It
• 2:29
  can
• 2:30
  put
• 2:30
  you
• 2:30
  off
• 2:30
  the
• 2:30
  whole
• 2:30
  thing.
• 2:31
  Have
• 2:31
  you
• 2:32
  ever
• 2:32
  had
• 2:32
  an
• 2:33
  investing
• 2:33
  mistake
• 2:34
  yourself?
• 2:34
  Oh,
• 2:35
  sure,
• 2:35
  plenty
• 2:36
  My
• 2:36
  number
• 2:36
  one
• 2:36
  has
• 2:37
  been
• 2:37
  not
• 2:37
  dollar
• 2:38
  cost
• 2:38
  averaging,
• 2:39
  because
• 2:39
  when
• 2:39
  markets
• 2:39
  move
• 2:39
  around
• 2:40
  as
• 2:40
  they
• 2:40
  are
• 2:40
  now,
• 2:41
  people
• 2:41
  get
• 2:41
  spooked
• 2:42
  and
• 2:42
  they're
• 2:42
  like,
• 2:42
  I
• 2:42
  won't
• 2:43
  invest.
• 2:43
  I'll
• 2:43
  try
• 2:43
  and
• 2:44
  time
• 2:44
  it
• 2:44
  for
• 2:44
  later,
• 2:44
  I'll
• 2:45
  keep
• 2:45
  money
• 2:45
  in
• 2:45
  cash.
• 2:46
  And
• 2:46
  then
• 2:46
  they
• 2:46
  miss
• 2:46
  out.
• 2:47
  Not
• 2:47
  doing
• 2:47
  the
• 2:48
  dollar
• 2:48
  cost
• 2:48
  averaging
• 2:49
  is
• 2:49
  really,
• 2:49
  really
• 2:50
  kind
• 2:50
  of
• 2:51
  a
• 2:51
  sad
• 2:51
  thing
• 2:52
  because
• 2:52
  there's
• 2:52
  so
• 2:52
  much
• 2:53
  media,
• 2:53
  there's
• 2:53
  so
• 2:53
  much
• 2:54
  market
• 2:54
  news,
• 2:55
  there's
• 2:55
  so
• 2:55
  much
• 2:55
  stuff
• 2:55
  on
• 2:56
  Reddit,
• 2:56
  on
• 2:56
  socials,
• 2:57
  and
• 2:57
  people
• 2:58
  just
• 2:58
  get
• 2:58
  spooked.
• 2:58
  So
• 2:59
  that's
• 2:59
  been
• 2:59
  something
• 2:59
  which
• 3:00
  I've
• 3:00
  made
• 3:00
  that
• 3:01
  mistake
• 3:01
  in
• 3:01
  the
• 3:01
  past.
• 3:01
  Now
• 3:02
  I've
• 3:02
  sort
• 3:02
  of
• 3:02
  moved
• 3:03
  beyond
• 3:03
  it.
• 3:03
  Single
• 3:04
  shares
• 3:04
  are
• 3:04
  also
• 3:05
  problematic
• 3:06
  in
• 3:07
  the
• 3:07
  past.
• 3:07
  Perhaps
• 3:08
  when
• 3:08
  I
• 3:08
  was
• 3:08
  younger,
• 3:09
  it's
• 3:09
  like,
• 3:09
  oh,
• 3:09
  let's
• 3:10
  go
• 3:10
  all
• 3:10
  in
• 3:10
  on
• 3:10
  this.
• 3:11
  And
• 3:12
  I
• 3:12
  like
• 3:12
  funds,
• 3:13
  I
• 3:13
  like
• 3:13
  ETFs,
• 3:14
  but
• 3:14
  there's
• 3:15
  so
• 3:15
  much
• 3:15
  hype.
• 3:16
  And
• 3:16
  I
• 3:17
  would
• 3:17
  say
• 3:17
  to
• 3:17
  people,
• 3:18
  don't
• 3:18
  be
• 3:19
  put
• 3:19
  off
• 3:20
  by
• 3:20
  investing.
• 3:20
  If
• 3:20
  you
• 3:20
  see
• 3:21
  markets
• 3:21
  move
• 3:21
  and
• 3:22
  just
• 3:22
  it's
• 3:22
  time
• 3:23
  in
• 3:23
  the
• 3:23
  market,
• 3:24
  it's
• 3:24
  not
• 3:24
  trying
• 3:24
  to
• 3:24
  time
• 3:25
  it.
• 3:25
  But
• 3:25
  there's
• 3:25
  lots
• 3:26
  of
• 3:26
  mistakes
• 3:26
  people
• 3:26
  make,
• 3:26
  and
• 3:27
  those
• 3:27
  are
• 3:27
  certainly
• 3:27
  two
• 3:28
  which
• 3:28
  catch
• 3:29
  people
• 3:29
  out,
• 3:29
  like
• 3:29
  over
• 3:30
  and
• 3:30
  over
• 3:30
  again
• 3:31
  because
• 3:31
  it
• 3:31
  keeps
• 3:31
  repeating
• 3:32
  a
• 3:32
  hundred
• 3:32
  percent.
• 3:33
  And
• 3:33
  I
• 3:33
  think
• 3:33
  part
• 3:34
  of
• 3:34
  the
• 3:34
  problem
• 3:34
  is
• 3:34
  some
• 3:35
  of
• 3:35
  the
• 3:35
  simple
• 3:35
  things
• 3:36
  that
• 3:36
  you
• 3:36
  mentioned
• 3:36
  there.
• 3:37
  They're
• 3:37
  very
• 3:37
  simple
• 3:37
  strategies
• 3:38
  and
• 3:39
  it
• 3:39
  feels
• 3:39
  like
• 3:39
  we
• 3:40
  should
• 3:40
  be
• 3:40
  doing
• 3:40
  more
• 3:41
  to
• 3:41
  get
• 3:41
  more.
• 3:42
  The
• 3:42
  idea
• 3:43
  that
• 3:43
  these
• 3:43
  simple
• 3:44
  strategies
• 3:44
  can
• 3:44
  be
• 3:44
  the
• 3:44
  best
• 3:45
  ones
• 3:46
  feels
• 3:46
  counterintuitive.
• 3:47
  You
• 3:47
  mentioned
• 3:48
  dollar
• 3:48
  cost
• 3:48
  averaging,
• 3:49
  which,
• 3:50
  yeah,
• 3:50
  love
• 3:51
  that
• 3:51
  strategy.
• 3:51
  It's
• 3:51
  still
• 3:52
  the
• 3:52
  core
• 3:52
  of
• 3:52
  my
• 3:52
  strategy
• 3:53
  as
• 3:53
  well.
• 3:53
  Even
• 3:53
  I've
• 3:54
  been
• 3:54
  doing
• 3:54
  this
• 3:54
  for
• 3:54
  years
• 3:54
  now.
• 3:55
  Dollar
• 3:55
  cost
• 3:55
  averaging
• 3:56
  is
• 3:56
  the
• 3:56
  cornerstone
• 3:57
  of
• 3:57
  how
• 3:58
  I
• 3:58
  invest.
• 3:59
  For
• 3:59
  anyone
• 3:59
  who
• 3:59
  hasn't
• 3:59
  come
• 4:00
  across
• 4:00
  it,
• 4:00
  can
• 4:00
  you
• 4:00
  give
• 4:00
  us
• 4:00
  like
• 4:01
  a
• 4:01
  little
• 4:01
  nutshell
• 4:01
  definition
• 4:02
  of
• 4:02
  what
• 4:02
  that
• 4:02
  is?
• 4:03
  Sure.
• 4:03
  So
• 4:03
  it's
• 4:03
  basically
• 4:04
  every
• 4:04
  week
• 4:04
  or
• 4:05
  every
• 4:05
  month
• 4:05
  you
• 4:05
  put
• 4:06
  money
• 4:06
  into
• 4:06
  the
• 4:06
  market.
• 4:07
  Now
• 4:07
  the
• 4:07
  market
• 4:08
  will
• 4:08
  move
• 4:08
  up
• 4:08
  and
• 4:08
  down
• 4:09
  as
• 4:09
  you
• 4:10
  do
• 4:10
  that,
• 4:10
  but
• 4:10
  you're
• 4:11
  always
• 4:11
  getting
• 4:11
  in
• 4:12
  at
• 4:12
  some
• 4:13
  sort
• 4:13
  of
• 4:13
  price.
• 4:14
  And
• 4:14
  then
• 4:15
  over
• 4:15
  time,
• 4:16
  that's
• 4:16
  your
• 4:16
  sort
• 4:17
  of
• 4:17
  dollar
• 4:17
  cost
• 4:17
  average.
• 4:18
  I'm
• 4:18
  not
• 4:18
  trying
• 4:18
  to
• 4:18
  explain
• 4:18
  it
• 4:19
  with
• 4:19
  the
• 4:19
  term,
• 4:20
  but
• 4:20
  say
• 4:20
  you
• 4:20
  buy
• 4:21
  it
• 4:21
  at
• 4:21
  one
• 4:21
  and
• 4:22
  then
• 4:22
  next
• 4:22
  month
• 4:23
  it's
• 4:23
  $1.10.
• 4:24
  And
• 4:24
  then
• 4:24
  the
• 4:24
  month
• 4:24
  after
• 4:25
  it's
• 4:25
  $1.20.
• 4:26
  And
• 4:26
  then
• 4:26
  the
• 4:27
  next
• 4:27
  month
• 4:27
  it
• 4:27
  could
• 4:27
  drop
• 4:28
  because
• 4:28
  there
• 4:28
  could
• 4:28
  be
• 4:28
  some
• 4:28
  drama
• 4:29
  and
• 4:29
  it
• 4:29
  could,
• 4:29
  it
• 4:30
  could
• 4:30
  go
• 4:30
  back
• 4:30
  down
• 4:30
  to
• 4:30
  a
• 4:31
  dollar
• 4:31
  ten.
• 4:31
  Then
• 4:32
  you've
• 4:32
  actually
• 4:32
  averaged
• 4:33
  out
• 4:33
  at
• 4:33
  a
• 4:33
  dollar,
• 4:34
  what,
• 4:35
  twelve?
• 4:35
  I
• 4:35
  can't
• 4:35
  do
• 4:36
  the
• 4:36
  math
• 4:36
  on
• 4:36
  that.
• 4:36
  But
• 4:37
  that's
• 4:37
  what
• 4:38
  you're
• 4:38
  kind
• 4:38
  of
• 4:38
  doing
• 4:38
  rather
• 4:38
  than
• 4:39
  missing
• 4:39
  out
• 4:39
  altogether,
• 4:40
  dollar
• 4:40
  Cost
• 4:40
  averaging.
• 4:41
  It's
• 4:41
  used
• 4:42
  by
• 4:42
  Wall
• 4:42
  street,
• 4:42
  it's
• 4:42
  used
• 4:43
  by
• 4:43
  large
• 4:44
  financial
• 4:45
  institutions,
• 4:46
  Australian
• 4:47
  super,
• 4:47
  it's
• 4:48
  used
• 4:48
  by
• 4:48
  Kiwisaver.
• 4:49
  And
• 4:49
  it's,
• 4:50
  it's,
• 4:50
  it's
• 4:50
  basically
• 4:51
  proven
• 4:51
  to
• 4:51
  work.
• 4:51
  So
• 4:52
  if
• 4:52
  you're
• 4:52
  in
• 4:52
  the
• 4:52
  market
• 4:52
  for
• 4:52
  a
• 4:53
  long
• 4:53
  time
• 4:54
  and
• 4:54
  most
• 4:54
  people
• 4:54
  listening
• 4:55
  to
• 4:55
  this
• 4:55
  will
• 4:55
  be,
• 4:55
  then
• 4:56
  it's
• 4:56
  the
• 4:56
  way
• 4:57
  like,
• 4:58
  I
• 4:58
  think
• 4:58
  is
• 4:58
  just
• 4:59
  to
• 4:59
  offset
• 4:59
  the
• 4:59
  risk
• 4:59
  of
• 5:00
  trying
• 5:00
  to
• 5:00
  time
• 5:00
  the
• 5:01
  market
• 5:01
  or
• 5:01
  anything
• 5:01
  like
• 5:01
  that
• 5:02
  and
• 5:02
  just
• 5:02
  be
• 5:02
  in
• 5:02
  the
• 5:02
  market
• 5:03
  and,
• 5:04
  you
• 5:04
  know,
• 5:04
  you
• 5:05
  only
• 5:05
  have
• 5:05
  to
• 5:05
  look
• 5:05
  at
• 5:05
  the
• 5:06
  S
• 5:06
  and
• 5:06
  P
• 5:06
  over
• 5:06
  the
• 5:06
  last
• 5:07
  10
• 5:07
  years,
• 5:07
  yes,
• 5:07
  it's
• 5:08
  gone
• 5:08
  up,
• 5:08
  yes,
• 5:08
  it's
• 5:08
  gone
• 5:08
  down.
• 5:09
  But
• 5:09
  if
• 5:10
  you've
• 5:10
  committed
• 5:10
  to
• 5:11
  that
• 5:11
  every
• 5:11
  month,
• 5:11
  every
• 5:12
  week,
• 5:12
  every
• 5:12
  fortnight,
• 5:13
  whenever,
• 5:13
  if
• 5:13
  that's
• 5:13
  likely
• 5:14
  to
• 5:14
  have
• 5:14
  been
• 5:14
  higher
• 5:15
  in
• 5:15
  the
• 5:15
  last
• 5:15
  10
• 5:15
  years.
• 5:16
  It's
• 5:16
  funny,
• 5:16
  isn't
• 5:17
  it?
• 5:17
  Because
• 5:17
  I
• 5:17
  do
• 5:17
  feel
• 5:18
  like
• 5:18
  there's
• 5:19
  this
• 5:19
  danger
• 5:19
  zone
• 5:20
  with
• 5:20
  investing
• 5:22
  where
• 5:22
  it's
• 5:23
  sort
• 5:23
  of
• 5:23
  that
• 5:23
  bell
• 5:23
  curve.
• 5:24
  If
• 5:24
  you
• 5:24
  start
• 5:24
  at
• 5:24
  the
• 5:24
  beginning
• 5:25
  and
• 5:25
  you,
• 5:25
  you
• 5:25
  know,
• 5:26
  okay,
• 5:26
  I
• 5:26
  don't
• 5:26
  know
• 5:27
  anything.
• 5:27
  I'm
• 5:28
  going
• 5:28
  to
• 5:28
  do
• 5:28
  the
• 5:28
  simple
• 5:28
  things
• 5:28
  that
• 5:29
  make
• 5:29
  sense.
• 5:29
  And
• 5:29
  then
• 5:30
  you,
• 5:30
  you've
• 5:30
  been
• 5:30
  going
• 5:31
  maybe
• 5:31
  a
• 5:31
  year
• 5:31
  or
• 5:31
  two
• 5:31
  and
• 5:32
  you're
• 5:32
  like,
• 5:32
  okay,
• 5:33
  I'm
• 5:33
  feeling
• 5:33
  comfortable
• 5:34
  with
• 5:34
  this.
• 5:35
  Surely
• 5:35
  I
• 5:35
  should
• 5:35
  be
• 5:35
  doing
• 5:36
  more
• 5:36
  and
• 5:36
  doing
• 5:36
  complicated.
• 5:37
  And
• 5:37
  when
• 5:37
  I
• 5:37
  look
• 5:37
  back
• 5:38
  at
• 5:38
  my
• 5:38
  own
• 5:38
  investing
• 5:39
  history,
• 5:39
  I
• 5:39
  absolutely
• 5:40
  fell
• 5:40
  into
• 5:40
  that
• 5:40
  trap.
• 5:41
  Whereas,
• 5:41
  okay,
• 5:42
  I'm
• 5:42
  going
• 5:42
  to
• 5:42
  pick
• 5:43
  a
• 5:43
  couple
• 5:43
  of
• 5:44
  single
• 5:44
  stocks
• 5:45
  and
• 5:45
  I
• 5:45
  think
• 5:46
  these
• 5:46
  companies
• 5:46
  are
• 5:46
  going
• 5:46
  to
• 5:46
  go
• 5:46
  really
• 5:47
  well.
• 5:47
  And
• 5:47
  you
• 5:47
  know,
• 5:48
  literally
• 5:48
  my
• 5:48
  job
• 5:49
  to
• 5:49
  watch
• 5:49
  the
• 5:49
  markets,
• 5:50
  to
• 5:50
  watch
• 5:50
  businesses,
• 5:51
  and
• 5:51
  I'm
• 5:51
  like,
• 5:51
  okay,
• 5:51
  this
• 5:52
  is
• 5:52
  going
• 5:52
  to
• 5:52
  be
• 5:53
  great.
• 5:54
  And
• 5:54
  then
• 5:54
  put
• 5:55
  a
• 5:55
  chunk
• 5:55
  of
• 5:55
  money
• 5:55
  into
• 5:56
  that.
• 5:56
  And
• 5:57
  Covid
• 5:57
  happened
• 5:58
  a
• 5:58
  bunch
• 5:59
  of
• 5:59
  business
• 5:59
  impacts
• 5:59
  that
• 6:00
  I
• 6:00
  didn't
• 6:00
  foresee.
• 6:01
  And
• 6:02
  all
• 6:02
  of
• 6:02
  my
• 6:02
  index
• 6:03
  funds
• 6:03
  did
• 6:04
  so
• 6:04
  great.
• 6:05
  All
• 6:05
  the
• 6:05
  stuff
• 6:06
  that
• 6:06
  I
• 6:06
  was
• 6:06
  just
• 6:06
  chucking
• 6:06
  money
• 6:07
  in
• 6:07
  on
• 6:07
  an
• 6:07
  auto
• 6:08
  payment
• 6:08
  every
• 6:08
  single
• 6:09
  fortnight
• 6:10
  did
• 6:10
  fine.
• 6:11
  The
• 6:11
  single
• 6:12
  stocks
• 6:12
  that
• 6:12
  I
• 6:12
  had
• 6:12
  picked
• 6:12
  as
• 6:13
  I
• 6:13
  like,
• 6:13
  I'm
• 6:13
  so
• 6:13
  clever,
• 6:15
  tanked,
• 6:16
  and
• 6:16
  have
• 6:16
  brought
• 6:16
  down
• 6:16
  my
• 6:16
  overall
• 6:17
  average
• 6:18
  so
• 6:18
  much.
• 6:18
  And
• 6:19
  I
• 6:19
  feel
• 6:19
  like
• 6:19
  the
• 6:19
  great
• 6:20
  thing
• 6:20
  about
• 6:20
  strategies
• 6:21
  like
• 6:21
  the
• 6:21
  dollar
• 6:21
  cost
• 6:21
  averaging
• 6:22
  is
• 6:22
  it
• 6:22
  saves
• 6:23
  you
• 6:23
  from
• 6:23
  yourself,
• 6:24
  it
• 6:24
  saves
• 6:24
  you
• 6:24
  from
• 6:25
  your
• 6:26
  emotions.
• 6:26
  And
• 6:27
  I
• 6:27
  feel
• 6:27
  like
• 6:27
  emotions
• 6:28
  and
• 6:28
  wanting
• 6:29
  to
• 6:29
  feel
• 6:29
  clever
• 6:30
  are
• 6:30
  a
• 6:30
  really
• 6:31
  underrated
• 6:32
  trap
• 6:33
  of
• 6:33
  investing.
• 6:33
  Right?
• 6:34
  Yes,
• 6:35
  that's
• 6:35
  right.
• 6:35
  I
• 6:35
  mean,
• 6:36
  single
• 6:36
  stocks
• 6:36
  just,
• 6:37
  they
• 6:38
  can
• 6:38
  be
• 6:38
  quite
• 6:38
  poisonous
• 6:39
  to
• 6:39
  investors.
• 6:40
  If
• 6:40
  you
• 6:40
  look
• 6:40
  at
• 6:40
  Reddit,
• 6:41
  people
• 6:41
  post
• 6:41
  their
• 6:42
  accounts
• 6:43
  and
• 6:43
  they'll
• 6:43
  see
• 6:44
  down
• 6:44
  60%
• 6:45
  on
• 6:45
  stuff.
• 6:46
  We
• 6:46
  got
• 6:46
  swept
• 6:47
  up.
• 6:47
  People
• 6:47
  were
• 6:47
  buying
• 6:48
  Air
• 6:48
  New
• 6:48
  Zealand,
• 6:48
  not
• 6:49
  that
• 6:49
  it
• 6:49
  was
• 6:49
  a
• 6:50
  full
• 6:50
  functioning
• 6:50
  airline
• 6:51
  at
• 6:51
  that
• 6:51
  point.
• 6:51
  It
• 6:52
  was
• 6:52
  almost
• 6:52
  like
• 6:52
  gambling
• 6:53
  because
• 6:54
  there
• 6:54
  wasn't.
• 6:54
  They
• 6:55
  couldn't
• 6:55
  Bid
• 6:55
  at
• 6:55
  the
• 6:55
  tab
• 6:56
  on
• 6:56
  stuff.
• 6:56
  Nothing
• 6:57
  was
• 6:57
  playing.
• 6:58
  And
• 6:58
  so
• 6:58
  everyone
• 6:58
  was
• 6:58
  like,
• 6:59
  oh,
• 6:59
  let's,
• 6:59
  you
• 6:59
  know,
• 7:00
  shares
• 7:00
  without
• 7:01
  the
• 7:01
  kind
• 7:01
  of
• 7:02
  base
• 7:03
  understanding
• 7:03
  of
• 7:03
  what
• 7:04
  drives
• 7:04
  that
• 7:04
  share
• 7:04
  price.
• 7:05
  And
• 7:05
  a
• 7:05
  lot
• 7:05
  of
• 7:05
  people
• 7:05
  don't
• 7:06
  know
• 7:08
  and
• 7:08
  they
• 7:08
  still
• 7:08
  don't
• 7:08
  know.
• 7:09
  And
• 7:09
  so
• 7:10
  the
• 7:10
  single
• 7:10
  stocks
• 7:11
  can
• 7:12
  just
• 7:12
  be,
• 7:12
  I
• 7:13
  mean,
• 7:13
  I'm
• 7:13
  very
• 7:13
  selective.
• 7:14
  Very,
• 7:14
  very
• 7:15
  selective.
• 7:15
  So
• 7:16
  selective
• 7:16
  and
• 7:16
  so
• 7:16
  bearish.
• 7:17
  And
• 7:17
  yeah,
• 7:17
  there
• 7:18
  have
• 7:18
  been
• 7:18
  brands
• 7:19
  in
• 7:19
  the
• 7:19
  past
• 7:19
  that
• 7:20
  have
• 7:20
  used
• 7:20
  things
• 7:20
  like
• 7:20
  invest
• 7:21
  in
• 7:21
  what
• 7:21
  you
• 7:21
  love
• 7:21
  in
• 7:22
  or
• 7:22
  like
• 7:22
  invest
• 7:23
  in
• 7:23
  this,
• 7:23
  invest
• 7:23
  in
• 7:24
  that.
• 7:24
  I
• 7:24
  won't
• 7:24
  name
• 7:24
  them
• 7:25
  and
• 7:25
  I
• 7:25
  don't
• 7:25
  think
• 7:25
  they
• 7:26
  use
• 7:26
  these
• 7:26
  taglines
• 7:26
  now.
• 7:27
  But
• 7:27
  it's
• 7:27
  not
• 7:28
  really
• 7:28
  about
• 7:28
  that.
• 7:29
  It's
• 7:29
  about
• 7:29
  making
• 7:30
  prudent
• 7:31
  financial
• 7:31
  choices
• 7:31
  for
• 7:32
  the
• 7:32
  long
• 7:32
  term.
• 7:33
  And
• 7:33
  that's
• 7:33
  why
• 7:33
  funds,
• 7:34
  and
• 7:34
  you
• 7:34
  mentioned
• 7:34
  the
• 7:35
  ETFs
• 7:35
  and
• 7:35
  indexes,
• 7:36
  they're
• 7:37
  just
• 7:37
  long
• 7:37
  term
• 7:37
  winners
• 7:38
  when
• 7:38
  they're
• 7:38
  the
• 7:39
  right
• 7:39
  ones.
• 7:39
  Obviously
• 7:40
  some
• 7:40
  themed
• 7:40
  ones
• 7:41
  can
• 7:41
  get
• 7:41
  a
• 7:41
  bit
• 7:41
  crazy,
• 7:42
  but
• 7:42
  like
• 7:43
  it
• 7:43
  does
• 7:43
  seem
• 7:43
  to
• 7:44
  work
• 7:44
  well
• 7:44
  for
• 7:45
  people.
• 7:45
  And
• 7:45
  that's
• 7:46
  what
• 7:46
  kiwisave
• 7:46
  is
• 7:47
  set
• 7:47
  up
• 7:47
  to
• 7:47
  be.
• 7:47
  You're
• 7:47
  not
• 7:47
  going
• 7:48
  into
• 7:48
  some
• 7:48
  exotic
• 7:49
  stuff
• 7:49
  there.
• 7:49
  You're
• 7:49
  not
• 7:49
  doing
• 7:50
  single
• 7:50
  stocks.
• 7:50
  That's
• 7:51
  not
• 7:51
  the
• 7:51
  mainstream.
• 7:52
  It
• 7:52
  is
• 7:52
  about
• 7:53
  looking
• 7:53
  at
• 7:53
  growth,
• 7:53
  looking
• 7:54
  at
• 7:54
  aggressive,
• 7:54
  looking
• 7:55
  at
• 7:55
  balanced
• 7:56
  and
• 7:57
  moving
• 7:57
  with
• 7:57
  the
• 7:58
  market
• 7:58
  to
• 7:58
  some
• 7:58
  degree.
• 7:59
  Some
• 7:59
  of
• 7:59
  them,
• 7:59
  of
• 7:59
  course,
• 7:59
  are
• 8:00
  actively
• 8:00
  managed.
• 8:01
  There's
• 8:01
  just
• 8:01
  lots
• 8:02
  to
• 8:02
  kind
• 8:02
  of
• 8:02
  learn.
• 8:03
  And
• 8:03
  I
• 8:03
  think
• 8:03
  people
• 8:03
  make
• 8:04
  these
• 8:04
  mistakes
• 8:04
  with
• 8:05
  just
• 8:05
  like
• 8:06
  going
• 8:06
  all
• 8:06
  in
• 8:06
  on
• 8:06
  stocks
• 8:06
  and
• 8:07
  it
• 8:07
  puts
• 8:07
  them
• 8:07
  off
• 8:07
  when
• 8:07
  they
• 8:08
  go
• 8:08
  wrong.
• 8:09
  And
• 8:09
  that's
• 8:09
  what
• 8:10
  I
• 8:10
  don't
• 8:10
  want
• 8:10
  to
• 8:10
  see
• 8:11
  when
• 8:11
  people
• 8:12
  see
• 8:12
  that
• 8:12
  negative
• 8:13
  70%.
• 8:14
  What's
• 8:14
  my
• 8:15
  food
• 8:15
  bag
• 8:15
  done?
• 8:15
  I
• 8:15
  think
• 8:16
  it's
• 8:16
  down
• 8:16
  85%.
• 8:18
  Allbirds
• 8:19
  before
• 8:19
  it
• 8:19
  became
• 8:20
  a
• 8:20
  crypto
• 8:21
  company.
• 8:21
  No,
• 8:22
  no,
• 8:22
  sorry,
• 8:22
  sorry.
• 8:22
  An
• 8:22
  AI
• 8:23
  company
• 8:23
  was
• 8:23
  down
• 8:24
  99%
• 8:25
  or
• 8:25
  98%.
• 8:26
  The
• 8:26
  AI
• 8:27
  pivot
• 8:27
  from
• 8:27
  Allbirds
• 8:28
  blew
• 8:29
  my
• 8:29
  mind.
• 8:29
  I
• 8:30
  mean,
• 8:30
  nothing
• 8:30
  wrong
• 8:30
  with
• 8:30
  Allbirds.
• 8:31
  Of
• 8:31
  course,
• 8:31
  they
• 8:31
  were
• 8:31
  a
• 8:32
  success
• 8:32
  for
• 8:32
  a
• 8:32
  certain
• 8:33
  point.
• 8:33
  Well,
• 8:33
  obviously
• 8:34
  something
• 8:34
  is
• 8:34
  wrong
• 8:34
  with
• 8:34
  them
• 8:34
  because
• 8:34
  the
• 8:35
  shutting
• 8:36
  down,
• 8:37
  but
• 8:37
  it's
• 8:38
  that
• 8:38
  kind
• 8:38
  of
• 8:38
  stuff
• 8:38
  which
• 8:40
  you
• 8:40
  just
• 8:40
  get
• 8:40
  caught
• 8:41
  out
• 8:41
  and
• 8:42
  you
• 8:42
  don't
• 8:42
  seem
• 8:43
  to
• 8:43
  get
• 8:43
  caught
• 8:43
  out
• 8:43
  with
• 8:43
  these
• 8:44
  index
• 8:44
  funds
• 8:45
  and
• 8:45
  with
• 8:45
  well
• 8:46
  managed
• 8:47
  funds,
• 8:48
  which
• 8:48
  is
• 8:48
  why
• 8:48
  a
• 8:48
  lot
• 8:49
  of
• 8:49
  money's
• 8:49
  pouring
• 8:49
  into
• 8:49
  them.
• 8:50
  Just
• 8:50
  be
• 8:50
  very
• 8:50
  wary
• 8:51
  of
• 8:51
  those
• 8:51
  single
• 8:52
  stock
• 8:52
  supernovas
• 8:53
  because
• 8:54
  it's
• 8:54
  really
• 8:54
  depressing
• 8:54
  when
• 8:55
  people
• 8:55
  post
• 8:55
  their
• 8:56
  down
• 8:57
  95%.
• 8:58
  Staff.
• 9:00
  Sorry,
• 9:00
  I
• 9:00
  don't,
• 9:01
  I
• 9:01
  don't
• 9:01
  want
• 9:01
  to
• 9:01
  spiral.
• 9:02
  It's.
• 9:02
  No,
• 9:03
  but
• 9:03
  it's
• 9:03
  true,
• 9:03
  it's
• 9:03
  true.
• 9:04
  We
• 9:04
  have
• 9:04
  to
• 9:04
  have
• 9:04
  these
• 9:04
  conversations
• 9:05
  so
• 9:05
  that
• 9:05
  people
• 9:05
  can
• 9:05
  guard
• 9:06
  their
• 9:06
  money.
• 9:06
  And
• 9:06
  I
• 9:07
  saw
• 9:07
  some
• 9:07
  analysis
• 9:08
  around
• 9:08
  Allbirds
• 9:09
  saying,
• 9:10
  yeah,
• 9:10
  hey,
• 9:10
  we're
• 9:10
  not
• 9:10
  doing
• 9:11
  shoes
• 9:11
  anymore,
• 9:11
  we're
• 9:11
  doing
• 9:12
  AI.
• 9:13
  Okay,
• 9:15
  bit
• 9:15
  of
• 9:16
  a
• 9:16
  pivot
• 9:16
  and
• 9:17
  this
• 9:17
  is
• 9:17
  analysis
• 9:18
  that
• 9:19
  there's
• 9:19
  not
• 9:19
  heaps
• 9:20
  behind
• 9:20
  yet.
• 9:21
  But
• 9:21
  I
• 9:21
  think
• 9:21
  it's
• 9:21
  very
• 9:22
  interesting
• 9:22
  market
• 9:23
  analysis
• 9:24
  where
• 9:24
  there's
• 9:24
  a
• 9:24
  whole
• 9:25
  bunch
• 9:25
  of
• 9:25
  sort
• 9:26
  of
• 9:26
  auto
• 9:27
  investing
• 9:27
  happening
• 9:28
  these
• 9:28
  days.
• 9:28
  It
• 9:28
  happens
• 9:29
  on
• 9:29
  keywords
• 9:29
  that
• 9:30
  is
• 9:30
  automatically
• 9:30
  scraping
• 9:31
  the
• 9:31
  Internet.
• 9:33
  And
• 9:33
  so
• 9:33
  as
• 9:33
  soon
• 9:33
  as
• 9:33
  they
• 9:34
  had
• 9:34
  AI
• 9:35
  in
• 9:35
  the
• 9:35
  company
• 9:35
  description,
• 9:36
  there
• 9:36
  was
• 9:37
  a
• 9:37
  whole
• 9:37
  bunch
• 9:37
  of
• 9:37
  auto
• 9:38
  investments
• 9:38
  that
• 9:38
  happened.
• 9:38
  Boosted
• 9:39
  the
• 9:39
  share
• 9:39
  price
• 9:40
  and
• 9:40
  then
• 9:41
  the,
• 9:41
  the
• 9:42
  people
• 9:42
  came
• 9:42
  back
• 9:42
  in
• 9:42
  and
• 9:42
  was
• 9:43
  like
• 9:44
  out.
• 9:44
  And
• 9:44
  so
• 9:45
  the
• 9:45
  share
• 9:45
  price
• 9:45
  bounces
• 9:46
  back
• 9:46
  down
• 9:46
  again.
• 9:47
  Which
• 9:47
  I
• 9:47
  thought
• 9:48
  was
• 9:48
  very
• 9:49
  interesting.
• 9:49
  And
• 9:50
  I
• 9:50
  would
• 9:50
  say,
• 9:50
  yeah,
• 9:51
  that's
• 9:51
  probably
• 9:51
  good
• 9:51
  analysis
• 9:52
  where
• 9:52
  I'm
• 9:52
  sure
• 9:52
  that
• 9:53
  was
• 9:53
  a
• 9:53
  big
• 9:53
  factor.
• 9:55
  Fascinating
• 9:56
  environment
• 9:56
  that
• 9:57
  we're
• 9:57
  in
• 9:57
  on
• 9:57
  that
• 9:57
  point.
• 9:58
  You
• 9:58
  mentioned
• 9:59
  something
• 9:59
  previously
• 10:00
  as
• 10:00
  well,
• 10:00
  which
• 10:00
  I
• 10:01
  think
• 10:01
  is
• 10:01
  a
• 10:01
  really
• 10:01
  good
• 10:02
  point.
• 10:02
  This
• 10:02
  idea
• 10:03
  of
• 10:03
  the
• 10:03
  invest
• 10:03
  in
• 10:03
  what
• 10:04
  you
• 10:04
  know.
• 10:05
  And
• 10:05
  you're
• 10:05
  right,
• 10:05
  that
• 10:06
  was
• 10:06
  everywhere
• 10:07
  a
• 10:07
  couple
• 10:07
  of
• 10:07
  years
• 10:07
  ago
• 10:08
  saying,
• 10:08
  you
• 10:08
  know,
• 10:08
  invest
• 10:08
  in
• 10:09
  what
• 10:09
  you
• 10:09
  know.
• 10:10
  If
• 10:10
  you
• 10:10
  go
• 10:11
  out
• 10:11
  and
• 10:11
  you
• 10:11
  buy
• 10:11
  some
• 10:12
  Nike
• 10:12
  shoes,
• 10:13
  that
• 10:13
  shows
• 10:13
  that
• 10:14
  there's
• 10:14
  strong
• 10:14
  demand.
• 10:14
  You
• 10:15
  should
• 10:15
  also
• 10:15
  invest
• 10:15
  in
• 10:16
  it.
• 10:17
  And
• 10:17
  I
• 10:17
  think
• 10:17
  that's
• 10:18
  such
• 10:18
  a
• 10:18
  misread
• 10:18
  of
• 10:19
  the
• 10:19
  invest
• 10:19
  in
• 10:19
  what
• 10:20
  you
• 10:20
  know
• 10:20
  idea.
• 10:21
  And
• 10:21
  I
• 10:22
  would
• 10:22
  love
• 10:22
  your
• 10:22
  thoughts
• 10:22
  on
• 10:22
  this.
• 10:23
  My
• 10:23
  thoughts
• 10:24
  are
• 10:24
  like,
• 10:25
  I
• 10:25
  love
• 10:26
  burgers.
• 10:27
  Having
• 10:27
  a
• 10:28
  burger
• 10:28
  on
• 10:28
  a
• 10:28
  Friday
• 10:28
  night.
• 10:29
  Great
• 10:29
  time,
• 10:29
  Burger
• 10:30
  Fuel.
• 10:30
  Love
• 10:31
  it.
• 10:31
  So
• 10:32
  good.
• 10:32
  Am
• 10:33
  I
• 10:33
  going
• 10:33
  to
• 10:33
  invest
• 10:33
  in
• 10:34
  Burger
• 10:34
  Fuel?
• 10:35
  No,
• 10:36
  I'm
• 10:36
  going
• 10:37
  to
• 10:37
  buy
• 10:37
  the
• 10:37
  burgers
• 10:37
  for
• 10:37
  sure.
• 10:38
  But
• 10:38
  I
• 10:38
  know
• 10:38
  that
• 10:38
  I'm
• 10:38
  putting
• 10:39
  my
• 10:39
  money
• 10:39
  somewhere
• 10:39
  I'm
• 10:39
  not
• 10:39
  getting
• 10:40
  it
• 10:40
  back.
• 10:40
  And
• 10:40
  the
• 10:41
  idea
• 10:41
  of
• 10:41
  investing
• 10:41
  in
• 10:42
  it.
• 10:42
  I
• 10:43
  worked
• 10:43
  in
• 10:43
  a
• 10:43
  cafe
• 10:44
  for
• 10:44
  a
• 10:44
  hot
• 10:45
  second
• 10:45
  many
• 10:45
  years
• 10:46
  ago.
• 10:46
  I
• 10:46
  don't
• 10:46
  know
• 10:46
  hospitality.
• 10:47
  All
• 10:48
  I
• 10:48
  do
• 10:48
  know
• 10:48
  about
• 10:49
  hospitality
• 10:49
  is
• 10:49
  that
• 10:49
  the
• 10:50
  margins
• 10:50
  are
• 10:50
  low,
• 10:51
  that
• 10:51
  it's
• 10:51
  really
• 10:51
  hard
• 10:52
  work
• 10:52
  and
• 10:52
  it's
• 10:53
  hard
• 10:53
  to
• 10:53
  make
• 10:53
  a
• 10:53
  profit.
• 10:55
  Do
• 10:55
  I
• 10:55
  know
• 10:55
  what
• 10:56
  makes
• 10:56
  Burgerfield
• 10:56
  better
• 10:57
  than
• 10:57
  other
• 10:57
  businesses?
• 10:58
  No.
• 10:58
  I
• 10:58
  feel
• 10:58
  like
• 10:58
  the
• 10:59
  invest
• 10:59
  in
• 10:59
  what
• 10:59
  you
• 11:00
  know,
• 11:00
  started
• 11:00
  from
• 11:01
  say
• 11:02
  you're
• 11:02
  in
• 11:03
  construction,
• 11:03
  you
• 11:04
  work
• 11:04
  in
• 11:04
  construction,
• 11:05
  you're
• 11:05
  a
• 11:05
  high
• 11:05
  level
• 11:05
  manager,
• 11:06
  you
• 11:06
  understand
• 11:06
  who
• 11:06
  are
• 11:07
  the
• 11:07
  big
• 11:07
  players,
• 11:07
  you
• 11:08
  understand
• 11:08
  the
• 11:08
  profit
• 11:08
  margins.
• 11:09
  And
• 11:09
  then
• 11:09
  you
• 11:10
  want
• 11:10
  to
• 11:10
  invest
• 11:10
  in
• 11:11
  commercial
• 11:12
  real
• 11:12
  estate
• 11:12
  or
• 11:13
  construction
• 11:13
  companies
• 11:14
  or
• 11:14
  whatever.
• 11:15
  That's
• 11:16
  investing
• 11:16
  in
• 11:16
  what
• 11:16
  you
• 11:17
  know.
• 11:17
  Just
• 11:18
  knowing
• 11:18
  that
• 11:18
  a
• 11:19
  brand
• 11:19
  exists
• 11:19
  and
• 11:19
  being
• 11:20
  familiar
• 11:20
  with
• 11:21
  it
• 11:21
  isn't
• 11:22
  invest
• 11:22
  in
• 11:22
  what
• 11:22
  you
• 11:22
  know.
• 11:22
  And
• 11:23
  I
• 11:23
  think
• 11:23
  that's
• 11:23
  a
• 11:23
  real,
• 11:24
  a
• 11:24
  real
• 11:24
  way
• 11:25
  to
• 11:25
  mislead
• 11:25
  people
• 11:26
  with
• 11:26
  false
• 11:26
  confidence.
• 11:27
  But
• 11:27
  what
• 11:27
  do
• 11:27
  you
• 11:27
  think
• 11:27
  of
• 11:28
  all
• 11:28
  that?
• 11:28
  Well,
• 11:28
  I
• 11:28
  completely
• 11:29
  agree
• 11:29
  and
• 11:29
  I
• 11:29
  think
• 11:29
  it
• 11:29
  was
• 11:30
  a
• 11:30
  way
• 11:30
  to
• 11:30
  induce
• 11:31
  people
• 11:31
  into
• 11:31
  investing
• 11:32
  because
• 11:32
  it's
• 11:32
  like,
• 11:32
  well,
• 11:33
  I
• 11:33
  don't
• 11:33
  know
• 11:33
  what
• 11:33
  to
• 11:33
  invest
• 11:33
  in.
• 11:34
  And
• 11:34
  so
• 11:34
  it's
• 11:34
  like,
• 11:35
  well,
• 11:35
  invest
• 11:35
  in
• 11:35
  things
• 11:35
  that
• 11:35
  you
• 11:36
  like
• 11:36
  and
• 11:36
  brands
• 11:36
  that
• 11:36
  you
• 11:36
  like.
• 11:37
  This
• 11:37
  is
• 11:37
  very
• 11:38
  dangerous
• 11:39
  because
• 11:39
  Burger
• 11:39
  Fuel,
• 11:40
  for
• 11:40
  example,
• 11:40
  did
• 11:41
  its
• 11:41
  IPO
• 11:42
  2008,
• 11:43
  2007.
• 11:43
  I
• 11:44
  remember
• 11:44
  going
• 11:45
  there
• 11:45
  and
• 11:45
  there
• 11:45
  was
• 11:45
  this
• 11:46
  campaign
• 11:46
  of
• 11:47
  would
• 11:47
  you
• 11:47
  like
• 11:47
  shares
• 11:48
  with
• 11:48
  that
• 11:49
  and
• 11:49
  the
• 11:49
  share
• 11:50
  price
• 11:50
  did
• 11:51
  nothing
• 11:51
  much.
• 11:52
  And
• 11:52
  they
• 11:52
  look,
• 11:52
  they,
• 11:53
  they
• 11:53
  expanded,
• 11:53
  they
• 11:53
  went
• 11:54
  to
• 11:54
  the
• 11:54
  Middle
• 11:54
  East.
• 11:55
  But
• 11:55
  that's
• 11:56
  an
• 11:56
  example
• 11:56
  of
• 11:57
  did
• 11:57
  people
• 11:57
  really
• 11:58
  understand
• 11:58
  the
• 11:59
  economics
• 11:59
  of
• 12:00
  licensing
• 12:00
  agreements,
• 12:01
  of
• 12:02
  franchise
• 12:02
  arrangements,
• 12:04
  of
• 12:04
  actual
• 12:05
  making
• 12:05
  burgers?
• 12:06
  No,
• 12:06
  it
• 12:07
  was
• 12:07
  just
• 12:07
  this
• 12:07
  sort
• 12:07
  of
• 12:08
  hype.
• 12:08
  And
• 12:09
  so
• 12:09
  that
• 12:10
  share
• 12:10
  is
• 12:10
  now
• 12:11
  not
• 12:11
  listed,
• 12:12
  I
• 12:12
  think.
• 12:12
  Yeah,
• 12:13
  I
• 12:13
  like
• 12:13
  Nike
• 12:13
  shoes.
• 12:14
  Well,
• 12:14
  not,
• 12:14
  well,
• 12:14
  not
• 12:15
  me
• 12:15
  personally,
• 12:15
  but
• 12:16
  do
• 12:16
  I
• 12:16
  then
• 12:17
  go
• 12:17
  and
• 12:17
  buy
• 12:17
  the
• 12:17
  share?
• 12:18
  No,
• 12:19
  like,
• 12:19
  you
• 12:19
  know,
• 12:19
  I
• 12:20
  like
• 12:20
  flying
• 12:20
  in
• 12:21
  New
• 12:21
  Zealand.
• 12:21
  I
• 12:21
  do.
• 12:22
  I'm
• 12:22
  not
• 12:22
  going
• 12:22
  to
• 12:22
  go
• 12:23
  in
• 12:23
  and
• 12:23
  buy
• 12:23
  the
• 12:24
  share.
• 12:24
  You
• 12:25
  know,
• 12:25
  there's
• 12:25
  lots
• 12:25
  of
• 12:25
  things
• 12:25
  I
• 12:26
  like
• 12:26
  but
• 12:26
  you
• 12:26
  know,
• 12:27
  they're
• 12:27
  paying
• 12:27
  me
• 12:27
  to
• 12:27
  use
• 12:28
  them
• 12:28
  in
• 12:28
  a
• 12:28
  way
• 12:28
  because
• 12:28
  they're
• 12:29
  losing
• 12:29
  money.
• 12:29
  Rocket
• 12:30
  Lab
• 12:30
  came
• 12:31
  out
• 12:31
  and
• 12:32
  you
• 12:32
  know,
• 12:32
  that's
• 12:33
  been
• 12:33
  a
• 12:33
  massive
• 12:33
  success
• 12:34
  but
• 12:34
  for
• 12:35
  a
• 12:35
  time
• 12:35
  it
• 12:35
  wasn't.
• 12:36
  And
• 12:36
  you
• 12:36
  know,
• 12:36
  the
• 12:36
  share
• 12:37
  price
• 12:37
  is
• 12:37
  now
• 12:38
  obviously
• 12:38
  done
• 12:38
  what
• 12:38
  it's,
• 12:39
  it's
• 12:39
  done.
• 12:39
  But
• 12:40
  if
• 12:40
  people
• 12:40
  have
• 12:40
  got
• 12:40
  into
• 12:41
  that,
• 12:41
  they
• 12:41
  think,
• 12:41
  wow,
• 12:42
  you
• 12:42
  know,
• 12:42
  and
• 12:42
  that's,
• 12:43
  I'm
• 12:43
  very
• 12:43
  pleased
• 12:43
  for
• 12:44
  them.
• 12:44
  But
• 12:44
  that's,
• 12:45
  that
• 12:45
  is
• 12:46
  really
• 12:46
  quite
• 12:46
  rare.
• 12:47
  And
• 12:47
  this
• 12:47
  is
• 12:48
  why
• 12:49
  investing
• 12:49
  in
• 12:49
  what
• 12:49
  you
• 12:50
  like
• 12:50
  or
• 12:50
  investing
• 12:50
  the
• 12:51
  brands
• 12:51
  we
• 12:51
  love,
• 12:52
  I,
• 12:52
  you
• 12:53
  know,
• 12:53
  my
• 12:53
  food
• 12:54
  bag
• 12:54
  is
• 12:54
  an
• 12:54
  example
• 12:54
  of
• 12:54
  that.
• 12:55
  People,
• 12:55
  plenty
• 12:55
  of
• 12:55
  people
• 12:56
  love
• 12:56
  it
• 12:57
  and
• 12:58
  it's
• 12:58
  got
• 12:58
  very,
• 12:59
  it's
• 12:59
  a
• 12:59
  very
• 12:59
  quality
• 13:00
  product.
• 13:01
  The
• 13:02
  share
• 13:02
  price
• 13:03
  has
• 13:03
  not
• 13:03
  reflected
• 13:04
  the,
• 13:04
  the
• 13:05
  growth
• 13:05
  or
• 13:06
  the
• 13:06
  market's
• 13:07
  love
• 13:07
  for
• 13:07
  it.
• 13:07
  So
• 13:08
  I
• 13:08
  think
• 13:08
  just
• 13:08
  be
• 13:08
  very
• 13:08
  careful
• 13:09
  on
• 13:09
  that.
• 13:09
  And
• 13:09
  this
• 13:10
  isn't
• 13:10
  just
• 13:10
  me
• 13:10
  saying
• 13:11
  all
• 13:11
  this
• 13:11
  stuff
• 13:11
  to
• 13:12
  trying
• 13:12
  to
• 13:12
  get
• 13:12
  people
• 13:12
  into
• 13:12
  funds.
• 13:13
  It's
• 13:13
  just
• 13:14
  objective.
• 13:15
  It
• 13:15
  just
• 13:16
  works
• 13:16
  for
• 13:17
  90%
• 13:17
  of
• 13:17
  people,
• 13:18
  you
• 13:18
  know,
• 13:19
  and
• 13:19
  it's
• 13:20
  tricky
• 13:20
  that,
• 13:20
  isn't
• 13:21
  it?
• 13:21
  Where
• 13:21
  obviously
• 13:22
  not
• 13:22
  everything
• 13:23
  works
• 13:23
  for
• 13:23
  everyone,
• 13:24
  but
• 13:24
  funds
• 13:25
  are
• 13:25
  so
• 13:26
  proven,
• 13:26
  they're
• 13:27
  such
• 13:27
  a
• 13:27
  simple
• 13:28
  way
• 13:28
  to
• 13:28
  invest.
• 13:29
  And
• 13:29
  again,
• 13:30
  I
• 13:30
  feel
• 13:30
  like
• 13:31
  sometimes
• 13:31
  a
• 13:31
  resistance
• 13:32
  to
• 13:32
  them
• 13:32
  comes
• 13:33
  down
• 13:33
  to
• 13:33
  people
• 13:33
  thinking,
• 13:34
  oh,
• 13:34
  it
• 13:34
  must
• 13:34
  be
• 13:34
  more
• 13:35
  complicated
• 13:35
  than
• 13:35
  that.
• 13:36
  Yeah.
• 13:36
  Do
• 13:37
  you
• 13:37
  get.
• 13:37
  Because
• 13:37
  you
• 13:37
  do
• 13:37
  a
• 13:37
  lot
• 13:38
  of
• 13:38
  events,
• 13:38
  right,
• 13:38
  you
• 13:39
  must
• 13:39
  have
• 13:39
  these
• 13:39
  conversations
• 13:40
  with
• 13:40
  people.
• 13:40
  Do
• 13:40
  you
• 13:41
  run
• 13:41
  into
• 13:41
  that
• 13:41
  sort
• 13:41
  of
• 13:41
  attitude?
• 13:42
  People
• 13:42
  just
• 13:42
  want
• 13:43
  to
• 13:43
  wake
• 13:43
  up
• 13:43
  not
• 13:44
  feeling
• 13:44
  stressed
• 13:45
  about
• 13:45
  money.
• 13:46
  And
• 13:46
  a
• 13:46
  way
• 13:47
  of
• 13:47
  doing
• 13:47
  that
• 13:47
  really
• 13:48
  is
• 13:48
  not
• 13:49
  by
• 13:50
  going
• 13:50
  into
• 13:51
  a
• 13:51
  shares
• 13:52
  account
• 13:53
  and,
• 13:53
  or
• 13:53
  a
• 13:53
  stock
• 13:53
  account
• 13:54
  and
• 13:54
  lining
• 13:55
  up
• 13:55
  a
• 13:55
  whole
• 13:55
  bunch
• 13:55
  of
• 13:57
  stocks.
• 13:57
  I
• 13:58
  think,
• 13:58
  I
• 13:59
  think
• 13:59
  long
• 13:59
  term
• 13:59
  investing
• 14:00
  in
• 14:00
  funds
• 14:01
  or
• 14:01
  ETFs
• 14:01
  or
• 14:02
  actively
• 14:02
  managed
• 14:02
  funds
• 14:02
  if
• 14:03
  you
• 14:03
  want
• 14:03
  to,
• 14:04
  you
• 14:05
  know,
• 14:05
  if
• 14:05
  they
• 14:05
  have
• 14:05
  a
• 14:05
  track
• 14:06
  record,
• 14:06
  it
• 14:07
  just
• 14:07
  seems
• 14:07
  to
• 14:07
  be
• 14:07
  so
• 14:08
  much
• 14:08
  more
• 14:08
  appropriate
• 14:09
  for
• 14:09
  people.
• 14:10
  And
• 14:10
  KiwiSaver,
• 14:11
  I
• 14:11
  believe
• 14:11
  based
• 14:12
  on
• 14:12
  everything
• 14:12
  I'm
• 14:13
  seeing,
• 14:13
  it's
• 14:13
  not
• 14:13
  going
• 14:13
  to
• 14:13
  be
• 14:13
  enough.
• 14:14
  We
• 14:14
  put
• 14:14
  out
• 14:15
  data
• 14:15
  around
• 14:15
  the
• 14:15
  average
• 14:16
  balances,
• 14:16
  average
• 14:17
  balances
• 14:17
  by
• 14:17
  age
• 14:18
  and
• 14:18
  it's
• 14:19
  so
• 14:19
  because
• 14:19
  you
• 14:20
  can
• 14:20
  use
• 14:20
  it
• 14:20
  for
• 14:20
  a
• 14:20
  house,
• 14:20
  you
• 14:21
  can
• 14:21
  leave
• 14:21
  the
• 14:22
  country
• 14:22
  and
• 14:22
  take
• 14:22
  it
• 14:22
  all
• 14:22
  out
• 14:23
  and
• 14:23
  then
• 14:23
  come
• 14:23
  back
• 14:24
  because
• 14:24
  it's
• 14:24
  not
• 14:25
  ring
• 14:25
  fenced.
• 14:26
  If
• 14:26
  you
• 14:26
  retire
• 14:27
  and
• 14:27
  you
• 14:27
  have
• 14:28
  like
• 14:28
  $120,000,
• 14:30
  it's
• 14:30
  not
• 14:31
  a
• 14:31
  lot
• 14:32
  when
• 14:32
  people
• 14:32
  are
• 14:33
  living
• 14:33
  longer.
• 14:33
  But
• 14:34
  I
• 14:34
  think
• 14:34
  people
• 14:34
  just
• 14:35
  need
• 14:35
  to
• 14:35
  look
• 14:35
  at
• 14:35
  what
• 14:35
  the
• 14:35
  long
• 14:36
  term
• 14:36
  goals
• 14:36
  are,
• 14:37
  not
• 14:37
  try
• 14:37
  and
• 14:38
  make
• 14:38
  fast
• 14:38
  money.
• 14:39
  Yeah,
• 14:39
  well
• 14:39
  it's
• 14:40
  interesting
• 14:40
  that
• 14:40
  you
• 14:40
  mentioned
• 14:40
  KiwiSaver
• 14:41
  there
• 14:41
  because
• 14:42
  the
• 14:42
  other
• 14:42
  thing
• 14:43
  I
• 14:43
  agree
• 14:44
  our
• 14:44
  current
• 14:44
  KiwiSaver
• 14:45
  system
• 14:46
  is
• 14:46
  not
• 14:46
  enough.
• 14:47
  I
• 14:47
  look
• 14:48
  to
• 14:48
  Australia
• 14:48
  like
• 14:49
  sometimes
• 14:49
  companies
• 14:49
  ask
• 14:50
  me
• 14:50
  to
• 14:50
  do,
• 14:50
  you
• 14:51
  know,
• 14:51
  financial
• 14:51
  stability
• 14:52
  talks
• 14:52
  and
• 14:52
  financial
• 14:53
  wellbeing,
• 14:53
  which
• 14:53
  is
• 14:54
  great.
• 14:55
  A
• 14:55
  lot
• 14:55
  of
• 14:55
  them
• 14:56
  New
• 14:56
  Zealand
• 14:57
  and
• 14:57
  Australia
• 14:58
  companies.
• 14:59
  So
• 14:59
  you
• 14:59
  can
• 14:59
  do
• 14:59
  an
• 14:59
  online
• 15:00
  webinar,
• 15:00
  yada
• 15:01
  yada.
• 15:01
  And
• 15:01
  you'll
• 15:02
  get
• 15:02
  questions
• 15:02
  like
• 15:03
  what's
• 15:03
  the
• 15:03
  difference
• 15:03
  between
• 15:03
  Kiwisaver
• 15:04
  and
• 15:05
  Super?
• 15:05
  And
• 15:05
  I'm
• 15:05
  kind
• 15:05
  of
• 15:06
  like,
• 15:06
  well,
• 15:06
  Kiwisaver
• 15:07
  very
• 15:07
  similar
• 15:08
  but
• 15:08
  not
• 15:08
  as
• 15:08
  good.
• 15:09
  Yeah,
• 15:10
  yeah,
• 15:11
  I
• 15:11
  would
• 15:11
  stand
• 15:11
  it
• 15:11
  up.
• 15:12
  Yeah,
• 15:12
  it's
• 15:13
  such
• 15:13
  a
• 15:13
  shame
• 15:14
  and
• 15:14
  we
• 15:14
  do
• 15:15
  need
• 15:15
  more.
• 15:15
  But
• 15:15
  the
• 15:15
  other
• 15:16
  thing
• 15:16
  is
• 15:17
  even
• 15:17
  actually
• 15:17
  just
• 15:18
  getting
• 15:18
  people
• 15:18
  to
• 15:18
  embrace
• 15:19
  what
• 15:19
  is
• 15:19
  there
• 15:19
  on
• 15:20
  KiwiSaver
• 15:20
  because
• 15:20
  okay,
• 15:21
  what's
• 15:21
  there
• 15:21
  isn't
• 15:21
  enough,
• 15:23
  but
• 15:23
  it
• 15:23
  is
• 15:24
  still
• 15:25
  not
• 15:26
  enough.
• 15:26
  Freebies,
• 15:27
  but
• 15:27
  there
• 15:27
  are
• 15:27
  still
• 15:27
  freebies
• 15:28
  in
• 15:28
  there
• 15:28
  that
• 15:28
  I
• 15:28
  think
• 15:29
  people
• 15:29
  underwrite.
• 15:29
  I've
• 15:30
  sometimes
• 15:30
  seen
• 15:30
  an
• 15:30
  attitude
• 15:31
  from
• 15:31
  people
• 15:31
  saying,
• 15:32
  oh,
• 15:32
  I'll
• 15:33
  just
• 15:33
  do
• 15:33
  it
• 15:33
  myself,
• 15:33
  I'll
• 15:34
  put
• 15:34
  all
• 15:34
  my
• 15:34
  money
• 15:34
  into
• 15:35
  the
• 15:35
  S&P
• 15:35
  500
• 15:36
  and
• 15:36
  invest
• 15:36
  that
• 15:36
  way
• 15:37
  and
• 15:37
  it'll
• 15:37
  be
• 15:37
  better.
• 15:38
  Which
• 15:38
  I
• 15:39
  disagree
• 15:39
  with.
• 15:39
  I
• 15:39
  feel
• 15:40
  like
• 15:40
  you're
• 15:40
  missing
• 15:40
  out
• 15:40
  on
• 15:40
  so
• 15:41
  many
• 15:41
  perks.
• 15:41
  But
• 15:41
  if
• 15:41
  someone
• 15:41
  says
• 15:42
  something
• 15:42
  like
• 15:42
  that
• 15:42
  to
• 15:42
  you,
• 15:43
  what
• 15:43
  do
• 15:43
  you
• 15:43
  think?
• 15:44
  Actually
• 15:44
  just
• 15:44
  to
• 15:44
  qualify
• 15:45
  on
• 15:45
  Australia
• 15:46
  versus
• 15:46
  KiwiSaver,
• 15:47
  it's
• 15:47
  actually,
• 15:48
  I
• 15:48
  mean
• 15:49
  it's
• 15:49
  just
• 15:49
  because
• 15:49
  it's
• 15:49
  ring
• 15:50
  fenced
• 15:50
  in
• 15:50
  Australia,
• 15:50
  that's
• 15:51
  what
• 15:51
  makes
• 15:51
  it
• 15:51
  attractive.
• 15:52
  And
• 15:52
  also
• 15:52
  the
• 15:52
  contributions
• 15:53
  are
• 15:53
  higher.
• 15:53
  But
• 15:54
  we
• 15:54
  have
• 15:54
  great
• 15:54
  funds
• 15:54
  here,
• 15:55
  we
• 15:55
  have
• 15:55
  great
• 15:55
  schemes.
• 15:56
  I
• 15:56
  so
• 15:56
  I
• 15:56
  just
• 15:56
  wanted
• 15:56
  to
• 15:57
  say
• 15:57
  that
• 15:57
  before
• 15:57
  I
• 15:58
  get
• 15:58
  someone
• 15:58
  saying,
• 15:58
  wow,
• 15:59
  you're
• 15:59
  saying
• 16:00
  bad
• 16:00
  things
• 16:00
  about
• 16:00
  Keyboard
• 16:00
  7.
• 16:01
  No,
• 16:01
  it
• 16:01
  is
• 16:02
  just
• 16:02
  the
• 16:02
  fact
• 16:02
  that
• 16:02
  you
• 16:03
  can
• 16:03
  have
• 16:03
  it,
• 16:03
  you
• 16:03
  have
• 16:03
  too
• 16:04
  much
• 16:04
  access
• 16:04
  to
• 16:04
  the
• 16:04
  money.
• 16:05
  But
• 16:05
  no.
• 16:05
  So
• 16:06
  people,
• 16:06
  if
• 16:06
  they
• 16:06
  are
• 16:06
  self
• 16:07
  employed,
• 16:07
  I
• 16:07
  understand
• 16:08
  that
• 16:08
  they
• 16:09
  won't
• 16:09
  want
• 16:09
  to.
• 16:09
  Then
• 16:10
  managers
• 16:11
  manage
• 16:11
  it
• 16:11
  themselves
• 16:12
  and
• 16:12
  they'll
• 16:12
  Just
• 16:12
  go
• 16:13
  and
• 16:13
  find
• 16:13
  an
• 16:13
  S&P
• 16:13
  500
• 16:14
  ETF
• 16:14
  or
• 16:14
  a
• 16:15
  fund.
• 16:15
  But
• 16:16
  for
• 16:16
  employees
• 16:17
  who
• 16:17
  don't
• 16:18
  want
• 16:18
  to
• 16:20
  forgo
• 16:20
  that
• 16:20
  3.5%
• 16:22
  and
• 16:22
  soon
• 16:22
  to
• 16:22
  be
• 16:23
  4%
• 16:23
  next
• 16:23
  year
• 16:24
  because
• 16:24
  their
• 16:25
  employers
• 16:25
  and
• 16:26
  contributing,
• 16:26
  I
• 16:27
  find
• 16:27
  that
• 16:27
  problematic.
• 16:28
  You're
• 16:28
  basically
• 16:29
  missing
• 16:29
  out
• 16:29
  on
• 16:29
  a
• 16:29
  pay
• 16:29
  rise.
• 16:30
  You
• 16:30
  are.
• 16:30
  And
• 16:31
  yes,
• 16:32
  it's
• 16:32
  taxed
• 16:32
  and
• 16:32
  there
• 16:32
  is
• 16:33
  some,
• 16:33
  you
• 16:34
  know,
• 16:34
  people
• 16:34
  say,
• 16:34
  well,
• 16:34
  it's
• 16:34
  not
• 16:35
  the
• 16:35
  full
• 16:35
  3.5%
• 16:36
  but
• 16:37
  the
• 16:37
  problem
• 16:37
  is
• 16:38
  if
• 16:38
  you're
• 16:38
  not
• 16:39
  doing
• 16:39
  that
• 16:39
  and
• 16:40
  you're
• 16:40
  doing
• 16:40
  it
• 16:40
  yourself,
• 16:40
  the
• 16:41
  chances
• 16:41
  are
• 16:41
  it'll
• 16:41
  fall
• 16:41
  off.
• 16:42
  And,
• 16:42
  and
• 16:42
  so
• 16:43
  it
• 16:43
  seems
• 16:44
  like
• 16:44
  so
• 16:44
  sensible
• 16:45
  just
• 16:45
  to
• 16:45
  do
• 16:45
  it.
• 16:45
  But
• 16:46
  there's
• 16:46
  almost
• 16:46
  this
• 16:48
  kiwisaver
• 16:49
  sort
• 16:49
  of
• 16:49
  alt
• 16:49
  kiwisaver
• 16:51
  mindset
• 16:51
  that
• 16:51
  like,
• 16:52
  oh
• 16:52
  no,
• 16:52
  don't
• 16:53
  do
• 16:53
  it.
• 16:53
  It's
• 16:53
  the
• 16:53
  government
• 16:54
  or
• 16:54
  whatever,
• 16:55
  it's
• 16:55
  like.
• 16:56
  And
• 16:56
  it's
• 16:56
  like,
• 16:56
  no,
• 16:57
  it's
• 16:57
  just
• 16:57
  going
• 16:57
  into
• 16:58
  like
• 16:58
  quality
• 16:59
  products
• 17:00
  for
• 17:00
  the
• 17:00
  most
• 17:00
  part,
• 17:01
  plus
• 17:01
  your
• 17:01
  employers
• 17:02
  helping
• 17:02
  you
• 17:03
  and
• 17:03
  then
• 17:03
  the
• 17:03
  government
• 17:04
  will
• 17:04
  also
• 17:04
  top
• 17:04
  you
• 17:05
  up
• 17:05
  to
• 17:05
  $61
• 17:06
  if
• 17:06
  you
• 17:06
  earn
• 17:06
  under
• 17:07
  180k
• 17:08
  a
• 17:08
  year
• 17:09
  is
• 17:09
  like
• 17:09
  98%
• 17:09
  of
• 17:10
  people.
• 17:10
  And
• 17:10
  so
• 17:10
  this
• 17:11
  is
• 17:11
  just
• 17:11
  free
• 17:11
  money
• 17:12
  and
• 17:12
  you
• 17:12
  don't
• 17:13
  get
• 17:13
  much
• 17:13
  free
• 17:13
  like
• 17:14
  these
• 17:14
  days.
• 17:14
  So
• 17:15
  it's
• 17:15
  good.
• 17:15
  Take
• 17:15
  what
• 17:15
  you
• 17:15
  can
• 17:16
  get.
• 17:16
  Yeah.
• 17:16
  I
• 17:16
  would
• 17:17
  say
• 17:17
  key
• 17:17
  savers
• 17:18
  should
• 17:18
  not
• 17:18
  be
• 17:18
  overlooked.
• 17:19
  It's
• 17:19
  not
• 17:19
  a
• 17:20
  bad
• 17:20
  thing.
• 17:20
  It's
• 17:20
  not
• 17:20
  the
• 17:21
  government.
• 17:21
  The
• 17:22
  government's
• 17:22
  not
• 17:22
  going
• 17:22
  to
• 17:22
  take
• 17:22
  your
• 17:23
  money
• 17:23
  going
• 17:24
  forward.
• 17:25
  Unfortunately,
• 17:25
  most
• 17:25
  people
• 17:26
  do
• 17:26
  like
• 17:26
  it.
• 17:26
  But,
• 17:27
  but
• 17:27
  the
• 17:27
  contribution
• 17:28
  rates,
• 17:28
  if
• 17:28
  you
• 17:28
  read
• 17:28
  the
• 17:28
  FMA
• 17:29
  reports,
• 17:30
  are
• 17:30
  terrible
• 17:31
  and
• 17:31
  people
• 17:31
  are
• 17:31
  on
• 17:32
  these
• 17:32
  long
• 17:32
  term
• 17:32
  suspension,
• 17:33
  savings
• 17:34
  suspensions
• 17:35
  and
• 17:35
  it's
• 17:35
  like,
• 17:35
  no,
• 17:36
  can
• 17:36
  we
• 17:36
  just
• 17:37
  please
• 17:37
  do
• 17:37
  it?
• 17:37
  I
• 17:37
  know
• 17:38
  3.5%,
• 17:38
  you
• 17:39
  are
• 17:39
  going
• 17:39
  to
• 17:39
  feel
• 17:39
  that.
• 17:40
  But
• 17:40
  it's
• 17:41
  short
• 17:41
  term
• 17:41
  pain
• 17:42
  versus
• 17:42
  long
• 17:42
  term
• 17:42
  gain.
• 17:43
  It's
• 17:43
  like
• 17:43
  we've
• 17:44
  just
• 17:44
  relaunched
• 17:44
  our
• 17:44
  compound
• 17:45
  interest
• 17:45
  calculator
• 17:46
  and
• 17:46
  you
• 17:46
  can
• 17:46
  put
• 17:46
  it
• 17:46
  in,
• 17:47
  you
• 17:47
  can
• 17:47
  put
• 17:47
  in,
• 17:47
  say
• 17:48
  you're
• 17:48
  contributing
• 17:49
  $500
• 17:50
  a
• 17:50
  month,
• 17:51
  which
• 17:51
  is
• 17:51
  a
• 17:51
  lot.
• 17:51
  But
• 17:52
  like
• 17:52
  if
• 17:52
  it
• 17:52
  was,
• 17:52
  if
• 17:53
  it
• 17:53
  was
• 17:53
  $200
• 17:53
  a
• 17:54
  month
• 17:54
  plus
• 17:55
  that
• 17:55
  government
• 17:55
  contribution
• 17:56
  once
• 17:57
  a
• 17:57
  year
• 17:57
  and
• 17:58
  then
• 17:58
  you
• 17:58
  watch
• 17:58
  that
• 17:58
  over
• 17:59
  30,
• 17:59
  40
• 17:59
  years,
• 18:00
  even
• 18:00
  if
• 18:00
  you
• 18:00
  choose
• 18:01
  like
• 18:01
  3,
• 18:02
  3%,
• 18:02
  4%
• 18:03
  net,
• 18:03
  you're
• 18:04
  going
• 18:04
  to
• 18:04
  end
• 18:04
  up
• 18:04
  with
• 18:04
  a
• 18:05
  lot.
• 18:05
  If
• 18:05
  you
• 18:05
  have
• 18:06
  to
• 18:06
  think
• 18:06
  back
• 18:06
  to
• 18:06
  Warren
• 18:06
  Buffett,
• 18:07
  he
• 18:07
  made
• 18:08
  most
• 18:08
  of
• 18:08
  his
• 18:08
  money
• 18:08
  after
• 18:08
  50,
• 18:10
  so
• 18:10
  people
• 18:10
  aren't
• 18:11
  expected
• 18:11
  to
• 18:12
  have
• 18:12
  all
• 18:12
  this
• 18:13
  wealth
• 18:13
  growth
• 18:14
  in
• 18:14
  their
• 18:14
  30s
• 18:15
  and
• 18:15
  their
• 18:15
  20s,
• 18:15
  30s
• 18:17
  and
• 18:17
  so
• 18:17
  on
• 18:17
  it
• 18:18
  comes,
• 18:18
  it
• 18:18
  just
• 18:18
  compounds.
• 18:19
  So
• 18:20
  compound
• 18:20
  interest
• 18:20
  people,
• 18:21
  that's
• 18:22
  just
• 18:22
  have
• 18:22
  a
• 18:22
  look
• 18:22
  at
• 18:22
  it,
• 18:23
  think
• 18:23
  about
• 18:24
  it,
• 18:24
  try
• 18:24
  it
• 18:24
  out,
• 18:25
  invest
• 18:25
  for
• 18:26
  the
• 18:26
  long
• 18:26
  term.
• 18:27
  That's
• 18:27
  it,
• 18:28
  it's
• 18:28
  not
• 18:28
  hard.
• 18:29
  This
• 18:30
  episode
• 18:30
  of
• 18:30
  Making
• 18:31
  Sense
• 18:31
  is
• 18:31
  supported
• 18:32
  by
• 18:32
  Odoo
• 18:32
  because
• 18:33
  they're
• 18:33
  all
• 18:33
  about
• 18:34
  making
• 18:34
  business
• 18:34
  smarter,
• 18:35
  easier
• 18:36
  to
• 18:36
  manage
• 18:36
  and
• 18:36
  more
• 18:37
  affordable.
• 18:38
  Odoo
• 18:38
  is
• 18:38
  a
• 18:38
  software
• 18:39
  platform
• 18:39
  that
• 18:39
  gives
• 18:40
  you
• 18:40
  access
• 18:40
  to
• 18:40
  over
• 18:41
  70
• 18:41
  apps
• 18:42
  to
• 18:42
  help
• 18:42
  you
• 18:43
  manage
• 18:43
  your
• 18:43
  website,
• 18:44
  accounting,
• 18:45
  invoicing,
• 18:45
  sales,
• 18:46
  inventory
• 18:47
  and
• 18:47
  way
• 18:48
  more.
• 18:48
  But
• 18:48
  instead
• 18:49
  of
• 18:49
  Death
• 18:49
  by
• 18:49
  a
• 18:50
  Thousand
• 18:50
  Cuts,
• 18:51
  where
• 18:51
  you
• 18:51
  pay
• 18:51
  for
• 18:52
  all
• 18:52
  of
• 18:52
  those
• 18:52
  apps
• 18:52
  individually,
• 18:53
  it's
• 18:54
  just
• 18:54
  one
• 18:54
  affordable
• 18:55
  subscription
• 18:56
  which
• 18:56
  starts
• 18:57
  from
• 18:57
  $34.40
• 18:58
  Aussie
• 18:59
  dollars
• 18:59
  per
• 18:59
  user
• 19:00
  per
• 19:00
  month.
• 19:01
  It's
• 19:01
  not
• 19:02
  just
• 19:02
  about
• 19:02
  the
• 19:03
  cost
• 19:03
  either.
• 19:04
  It's
• 19:04
  having
• 19:04
  all
• 19:05
  of
• 19:05
  those
• 19:05
  apps
• 19:05
  in
• 19:06
  one
• 19:06
  integrated
• 19:07
  dashboard.
• 19:07
  To
• 19:08
  make
• 19:08
  your
• 19:08
  business
• 19:08
  or
• 19:08
  side
• 19:09
  hustle
• 19:09
  possible,
• 19:10
  let
• 19:10
  your
• 19:11
  software
• 19:11
  work
• 19:11
  for
• 19:12
  you
• 19:12
  so
• 19:13
  you
• 19:13
  can
• 19:13
  handle
• 19:13
  the
• 19:13
  important
• 19:14
  stuff.
• 19:15
  Try
• 19:15
  Odoo
• 19:15
  for
• 19:16
  free
• 19:16
  for
• 19:16
  15
• 19:16
  days.
• 19:17
  No
• 19:17
  card
• 19:18
  details
• 19:18
  required.
• 19:19
  That's
• 19:19
  O
• 19:20
  D
• 19:20
  double
• 19:20
  O
• 19:20
  dot
• 19:21
  com
• 19:21
  for
• 19:21
  more
• 19:22
  quick
• 19:22
  interruption
• 19:23
  to
• 19:23
  say
• 19:23
  if
• 19:23
  you're
• 19:24
  enjoying
• 19:24
  this
• 19:24
  episode,
• 19:25
  you'll
• 19:25
  love
• 19:25
  the
• 19:26
  Market
• 19:26
  Memo,
• 19:27
  my
• 19:27
  weekly
• 19:28
  newsletter
• 19:28
  where
• 19:28
  I
• 19:28
  teach
• 19:28
  you
• 19:29
  how
• 19:29
  to
• 19:29
  actually
• 19:29
  invest.
• 19:30
  No
• 19:31
  jargon,
• 19:31
  no
• 19:32
  spreadsheets,
• 19:32
  just
• 19:33
  real
• 19:33
  talk
• 19:33
  about
• 19:34
  shares
• 19:34
  and
• 19:35
  how
• 19:35
  to
• 19:35
  make
• 19:35
  your
• 19:35
  money
• 19:36
  work
• 19:36
  for
• 19:36
  you.
• 19:36
  It's
• 19:37
  the
• 19:37
  thing
• 19:37
  I
• 19:37
  wish
• 19:37
  I'd
• 19:38
  had
• 19:38
  when
• 19:38
  I
• 19:38
  was
• 19:39
  starting
• 19:39
  out.
• 19:39
  You
• 19:40
  can
• 19:40
  sign
• 19:40
  up
• 19:40
  for
• 19:41
  free
• 19:41
  at
• 19:41
  franciscook
• 19:42
  Co
• 19:43
  NZ
• 19:44
  Invest.
• 19:45
  That's
• 19:45
  Francisco
• 19:46
  Co
• 19:46
  NZ
• 19:47
  Invest.
• 19:48
  But
• 19:48
  don't
• 19:48
  worry,
• 19:48
  I'll
• 19:49
  put
• 19:49
  the
• 19:49
  link
• 19:49
  in
• 19:49
  the
• 19:50
  show
• 19:50
  notes
• 19:50
  and
• 19:50
  the
• 19:51
  description
• 19:51
  of
• 19:51
  this
• 19:52
  podcast.
• 19:53
  All
• 19:53
  right,
• 19:53
  back
• 19:54
  to
• 19:54
  it.
• 19:55
  You
• 19:55
  mentioned
• 19:56
  previously
• 19:56
  as
• 19:56
  well
• 19:57
  about
• 19:57
  timing
• 19:57
  the
• 19:57
  market
• 19:58
  and
• 19:58
  that
• 19:58
  that
• 19:59
  phrase
• 19:59
  of
• 19:59
  it's
• 19:59
  not
• 20:00
  timing
• 20:00
  the
• 20:00
  market,
• 20:00
  it's
• 20:01
  time
• 20:01
  in
• 20:01
  the
• 20:01
  market.
• 20:02
  It's
• 20:02
  a
• 20:03
  classic.
• 20:03
  It's
• 20:03
  a
• 20:03
  classic
• 20:04
  for
• 20:04
  a
• 20:04
  reason,
• 20:04
  but
• 20:04
  I
• 20:04
  feel
• 20:04
  like
• 20:05
  it
• 20:05
  gets
• 20:05
  bandied
• 20:05
  around
• 20:05
  so
• 20:06
  often
• 20:06
  that
• 20:06
  we
• 20:06
  don't
• 20:06
  actually
• 20:06
  talk
• 20:07
  about
• 20:07
  what
• 20:07
  we're
• 20:07
  meaning
• 20:07
  when
• 20:08
  we
• 20:08
  say
• 20:08
  it.
• 20:09
  So
• 20:09
  could
• 20:09
  you
• 20:09
  give
• 20:10
  me
• 20:10
  a
• 20:10
  quick
• 20:10
  overview
• 20:11
  on
• 20:11
  when
• 20:12
  we
• 20:12
  talk
• 20:12
  about
• 20:12
  timing
• 20:12
  the
• 20:12
  market?
• 20:13
  What
• 20:13
  is
• 20:13
  that?
• 20:13
  Why
• 20:13
  is
• 20:14
  it
• 20:14
  a
• 20:14
  problem?
• 20:14
  So
• 20:15
  people
• 20:15
  may
• 20:16
  get
• 20:16
  paid,
• 20:17
  say
• 20:17
  they've
• 20:17
  got
• 20:17
  like
• 20:17
  a
• 20:18
  thousand
• 20:18
  dollars
• 20:18
  to
• 20:18
  invest
• 20:19
  and
• 20:19
  they're
• 20:20
  looking
• 20:20
  at
• 20:20
  it
• 20:20
  thinking
• 20:21
  oh,
• 20:21
  I'll
• 20:21
  wait
• 20:21
  till
• 20:22
  the
• 20:22
  S
• 20:22
  and
• 20:22
  P
• 20:22
  or
• 20:22
  whatever
• 20:23
  drops.
• 20:24
  And
• 20:24
  so
• 20:25
  they're
• 20:25
  missing
• 20:25
  it,
• 20:25
  they're
• 20:26
  trying
• 20:26
  to
• 20:26
  time
• 20:26
  it,
• 20:26
  but
• 20:26
  no
• 20:27
  one
• 20:27
  can
• 20:27
  time
• 20:27
  it.
• 20:28
  And
• 20:28
  so
• 20:28
  there's
• 20:29
  this
• 20:29
  sense
• 20:30
  that
• 20:30
  I
• 20:30
  don't
• 20:30
  want
• 20:31
  to
• 20:31
  overpay
• 20:32
  for
• 20:32
  stuff,
• 20:33
  but
• 20:33
  you've
• 20:33
  just
• 20:34
  got
• 20:34
  to
• 20:34
  go
• 20:34
  for
• 20:35
  it
• 20:35
  because
• 20:35
  otherwise
• 20:36
  you're
• 20:36
  going
• 20:36
  to
• 20:36
  sit
• 20:36
  on
• 20:36
  the
• 20:36
  fence.
• 20:37
  Now,
• 20:37
  if
• 20:37
  you
• 20:37
  do
• 20:37
  want
• 20:37
  to
• 20:39
  not
• 20:39
  time
• 20:39
  it,
• 20:40
  but
• 20:40
  also
• 20:41
  minimize
• 20:41
  the
• 20:41
  risk,
• 20:42
  you
• 20:42
  can
• 20:42
  take
• 20:42
  that
• 20:43
  thousand
• 20:43
  dollars
• 20:43
  and
• 20:43
  you
• 20:44
  can
• 20:44
  drip
• 20:44
  feed
• 20:44
  it
• 20:44
  over
• 20:45
  three
• 20:45
  days
• 20:45
  or
• 20:46
  five
• 20:46
  days.
• 20:46
  And
• 20:47
  so
• 20:47
  you
• 20:47
  can
• 20:47
  do.
• 20:47
  And
• 20:48
  so
• 20:48
  basically
• 20:48
  that's
• 20:48
  Dollar
• 20:49
  cost
• 20:49
  averaging
• 20:49
  it,
• 20:49
  you
• 20:50
  can
• 20:50
  put
• 20:50
  $200
• 20:50
  in
• 20:51
  on
• 20:51
  Monday.
• 20:52
  I
• 20:52
  mean
• 20:52
  this
• 20:52
  works
• 20:53
  well
• 20:53
  with
• 20:53
  funds
• 20:54
  because
• 20:54
  they're
• 20:54
  not
• 20:54
  paying
• 20:55
  a
• 20:55
  transaction
• 20:55
  charge
• 20:55
  per
• 20:56
  brokerage.
• 20:56
  You're
• 20:57
  looking
• 20:57
  for
• 20:57
  the
• 20:57
  long
• 20:57
  term.
• 20:57
  If
• 20:58
  the
• 20:58
  S
• 20:58
  and
• 20:58
  P
• 20:58
  drops
• 20:59
  12%
• 21:00
  in
• 21:00
  a
• 21:00
  day,
• 21:01
  5%
• 21:01
  in
• 21:01
  a
• 21:01
  day,
• 21:01
  that's
• 21:02
  a
• 21:02
  significant
• 21:02
  event
• 21:02
  or
• 21:03
  something
• 21:03
  like
• 21:03
  that.
• 21:04
  People
• 21:04
  try
• 21:04
  to
• 21:05
  time
• 21:05
  it,
• 21:05
  just
• 21:06
  go
• 21:06
  for
• 21:07
  it
• 21:08
  because
• 21:08
  it
• 21:08
  is
• 21:09
  time
• 21:09
  in
• 21:09
  the
• 21:09
  market.
• 21:10
  Which
• 21:10
  means
• 21:10
  for
• 21:10
  a
• 21:11
  lot
• 21:11
  of
• 21:11
  people
• 21:11
  their
• 21:11
  investing
• 21:12
  timeframe
• 21:12
  will
• 21:12
  be
• 21:13
  20,
• 21:13
  30,
• 21:14
  40
• 21:14
  years.
• 21:15
  They'll
• 21:15
  want
• 21:15
  to
• 21:15
  turn
• 21:16
  that
• 21:17
  money,
• 21:17
  which
• 21:17
  they've
• 21:18
  saved
• 21:18
  into
• 21:18
  income
• 21:20
  payouts.
• 21:21
  Usually
• 21:21
  that's
• 21:21
  what
• 21:22
  happens
• 21:22
  when
• 21:22
  you
• 21:22
  get
• 21:23
  like
• 21:23
  when
• 21:23
  you
• 21:23
  retire.
• 21:23
  You
• 21:24
  just
• 21:24
  drip
• 21:24
  feed
• 21:25
  yourself
• 21:25
  it.
• 21:26
  And
• 21:26
  plus
• 21:26
  you're
• 21:27
  super
• 21:27
  and
• 21:27
  you
• 21:28
  want
• 21:28
  to
• 21:28
  be
• 21:28
  in
• 21:28
  the
• 21:28
  market
• 21:29
  long
• 21:29
  enough
• 21:29
  to
• 21:30
  accumulate
• 21:31
  more
• 21:32
  so
• 21:32
  you
• 21:32
  can
• 21:33
  move
• 21:33
  your
• 21:33
  lifestyle
• 21:34
  up
• 21:34
  from
• 21:35
  X
• 21:35
  to
• 21:35
  Y.
• 21:35
  Time
• 21:36
  in
• 21:36
  the
• 21:36
  market
• 21:37
  means
• 21:37
  you're
• 21:38
  going
• 21:38
  to
• 21:38
  be
• 21:38
  there
• 21:38
  for
• 21:38
  the
• 21:38
  long
• 21:39
  run.
• 21:39
  And
• 21:40
  it
• 21:40
  doesn't
• 21:40
  matter
• 21:40
  what
• 21:41
  the
• 21:41
  Dow
• 21:41
  did
• 21:41
  or
• 21:42
  what
• 21:42
  the
• 21:42
  S
• 21:42
  and
• 21:42
  P
• 21:42
  did
• 21:42
  or
• 21:42
  what
• 21:42
  the
• 21:43
  NASDAQ
• 21:43
  did
• 21:43
  or
• 21:43
  what
• 21:43
  the
• 21:43
  NZX
• 21:44
  did
• 21:45
  on
• 21:45
  the
• 21:46
  Tuesday
• 21:46
  versus,
• 21:47
  you
• 21:47
  know,
• 21:47
  Friday
• 21:48
  versus
• 21:49
  the
• 21:49
  following
• 21:49
  Monday.
• 21:50
  It
• 21:50
  doesn't
• 21:50
  matter
• 21:51
  long
• 21:51
  term.
• 21:52
  Well,
• 21:52
  this
• 21:52
  is
• 21:52
  the
• 21:52
  thing.
• 21:53
  I
• 21:53
  know
• 21:53
  this
• 21:53
  is
• 21:54
  off
• 21:54
  the
• 21:54
  top
• 21:54
  of
• 21:54
  my
• 21:54
  head,
• 21:55
  so
• 21:55
  I'm
• 21:55
  pretty
• 21:55
  sure
• 21:55
  these
• 21:55
  numbers
• 21:56
  are
• 21:56
  right,
• 21:56
  but
• 21:56
  the
• 21:56
  details
• 21:57
  might
• 21:57
  be
• 21:57
  wrong.
• 21:57
  Um,
• 21:58
  nobody
• 21:58
  hold
• 21:58
  me
• 21:58
  to
• 21:58
  this
• 21:59
  but
• 21:59
  S
• 21:59
  and
• 22:00
  P,
• 22:00
  you
• 22:00
  know,
• 22:00
  as
• 22:00
  we've
• 22:01
  been
• 22:01
  talking
• 22:01
  about
• 22:01
  a
• 22:01
  lot
• 22:02
  famous,
• 22:02
  you
• 22:02
  know,
• 22:03
  index
• 22:03
  fund
• 22:04
  aggregator,
• 22:04
  indices
• 22:05
  aggregator
• 22:06
  and
• 22:07
  they
• 22:07
  also
• 22:07
  put
• 22:07
  out
• 22:08
  so
• 22:08
  much
• 22:08
  fantastic
• 22:09
  research.
• 22:10
  They
• 22:10
  are
• 22:10
  watching
• 22:10
  the
• 22:10
  market
• 22:11
  all
• 22:11
  the
• 22:11
  time
• 22:11
  and
• 22:11
  crunching
• 22:12
  the
• 22:12
  numbers.
• 22:12
  Very
• 22:12
  smart
• 22:12
  people.
• 22:13
  And
• 22:13
  they
• 22:13
  just
• 22:14
  put
• 22:14
  out
• 22:14
  some
• 22:15
  new
• 22:15
  research
• 22:16
  showing
• 22:16
  now
• 22:17
  I
• 22:17
  believe
• 22:17
  it
• 22:17
  was
• 22:17
  over
• 22:18
  the
• 22:18
  last
• 22:18
  15
• 22:19
  years,
• 22:20
  86%
• 22:21
  of
• 22:22
  active
• 22:22
  fund
• 22:22
  managers
• 22:23
  underperformed
• 22:24
  the
• 22:24
  index,
• 22:25
  which
• 22:25
  is
• 22:25
  like
• 22:25
  86%
• 22:26
  is
• 22:26
  a
• 22:27
  wild
• 22:27
  number.
• 22:27
  That's
• 22:28
  huge.
• 22:28
  And
• 22:29
  you
• 22:29
  can
• 22:29
  take
• 22:30
  this
• 22:30
  from
• 22:30
  different
• 22:30
  times,
• 22:31
  but
• 22:31
  that's
• 22:31
  a
• 22:31
  pretty
• 22:31
  long
• 22:32
  period
• 22:32
  of
• 22:32
  time.
• 22:33
  Those
• 22:33
  are
• 22:33
  professionals,
• 22:34
  those
• 22:34
  are
• 22:34
  people
• 22:35
  who
• 22:35
  studied.
• 22:35
  They
• 22:36
  probably
• 22:36
  have
• 22:36
  their
• 22:36
  masters
• 22:37
  in
• 22:38
  business
• 22:38
  and
• 22:38
  finance
• 22:39
  and
• 22:39
  all
• 22:39
  that
• 22:39
  stuff.
• 22:39
  They're
• 22:40
  very,
• 22:40
  very
• 22:40
  smart
• 22:40
  people.
• 22:40
  They're
• 22:41
  in
• 22:41
  it
• 22:41
  all
• 22:41
  the
• 22:41
  time.
• 22:42
  And
• 22:42
  they
• 22:43
  are
• 22:43
  failing
• 22:43
  at
• 22:44
  picking
• 22:44
  an
• 22:45
  individual
• 22:45
  stock
• 22:45
  that's
• 22:46
  going
• 22:46
  to
• 22:46
  outperform.
• 22:46
  Just
• 22:47
  buying
• 22:47
  into
• 22:47
  a
• 22:47
  fund
• 22:47
  and
• 22:48
  leaving
• 22:48
  it
• 22:48
  alone.
• 22:48
  Meanwhile
• 22:49
  the
• 22:49
  rest
• 22:49
  of
• 22:49
  us
• 22:50
  kids
• 22:50
  to
• 22:50
  feed,
• 22:51
  jobs
• 22:51
  to
• 22:52
  go
• 22:52
  to,
• 22:52
  gonna
• 22:53
  try
• 22:53
  and
• 22:53
  read
• 22:53
  the
• 22:53
  news,
• 22:54
  not
• 22:54
  just
• 22:54
  the
• 22:54
  financial
• 22:55
  news,
• 22:55
  gonna
• 22:56
  try
• 22:56
  and
• 22:56
  see
• 22:56
  our
• 22:56
  friends,
• 22:57
  our
• 22:57
  family.
• 22:57
  By
• 22:57
  the
• 22:58
  time
• 22:58
  we
• 22:58
  hear
• 22:58
  about
• 22:59
  something
• 22:59
  that
• 22:59
  could
• 23:00
  make
• 23:00
  a
• 23:00
  good
• 23:01
  stock
• 23:01
  pick
• 23:01
  or
• 23:02
  whatever,
• 23:02
  it's
• 23:02
  probably
• 23:02
  been
• 23:03
  a
• 23:03
  week.
• 23:04
  All
• 23:04
  of
• 23:04
  the
• 23:04
  decisions
• 23:05
  that
• 23:05
  happen
• 23:06
  that
• 23:06
  those
• 23:06
  active
• 23:07
  fund
• 23:07
  managers
• 23:08
  do,
• 23:08
  they
• 23:08
  do
• 23:08
  that
• 23:08
  in
• 23:09
  seconds.
• 23:09
  To
• 23:10
  try
• 23:10
  and
• 23:10
  beat
• 23:10
  the
• 23:10
  market.
• 23:12
  I
• 23:12
  just
• 23:13
  kind
• 23:13
  of
• 23:13
  feel
• 23:13
  like
• 23:13
  as
• 23:14
  an
• 23:14
  average
• 23:14
  person,
• 23:15
  if
• 23:15
  you're
• 23:15
  trying
• 23:15
  to
• 23:15
  do
• 23:15
  this
• 23:15
  yourself,
• 23:16
  you
• 23:16
  don't
• 23:16
  stand
• 23:17
  a
• 23:17
  chance.
• 23:18
  Right,
• 23:18
  right.
• 23:19
  It's
• 23:19
  tricky.
• 23:20
  By
• 23:20
  the
• 23:20
  time
• 23:20
  you
• 23:20
  get
• 23:21
  a
• 23:21
  stock
• 23:21
  tip
• 23:22
  from
• 23:22
  someone
• 23:22
  at
• 23:22
  a
• 23:23
  barbecue,
• 23:24
  is
• 23:24
  it
• 23:24
  too
• 23:24
  late?
• 23:25
  Well,
• 23:25
  it
• 23:26
  depends
• 23:26
  how
• 23:26
  early
• 23:27
  it
• 23:27
  was
• 23:27
  in
• 23:27
  the
• 23:27
  day
• 23:28
  in
• 23:28
  the
• 23:28
  barbecue.
• 23:29
  Because
• 23:30
  otherwise.
• 23:30
  Because
• 23:30
  you
• 23:31
  might
• 23:31
  pass
• 23:31
  it
• 23:31
  on
• 23:31
  to
• 23:32
  other
• 23:32
  people.
• 23:32
  But
• 23:33
  stock
• 23:33
  tips
• 23:34
  around,
• 23:35
  oh,
• 23:35
  we
• 23:36
  saw
• 23:36
  this
• 23:36
  in
• 23:36
  the
• 23:36
  80s.
• 23:37
  Yes,
• 23:37
  I
• 23:37
  am
• 23:37
  old
• 23:37
  enough
• 23:38
  to
• 23:38
  remember
• 23:38
  that.
• 23:38
  And
• 23:39
  there
• 23:40
  was
• 23:40
  suddenly
• 23:41
  groups
• 23:42
  of
• 23:42
  friends
• 23:43
  sort
• 23:43
  of
• 23:43
  became
• 23:44
  shareholder,
• 23:45
  sorry,
• 23:45
  share
• 23:46
  investing
• 23:46
  clubs.
• 23:47
  And
• 23:48
  that
• 23:48
  was
• 23:48
  a
• 23:48
  huge
• 23:48
  bubble
• 23:49
  and
• 23:49
  they're
• 23:49
  all
• 23:49
  giving,
• 23:50
  like
• 23:50
  getting
• 23:50
  tips
• 23:51
  off
• 23:51
  each
• 23:51
  other.
• 23:52
  It's
• 23:52
  very
• 23:52
  dangerous.
• 23:53
  And.
• 23:53
  But
• 23:54
  people
• 23:55
  deep
• 23:55
  down,
• 23:55
  I
• 23:55
  think
• 23:55
  humans
• 23:56
  do
• 23:56
  want
• 23:57
  some
• 23:57
  excitement
• 23:57
  with
• 23:58
  your
• 23:58
  investing
• 23:58
  because
• 23:58
  it's
• 23:58
  their
• 23:59
  money.
• 23:59
  And
• 24:00
  if
• 24:00
  it
• 24:00
  just.
• 24:00
  If
• 24:00
  they
• 24:01
  get
• 24:01
  a
• 24:01
  statement
• 24:01
  every
• 24:02
  three
• 24:02
  months
• 24:02
  from
• 24:02
  KiwiSaver
• 24:03
  or
• 24:03
  like
• 24:04
  a
• 24:04
  fund
• 24:04
  update
• 24:05
  and
• 24:05
  they're
• 24:05
  like,
• 24:06
  oh,
• 24:06
  yeah,
• 24:06
  cool.
• 24:06
  It
• 24:07
  doesn't
• 24:08
  feel
• 24:08
  as
• 24:08
  fancy
• 24:09
  as
• 24:09
  the.
• 24:09
  Some
• 24:09
  of
• 24:09
  the
• 24:09
  stuff
• 24:10
  you
• 24:10
  see
• 24:10
  on
• 24:10
  TikTok.
• 24:11
  Be
• 24:11
  very
• 24:11
  wary
• 24:12
  of
• 24:12
  that
• 24:12
  stuff.
• 24:12
  It
• 24:13
  makes
• 24:13
  for
• 24:13
  a
• 24:13
  great
• 24:13
  TikTok
• 24:14
  video.
• 24:14
  It'll
• 24:15
  go
• 24:15
  viral.
• 24:15
  I've
• 24:16
  sometimes
• 24:16
  had
• 24:16
  that
• 24:16
  moment
• 24:16
  where
• 24:16
  I'm
• 24:17
  like,
• 24:17
  I
• 24:17
  know
• 24:17
  if
• 24:17
  I
• 24:17
  say
• 24:18
  this
• 24:18
  it
• 24:19
  would
• 24:19
  go
• 24:19
  hard
• 24:19
  on
• 24:20
  TikTok
• 24:20
  and
• 24:20
  you
• 24:20
  just
• 24:20
  can't
• 24:21
  because
• 24:22
  A,
• 24:22
  some
• 24:22
  of
• 24:22
  that
• 24:22
  stuff
• 24:23
  is
• 24:23
  extremely
• 24:23
  illegal
• 24:24
  and
• 24:24
  B,
• 24:24
  it
• 24:25
  makes
• 24:25
  for
• 24:25
  a
• 24:25
  good
• 24:25
  video.
• 24:26
  It
• 24:26
  doesn't
• 24:26
  necessarily
• 24:26
  make
• 24:26
  for
• 24:26
  good
• 24:27
  financial
• 24:27
  management.
• 24:27
  Right.
• 24:28
  It
• 24:28
  doesn't.
• 24:29
  Stock
• 24:29
  picks,
• 24:30
  a
• 24:30
  fine
• 24:31
  of
• 24:31
  stock
• 24:31
  tips.
• 24:32
  And
• 24:32
  you
• 24:32
  see
• 24:32
  the
• 24:33
  stuff
• 24:33
  on
• 24:33
  Wall
• 24:33
  street
• 24:33
  bets.
• 24:34
  It
• 24:34
  is
• 24:34
  really
• 24:35
  awful
• 24:35
  and
• 24:36
  scary
• 24:36
  to
• 24:36
  see
• 24:36
  people
• 24:37
  with
• 24:37
  terrible
• 24:38
  leverage.
• 24:39
  And
• 24:39
  it's
• 24:39
  like,
• 24:39
  oh,
• 24:40
  I
• 24:40
  owe
• 24:41
  Robinhood
• 24:41
  300
• 24:42
  grand.
• 24:43
  We've
• 24:43
  seen
• 24:43
  this
• 24:43
  with
• 24:43
  crypto
• 24:44
  as
• 24:44
  well.
• 24:44
  People
• 24:45
  borrowing
• 24:45
  money
• 24:45
  to
• 24:45
  invest.
• 24:46
  There's
• 24:46
  been
• 24:46
  some
• 24:47
  dark
• 24:47
  stuff
• 24:47
  posted
• 24:48
  when
• 24:48
  the
• 24:48
  share.
• 24:49
  When
• 24:49
  the
• 24:49
  price
• 24:49
  of
• 24:50
  bitcoins
• 24:50
  dropped.
• 24:51
  But
• 24:51
  then,
• 24:51
  yeah,
• 24:52
  the
• 24:52
  fact
• 24:52
  is
• 24:53
  actively
• 24:53
  managed
• 24:53
  funds,
• 24:54
  you
• 24:54
  know,
• 24:54
  they.
• 24:55
  You
• 24:55
  look
• 24:55
  at
• 24:56
  the
• 24:56
  likes
• 24:56
  of
• 24:56
  Milford
• 24:57
  and
• 24:57
  that's
• 24:57
  been
• 24:57
  successful.
• 24:58
  But
• 24:59
  then
• 24:59
  you
• 24:59
  look
• 24:59
  at
• 24:59
  Fisher
• 24:59
  funds
• 25:00
  and
• 25:00
  that's
• 25:01
  all
• 25:01
  over
• 25:01
  the
• 25:01
  news
• 25:02
  and
• 25:03
  people
• 25:03
  should
• 25:03
  just
• 25:04
  have
• 25:04
  a
• 25:04
  look
• 25:04
  at
• 25:04
  why,
• 25:05
  sort
• 25:05
  of
• 25:05
  asking
• 25:05
  like,
• 25:06
  but
• 25:06
  basically
• 25:06
  Google,
• 25:07
  why
• 25:07
  is
• 25:07
  Fisher
• 25:07
  Funds
• 25:08
  in
• 25:08
  the
• 25:08
  news?
• 25:09
  Because
• 25:09
  things
• 25:10
  can't
• 25:10
  always
• 25:11
  last
• 25:11
  forever
• 25:11
  in
• 25:12
  some
• 25:12
  sense.
• 25:13
  I'm
• 25:13
  not
• 25:13
  saying
• 25:13
  Fishers
• 25:14
  is,
• 25:14
  you
• 25:14
  know,
• 25:15
  any
• 25:15
  problem
• 25:15
  with
• 25:15
  it.
• 25:15
  I'm
• 25:16
  just
• 25:16
  saying
• 25:16
  those
• 25:17
  are
• 25:17
  the
• 25:17
  stories
• 25:18
  that
• 25:18
  are
• 25:18
  coming
• 25:18
  out
• 25:18
  there.
• 25:19
  Yeah,
• 25:19
  a
• 25:19
  hundred
• 25:19
  percent.
• 25:20
  Actually.
• 25:20
  That's
• 25:21
  a
• 25:21
  really
• 25:21
  good
• 25:21
  point
• 25:21
  for
• 25:21
  us
• 25:21
  to
• 25:22
  touch
• 25:22
  on
• 25:22
  because
• 25:22
  I
• 25:22
  think
• 25:22
  sometimes,
• 25:23
  you
• 25:23
  know,
• 25:23
  you
• 25:24
  use
• 25:24
  debt
• 25:24
  to
• 25:25
  buy
• 25:25
  a
• 25:25
  house,
• 25:26
  which
• 25:27
  is
• 25:27
  fine
• 25:27
  and
• 25:28
  normal
• 25:28
  and
• 25:28
  there
• 25:29
  are
• 25:29
  so
• 25:29
  many
• 25:29
  safeguards
• 25:30
  around
• 25:30
  it,
• 25:31
  so
• 25:31
  I
• 25:31
  think
• 25:32
  it
• 25:32
  can
• 25:32
  sometimes
• 25:32
  normalize
• 25:33
  the
• 25:33
  idea
• 25:33
  of
• 25:33
  oh
• 25:34
  well
• 25:34
  that
• 25:34
  makes
• 25:34
  sense.
• 25:35
  Why
• 25:35
  can't
• 25:35
  I
• 25:36
  use
• 25:36
  debt
• 25:37
  to
• 25:37
  invest
• 25:37
  in
• 25:37
  other
• 25:37
  things,
• 25:38
  whether
• 25:38
  that's
• 25:38
  shares,
• 25:39
  whether
• 25:39
  that's
• 25:39
  crypto.
• 25:41
  What
• 25:41
  are
• 25:41
  your
• 25:41
  thoughts
• 25:42
  on
• 25:42
  that
• 25:42
  and
• 25:42
  the
• 25:42
  pitfalls
• 25:43
  there?
• 25:43
  Okay.
• 25:44
  I'm
• 25:44
  not
• 25:45
  a
• 25:45
  fan
• 25:46
  of
• 25:46
  leveraged
• 25:46
  investing
• 25:47
  within
• 25:48
  the
• 25:48
  share
• 25:48
  market.
• 25:49
  I
• 25:49
  always.
• 25:50
  I'll
• 25:50
  go
• 25:50
  back
• 25:50
  to.
• 25:51
  We
• 25:51
  were
• 25:51
  flying,
• 25:52
  this
• 25:52
  is
• 25:52
  years
• 25:52
  ago
• 25:53
  to
• 25:53
  the
• 25:53
  Melbourne
• 25:53
  cup
• 25:54
  and
• 25:54
  a
• 25:55
  friend
• 25:55
  of
• 25:55
  mine
• 25:55
  logged
• 25:56
  into
• 25:56
  his
• 25:56
  AS
• 25:57
  base
• 25:58
  securities
• 25:59
  margin
• 25:59
  lending
• 25:59
  account
• 26:00
  and
• 26:00
  he
• 26:01
  owed
• 26:01
  a
• 26:01
  lot.
• 26:02
  And
• 26:02
  then
• 26:02
  we
• 26:02
  went
• 26:03
  over
• 26:03
  and
• 26:03
  the
• 26:03
  first
• 26:04
  night
• 26:04
  we
• 26:04
  went
• 26:04
  to
• 26:04
  Crown
• 26:04
  Casino.
• 26:05
  There's
• 26:05
  a
• 26:05
  big
• 26:05
  group
• 26:05
  of
• 26:06
  us,
• 26:06
  he'll
• 26:06
  be
• 26:06
  proud
• 26:07
  of
• 26:07
  the
• 26:07
  story.
• 26:07
  And
• 26:07
  then
• 26:07
  he
• 26:07
  just
• 26:08
  put
• 26:08
  his
• 26:08
  credit
• 26:08
  card
• 26:08
  in,
• 26:08
  which
• 26:09
  is
• 26:09
  an
• 26:09
  ASB
• 26:09
  credit
• 26:10
  card
• 26:10
  and
• 26:10
  took
• 26:10
  out
• 26:10
  like
• 26:11
  500
• 26:11
  bucks
• 26:12
  and
• 26:13
  put
• 26:13
  it
• 26:13
  on
• 26:13
  black
• 26:14
  and
• 26:14
  it
• 26:15
  was
• 26:15
  red.
• 26:15
  And
• 26:16
  it's
• 26:16
  like
• 26:16
  I'll
• 26:17
  take
• 26:17
  out
• 26:17
  $20,
• 26:18
  I'll,
• 26:19
  I'll
• 26:19
  think
• 26:19
  about
• 26:19
  it
• 26:19
  way
• 26:20
  too
• 26:20
  much
• 26:20
  and
• 26:20
  then
• 26:20
  I'll
• 26:20
  just
• 26:20
  go
• 26:21
  and
• 26:21
  actually
• 26:21
  redeem
• 26:21
  the
• 26:21
  chip
• 26:22
  or
• 26:22
  whatever
• 26:22
  it
• 26:22
  is
• 26:22
  and
• 26:23
  I'll
• 26:23
  get
• 26:23
  back
• 26:23
  my
• 26:24
  money.
• 26:25
  So
• 26:25
  it's
• 26:26
  appeals
• 26:26
  to
• 26:26
  a
• 26:27
  certain
• 26:27
  personality
• 26:28
  who
• 26:28
  likes
• 26:29
  risk.
• 26:30
  Plenty
• 26:30
  of
• 26:30
  people
• 26:30
  like
• 26:31
  risk.
• 26:31
  But
• 26:31
  to
• 26:32
  borrow,
• 26:33
  to
• 26:34
  invest
• 26:35
  in
• 26:35
  the
• 26:35
  sense
• 26:35
  of
• 26:36
  shares.
• 26:37
  Look,
• 26:37
  I'm
• 26:38
  not
• 26:38
  a
• 26:38
  fan
• 26:39
  because
• 26:39
  there's
• 26:40
  too
• 26:40
  much
• 26:40
  debt
• 26:40
  in
• 26:41
  this
• 26:41
  country
• 26:41
  anyway.
• 26:42
  Credit
• 26:42
  cards,
• 26:43
  crazy
• 26:43
  amount
• 26:44
  of
• 26:44
  debt,
• 26:44
  none
• 26:45
  of
• 26:45
  it,
• 26:45
  half
• 26:46
  of
• 26:46
  it
• 26:46
  not
• 26:46
  being
• 26:46
  paid
• 26:46
  off.
• 26:47
  So
• 26:47
  it's
• 26:47
  long
• 26:48
  standing
• 26:48
  debt.
• 26:49
  Then
• 26:49
  you've
• 26:49
  got
• 26:49
  those
• 26:50
  buy
• 26:50
  now,
• 26:51
  pay
• 26:51
  later.
• 26:52
  I'll
• 26:53
  call
• 26:53
  them
• 26:53
  Ghastly's.
• 26:55
  You
• 26:55
  know,
• 26:56
  they've
• 26:56
  kind
• 26:57
  of
• 26:57
  died
• 26:57
  down
• 26:57
  a
• 26:58
  bit
• 26:58
  but
• 26:58
  they're
• 26:59
  still
• 26:59
  there.
• 26:59
  And
• 26:59
  then
• 27:00
  you've
• 27:00
  got
• 27:00
  personal
• 27:00
  loans,
• 27:01
  car
• 27:01
  finance.
• 27:02
  Do
• 27:03
  we
• 27:03
  need
• 27:03
  now
• 27:04
  debt
• 27:05
  to
• 27:05
  take
• 27:05
  positions
• 27:06
  in
• 27:07
  stock,
• 27:07
  to
• 27:08
  borrow
• 27:08
  money
• 27:09
  to
• 27:09
  buy
• 27:10
  shares.
• 27:11
  Risky.
• 27:12
  Well
• 27:12
  this
• 27:12
  is
• 27:12
  what
• 27:13
  gets
• 27:13
  me
• 27:13
  as
• 27:13
  well.
• 27:13
  I
• 27:13
  mean
• 27:14
  this
• 27:14
  is
• 27:15
  the
• 27:15
  87
• 27:16
  share
• 27:16
  crash
• 27:16
  which
• 27:17
  New
• 27:17
  Zealand
• 27:17
  was
• 27:18
  hit
• 27:18
  really
• 27:18
  hard
• 27:19
  by
• 27:20
  some
• 27:20
  of
• 27:20
  the,
• 27:22
  you
• 27:22
  know,
• 27:22
  it's,
• 27:23
  it's
• 27:23
  easier
• 27:23
  to
• 27:24
  look
• 27:24
  back.
• 27:24
  Good
• 27:24
  old
• 27:24
  hindsight.
• 27:25
  We
• 27:25
  can
• 27:25
  all
• 27:25
  see
• 27:26
  a
• 27:26
  lot
• 27:26
  more
• 27:26
  with
• 27:26
  hindsight.
• 27:27
  And
• 27:27
  a
• 27:27
  lot
• 27:27
  of
• 27:27
  the
• 27:28
  stuff
• 27:28
  that
• 27:28
  I've
• 27:28
  read
• 27:28
  about
• 27:29
  why
• 27:29
  New
• 27:29
  Zealand
• 27:30
  was
• 27:30
  hit
• 27:30
  so
• 27:31
  hard
• 27:31
  by
• 27:31
  that
• 27:32
  was
• 27:32
  because
• 27:32
  we
• 27:32
  had
• 27:33
  been
• 27:33
  borrowing
• 27:34
  a
• 27:34
  lot
• 27:35
  to
• 27:35
  buy
• 27:35
  those
• 27:35
  shares.
• 27:36
  You
• 27:36
  know,
• 27:36
  extending
• 27:37
  the
• 27:37
  mortgage
• 27:39
  as
• 27:39
  far
• 27:39
  as
• 27:39
  you
• 27:39
  could
• 27:40
  take
• 27:40
  it
• 27:40
  in
• 27:40
  order
• 27:40
  to
• 27:40
  buy
• 27:41
  more
• 27:41
  shares.
• 27:42
  And
• 27:42
  the
• 27:42
  problem
• 27:42
  is,
• 27:43
  you
• 27:43
  know,
• 27:43
  it's
• 27:44
  like
• 27:44
  we
• 27:44
  talk
• 27:44
  about
• 27:44
  all
• 27:45
  the
• 27:45
  time
• 27:45
  is
• 27:45
  like
• 27:46
  share
• 27:46
  market
• 27:47
  money
• 27:47
  is
• 27:48
  meant
• 27:48
  to
• 27:48
  be
• 27:49
  for
• 27:49
  money
• 27:49
  that
• 27:49
  you
• 27:49
  can
• 27:50
  leave
• 27:50
  alone
• 27:50
  for
• 27:50
  5
• 27:50
  to
• 27:51
  10
• 27:51
  years
• 27:52
  if
• 27:52
  you've
• 27:52
  borrowed,
• 27:53
  you
• 27:53
  have
• 27:53
  to
• 27:53
  make
• 27:54
  those
• 27:54
  debt
• 27:54
  payments
• 27:55
  no
• 27:55
  matter
• 27:55
  what.
• 27:56
  And
• 27:56
  like
• 27:56
  you
• 27:56
  say,
• 27:56
  interest
• 27:57
  rates
• 27:57
  Go
• 27:57
  up.
• 27:57
  That
• 27:57
  debt
• 27:58
  that
• 27:58
  you've
• 27:58
  got
• 27:59
  could
• 27:59
  become
• 27:59
  more
• 28:00
  expensive.
• 28:00
  It
• 28:00
  could
• 28:00
  be
• 28:00
  more
• 28:01
  than
• 28:01
  you're
• 28:01
  planning
• 28:01
  on
• 28:02
  right
• 28:02
  now.
• 28:03
  And
• 28:03
  then
• 28:03
  you're
• 28:04
  going
• 28:04
  to
• 28:04
  have
• 28:04
  to
• 28:04
  make
• 28:04
  that
• 28:04
  payment
• 28:04
  no
• 28:05
  matter
• 28:05
  what,
• 28:05
  they're
• 28:05
  going
• 28:05
  to
• 28:05
  come
• 28:05
  and
• 28:05
  collect
• 28:06
  it.
• 28:07
  Meanwhile,
• 28:08
  your
• 28:09
  value
• 28:09
  of
• 28:09
  your
• 28:09
  investments
• 28:10
  might
• 28:10
  have
• 28:10
  cratered.
• 28:11
  It
• 28:11
  could
• 28:11
  recover.
• 28:13
  That
• 28:13
  could
• 28:13
  be
• 28:13
  fine
• 28:14
  as
• 28:14
  long
• 28:14
  as
• 28:14
  you
• 28:14
  give
• 28:14
  it
• 28:14
  several
• 28:15
  years.
• 28:16
  In
• 28:16
  that
• 28:17
  period
• 28:17
  of
• 28:17
  years,
• 28:17
  you're
• 28:17
  going
• 28:17
  to
• 28:18
  have
• 28:18
  to
• 28:18
  keep
• 28:18
  making
• 28:18
  those
• 28:18
  debt
• 28:18
  payments.
• 28:20
  If
• 28:20
  the
• 28:20
  economy
• 28:20
  is
• 28:20
  massively
• 28:21
  down
• 28:21
  and
• 28:22
  everyone's
• 28:22
  suffering,
• 28:23
  maybe
• 28:23
  you
• 28:24
  lose
• 28:24
  your
• 28:24
  job.
• 28:24
  I'm
• 28:25
  not
• 28:25
  trying
• 28:25
  to
• 28:25
  chicken
• 28:26
  little
• 28:26
  it
• 28:26
  and
• 28:27
  make
• 28:27
  it
• 28:27
  sound
• 28:27
  really
• 28:27
  scary.
• 28:28
  I'm
• 28:28
  just
• 28:28
  pointing
• 28:29
  out
• 28:29
  how
• 28:29
  badly
• 28:30
  wrong
• 28:30
  it
• 28:30
  can
• 28:30
  go
• 28:31
  and
• 28:31
  it
• 28:32
  can
• 28:32
  cause
• 28:33
  super
• 28:33
  long
• 28:33
  knock
• 28:33
  on
• 28:34
  effects.
• 28:34
  I
• 28:34
  would
• 28:34
  so
• 28:34
  much
• 28:35
  rather
• 28:35
  people
• 28:35
  put
• 28:35
  five
• 28:35
  bucks
• 28:36
  into
• 28:36
  shares
• 28:37
  than
• 28:37
  500
• 28:38
  and
• 28:38
  it's
• 28:38
  all
• 28:38
  debt.
• 28:39
  I
• 28:39
  just.
• 28:39
  That
• 28:40
  one
• 28:40
  gives
• 28:40
  me
• 28:40
  the
• 28:40
  absolute
• 28:40
  heebie
• 28:41
  jeebies.
• 28:42
  Yeah,
• 28:42
  no,
• 28:42
  that's
• 28:42
  right.
• 28:43
  I
• 28:43
  mean
• 28:43
  there's
• 28:44
  just
• 28:44
  too
• 28:44
  much
• 28:44
  borrowing
• 28:44
  as
• 28:45
  it
• 28:45
  is
• 28:45
  and,
• 28:46
  and
• 28:46
  the
• 28:46
  interest
• 28:46
  rates
• 28:47
  are
• 28:47
  high.
• 28:47
  People
• 28:48
  should
• 28:48
  really
• 28:49
  be
• 28:49
  very
• 28:49
  cautious
• 28:49
  about
• 28:50
  this.
• 28:50
  We
• 28:50
  do
• 28:50
  have
• 28:50
  a
• 28:50
  guide
• 28:51
  on
• 28:51
  MoneyHub.
• 28:52
  This
• 28:52
  isn't
• 28:52
  a
• 28:52
  plug.
• 28:52
  I'm
• 28:52
  just,
• 28:52
  I'm
• 28:53
  just.
• 28:53
  No,
• 28:53
  no,
• 28:53
  hit
• 28:53
  us
• 28:53
  with
• 28:54
  it.
• 28:54
  I'm
• 28:54
  basically
• 28:54
  reflecting.
• 28:55
  It
• 28:55
  is
• 28:55
  should
• 28:55
  I
• 28:56
  borrow
• 28:56
  to
• 28:56
  invest?
• 28:57
  And
• 28:57
  generally
• 28:58
  it's
• 28:58
  a
• 28:58
  risk
• 28:58
  assessment
• 28:59
  of
• 28:59
  it.
• 28:59
  It's
• 29:00
  not
• 29:00
  just
• 29:00
  shares
• 29:00
  as
• 29:01
  well.
• 29:01
  People
• 29:01
  have
• 29:01
  borrowed.
• 29:02
  They've
• 29:02
  taken
• 29:02
  out
• 29:03
  equity
• 29:03
  loans
• 29:04
  on
• 29:04
  their
• 29:04
  primary
• 29:05
  property
• 29:05
  to
• 29:05
  buy
• 29:06
  investment
• 29:06
  property.
• 29:07
  And
• 29:07
  we've
• 29:07
  seen
• 29:07
  that
• 29:08
  be
• 29:08
  a
• 29:09
  big
• 29:09
  thing
• 29:09
  in,
• 29:09
  in
• 29:10
  the
• 29:10
  last
• 29:10
  few
• 29:10
  years.
• 29:10
  It's
• 29:11
  like,
• 29:11
  oh
• 29:11
  well,
• 29:11
  you
• 29:11
  know,
• 29:12
  New
• 29:12
  Zealand's
• 29:12
  always
• 29:12
  gotten
• 29:13
  wealthy
• 29:13
  on
• 29:13
  housing,
• 29:14
  so
• 29:14
  why
• 29:14
  don't
• 29:14
  you
• 29:14
  buy
• 29:15
  an
• 29:15
  investment
• 29:15
  property?
• 29:16
  But
• 29:16
  then
• 29:16
  it's
• 29:17
  market
• 29:17
  conditions,
• 29:17
  it's
• 29:18
  the
• 29:18
  rates,
• 29:18
  bills
• 29:18
  going
• 29:19
  up.
• 29:19
  It's
• 29:20
  an
• 29:20
  oversupply
• 29:21
  of
• 29:21
  townhouses.
• 29:22
  Townhouse
• 29:24
  nation,
• 29:24
  this
• 29:24
  country
• 29:25
  now,
• 29:25
  like
• 29:25
  they're
• 29:25
  just,
• 29:26
  they're
• 29:26
  going
• 29:26
  up
• 29:26
  everywhere.
• 29:27
  They
• 29:27
  paved
• 29:28
  paradise
• 29:28
  and
• 29:28
  put
• 29:29
  up
• 29:29
  20
• 29:30
  townhouses
• 29:30
  with
• 29:31
  no
• 29:31
  parking.
• 29:32
  And
• 29:33
  it's
• 29:33
  seriously,
• 29:34
  I
• 29:34
  mean
• 29:34
  there's
• 29:34
  so
• 29:34
  many
• 29:35
  of
• 29:35
  them.
• 29:35
  So
• 29:35
  that's,
• 29:35
  that's
• 29:36
  oversupply
• 29:36
  or
• 29:37
  that's
• 29:37
  a
• 29:37
  lot
• 29:37
  of
• 29:37
  supply.
• 29:37
  Sorry.
• 29:38
  And
• 29:38
  then
• 29:39
  you
• 29:39
  have
• 29:39
  insurance
• 29:39
  costs
• 29:40
  because
• 29:40
  we
• 29:40
  see
• 29:40
  this
• 29:40
  at
• 29:41
  Money
• 29:41
  Hub
• 29:41
  with
• 29:41
  a
• 29:41
  whole
• 29:41
  bunch
• 29:42
  of
• 29:42
  weather,
• 29:42
  events,
• 29:43
  claims,
• 29:44
  you
• 29:44
  know,
• 29:45
  which
• 29:45
  is
• 29:45
  only
• 29:45
  going
• 29:45
  to
• 29:46
  get
• 29:46
  worse.
• 29:46
  Insurance
• 29:47
  is
• 29:47
  getting
• 29:47
  worse
• 29:47
  and
• 29:47
  worse
• 29:48
  all
• 29:48
  the
• 29:48
  time.
• 29:48
  Wellington,
• 29:49
  two
• 29:49
  weeks
• 29:49
  ago,
• 29:50
  I,
• 29:50
  I
• 29:50
  flew
• 29:51
  in
• 29:51
  there
• 29:51
  and
• 29:51
  it
• 29:51
  had
• 29:51
  just
• 29:52
  become
• 29:52
  nice
• 29:52
  weather
• 29:52
  again.
• 29:53
  But
• 29:53
  like
• 29:53
  it
• 29:54
  was
• 29:54
  a
• 29:54
  washout.
• 29:54
  It
• 29:54
  was.
• 29:54
  And
• 29:55
  someone
• 29:55
  died.
• 29:55
  It
• 29:55
  was
• 29:56
  awful.
• 29:56
  So
• 29:56
  like
• 29:57
  this
• 29:57
  is
• 29:57
  all
• 29:57
  going
• 29:58
  to
• 29:58
  put
• 29:58
  up
• 29:58
  the
• 29:58
  cost
• 29:59
  of
• 29:59
  servicing
• 30:00
  a
• 30:00
  property.
• 30:01
  So
• 30:02
  if
• 30:02
  you
• 30:02
  own
• 30:02
  a
• 30:02
  property
• 30:03
  and
• 30:03
  Then
• 30:03
  you
• 30:04
  borrowed
• 30:04
  to
• 30:04
  buy
• 30:04
  another
• 30:05
  one
• 30:05
  or
• 30:06
  if
• 30:06
  you're
• 30:06
  borrowed,
• 30:06
  to
• 30:07
  invest.
• 30:07
  You
• 30:07
  have
• 30:08
  to
• 30:08
  service
• 30:08
  all
• 30:08
  this
• 30:08
  debt.
• 30:09
  It's
• 30:09
  spinning
• 30:09
  plates,
• 30:09
  but
• 30:09
  not
• 30:10
  in
• 30:10
  a
• 30:10
  good
• 30:10
  way.
• 30:10
  Like
• 30:10
  normally
• 30:11
  spinning
• 30:11
  plates
• 30:11
  is
• 30:11
  like,
• 30:11
  oh
• 30:12
  yeah,
• 30:12
  I've
• 30:12
  got
• 30:12
  lots
• 30:12
  on,
• 30:12
  it's
• 30:12
  all
• 30:13
  going
• 30:13
  well,
• 30:13
  but
• 30:14
  this
• 30:14
  is
• 30:14
  stressful.
• 30:15
  And
• 30:15
  why
• 30:16
  do
• 30:16
  you
• 30:16
  want
• 30:16
  all
• 30:17
  this
• 30:17
  debt?
• 30:19
  Look,
• 30:20
  I
• 30:20
  am
• 30:20
  very
• 30:20
  anti
• 30:20
  debt.
• 30:21
  It
• 30:21
  drags
• 30:21
  you
• 30:21
  backwards.
• 30:22
  It
• 30:22
  drags
• 30:22
  you
• 30:22
  backwards.
• 30:23
  I
• 30:23
  mean,
• 30:24
  there's
• 30:24
  cheap
• 30:24
  debt
• 30:24
  and
• 30:24
  everyone
• 30:25
  loves
• 30:25
  cheap
• 30:25
  money.
• 30:26
  When
• 30:26
  you
• 30:26
  can
• 30:27
  lock
• 30:27
  in
• 30:27
  for
• 30:27
  five
• 30:27
  years
• 30:28
  and
• 30:28
  at
• 30:28
  a
• 30:29
  low,
• 30:29
  low
• 30:29
  interest
• 30:29
  rate,
• 30:29
  it's
• 30:30
  like,
• 30:30
  yes,
• 30:30
  I
• 30:30
  timed
• 30:31
  it,
• 30:31
  you
• 30:31
  know,
• 30:31
  you
• 30:32
  didn't.
• 30:32
  You
• 30:32
  were
• 30:32
  just
• 30:33
  there
• 30:33
  at
• 30:33
  the
• 30:33
  right
• 30:34
  time.
• 30:34
  You
• 30:34
  got
• 30:35
  lucky,
• 30:35
  you
• 30:35
  got
• 30:36
  lucky.
• 30:36
  But
• 30:37
  I'm
• 30:38
  going
• 30:38
  to
• 30:38
  have
• 30:38
  to
• 30:39
  make
• 30:39
  a
• 30:40
  comment
• 30:40
  around
• 30:40
  some
• 30:40
  of
• 30:41
  these
• 30:41
  cards
• 30:41
  that
• 30:42
  do
• 30:42
  the
• 30:42
  whole.
• 30:43
  No
• 30:43
  interest
• 30:43
  payments.
• 30:44
  I
• 30:45
  won't
• 30:45
  name
• 30:45
  them,
• 30:45
  but
• 30:45
  everyone
• 30:46
  knows
• 30:46
  them,
• 30:46
  sorry,
• 30:47
  no
• 30:47
  interest
• 30:47
  and
• 30:47
  no
• 30:47
  repayments
• 30:48
  for
• 30:48
  say
• 30:49
  three
• 30:49
  years,
• 30:49
  two
• 30:50
  years.
• 30:50
  And
• 30:50
  I
• 30:50
  think
• 30:51
  those
• 30:51
  things
• 30:51
  I've
• 30:52
  read
• 30:52
  financial
• 30:52
  statements
• 30:53
  of
• 30:53
  around
• 30:53
  those
• 30:53
  companies
• 30:54
  is
• 30:54
  like,
• 30:55
  they
• 30:56
  make
• 30:56
  so
• 30:56
  much
• 30:56
  money
• 30:56
  off
• 30:57
  the
• 30:57
  interest
• 30:57
  because
• 30:57
  they
• 30:57
  rely
• 30:58
  on
• 30:58
  people.
• 30:58
  Oh,
• 30:58
  you
• 30:59
  bought
• 30:59
  this
• 30:59
  lovely
• 30:59
  sofa,
• 31:00
  you
• 31:00
  bought
• 31:00
  this
• 31:00
  tv
• 31:02
  and
• 31:02
  suddenly
• 31:03
  now
• 31:04
  it's
• 31:04
  due
• 31:04
  in
• 31:04
  two
• 31:04
  years,
• 31:05
  but
• 31:05
  you
• 31:05
  don't
• 31:05
  have
• 31:05
  any
• 31:06
  money
• 31:06
  to
• 31:06
  pay
• 31:06
  for
• 31:07
  it.
• 31:07
  And
• 31:07
  so,
• 31:08
  okay,
• 31:08
  well,
• 31:08
  we've
• 31:09
  lost
• 31:09
  two
• 31:09
  years
• 31:09
  of
• 31:09
  interest,
• 31:10
  but
• 31:10
  we're
• 31:11
  going
• 31:11
  to,
• 31:11
  but,
• 31:11
  but
• 31:11
  we're
• 31:11
  going
• 31:12
  to
• 31:12
  get
• 31:12
  you
• 31:12
  for.
• 31:13
  They're
• 31:13
  playing
• 31:13
  the
• 31:13
  long
• 31:14
  game.
• 31:14
  Three
• 31:14
  or
• 31:14
  four
• 31:14
  or
• 31:14
  five
• 31:14
  years.
• 31:15
  They
• 31:15
  are
• 31:15
  playing
• 31:15
  the
• 31:15
  long
• 31:15
  game.
• 31:16
  And
• 31:16
  okay,
• 31:16
  it's
• 31:17
  unsecured
• 31:17
  debt.
• 31:17
  It's,
• 31:18
  it's
• 31:18
  a
• 31:18
  credit
• 31:18
  card
• 31:19
  type
• 31:19
  debt.
• 31:20
  But
• 31:21
  I
• 31:21
  get
• 31:21
  emails
• 31:22
  and
• 31:22
  we
• 31:22
  have
• 31:22
  now
• 31:22
  a
• 31:23
  guide
• 31:23
  on
• 31:23
  it.
• 31:24
  How
• 31:24
  do
• 31:24
  I
• 31:24
  pay
• 31:24
  off
• 31:24
  a
• 31:25
  credit
• 31:25
  card
• 31:25
  with
• 31:25
  an
• 31:25
  average
• 31:26
  salary?
• 31:27
  So
• 31:27
  a
• 31:27
  lot
• 31:27
  of
• 31:27
  people
• 31:28
  are
• 31:28
  stuck
• 31:28
  on
• 31:28
  five
• 31:29
  to
• 31:29
  ten
• 31:29
  grand
• 31:30
  and
• 31:30
  minimum
• 31:31
  payments.
• 31:32
  We've
• 31:32
  just
• 31:32
  launched
• 31:33
  a
• 31:33
  minimum
• 31:33
  payment
• 31:33
  calculator
• 31:34
  just
• 31:34
  to
• 31:34
  show
• 31:34
  how
• 31:35
  toxic
• 31:35
  some
• 31:36
  of
• 31:36
  these
• 31:36
  minimum
• 31:36
  payments
• 31:36
  are.
• 31:37
  Because
• 31:37
  some
• 31:37
  of
• 31:37
  the
• 31:37
  banks
• 31:37
  charge
• 31:38
  as
• 31:38
  little
• 31:38
  as
• 31:38
  2%
• 31:39
  and
• 31:39
  their
• 31:39
  interest
• 31:39
  rates
• 31:40
  will
• 31:40
  be
• 31:40
  like
• 31:40
  21%,
• 31:41
  20%.
• 31:42
  So
• 31:42
  paying
• 31:42
  it
• 31:43
  off
• 31:43
  a
• 31:43
  thousand
• 31:44
  dollars
• 31:44
  if
• 31:44
  you
• 31:44
  just
• 31:44
  did
• 31:45
  the
• 31:45
  minimum,
• 31:45
  it's
• 31:45
  years
• 31:46
  and
• 31:46
  years
• 31:46
  and
• 31:46
  years.
• 31:47
  And
• 31:47
  so
• 31:48
  it's
• 31:48
  a
• 31:48
  trap.
• 31:49
  And
• 31:50
  I
• 31:50
  know
• 31:50
  this
• 31:50
  is,
• 31:51
  we're
• 31:51
  trying
• 31:51
  to
• 31:51
  focus
• 31:51
  on
• 31:51
  investing
• 31:52
  here,
• 31:52
  but
• 31:52
  you
• 31:53
  go
• 31:53
  backwards
• 31:54
  when
• 31:54
  you
• 31:54
  have
• 31:54
  all
• 31:54
  this
• 31:55
  personal
• 31:55
  debt.
• 31:56
  I've
• 31:56
  noticed
• 31:57
  this
• 31:57
  across
• 31:57
  a
• 31:57
  few
• 31:57
  of
• 31:57
  your
• 31:58
  different
• 31:58
  guides
• 31:58
  and
• 31:58
  by
• 31:59
  the
• 31:59
  way,
• 31:59
  do
• 31:59
  hit
• 31:59
  us
• 32:00
  with
• 32:00
  the
• 32:00
  guides
• 32:00
  because
• 32:01
  no
• 32:01
  problem
• 32:01
  with
• 32:01
  that,
• 32:02
  that's
• 32:02
  why
• 32:02
  you're
• 32:02
  here.
• 32:02
  I
• 32:02
  love
• 32:03
  the
• 32:03
  guides
• 32:03
  you
• 32:03
  guys
• 32:03
  have
• 32:04
  got.
• 32:05
  You're
• 32:05
  absolutely
• 32:05
  prolific
• 32:06
  on
• 32:06
  the
• 32:06
  topics
• 32:06
  that
• 32:07
  you
• 32:07
  tackle.
• 32:07
  But
• 32:07
  there
• 32:08
  was
• 32:08
  a
• 32:08
  theme
• 32:08
  that
• 32:09
  I
• 32:09
  Noticed
• 32:09
  coming
• 32:09
  up
• 32:09
  across
• 32:09
  a
• 32:10
  few
• 32:10
  of
• 32:10
  the
• 32:10
  different
• 32:10
  investing
• 32:10
  articles
• 32:11
  where
• 32:11
  you
• 32:11
  talk
• 32:11
  about
• 32:11
  having
• 32:12
  the
• 32:12
  financial
• 32:12
  foundations
• 32:13
  sorted
• 32:13
  first.
• 32:14
  Underrated
• 32:15
  because
• 32:15
  I
• 32:16
  think
• 32:16
  investing
• 32:16
  is
• 32:16
  one
• 32:16
  of
• 32:17
  those
• 32:17
  fun
• 32:17
  parts
• 32:18
  of
• 32:18
  money
• 32:18
  where
• 32:18
  you're
• 32:18
  like,
• 32:18
  oh,
• 32:19
  I'm
• 32:19
  going
• 32:19
  to
• 32:19
  put
• 32:19
  money
• 32:20
  in
• 32:20
  and
• 32:20
  I
• 32:20
  make
• 32:20
  money
• 32:21
  back.
• 32:21
  And
• 32:21
  that's
• 32:21
  exciting.
• 32:22
  Who
• 32:22
  doesn't
• 32:22
  want
• 32:23
  to
• 32:23
  make
• 32:23
  money?
• 32:23
  That's
• 32:23
  great.
• 32:25
  But
• 32:25
  it
• 32:25
  can
• 32:26
  go
• 32:26
  wrong.
• 32:27
  I
• 32:27
  think
• 32:28
  if
• 32:28
  you
• 32:28
  don't
• 32:28
  have
• 32:28
  things
• 32:29
  like,
• 32:29
  as
• 32:29
  you
• 32:29
  say,
• 32:29
  the
• 32:29
  debt
• 32:30
  paid
• 32:30
  off
• 32:30
  and
• 32:31
  sorted,
• 32:31
  the
• 32:31
  credit
• 32:31
  card
• 32:32
  under
• 32:32
  control,
• 32:32
  the
• 32:33
  savings,
• 32:33
  all
• 32:33
  that
• 32:34
  stuff.
• 32:35
  So
• 32:36
  walk
• 32:36
  me
• 32:36
  through
• 32:36
  your
• 32:37
  perspective
• 32:37
  on
• 32:37
  what
• 32:37
  financial
• 32:38
  foundations
• 32:38
  you
• 32:38
  need
• 32:39
  sorted
• 32:39
  first
• 32:39
  and
• 32:40
  why
• 32:40
  is
• 32:40
  it
• 32:40
  dangerous
• 32:41
  if
• 32:41
  you
• 32:41
  don't
• 32:41
  have
• 32:41
  them?
• 32:42
  Sure.
• 32:42
  So
• 32:43
  have
• 32:43
  the
• 32:43
  emergency
• 32:43
  fund.
• 32:44
  People
• 32:45
  don't
• 32:45
  have
• 32:45
  these
• 32:46
  $500
• 32:47
  to
• 32:47
  $1000.
• 32:48
  Having
• 32:48
  the
• 32:49
  emergency
• 32:49
  fund,
• 32:50
  like
• 32:50
  just
• 32:51
  sorts
• 32:51
  so
• 32:51
  many
• 32:52
  things
• 32:52
  out.
• 32:52
  So,
• 32:52
  okay,
• 32:53
  you
• 32:53
  need
• 32:53
  to
• 32:53
  go
• 32:53
  and
• 32:54
  pay
• 32:54
  for
• 32:54
  a
• 32:55
  pet
• 32:55
  insurance
• 32:56
  excess.
• 32:57
  Great.
• 32:57
  I've
• 32:57
  got
• 32:57
  $200,
• 32:58
  I've
• 32:58
  got
• 32:58
  150
• 32:59
  bucks
• 32:59
  to
• 32:59
  like
• 32:59
  do
• 32:59
  that.
• 33:00
  I
• 33:00
  don't
• 33:00
  have
• 33:00
  to
• 33:00
  put
• 33:00
  it
• 33:00
  on
• 33:00
  a
• 33:00
  credit
• 33:01
  card
• 33:01
  which
• 33:01
  is
• 33:01
  already
• 33:01
  getting
• 33:02
  kind
• 33:02
  of
• 33:02
  full.
• 33:03
  Having
• 33:03
  the
• 33:03
  emergency
• 33:04
  fund
• 33:05
  is
• 33:05
  so
• 33:06
  powerful
• 33:07
  and
• 33:07
  they,
• 33:08
  they
• 33:08
  do
• 33:08
  these
• 33:08
  studies.
• 33:09
  I
• 33:09
  think
• 33:09
  RNZ
• 33:09
  came
• 33:10
  out
• 33:10
  with
• 33:10
  like
• 33:11
  basically
• 33:11
  80%
• 33:12
  of.
• 33:13
  I
• 33:13
  don't
• 33:13
  even
• 33:13
  know
• 33:13
  what
• 33:13
  the
• 33:14
  number
• 33:14
  was.
• 33:14
  Have
• 33:14
  basically
• 33:15
  no
• 33:15
  money.
• 33:16
  So.
• 33:16
  Yeah,
• 33:16
  yeah,
• 33:17
  I
• 33:17
  don't.
• 33:17
  It
• 33:17
  keeps
• 33:18
  coming
• 33:18
  out.
• 33:18
  I
• 33:18
  don't
• 33:18
  know
• 33:18
  where
• 33:18
  they're
• 33:19
  getting.
• 33:19
  I
• 33:19
  don't
• 33:19
  know
• 33:19
  where
• 33:19
  the
• 33:20
  data
• 33:20
  comes
• 33:20
  from.
• 33:20
  I
• 33:20
  think
• 33:20
  it
• 33:20
  must
• 33:20
  be
• 33:21
  a
• 33:21
  survey.
• 33:21
  Heaps
• 33:21
  of
• 33:22
  different
• 33:22
  companies
• 33:22
  keep
• 33:22
  doing
• 33:23
  this
• 33:23
  one,
• 33:23
  different
• 33:24
  banks
• 33:24
  and
• 33:24
  things.
• 33:24
  And
• 33:25
  I've
• 33:25
  seen
• 33:25
  fluctuating
• 33:26
  numbers,
• 33:27
  but
• 33:27
  it's
• 33:27
  anywhere
• 33:27
  from
• 33:28
  usually
• 33:28
  50
• 33:28
  to
• 33:28
  70%
• 33:29
  of
• 33:29
  New
• 33:29
  Zealanders
• 33:30
  don't
• 33:31
  have
• 33:31
  $1,000
• 33:33
  saved,
• 33:34
  which
• 33:34
  a,
• 33:35
  a
• 33:35
  bit
• 33:35
  of
• 33:35
  a
• 33:35
  sign
• 33:35
  of
• 33:35
  the
• 33:35
  times,
• 33:36
  but
• 33:36
  B,
• 33:37
  I
• 33:37
  think
• 33:39
  it
• 33:39
  does
• 33:39
  also
• 33:40
  show
• 33:40
  how
• 33:40
  we
• 33:40
  can
• 33:40
  ignore
• 33:42
  the
• 33:42
  small
• 33:43
  things
• 33:43
  building
• 33:43
  up
• 33:43
  to
• 33:43
  big
• 33:44
  things.
• 33:44
  Because
• 33:44
  even
• 33:44
  if
• 33:45
  you
• 33:45
  put
• 33:45
  20
• 33:45
  bucks
• 33:46
  a
• 33:46
  week
• 33:46
  into
• 33:46
  a
• 33:46
  savings
• 33:47
  account,
• 33:47
  you'll
• 33:48
  hit
• 33:48
  that
• 33:48
  goal
• 33:48
  in
• 33:48
  less
• 33:49
  than
• 33:49
  a
• 33:49
  year.
• 33:50
  And,
• 33:50
  and
• 33:51
  to
• 33:51
  build
• 33:51
  up
• 33:51
  those
• 33:52
  smaller
• 33:52
  wins
• 33:52
  to
• 33:53
  have
• 33:53
  that
• 33:53
  savings
• 33:54
  account
• 33:54
  will
• 33:55
  give
• 33:55
  you
• 33:55
  so
• 33:56
  much
• 33:56
  more
• 33:56
  stability
• 33:57
  and
• 33:57
  not
• 33:57
  just
• 33:57
  the
• 33:58
  rest
• 33:58
  of
• 33:58
  your
• 33:58
  financial
• 33:58
  life.
• 33:59
  The
• 33:59
  rest
• 33:59
  of
• 33:59
  your
• 34:00
  life.
• 34:00
  Right.
• 34:01
  Yeah.
• 34:02
  People.
• 34:02
  It
• 34:03
  is
• 34:03
  about
• 34:03
  just
• 34:03
  making
• 34:04
  those
• 34:04
  $20
• 34:05
  contributions
• 34:05
  that
• 34:06
  the
• 34:06
  $10.
• 34:07
  And
• 34:07
  yes,
• 34:07
  it's
• 34:08
  frustrating
• 34:08
  because
• 34:08
  it
• 34:09
  doesn't
• 34:09
  seem
• 34:09
  like,
• 34:09
  oh,
• 34:10
  I'm
• 34:10
  going
• 34:10
  to,
• 34:10
  I'm
• 34:10
  never
• 34:10
  going
• 34:11
  to
• 34:11
  actually
• 34:11
  get
• 34:12
  there.
• 34:12
  But
• 34:12
  it's
• 34:13
  all
• 34:13
  relative.
• 34:13
  People
• 34:14
  have
• 34:14
  to
• 34:14
  commit
• 34:14
  to
• 34:14
  this
• 34:15
  because
• 34:15
  not
• 34:16
  financial
• 34:16
  advice,
• 34:16
  but
• 34:17
  seriously,
• 34:17
  because
• 34:17
  there's
• 34:18
  so
• 34:18
  many
• 34:18
  people
• 34:18
  not
• 34:18
  saving
• 34:19
  this
• 34:20
  basic
• 34:20
  threshold
• 34:21
  that
• 34:22
  lets
• 34:22
  them
• 34:22
  avoid
• 34:23
  bad
• 34:24
  debts
• 34:24
  and
• 34:24
  have
• 34:25
  choices
• 34:26
  and
• 34:26
  it's
• 34:26
  not
• 34:27
  like
• 34:27
  a
• 34:28
  slush
• 34:28
  fund
• 34:28
  for
• 34:29
  going
• 34:29
  out
• 34:29
  or
• 34:30
  having
• 34:30
  a
• 34:30
  big
• 34:30
  weekend.
• 34:31
  It's
• 34:31
  for
• 34:31
  those
• 34:32
  real,
• 34:33
  real
• 34:33
  emergencies.
• 34:34
  And
• 34:34
  someone
• 34:34
  that
• 34:34
  I
• 34:34
  like
• 34:35
  for
• 34:35
  example
• 34:36
  is
• 34:36
  First
• 34:36
  Credit
• 34:37
  Union.
• 34:37
  This
• 34:37
  sounds
• 34:37
  like
• 34:37
  a,
• 34:38
  that
• 34:38
  sounds
• 34:38
  like
• 34:38
  a,
• 34:38
  like
• 34:39
  a
• 34:39
  push.
• 34:39
  It's
• 34:40
  certainly
• 34:40
  not
• 34:40
  but
• 34:40
  it's
• 34:41
  like
• 34:41
  the
• 34:41
  only,
• 34:42
  it's
• 34:42
  the
• 34:42
  only
• 34:42
  lender
• 34:43
  which
• 34:44
  if
• 34:44
  you
• 34:44
  get
• 34:44
  a
• 34:44
  personal
• 34:44
  loan
• 34:45
  with
• 34:45
  them
• 34:46
  you
• 34:46
  have
• 34:46
  to
• 34:47
  save
• 34:47
  up
• 34:48
  by
• 34:48
  a
• 34:48
  thousand
• 34:48
  dollars
• 34:49
  before
• 34:50
  you
• 34:50
  have
• 34:50
  paid
• 34:51
  off
• 34:51
  your
• 34:51
  loan.
• 34:52
  So
• 34:52
  when
• 34:52
  you
• 34:52
  leave
• 34:52
  the
• 34:53
  loan
• 34:53
  they
• 34:54
  don't
• 34:54
  write
• 34:54
  to
• 34:55
  you
• 34:55
  and
• 34:55
  say
• 34:55
  oh
• 34:55
  you've
• 34:56
  been
• 34:56
  pre
• 34:56
  approved
• 34:56
  for
• 34:56
  a
• 34:56
  new
• 34:56
  loan,
• 34:57
  no,
• 34:58
  here's
• 34:58
  your
• 34:58
  thousand
• 34:59
  dollars.
• 35:00
  But
• 35:00
  they're
• 35:00
  the
• 35:00
  only
• 35:00
  ones
• 35:01
  that
• 35:01
  do
• 35:01
  that
• 35:01
  and
• 35:01
  I
• 35:02
  would
• 35:02
  love
• 35:02
  to
• 35:02
  see
• 35:02
  that
• 35:02
  as
• 35:03
  the
• 35:03
  law.
• 35:03
  Like
• 35:04
  oh
• 35:04
  great.
• 35:04
  If
• 35:05
  you're
• 35:05
  going
• 35:05
  to
• 35:05
  borrow
• 35:06
  ten
• 35:06
  grand
• 35:06
  for
• 35:07
  a
• 35:07
  car
• 35:08
  can
• 35:08
  we
• 35:08
  have.
• 35:09
  When
• 35:09
  that
• 35:09
  car's
• 35:09
  paid
• 35:10
  off
• 35:10
  you
• 35:11
  paid
• 35:11
  all
• 35:11
  this
• 35:11
  interest
• 35:11
  anyway,
• 35:12
  you've
• 35:12
  paid
• 35:12
  all
• 35:12
  this
• 35:13
  how
• 35:13
  have
• 35:13
  three
• 35:13
  grand
• 35:14
  can,
• 35:14
  how
• 35:15
  hard
• 35:15
  would
• 35:15
  that
• 35:15
  be?
• 35:15
  And
• 35:16
  then
• 35:16
  it
• 35:16
  gives
• 35:16
  people
• 35:17
  some
• 35:17
  sort
• 35:17
  of
• 35:18
  deposit
• 35:19
  because
• 35:19
  they
• 35:19
  have
• 35:19
  the
• 35:19
  asset
• 35:20
  as
• 35:20
  well
• 35:20
  as
• 35:21
  that
• 35:21
  and
• 35:21
  yes
• 35:21
  the
• 35:21
  prices
• 35:22
  go
• 35:22
  up.
• 35:22
  This
• 35:23
  gives
• 35:23
  people
• 35:23
  choices.
• 35:24
  The
• 35:24
  foundation
• 35:25
  really
• 35:25
  has
• 35:25
  to
• 35:25
  be
• 35:26
  start
• 35:26
  with
• 35:27
  that
• 35:27
  emergency
• 35:27
  fund.
• 35:28
  It's
• 35:28
  very
• 35:28
  difficult
• 35:29
  to
• 35:29
  take
• 35:29
  investing
• 35:30
  seriously
• 35:30
  when
• 35:31
  you're
• 35:31
  paying
• 35:31
  off
• 35:32
  a
• 35:32
  high
• 35:32
  interest
• 35:32
  credit
• 35:33
  card,
• 35:34
  a
• 35:34
  long
• 35:34
  term
• 35:35
  credit
• 35:35
  card,
• 35:36
  a
• 35:36
  car
• 35:36
  loan,
• 35:37
  a
• 35:37
  personal
• 35:37
  loan
• 35:38
  because
• 35:38
  you
• 35:38
  cause
• 35:39
  your
• 35:39
  returns
• 35:39
  aren't
• 35:39
  going
• 35:40
  to
• 35:40
  be
• 35:41
  probably
• 35:41
  as
• 35:41
  high
• 35:41
  as
• 35:42
  22%
• 35:42
  a
• 35:42
  year
• 35:42
  or
• 35:43
  in
• 35:43
  some
• 35:43
  cases
• 35:43
  30%
• 35:44
  a
• 35:44
  year.
• 35:44
  Look
• 35:44
  at
• 35:45
  what
• 35:45
  you're
• 35:45
  actually
• 35:45
  earning,
• 35:46
  look
• 35:46
  at
• 35:46
  what
• 35:46
  your
• 35:47
  debts
• 35:47
  are
• 35:47
  and
• 35:48
  focus
• 35:48
  on
• 35:48
  reducing
• 35:49
  those
• 35:49
  and
• 35:50
  that
• 35:50
  will
• 35:50
  be
• 35:50
  more
• 35:50
  profitable
• 35:51
  I
• 35:51
  believe
• 35:51
  than
• 35:51
  any
• 35:52
  investment.
• 35:52
  And
• 35:53
  this
• 35:53
  is
• 35:53
  why
• 35:54
  New
• 35:54
  Zealand's
• 35:54
  in
• 35:54
  a
• 35:55
  situation
• 35:55
  of
• 35:57
  a
• 35:57
  few
• 35:58
  problems.
• 35:58
  Yeah,
• 35:58
  it's
• 35:59
  interesting
• 35:59
  that
• 35:59
  isn't
• 35:59
  it?
• 35:59
  Because
• 36:00
  do
• 36:00
  you
• 36:01
  think
• 36:01
  that
• 36:01
  New
• 36:01
  Zealand
• 36:02
  has.
• 36:02
  Because
• 36:02
  you
• 36:02
  travel
• 36:03
  a
• 36:03
  lot
• 36:03
  and
• 36:03
  you
• 36:04
  also
• 36:04
  talk
• 36:04
  to
• 36:04
  people
• 36:05
  a
• 36:05
  lot
• 36:05
  about
• 36:05
  money
• 36:06
  both
• 36:06
  here
• 36:06
  and
• 36:06
  overseas.
• 36:07
  Do
• 36:07
  you
• 36:08
  pick
• 36:08
  up
• 36:08
  on
• 36:08
  any
• 36:08
  sort
• 36:09
  of
• 36:09
  cultural
• 36:09
  differences
• 36:10
  with
• 36:10
  New
• 36:10
  Zealanders
• 36:11
  versus
• 36:11
  the
• 36:11
  rest
• 36:12
  of
• 36:12
  the
• 36:12
  world?
• 36:12
  I
• 36:12
  guess
• 36:13
  on
• 36:13
  money
• 36:13
  generally,
• 36:14
  but
• 36:14
  specifically
• 36:15
  investing
• 36:15
  if
• 36:16
  you've
• 36:16
  picked
• 36:16
  up
• 36:16
  anything
• 36:16
  on
• 36:16
  there.
• 36:17
  Well,
• 36:17
  there
• 36:17
  seems
• 36:17
  to
• 36:17
  be
• 36:18
  a
• 36:18
  massive
• 36:18
  focus
• 36:19
  on
• 36:20
  fuel
• 36:20
  costs
• 36:21
  here
• 36:21
  and
• 36:21
  I
• 36:21
  know
• 36:22
  it's
• 36:23
  topical
• 36:23
  but
• 36:23
  every
• 36:24
  night,
• 36:25
  every
• 36:26
  night
• 36:26
  the
• 36:26
  running
• 36:27
  out
• 36:27
  date
• 36:27
  it's
• 36:28
  like
• 36:28
  how
• 36:28
  many.
• 36:28
  Yeah,
• 36:29
  exactly.
• 36:29
  The
• 36:29
  running
• 36:29
  out
• 36:30
  date.
• 36:30
  Oh
• 36:30
  we've
• 36:30
  secured
• 36:31
  some
• 36:31
  more
• 36:32
  and
• 36:32
  then.
• 36:32
  But
• 36:32
  Pressel
• 36:33
  prices.
• 36:33
  How
• 36:34
  is
• 36:34
  this?
• 36:34
  Because
• 36:34
  in
• 36:34
  Europe
• 36:35
  and
• 36:35
  I've
• 36:35
  come
• 36:36
  from
• 36:36
  the
• 36:36
  U.S.
• 36:37
  there's
• 36:37
  not
• 36:37
  this
• 36:37
  focus
• 36:38
  and
• 36:39
  they
• 36:39
  actually
• 36:39
  have
• 36:39
  the
• 36:39
  war.
• 36:39
  Actually
• 36:40
  I
• 36:40
  was
• 36:40
  in
• 36:40
  the
• 36:40
  US
• 36:40
  when
• 36:41
  the
• 36:41
  war
• 36:41
  broke
• 36:42
  out
• 36:42
  and
• 36:42
  I
• 36:43
  was
• 36:43
  in
• 36:43
  this
• 36:43
  village
• 36:43
  and
• 36:44
  like
• 36:44
  life
• 36:44
  was
• 36:44
  normal
• 36:44
  because
• 36:45
  we
• 36:45
  woke
• 36:45
  up
• 36:45
  and
• 36:45
  like,
• 36:46
  oh
• 36:46
  my,
• 36:46
  oh
• 36:46
  my
• 36:47
  days.
• 36:47
  They've
• 36:47
  blown
• 36:47
  up
• 36:48
  the
• 36:48
  ayatollah
• 36:49
  like
• 36:49
  compound.
• 36:51
  And
• 36:51
  I
• 36:51
  went
• 36:51
  out
• 36:51
  to
• 36:52
  this
• 36:52
  village
• 36:52
  and
• 36:52
  like
• 36:52
  everyone's
• 36:53
  just
• 36:53
  out.
• 36:54
  No
• 36:54
  one's,
• 36:55
  no
• 36:55
  one
• 36:55
  cares.
• 36:56
  And
• 36:56
  if
• 36:56
  New
• 36:57
  Zealand
• 36:57
  had
• 36:57
  launched
• 36:57
  a
• 36:57
  war
• 36:58
  on
• 36:58
  something,
• 36:58
  everyone
• 36:59
  would
• 36:59
  be
• 36:59
  inside,
• 37:00
  everyone
• 37:00
  be
• 37:00
  watching
• 37:00
  the
• 37:01
  news.
• 37:01
  But
• 37:01
  so
• 37:02
  I
• 37:02
  think
• 37:03
  too
• 37:03
  much
• 37:03
  news,
• 37:04
  too
• 37:04
  much
• 37:05
  focus
• 37:05
  on
• 37:05
  petrol
• 37:05
  prices.
• 37:06
  You
• 37:06
  can
• 37:06
  always
• 37:07
  take
• 37:07
  the
• 37:07
  bus.
• 37:08
  And
• 37:08
  you
• 37:08
  know
• 37:08
  what,
• 37:09
  it's.
• 37:09
  Sometimes
• 37:10
  it
• 37:10
  is
• 37:10
  practical
• 37:11
  for
• 37:11
  some
• 37:11
  people
• 37:12
  and
• 37:12
  I
• 37:12
  mean
• 37:12
  I'm
• 37:12
  talking
• 37:13
  about
• 37:13
  Auckland
• 37:13
  but
• 37:14
  you
• 37:14
  know
• 37:15
  there
• 37:15
  are,
• 37:16
  there
• 37:16
  are
• 37:16
  alternatives.
• 37:17
  You
• 37:17
  know,
• 37:17
  stuff
• 37:17
  happens.
• 37:18
  There's
• 37:18
  a
• 37:18
  lot
• 37:19
  of
• 37:19
  stuff
• 37:19
  happening
• 37:19
  right
• 37:19
  now.
• 37:20
  Yeah.
• 37:20
  And
• 37:21
  when
• 37:21
  you
• 37:21
  just
• 37:21
  look
• 37:21
  for
• 37:22
  what
• 37:22
  is
• 37:22
  within
• 37:23
  my
• 37:23
  control
• 37:23
  on
• 37:23
  this,
• 37:24
  often
• 37:24
  more
• 37:25
  than
• 37:25
  you
• 37:25
  can
• 37:25
  feel
• 37:25
  like
• 37:26
  if
• 37:26
  you
• 37:26
  just
• 37:26
  see
• 37:27
  these
• 37:27
  big
• 37:27
  doomy
• 37:27
  headlines.
• 37:28
  I
• 37:28
  cannot
• 37:28
  control
• 37:30
  who's
• 37:30
  launching
• 37:30
  wars
• 37:31
  on
• 37:31
  who.
• 37:31
  I
• 37:32
  can
• 37:32
  control
• 37:32
  what
• 37:32
  I
• 37:33
  do
• 37:33
  about
• 37:33
  it
• 37:33
  in
• 37:33
  my
• 37:33
  day
• 37:33
  to
• 37:33
  day
• 37:33
  life.
• 37:34
  Right.
• 37:34
  Yeah.
• 37:35
  And
• 37:35
  it's
• 37:35
  minimizing
• 37:36
  costs
• 37:36
  where
• 37:36
  you
• 37:36
  can.
• 37:37
  No,
• 37:37
  there's
• 37:37
  too
• 37:37
  much
• 37:38
  saturation
• 37:38
  here,
• 37:39
  I
• 37:39
  believe
• 37:39
  of
• 37:40
  the
• 37:40
  same
• 37:40
  old
• 37:41
  stories
• 37:41
  about
• 37:42
  cost
• 37:42
  of
• 37:42
  living.
• 37:43
  Don't
• 37:43
  be
• 37:44
  spiraling
• 37:44
  by
• 37:45
  the
• 37:45
  price
• 37:46
  of
• 37:46
  fuel.
• 37:46
  Look
• 37:47
  at
• 37:47
  the
• 37:47
  bigger
• 37:47
  picture.
• 37:48
  I
• 37:48
  mean
• 37:48
  since
• 37:48
  this
• 37:48
  war
• 37:49
  has
• 37:49
  started,
• 37:50
  you
• 37:50
  know,
• 37:50
  the
• 37:50
  markets
• 37:51
  are
• 37:51
  up.
• 37:52
  Yeah.
• 37:52
  Which
• 37:52
  is
• 37:52
  wild
• 37:53
  to
• 37:53
  me.
• 37:53
  What
• 37:53
  do
• 37:53
  you
• 37:53
  make
• 37:53
  of
• 37:54
  that?
• 37:54
  I
• 37:54
  don't
• 37:54
  understand
• 37:54
  that.
• 37:55
  But
• 37:55
  I
• 37:55
  mean
• 37:56
  I
• 37:56
  think
• 37:56
  it's
• 37:57
  being
• 37:57
  driven
• 37:57
  by
• 37:58
  big
• 37:58
  tech
• 37:58
  which
• 37:58
  is
• 37:58
  very
• 37:59
  profitable
• 38:00
  right
• 38:00
  now.
• 38:00
  They're
• 38:00
  eliminating
• 38:01
  jobs
• 38:02
  so
• 38:02
  that's
• 38:03
  making
• 38:03
  them
• 38:03
  more
• 38:03
  profitable.
• 38:03
  And
• 38:04
  if
• 38:04
  they're
• 38:04
  not,
• 38:04
  then
• 38:05
  they
• 38:05
  will
• 38:05
  be
• 38:05
  in
• 38:06
  some
• 38:06
  sense.
• 38:06
  Meadows
• 38:07
  doing
• 38:07
  these
• 38:07
  announcements.
• 38:09
  Everybody's
• 38:09
  sort
• 38:10
  of
• 38:10
  at
• 38:10
  that.
• 38:11
  Price
• 38:11
  of
• 38:12
  fuel
• 38:12
  high
• 38:12
  is
• 38:13
  great
• 38:13
  for
• 38:14
  oil
• 38:14
  companies.
• 38:14
  It's
• 38:15
  supply
• 38:15
  and
• 38:15
  demand
• 38:15
  and
• 38:16
  they
• 38:16
  have
• 38:16
  the
• 38:16
  supply
• 38:16
  and
• 38:16
  there
• 38:16
  is
• 38:17
  demand
• 38:17
  so
• 38:17
  they
• 38:17
  can
• 38:17
  charge
• 38:18
  more.
• 38:18
  It's
• 38:18
  a
• 38:18
  strange
• 38:18
  state
• 38:19
  of
• 38:19
  affairs.
• 38:19
  But
• 38:20
  like
• 38:20
  for
• 38:20
  your
• 38:20
  day
• 38:21
  to
• 38:21
  day
• 38:21
  money
• 38:21
  management,
• 38:22
  you
• 38:23
  know,
• 38:23
  just
• 38:24
  it's
• 38:24
  about
• 38:24
  minimizing,
• 38:25
  minimizing
• 38:26
  the
• 38:26
  cost
• 38:26
  and
• 38:26
  it
• 38:27
  is
• 38:27
  about
• 38:27
  building
• 38:28
  that
• 38:28
  safety
• 38:28
  net
• 38:29
  and
• 38:29
  tuning
• 38:30
  out
• 38:30
  the
• 38:30
  news.
• 38:31
  It
• 38:31
  can
• 38:31
  be
• 38:32
  a
• 38:32
  lot
• 38:32
  of
• 38:32
  noise
• 38:33
  and
• 38:33
  that
• 38:33
  can
• 38:33
  get
• 38:33
  in
• 38:34
  your
• 38:34
  head.
• 38:35
  Which,
• 38:35
  which
• 38:35
  I
• 38:36
  always
• 38:36
  think
• 38:36
  like
• 38:36
  I'll
• 38:37
  monitor
• 38:37
  the
• 38:37
  news
• 38:38
  for
• 38:38
  my
• 38:38
  job,
• 38:39
  but
• 38:39
  I
• 38:39
  really
• 38:39
  make
• 38:40
  sure
• 38:40
  not
• 38:40
  too
• 38:40
  much.
• 38:41
  Even
• 38:41
  with
• 38:41
  the
• 38:41
  amount
• 38:42
  that
• 38:42
  I
• 38:42
  need
• 38:42
  to
• 38:42
  know
• 38:43
  for
• 38:43
  my
• 38:43
  job.
• 38:43
  Which
• 38:44
  is
• 38:44
  far
• 38:44
  more
• 38:44
  than
• 38:44
  the
• 38:44
  average
• 38:45
  investor.
• 38:45
  The
• 38:45
  average
• 38:45
  investor
• 38:46
  can
• 38:46
  absolutely
• 38:46
  set
• 38:47
  and
• 38:47
  forget
• 38:47
  far
• 38:47
  more
• 38:47
  than
• 38:48
  I
• 38:48
  do.
• 38:49
  Even
• 38:49
  for
• 38:49
  the
• 38:49
  amount
• 38:50
  I
• 38:50
  need
• 38:50
  to
• 38:50
  know.
• 38:50
  I'm
• 38:50
  very
• 38:51
  curated
• 38:51
  about
• 38:51
  how
• 38:51
  much
• 38:52
  news
• 38:52
  I
• 38:52
  pick
• 38:52
  up.
• 38:52
  Cause
• 38:52
  it
• 38:52
  gets
• 38:53
  in
• 38:53
  your
• 38:53
  head
• 38:53
  and
• 38:53
  it
• 38:53
  sends
• 38:53
  you
• 38:54
  on
• 38:54
  a
• 38:54
  doom
• 38:54
  spiral
• 38:54
  and
• 38:55
  that's
• 38:55
  not
• 38:55
  actually
• 38:55
  helpful.
• 38:56
  It
• 38:56
  can
• 38:56
  really
• 38:57
  make
• 38:57
  you
• 38:57
  feel
• 38:57
  like
• 38:57
  things
• 38:57
  are
• 38:58
  far
• 38:58
  worse
• 38:58
  than
• 38:58
  they
• 38:59
  are.
• 38:59
  If
• 38:59
  someone
• 39:00
  is
• 39:00
  listening
• 39:00
  to
• 39:00
  this
• 39:01
  and
• 39:01
  they're
• 39:01
  thinking,
• 39:01
  I
• 39:02
  love
• 39:02
  investing,
• 39:03
  I
• 39:03
  want
• 39:03
  to
• 39:03
  keep
• 39:04
  investing.
• 39:04
  But
• 39:04
  I
• 39:05
  have
• 39:05
  made
• 39:05
  a
• 39:05
  couple
• 39:05
  of
• 39:05
  these
• 39:06
  mistakes.
• 39:06
  Where
• 39:07
  would
• 39:07
  you
• 39:07
  start
• 39:07
  in
• 39:08
  terms
• 39:08
  of
• 39:08
  course
• 39:09
  correcting?
• 39:09
  What
• 39:10
  would
• 39:10
  be
• 39:10
  your
• 39:10
  sort
• 39:11
  of
• 39:11
  number
• 39:11
  one
• 39:11
  priorities
• 39:12
  for
• 39:12
  some
• 39:13
  smart
• 39:14
  long
• 39:14
  term
• 39:15
  investing
• 39:15
  strategies?
• 39:16
  So
• 39:16
  look
• 39:17
  at
• 39:17
  what
• 39:17
  your
• 39:17
  goals
• 39:17
  are.
• 39:17
  And
• 39:18
  it
• 39:18
  sounds
• 39:18
  like
• 39:18
  they
• 39:18
  are
• 39:19
  long
• 39:19
  term.
• 39:19
  People
• 39:19
  are
• 39:20
  like,
• 39:20
  okay,
• 39:20
  I'm
• 39:21
  in
• 39:21
  my
• 39:21
  20s,
• 39:21
  30s,
• 39:22
  40s
• 39:23
  and
• 39:23
  50s
• 39:23
  or
• 39:23
  60s.
• 39:24
  I'm
• 39:24
  looking
• 39:24
  for
• 39:24
  the
• 39:24
  long
• 39:25
  term
• 39:25
  here
• 39:26
  and
• 39:27
  work
• 39:27
  backwards
• 39:27
  from
• 39:28
  that.
• 39:28
  So
• 39:29
  if
• 39:29
  people
• 39:29
  have
• 39:29
  the
• 39:30
  disposable
• 39:30
  income
• 39:31
  to
• 39:31
  be
• 39:31
  able
• 39:31
  to
• 39:31
  invest,
• 39:32
  then
• 39:32
  it's
• 39:33
  going
• 39:33
  to
• 39:33
  be
• 39:33
  long
• 39:34
  term,
• 39:35
  dollar
• 39:35
  cost
• 39:35
  averaging
• 39:36
  in
• 39:36
  a
• 39:37
  sense
• 39:37
  probably
• 39:38
  where
• 39:38
  they'll
• 39:38
  contribute
• 39:39
  something
• 39:39
  every
• 39:39
  week,
• 39:40
  every
• 39:40
  month,
• 39:40
  every
• 39:40
  fortnight,
• 39:41
  whatever.
• 39:41
  And
• 39:42
  then
• 39:42
  from
• 39:42
  there,
• 39:43
  where
• 39:43
  does
• 39:43
  it
• 39:43
  go?
• 39:44
  Well,
• 39:44
  look
• 39:44
  at
• 39:44
  what
• 39:45
  you're
• 39:45
  aligned
• 39:45
  with.
• 39:45
  Some
• 39:45
  people
• 39:46
  like
• 39:46
  aggressive
• 39:47
  funds,
• 39:47
  some
• 39:48
  people
• 39:48
  like
• 39:48
  actively
• 39:49
  managed
• 39:49
  funds.
• 39:50
  Uh,
• 39:50
  some
• 39:50
  people
• 39:50
  just
• 39:51
  like
• 39:51
  a
• 39:51
  standard
• 39:52
  balanced
• 39:52
  fund.
• 39:53
  I've
• 39:53
  always
• 39:53
  wondered
• 39:54
  who
• 39:54
  invests
• 39:54
  in
• 39:54
  them.
• 39:55
  Lots
• 39:55
  of
• 39:55
  people.
• 39:56
  Lots
• 39:56
  of
• 39:56
  people
• 39:56
  do.
• 39:56
  They
• 39:56
  don't
• 39:57
  want
• 39:57
  to
• 39:57
  be
• 39:57
  too,
• 39:59
  too
• 39:59
  aggressive.
• 39:59
  They
• 39:59
  don't
• 39:59
  want
• 40:00
  to
• 40:00
  be
• 40:00
  too
• 40:00
  conservative.
• 40:01
  So
• 40:01
  hence
• 40:01
  the
• 40:01
  balanced
• 40:01
  fund
• 40:02
  or
• 40:02
  the
• 40:02
  moderate
• 40:02
  fund.
• 40:03
  Growth
• 40:03
  funds
• 40:04
  suit
• 40:04
  people
• 40:05
  and
• 40:05
  just
• 40:05
  look
• 40:05
  at
• 40:06
  what
• 40:07
  suits
• 40:08
  you,
• 40:08
  who
• 40:08
  the
• 40:08
  provider
• 40:09
  is
• 40:09
  or
• 40:09
  who
• 40:09
  the
• 40:09
  fund
• 40:10
  manager
• 40:10
  is,
• 40:10
  what
• 40:10
  the
• 40:10
  fees
• 40:11
  are,
• 40:11
  what
• 40:11
  the
• 40:11
  returns
• 40:12
  have
• 40:12
  been.
• 40:13
  Just
• 40:13
  have
• 40:13
  a
• 40:13
  look
• 40:14
  and
• 40:14
  look
• 40:15
  on
• 40:15
  Reddit.
• 40:15
  I
• 40:16
  really
• 40:16
  do
• 40:16
  rate
• 40:17
  personal
• 40:17
  finance
• 40:17
  nz
• 40:18
  on
• 40:18
  Reddit
• 40:18
  because
• 40:19
  there's
• 40:19
  a
• 40:19
  lot
• 40:19
  of
• 40:19
  information
• 40:20
  on
• 40:20
  that.
• 40:21
  That's
• 40:22
  basically
• 40:22
  it.
• 40:22
  There's
• 40:22
  no
• 40:23
  secret
• 40:23
  to
• 40:23
  it.
• 40:24
  It
• 40:24
  just
• 40:24
  takes
• 40:24
  time.
• 40:25
  I
• 40:26
  do
• 40:26
  see
• 40:26
  a
• 40:26
  lot
• 40:26
  of
• 40:27
  stuff
• 40:27
  out
• 40:27
  there
• 40:27
  about
• 40:29
  YouTube
• 40:29
  courses
• 40:30
  and
• 40:30
  paid
• 40:30
  courses
• 40:31
  and
• 40:32
  academies
• 40:33
  and
• 40:34
  like
• 40:34
  all
• 40:34
  this
• 40:34
  stuff.
• 40:35
  And
• 40:35
  I'm
• 40:36
  like,
• 40:36
  okay,
• 40:38
  there's
• 40:38
  so
• 40:38
  much
• 40:38
  stuff
• 40:39
  out
• 40:39
  there
• 40:39
  on
• 40:39
  free
• 40:40
  look,
• 40:40
  we've.
• 40:41
  Referenced
• 40:41
  a
• 40:41
  couple
• 40:41
  of
• 40:42
  the
• 40:42
  guides
• 40:42
  that
• 40:42
  you
• 40:42
  have.
• 40:44
  We've
• 40:44
  got
• 40:44
  you
• 40:45
  on
• 40:45
  here
• 40:45
  because
• 40:46
  you
• 40:46
  have
• 40:46
  so
• 40:47
  much
• 40:47
  good
• 40:47
  info.
• 40:47
  So
• 40:48
  hit
• 40:48
  us
• 40:48
  with
• 40:49
  it,
• 40:49
  Hit
• 40:49
  us
• 40:49
  with
• 40:49
  all
• 40:49
  the
• 40:49
  plugs.
• 40:50
  Where
• 40:50
  can
• 40:50
  people
• 40:50
  find
• 40:50
  you
• 40:50
  and
• 40:50
  your
• 40:51
  great
• 40:51
  info?
• 40:51
  So
• 40:52
  there's
• 40:52
  so
• 40:53
  many
• 40:53
  guides
• 40:54
  about
• 40:54
  saving
• 40:55
  money,
• 40:55
  it's
• 40:55
  almost
• 40:56
  like
• 40:56
  half
• 40:56
  the
• 40:56
  website.
• 40:57
  No,
• 40:57
  it
• 40:57
  isn't,
• 40:57
  but
• 40:58
  it's,
• 40:58
  it
• 40:58
  is.
• 40:58
  It
• 40:59
  very
• 40:59
  much
• 40:59
  is
• 40:59
  like
• 40:59
  center
• 41:00
  point
• 41:00
  of
• 41:00
  it.
• 41:00
  So
• 41:00
  we
• 41:00
  have
• 41:01
  guides
• 41:01
  on
• 41:01
  saving
• 41:02
  money,
• 41:02
  on
• 41:02
  driving,
• 41:03
  saving
• 41:03
  money,
• 41:04
  on
• 41:04
  food,
• 41:05
  saving
• 41:05
  money.
• 41:06
  Just
• 41:06
  in
• 41:07
  general.
• 41:07
  There's
• 41:08
  debt
• 41:08
  help
• 41:08
  guides.
• 41:09
  If
• 41:09
  you
• 41:09
  just
• 41:10
  go
• 41:10
  to
• 41:10
  MoneyHub
• 41:10
  and
• 41:10
  just
• 41:11
  have
• 41:11
  a
• 41:11
  search
• 41:11
  and,
• 41:12
  and
• 41:13
  be
• 41:13
  taken
• 41:13
  on
• 41:14
  a
• 41:14
  journey
• 41:14
  and
• 41:15
  save
• 41:15
  money
• 41:16
  and
• 41:16
  look
• 41:17
  at
• 41:17
  the
• 41:17
  principles
• 41:17
  behind
• 41:18
  it,
• 41:18
  which
• 41:18
  is
• 41:18
  really
• 41:18
  just
• 41:19
  doing
• 41:19
  a
• 41:19
  lot
• 41:19
  more
• 41:19
  with
• 41:19
  a
• 41:19
  lot
• 41:20
  less.
• 41:20
  And
• 41:20
  you
• 41:21
  have
• 41:21
  some
• 41:21
  great
• 41:21
  product
• 41:22
  comparisons
• 41:22
  as
• 41:22
  well.
• 41:23
  Yeah,
• 41:23
  even
• 41:24
  whenever
• 41:24
  I'm
• 41:24
  Sort
• 41:25
  of
• 41:25
  skipping
• 41:25
  around
• 41:26
  and
• 41:26
  being
• 41:26
  like,
• 41:26
  wait,
• 41:27
  who's
• 41:27
  around
• 41:27
  on
• 41:27
  this
• 41:28
  and
• 41:28
  what's
• 41:28
  the
• 41:28
  basic
• 41:29
  things?
• 41:29
  The
• 41:29
  number
• 41:29
  of
• 41:30
  times
• 41:30
  I
• 41:30
  put
• 41:30
  into
• 41:30
  Google
• 41:31
  and
• 41:31
  Money
• 41:31
  Hub
• 41:32
  pops
• 41:32
  up
• 41:32
  first.
• 41:33
  Thanks.
• 41:33
  We
• 41:33
  hear
• 41:33
  that.
• 41:34
  Thank
• 41:34
  you.
• 41:34
  I'm
• 41:35
  not
• 41:35
  afraid
• 41:35
  to
• 41:35
  make
• 41:35
  critical
• 41:36
  comments
• 41:37
  around
• 41:37
  these
• 41:37
  companies.
• 41:38
  There's
• 41:39
  no,
• 41:40
  oh,
• 41:40
  we're
• 41:41
  gold
• 41:41
  star
• 41:41
  rewards
• 41:42
  for,
• 41:43
  like,
• 41:43
  all
• 41:43
  this
• 41:43
  stuff
• 41:44
  or
• 41:44
  Most
• 41:45
  trusted,
• 41:45
  all
• 41:45
  this
• 41:45
  stuff.
• 41:46
  I'm
• 41:46
  not
• 41:46
  throwing
• 41:46
  shade
• 41:46
  on
• 41:46
  any
• 41:46
  of
• 41:47
  these
• 41:47
  things,
• 41:47
  but
• 41:47
  we're
• 41:47
  just
• 41:47
  like,
• 41:48
  okay,
• 41:49
  this
• 41:49
  is
• 41:49
  the
• 41:49
  insurance
• 41:50
  policy,
• 41:50
  this
• 41:50
  is
• 41:51
  what
• 41:51
  it
• 41:51
  covers,
• 41:51
  and
• 41:51
  this
• 41:52
  is
• 41:52
  how
• 41:52
  it
• 41:52
  compares
• 41:52
  to
• 41:53
  somebody
• 41:53
  else.
• 41:53
  Because
• 41:54
  we
• 41:54
  just
• 41:54
  want
• 41:54
  to
• 41:54
  share
• 41:54
  information.
• 41:55
  And
• 41:55
  you
• 41:56
  do
• 41:56
  great
• 41:56
  at
• 41:56
  that.
• 41:56
  Yeah,
• 41:56
  I
• 41:57
  really,
• 41:57
  really
• 41:57
  appreciate
• 41:57
  it.
• 41:58
  All
• 41:58
  right,
• 41:58
  Chris
• 41:59
  Walsh
• 41:59
  from
• 41:59
  Money
• 42:00
  Hub.
• 42:00
  Thank
• 42:00
  you
• 42:00
  so
• 42:01
  much
• 42:01
  for
• 42:01
  coming
• 42:01
  on
• 42:01
  and
• 42:01
  sharing
• 42:01
  expertise.
• 42:02
  We're
• 42:02
  going
• 42:02
  to
• 42:02
  have
• 42:02
  to
• 42:02
  get
• 42:02
  you
• 42:02
  back.
• 42:03
  So
• 42:03
  if
• 42:03
  you,
• 42:04
  if
• 42:04
  you
• 42:04
  liked
• 42:04
  what
• 42:04
  he
• 42:04
  has
• 42:05
  to
• 42:05
  say
• 42:05
  and
• 42:05
  you
• 42:05
  would
• 42:06
  like
• 42:06
  some
• 42:06
  more,
• 42:06
  then
• 42:07
  hit
• 42:07
  us
• 42:07
  up.
• 42:07
  We
• 42:07
  can
• 42:07
  bring
• 42:08
  him
• 42:08
  back.
• 42:08
  Well,
• 42:08
  when
• 42:08
  he's
• 42:08
  in
• 42:09
  the
• 42:09
  country,
• 42:09
  it's
• 42:09
  hard
• 42:09
  to
• 42:09
  get
• 42:09
  hold
• 42:10
  of,
• 42:10
  but
• 42:10
  we
• 42:10
  appreciate
• 42:10
  you
• 42:10
  when
• 42:11
  you're
• 42:11
  here.
• 42:12
  Let
• 42:12
  us
• 42:12
  know
• 42:12
  what
• 42:12
  you'd
• 42:13
  like
• 42:13
  to
• 42:13
  know
• 42:13
  from
• 42:13
  him
• 42:13
  and
• 42:13
  we
• 42:14
  can
• 42:14
  always
• 42:14
  bring
• 42:14
  him
• 42:14
  back
• 42:14
  for
• 42:14
  another
• 42:15
  chat.
• 42:15
  Share
• 42:15
  this
• 42:16
  episode
• 42:16
  with
• 42:16
  a
• 42:16
  friend
• 42:16
  so
• 42:17
  we
• 42:17
  can
• 42:17
  all
• 42:17
  level
• 42:17
  up
• 42:17
  with
• 42:18
  money
• 42:18
  together.
• 42:18
  Until
• 42:18
  next
• 42:19
  time,
• 42:19
  have
• 42:19
  a
• 42:19
  great
• 42:19
  day.
• 42:21
  This
• 42:21
  podcast
• 42:22
  can
• 42:22
  only
• 42:22
  give
• 42:23
  you
• 42:23
  general
• 42:23
  information
• 42:24
  about
• 42:24
  how
• 42:24
  things
• 42:25
  work
• 42:25
  in
• 42:25
  most
• 42:26
  situations.
• 42:27
  It's
• 42:27
  not
• 42:27
  individual
• 42:28
  financial
• 42:28
  advice.
• 42:29
  If
• 42:29
  you're
• 42:29
  after
• 42:30
  that,
• 42:30
  a
• 42:30
  financial
• 42:31
  advisor
• 42:31
  is
• 42:31
  always
• 42:32
  the
• 42:32
  best
• 42:32
  bet.