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The $2 Daily Habit That Could Be Worth $419,000 at Retirement · Making Cents

• 0:00
  The
• 0:00
  smallest
• 0:01
  of
• 0:01
  changes
• 0:01
  can
• 0:01
  turn
• 0:02
  into
• 0:02
  the
• 0:02
  biggest
• 0:02
  of
• 0:03
  wins.
• 0:03
  The
• 0:03
  trick
• 0:04
  is
• 0:04
  creating
• 0:05
  the
• 0:05
  systems
• 0:05
  that
• 0:06
  keep
• 0:06
  you
• 0:06
  going
• 0:06
  with
• 0:07
  them.
• 0:07
  There's
• 0:08
  a
• 0:08
  whole
• 0:08
  science
• 0:09
  behind
• 0:09
  how
• 0:09
  you
• 0:09
  do
• 0:10
  exactly
• 0:10
  that.
• 0:11
  It's
• 0:11
  what
• 0:12
  Mark
• 0:12
  White
• 0:12
  Robinson
• 0:13
  is
• 0:13
  using
• 0:13
  to
• 0:14
  build
• 0:14
  an
• 0:14
  interesting
• 0:14
  new
• 0:15
  finance
• 0:15
  app.
• 0:16
  He's
• 0:16
  the
• 0:16
  co
• 0:16
  founder
• 0:17
  of
• 0:17
  Feejoa,
• 0:18
  which
• 0:18
  rounds
• 0:18
  up
• 0:18
  your
• 0:19
  everyday
• 0:19
  purchases,
• 0:20
  then
• 0:20
  tips
• 0:20
  that
• 0:20
  spare
• 0:21
  change
• 0:21
  into
• 0:22
  your
• 0:22
  kiwisaver.
• 0:23
  And
• 0:23
  he's
• 0:24
  also
• 0:24
  a
• 0:25
  big
• 0:25
  believer
• 0:26
  that
• 0:26
  these
• 0:26
  tiny
• 0:27
  consistent
• 0:28
  habits
• 0:29
  can
• 0:29
  beat
• 0:29
  the
• 0:29
  big
• 0:30
  dramatic
• 0:30
  ones.
• 0:31
  Ironically,
• 0:31
  the
• 0:32
  worst
• 0:32
  decision
• 0:32
  you
• 0:32
  can
• 0:33
  usually
• 0:33
  make
• 0:33
  is
• 0:33
  to
• 0:33
  do
• 0:34
  nothing.
• 0:34
  Again,
• 0:34
  that
• 0:35
  fear
• 0:35
  of
• 0:35
  actually
• 0:36
  actively
• 0:36
  making
• 0:37
  a
• 0:37
  wrong
• 0:37
  choice
• 0:37
  is
• 0:37
  so
• 0:38
  powerful
• 0:38
  people
• 0:38
  just
• 0:38
  default
• 0:39
  to
• 0:39
  an
• 0:39
  action
• 0:40
  because
• 0:40
  just.
• 0:41
  Like
• 0:41
  eating
• 0:41
  broccoli
• 0:42
  at
• 0:42
  dinner
• 0:42
  time,
• 0:42
  we
• 0:43
  know
• 0:43
  what's
• 0:43
  good
• 0:44
  for
• 0:44
  us
• 0:44
  with
• 0:44
  our
• 0:44
  money.
• 0:45
  We
• 0:45
  just
• 0:46
  don't
• 0:46
  always
• 0:46
  want
• 0:47
  to
• 0:47
  do
• 0:47
  it.
• 0:48
  Now,
• 0:48
  cheese
• 0:49
  sauce
• 0:49
  is
• 0:49
  the
• 0:49
  trick
• 0:49
  with
• 0:50
  broccoli,
• 0:50
  but
• 0:51
  what
• 0:51
  about
• 0:51
  the
• 0:51
  changes
• 0:52
  we
• 0:52
  could
• 0:52
  be
• 0:52
  making
• 0:53
  with
• 0:53
  our
• 0:53
  money?
• 0:53
  I'm
• 0:54
  not
• 0:54
  missing
• 0:54
  this
• 0:54
  $2
• 0:55
  a
• 0:55
  day,
• 0:55
  but
• 0:56
  it's
• 0:56
  $419,000
• 0:58
  by
• 0:58
  the
• 0:58
  time
• 0:58
  she
• 0:58
  retires.
• 0:59
  That's
• 0:59
  more
• 0:59
  than
• 0:59
  most
• 0:59
  people
• 0:59
  have
• 1:00
  when
• 1:00
  they
• 1:00
  retire.
• 1:01
  And
• 1:01
  what
• 1:01
  about
• 1:01
  the
• 1:01
  human
• 1:02
  quirks
• 1:02
  and
• 1:02
  how
• 1:03
  we
• 1:03
  handle
• 1:03
  our
• 1:03
  money
• 1:04
  and
• 1:04
  anything
• 1:04
  we
• 1:05
  should
• 1:05
  be
• 1:05
  careful
• 1:05
  of?
• 1:06
  Now
• 1:06
  that
• 1:06
  Mark's
• 1:07
  got
• 1:07
  the
• 1:07
  behind
• 1:07
  the
• 1:07
  scenes
• 1:08
  access
• 1:08
  to
• 1:08
  what
• 1:08
  we
• 1:09
  actually
• 1:09
  do
• 1:09
  with
• 1:09
  our
• 1:10
  cash,
• 1:10
  what
• 1:11
  has
• 1:11
  he
• 1:11
  learned
• 1:12
  in
• 1:12
  terms
• 1:12
  of
• 1:12
  the
• 1:12
  difference
• 1:13
  between
• 1:13
  what
• 1:13
  we
• 1:14
  say
• 1:14
  we
• 1:14
  want
• 1:14
  to
• 1:14
  do
• 1:15
  and
• 1:15
  what
• 1:15
  we
• 1:16
  actually
• 1:17
  do?
• 1:17
  Decades
• 1:18
  is
• 1:18
  what
• 1:19
  you
• 1:19
  need
• 1:19
  for
• 1:19
  retirement.
• 1:20
  Keeping
• 1:20
  up
• 1:21
  good
• 1:21
  behaviour
• 1:21
  for
• 1:21
  decades
• 1:22
  is
• 1:22
  really,
• 1:22
  really
• 1:22
  hard.
• 1:22
  So
• 1:23
  finding
• 1:23
  a
• 1:23
  way
• 1:23
  to
• 1:24
  that
• 1:24
  you
• 1:24
  can
• 1:25
  forget
• 1:25
  about
• 1:25
  is
• 1:26
  pretty
• 1:26
  much
• 1:26
  the
• 1:26
  best
• 1:26
  thing
• 1:26
  you
• 1:27
  can
• 1:27
  do.
• 1:27
  So
• 1:28
  welcome
• 1:28
  to
• 1:28
  Making
• 1:28
  Sense.
• 1:29
  It's
• 1:29
  the
• 1:29
  podcast
• 1:30
  for
• 1:30
  people
• 1:30
  who
• 1:30
  want
• 1:30
  financial
• 1:31
  freedom
• 1:31
  without
• 1:32
  giving
• 1:32
  up
• 1:32
  their
• 1:32
  coffee.
• 1:33
  I'm
• 1:33
  Frances
• 1:34
  Cook,
• 1:34
  financial
• 1:35
  journalist
• 1:35
  and
• 1:35
  fellow
• 1:36
  financial
• 1:36
  freedom
• 1:37
  seeker
• 1:37
  who
• 1:37
  makes
• 1:38
  money
• 1:38
  simple
• 1:38
  for
• 1:39
  you.
• 1:39
  Today,
• 1:40
  it's
• 1:40
  the
• 1:40
  $2
• 1:41
  habit
• 1:41
  that
• 1:41
  builds.
• 1:42
  Real
• 1:42
  wealth
• 1:42
  and
• 1:43
  the
• 1:43
  behavioral
• 1:43
  science
• 1:44
  behind
• 1:44
  why
• 1:45
  it
• 1:45
  works.
• 1:46
  This
• 1:46
  episode
• 1:47
  of
• 1:47
  Making
• 1:47
  Sense
• 1:48
  is
• 1:48
  supported
• 1:48
  by
• 1:48
  Odoo.
• 1:49
  The
• 1:49
  all
• 1:50
  in
• 1:50
  one
• 1:50
  solution
• 1:50
  to
• 1:51
  make
• 1:51
  running
• 1:51
  your
• 1:51
  business
• 1:52
  smoother
• 1:52
  and
• 1:52
  more
• 1:53
  affordable.
• 1:53
  Go
• 1:54
  to
• 1:54
  odoo.com,
• 1:55
  that's
• 1:55
  o-o.com
• 1:57
  for
• 1:57
  more.
• 1:58
  I
• 1:58
  want
• 1:59
  to
• 1:59
  help
• 1:59
  as
• 1:59
  many
• 1:59
  people
• 2:00
  as
• 2:00
  possible
• 2:00
  reach
• 2:01
  financial
• 2:01
  freedom
• 2:02
  by
• 2:02
  taking
• 2:02
  control
• 2:03
  of
• 2:03
  their
• 2:03
  money.
• 2:04
  You
• 2:04
  can
• 2:04
  help
• 2:05
  me
• 2:05
  in
• 2:05
  that
• 2:05
  mission
• 2:06
  two
• 2:06
  really
• 2:07
  easy
• 2:07
  ways.
• 2:08
  First
• 2:08
  hit
• 2:08
  subscribe
• 2:09
  wherever
• 2:09
  you
• 2:10
  like
• 2:10
  to
• 2:10
  listen,
• 2:10
  YouTube,
• 2:11
  Spotify,
• 2:12
  Apple
• 2:12
  Podcasts
• 2:13
  or
• 2:13
  any
• 2:13
  other
• 2:13
  podcast
• 2:14
  player.
• 2:14
  Then
• 2:15
  subscribe,
• 2:15
  send
• 2:16
  this
• 2:16
  episode
• 2:16
  to
• 2:16
  a
• 2:16
  friend
• 2:17
  so
• 2:17
  we
• 2:17
  can
• 2:17
  all
• 2:18
  level
• 2:18
  up
• 2:18
  together.
• 2:19
  Then
• 2:19
  the
• 2:19
  show
• 2:19
  grows
• 2:20
  and
• 2:20
  I
• 2:20
  can
• 2:20
  keep
• 2:21
  giving
• 2:21
  you
• 2:21
  the
• 2:21
  money
• 2:22
  info
• 2:22
  that
• 2:22
  makes
• 2:23
  a
• 2:23
  difference
• 2:23
  for
• 2:24
  your
• 2:24
  life.
• 2:24
  Okay,
• 2:25
  back
• 2:25
  to
• 2:25
  it.
• 2:26
  Welcome.
• 2:26
  Look
• 2:27
  really
• 2:27
  Pleased
• 2:28
  to
• 2:28
  have
• 2:28
  you
• 2:28
  here
• 2:28
  on
• 2:29
  Making
• 2:29
  Sense.
• 2:30
  Look,
• 2:30
  I
• 2:31
  am
• 2:31
  such
• 2:31
  a
• 2:31
  big
• 2:31
  believer
• 2:32
  in
• 2:33
  small
• 2:33
  things
• 2:33
  becoming
• 2:34
  big
• 2:34
  things.
• 2:35
  I've
• 2:36
  talked
• 2:36
  about
• 2:36
  on
• 2:36
  this
• 2:36
  pod
• 2:37
  all
• 2:37
  the
• 2:37
  time.
• 2:38
  And
• 2:38
  then
• 2:38
  here
• 2:38
  you
• 2:38
  are.
• 2:39
  You've
• 2:39
  basically
• 2:39
  built
• 2:40
  a
• 2:40
  business
• 2:40
  around
• 2:40
  that
• 2:40
  idea.
• 2:41
  Love
• 2:41
  it.
• 2:42
  Talk
• 2:42
  to
• 2:42
  me
• 2:42
  about
• 2:43
  your
• 2:44
  business
• 2:44
  and
• 2:45
  the
• 2:45
  idea
• 2:45
  of
• 2:45
  small
• 2:45
  things
• 2:45
  becoming
• 2:46
  big
• 2:46
  things.
• 2:46
  Cool.
• 2:47
  Yeah.
• 2:47
  So
• 2:47
  we're
• 2:47
  vgr
• 2:48
  where
• 2:49
  we've
• 2:49
  launched
• 2:49
  a
• 2:49
  product
• 2:50
  into
• 2:50
  market
• 2:50
  about
• 2:51
  seven
• 2:51
  months
• 2:51
  ago,
• 2:51
  just
• 2:52
  that
• 2:52
  turns
• 2:53
  your
• 2:53
  spending
• 2:53
  into
• 2:54
  savings.
• 2:54
  We
• 2:55
  want
• 2:55
  to
• 2:55
  build
• 2:55
  a
• 2:55
  world
• 2:55
  where
• 2:56
  saving
• 2:57
  is
• 2:57
  as
• 2:57
  simple
• 2:57
  as
• 2:57
  spending.
• 2:58
  So
• 2:59
  what
• 2:59
  we
• 2:59
  do
• 2:59
  is
• 3:00
  we
• 3:00
  use
• 3:00
  open
• 3:00
  banking
• 3:01
  to
• 3:01
  connect
• 3:02
  to
• 3:02
  your
• 3:02
  bank
• 3:02
  accounts
• 3:03
  and
• 3:03
  we
• 3:03
  monitor
• 3:03
  your
• 3:03
  transactions
• 3:04
  and
• 3:05
  then
• 3:05
  we
• 3:05
  initiate
• 3:05
  a
• 3:06
  roundup
• 3:06
  to
• 3:06
  the
• 3:07
  nearest
• 3:07
  $2,
• 3:08
  $5
• 3:09
  and,
• 3:09
  and
• 3:09
  deposit
• 3:09
  it
• 3:09
  straight
• 3:10
  into
• 3:10
  your
• 3:10
  or
• 3:10
  your
• 3:10
  loved
• 3:11
  one's
• 3:11
  Kiwisaver
• 3:12
  accounts.
• 3:12
  So
• 3:12
  the
• 3:12
  idea
• 3:13
  is
• 3:13
  that
• 3:13
  each
• 3:14
  and
• 3:14
  every
• 3:14
  day,
• 3:14
  every
• 3:14
  time
• 3:15
  you
• 3:15
  spend,
• 3:15
  you're
• 3:15
  getting
• 3:16
  a
• 3:16
  few
• 3:16
  cents
• 3:16
  here
• 3:16
  and
• 3:16
  there
• 3:17
  and
• 3:17
  it's
• 3:17
  going
• 3:17
  towards
• 3:18
  your
• 3:19
  Kiwisaver.
• 3:19
  And
• 3:19
  that's
• 3:20
  the
• 3:20
  best
• 3:20
  tool
• 3:20
  for
• 3:21
  long
• 3:21
  term
• 3:21
  growth
• 3:21
  that
• 3:21
  most
• 3:22
  New
• 3:22
  Zealanders
• 3:22
  have.
• 3:22
  So
• 3:23
  when
• 3:24
  you
• 3:24
  said
• 3:24
  your
• 3:24
  loved
• 3:24
  ones
• 3:24
  there,
• 3:25
  I
• 3:25
  hadn't
• 3:25
  caught
• 3:25
  onto
• 3:25
  that
• 3:26
  part
• 3:26
  of
• 3:26
  it.
• 3:26
  Can
• 3:26
  you
• 3:26
  nominate
• 3:27
  someone
• 3:27
  else?
• 3:27
  Yeah,
• 3:27
  yeah.
• 3:28
  So
• 3:28
  we
• 3:28
  actually
• 3:28
  have
• 3:28
  a
• 3:29
  huge
• 3:29
  lot
• 3:29
  of
• 3:29
  our
• 3:30
  customers
• 3:30
  who
• 3:31
  share
• 3:31
  it
• 3:31
  with
• 3:32
  their
• 3:32
  loved
• 3:32
  ones.
• 3:32
  Either,
• 3:33
  you
• 3:33
  know,
• 3:34
  husband
• 3:34
  and
• 3:34
  wife
• 3:35
  sharing
• 3:35
  it
• 3:35
  or
• 3:35
  to
• 3:35
  the
• 3:36
  kids
• 3:36
  or.
• 3:36
  I
• 3:37
  was
• 3:37
  just
• 3:37
  thinking
• 3:37
  kids.
• 3:37
  Yeah,
• 3:38
  that'd
• 3:38
  be
• 3:38
  so
• 3:38
  helpful.
• 3:39
  Yeah,
• 3:40
  we
• 3:40
  have
• 3:40
  a
• 3:40
  lot
• 3:40
  of
• 3:40
  those.
• 3:41
  And
• 3:41
  then
• 3:41
  we
• 3:41
  actually
• 3:41
  have
• 3:42
  a
• 3:42
  huge
• 3:42
  amount
• 3:42
  of
• 3:42
  grandparents
• 3:43
  who
• 3:43
  share
• 3:43
  it
• 3:44
  to
• 3:44
  their
• 3:44
  grandkids,
• 3:45
  so.
• 3:45
  Including
• 3:46
  one
• 3:46
  of
• 3:46
  our
• 3:46
  beta
• 3:46
  users
• 3:47
  who
• 3:47
  started
• 3:47
  right
• 3:48
  from
• 3:48
  back
• 3:48
  in
• 3:48
  the
• 3:48
  day.
• 3:49
  He
• 3:49
  wasn't
• 3:49
  in
• 3:49
  Kiwisaver
• 3:50
  himself,
• 3:50
  but
• 3:50
  he
• 3:50
  gave
• 3:51
  it
• 3:51
  to
• 3:51
  his
• 3:51
  five
• 3:51
  grandkids.
• 3:52
  So
• 3:52
  every
• 3:52
  time
• 3:52
  he
• 3:52
  buys
• 3:53
  his
• 3:53
  coffee,
• 3:54
  you
• 3:54
  know,
• 3:55
  each
• 3:55
  grandkid
• 3:55
  gets
• 3:56
  10
• 3:56
  cents
• 3:56
  towards
• 3:56
  their
• 3:57
  future.
• 3:57
  That
• 3:58
  is
• 3:58
  a
• 3:58
  really
• 3:58
  good
• 3:58
  way
• 3:58
  as
• 3:59
  a
• 3:59
  grandparent
• 3:59
  to
• 3:59
  be
• 3:59
  like,
• 4:00
  oh,
• 4:00
  I'm
• 4:00
  going
• 4:00
  out
• 4:00
  for
• 4:01
  coffee.
• 4:01
  It's
• 4:01
  for
• 4:02
  the
• 4:02
  grandkids.
• 4:04
  Genius.
• 4:05
  I
• 4:05
  see
• 4:05
  that
• 4:05
  in
• 4:05
  my
• 4:06
  future.
• 4:06
  I
• 4:06
  do
• 4:07
  think
• 4:07
  a
• 4:07
  lot
• 4:07
  of
• 4:08
  money
• 4:09
  and
• 4:09
  getting
• 4:09
  better
• 4:10
  with
• 4:10
  money.
• 4:11
  We
• 4:11
  often
• 4:12
  know,
• 4:12
  at
• 4:12
  least
• 4:12
  at
• 4:12
  the
• 4:13
  start,
• 4:13
  we
• 4:13
  often
• 4:13
  know
• 4:14
  what
• 4:14
  we
• 4:14
  should
• 4:14
  be
• 4:14
  doing,
• 4:15
  we
• 4:15
  know
• 4:15
  what's
• 4:16
  good
• 4:16
  for
• 4:16
  us.
• 4:16
  And
• 4:16
  this
• 4:16
  is
• 4:16
  life
• 4:17
  too.
• 4:17
  Right?
• 4:18
  But
• 4:18
  we
• 4:18
  really
• 4:18
  quite
• 4:19
  struggle
• 4:20
  to
• 4:20
  do
• 4:20
  some
• 4:20
  of
• 4:21
  those
• 4:21
  easy
• 4:21
  ish
• 4:22
  wins.
• 4:22
  We
• 4:22
  just
• 4:23
  don't
• 4:23
  do
• 4:23
  it.
• 4:24
  Why
• 4:24
  do
• 4:24
  you
• 4:24
  think
• 4:24
  that
• 4:24
  is?
• 4:25
  There's
• 4:25
  three
• 4:25
  things
• 4:26
  that
• 4:26
  happen
• 4:26
  when
• 4:27
  you're
• 4:27
  trying
• 4:27
  to
• 4:27
  do
• 4:27
  the
• 4:27
  right
• 4:27
  thing
• 4:28
  with
• 4:28
  money.
• 4:28
  One,
• 4:28
  I
• 4:28
  think
• 4:29
  a
• 4:29
  lot
• 4:29
  of
• 4:29
  people
• 4:29
  have
• 4:29
  a
• 4:29
  lack
• 4:29
  of
• 4:30
  confidence
• 4:30
  around
• 4:30
  it,
• 4:30
  which
• 4:31
  stops
• 4:31
  them
• 4:32
  taking
• 4:32
  risk
• 4:32
  and
• 4:33
  making
• 4:33
  that
• 4:34
  first
• 4:34
  leap.
• 4:35
  You
• 4:35
  need
• 4:35
  to
• 4:35
  get
• 4:35
  started.
• 4:36
  The
• 4:36
  second
• 4:37
  is
• 4:37
  Like
• 4:37
  a
• 4:37
  lack
• 4:38
  of
• 4:38
  knowledge.
• 4:38
  People
• 4:38
  just
• 4:39
  don't
• 4:39
  know
• 4:40
  where
• 4:40
  to
• 4:40
  go
• 4:40
  for
• 4:41
  help
• 4:41
  and
• 4:41
  what
• 4:42
  to
• 4:42
  do.
• 4:42
  And
• 4:42
  so
• 4:43
  kind
• 4:43
  of
• 4:43
  you
• 4:43
  need
• 4:43
  a
• 4:44
  good
• 4:44
  default.
• 4:44
  Basically,
• 4:45
  start
• 4:45
  with
• 4:45
  three.
• 4:45
  There
• 4:46
  is
• 4:46
  too
• 4:46
  much
• 4:46
  friction
• 4:46
  in
• 4:47
  it.
• 4:47
  You
• 4:47
  know,
• 4:47
  anytime
• 4:47
  you
• 4:48
  sign
• 4:48
  up
• 4:48
  for
• 4:48
  a
• 4:48
  new
• 4:48
  account,
• 4:48
  you
• 4:49
  have
• 4:49
  to
• 4:49
  find
• 4:49
  your
• 4:49
  passport,
• 4:50
  you
• 4:50
  have
• 4:50
  to
• 4:50
  find
• 4:50
  a
• 4:50
  power
• 4:51
  bill,
• 4:51
  you
• 4:51
  have
• 4:51
  to
• 4:51
  take
• 4:51
  a
• 4:51
  photo
• 4:52
  of
• 4:52
  yourself.
• 4:52
  I
• 4:53
  think
• 4:53
  that
• 4:53
  stuff
• 4:53
  really
• 4:53
  puts
• 4:54
  people
• 4:54
  off
• 4:54
  and
• 4:54
  so
• 4:54
  they
• 4:55
  default
• 4:55
  to
• 4:55
  an
• 4:55
  action.
• 4:56
  You
• 4:56
  know,
• 4:56
  part
• 4:56
  of
• 4:56
  the
• 4:56
  reason
• 4:57
  we
• 4:57
  went
• 4:57
  with
• 4:57
  Roundup,
• 4:58
  because
• 4:58
  it
• 4:58
  is
• 4:58
  a
• 4:58
  kind
• 4:58
  of
• 4:58
  default
• 4:59
  behavior
• 4:59
  already.
• 4:59
  Right.
• 5:00
  You
• 5:00
  spend
• 5:01
  and
• 5:01
  it
• 5:01
  just
• 5:02
  rounds
• 5:03
  up
• 5:03
  to
• 5:03
  the
• 5:03
  nearest
• 5:03
  dollar.
• 5:04
  Like
• 5:04
  when
• 5:04
  I
• 5:04
  buy
• 5:04
  a
• 5:04
  coffee,
• 5:05
  I
• 5:05
  don't
• 5:05
  think,
• 5:06
  oh,
• 5:06
  that
• 5:06
  was
• 5:07
  $6.74
• 5:08
  or
• 5:08
  whatever
• 5:09
  it
• 5:09
  was.
• 5:09
  I
• 5:09
  think
• 5:09
  that
• 5:10
  was
• 5:10
  about
• 5:10
  $7.
• 5:11
  So
• 5:11
  I
• 5:11
  already
• 5:12
  think
• 5:12
  like
• 5:13
  that
• 5:13
  anyway,
• 5:13
  so
• 5:13
  that
• 5:13
  Roundup
• 5:14
  behavior
• 5:14
  is
• 5:14
  really
• 5:15
  kind
• 5:15
  of
• 5:15
  a
• 5:15
  default,
• 5:15
  frictionless
• 5:16
  way
• 5:16
  to
• 5:16
  do
• 5:16
  it.
• 5:16
  Yeah.
• 5:17
  And
• 5:17
  I
• 5:17
  often
• 5:17
  think
• 5:18
  as
• 5:18
  well,
• 5:18
  and
• 5:18
  I'd
• 5:19
  love
• 5:19
  your
• 5:19
  thoughts
• 5:19
  on
• 5:19
  this,
• 5:19
  is
• 5:20
  that
• 5:20
  whenever
• 5:21
  it's
• 5:21
  an
• 5:21
  area
• 5:22
  that
• 5:22
  feels
• 5:22
  important
• 5:23
  that
• 5:24
  we
• 5:24
  are
• 5:24
  more
• 5:24
  likely
• 5:25
  to
• 5:25
  freeze
• 5:26
  that
• 5:26
  because
• 5:27
  we
• 5:27
  know
• 5:28
  this
• 5:28
  is
• 5:28
  something
• 5:28
  that
• 5:29
  could
• 5:29
  be
• 5:29
  really
• 5:29
  important
• 5:30
  for
• 5:30
  our
• 5:30
  future,
• 5:31
  we
• 5:31
  actually
• 5:32
  put
• 5:32
  it
• 5:32
  off
• 5:32
  harder
• 5:33
  because
• 5:33
  we
• 5:33
  think,
• 5:33
  oh,
• 5:33
  I
• 5:34
  can't
• 5:34
  get
• 5:34
  it
• 5:34
  wrong,
• 5:35
  therefore
• 5:35
  I
• 5:35
  won't
• 5:36
  do
• 5:36
  anything.
• 5:36
  Do
• 5:36
  you
• 5:36
  run
• 5:36
  into
• 5:37
  that
• 5:37
  attitude?
• 5:37
  Yeah,
• 5:38
  I
• 5:38
  do.
• 5:38
  And
• 5:39
  I
• 5:39
  think
• 5:39
  it's
• 5:39
  that
• 5:39
  fear
• 5:40
  of
• 5:40
  doing
• 5:40
  something
• 5:41
  wrong
• 5:41
  that
• 5:42
  the
• 5:42
  consequences
• 5:43
  are
• 5:43
  so
• 5:43
  large.
• 5:43
  Right.
• 5:44
  Because
• 5:44
  your
• 5:44
  money
• 5:44
  and
• 5:44
  your
• 5:45
  wealth
• 5:45
  is
• 5:45
  your
• 5:46
  future
• 5:46
  and
• 5:46
  your
• 5:46
  security.
• 5:47
  So
• 5:47
  people
• 5:47
  are
• 5:48
  really
• 5:48
  afraid
• 5:48
  of
• 5:48
  making
• 5:48
  the
• 5:49
  wrong
• 5:49
  decision.
• 5:49
  Ironically,
• 5:50
  the
• 5:50
  worst
• 5:50
  decision
• 5:51
  you
• 5:51
  can
• 5:51
  usually
• 5:51
  make
• 5:52
  is
• 5:52
  to
• 5:52
  do
• 5:52
  nothing.
• 5:53
  But
• 5:53
  again,
• 5:54
  that
• 5:54
  fear
• 5:54
  of
• 5:55
  actually
• 5:55
  actively
• 5:56
  making
• 5:56
  a
• 5:56
  wrong
• 5:56
  choice
• 5:56
  is
• 5:57
  so
• 5:57
  powerful,
• 5:57
  people
• 5:57
  just
• 5:58
  default
• 5:58
  to
• 5:58
  inaction.
• 5:59
  You're
• 5:59
  spot
• 5:59
  on
• 6:00
  on
• 6:00
  that.
• 6:00
  I
• 6:00
  just
• 6:00
  really
• 6:00
  want
• 6:01
  to
• 6:01
  highlight
• 6:01
  what
• 6:01
  you
• 6:01
  just
• 6:01
  said
• 6:01
  there.
• 6:02
  Often,
• 6:02
  the
• 6:02
  doing
• 6:03
  nothing
• 6:03
  is
• 6:04
  the
• 6:04
  worst
• 6:04
  choice.
• 6:05
  Yes,
• 6:06
  of
• 6:06
  course
• 6:06
  you
• 6:06
  can
• 6:06
  make
• 6:06
  bad
• 6:06
  choices
• 6:07
  with
• 6:07
  your
• 6:07
  money,
• 6:07
  but
• 6:08
  almost
• 6:08
  any
• 6:08
  sort
• 6:09
  of
• 6:09
  forward
• 6:09
  progress.
• 6:10
  I
• 6:10
  mean,
• 6:10
  I've
• 6:11
  talked
• 6:11
  before
• 6:11
  about
• 6:11
  choosing
• 6:12
  your
• 6:12
  different
• 6:12
  KiwiSaver
• 6:13
  fund.
• 6:13
  And
• 6:13
  for
• 6:14
  a
• 6:14
  lot
• 6:14
  of
• 6:14
  people,
• 6:14
  we
• 6:14
  could
• 6:15
  take
• 6:15
  more
• 6:15
  risk.
• 6:15
  We
• 6:15
  could
• 6:16
  go
• 6:16
  into
• 6:16
  a
• 6:16
  growth
• 6:16
  fund
• 6:17
  and
• 6:17
  whatever.
• 6:17
  But
• 6:18
  okay,
• 6:18
  even
• 6:18
  if
• 6:18
  you
• 6:19
  don't
• 6:19
  do
• 6:19
  that,
• 6:20
  even
• 6:21
  if
• 6:21
  you're
• 6:21
  just
• 6:21
  in
• 6:21
  a
• 6:21
  default
• 6:22
  fund
• 6:22
  you
• 6:22
  haven't
• 6:22
  chosen
• 6:23
  yet,
• 6:23
  still
• 6:24
  putting
• 6:24
  money
• 6:24
  into
• 6:24
  KiwiSaver
• 6:26
  is
• 6:26
  a
• 6:26
  better
• 6:26
  option
• 6:26
  than
• 6:27
  nothing.
• 6:27
  I
• 6:27
  mean,
• 6:27
  the
• 6:28
  stat,
• 6:28
  I
• 6:28
  think
• 6:28
  the
• 6:28
  last
• 6:29
  time
• 6:29
  I
• 6:29
  checked
• 6:29
  was
• 6:29
  30%
• 6:30
  of
• 6:31
  working
• 6:31
  new
• 6:31
  Zealanders
• 6:32
  don't
• 6:32
  put
• 6:33
  any
• 6:33
  money
• 6:33
  into
• 6:33
  Kiwisaver.
• 6:34
  Does
• 6:34
  that
• 6:34
  line
• 6:34
  up
• 6:34
  with
• 6:34
  what
• 6:35
  you've
• 6:35
  seen?
• 6:35
  Yeah,
• 6:35
  it
• 6:35
  is
• 6:36
  about
• 6:36
  that.
• 6:36
  And
• 6:37
  that's
• 6:37
  huge,
• 6:37
  Right,
• 6:37
  because
• 6:38
  most
• 6:38
  of
• 6:39
  them
• 6:39
  would
• 6:39
  qualify
• 6:39
  for
• 6:39
  a
• 6:40
  free
• 6:40
  260.
• 6:41
  Bucks
• 6:41
  a
• 6:41
  year,
• 6:41
  which
• 6:42
  if
• 6:42
  you
• 6:42
  miss
• 6:42
  that
• 6:42
  financial
• 6:43
  year,
• 6:43
  you
• 6:43
  can't
• 6:43
  get
• 6:44
  back.
• 6:44
  It's
• 6:44
  gone.
• 6:44
  Yeah.
• 6:45
  About
• 6:45
  three
• 6:45
  and
• 6:46
  a
• 6:46
  half
• 6:46
  million
• 6:46
  people
• 6:46
  in
• 6:46
  KiwiSaver,
• 6:47
  about
• 6:48
  1.6
• 6:48
  million
• 6:49
  don't
• 6:49
  contribute
• 6:50
  every
• 6:50
  year.
• 6:50
  One
• 6:51
  million
• 6:51
  of
• 6:51
  those
• 6:51
  would
• 6:51
  qualify
• 6:52
  for
• 6:52
  that
• 6:52
  government
• 6:53
  contribution.
• 6:53
  So
• 6:54
  1
• 6:55
  million
• 6:55
  times
• 6:56
  1043
• 6:57
  plus
• 6:58
  260.
• 6:58
  Well
• 6:58
  that's
• 6:59
  over
• 6:59
  a
• 6:59
  billion
• 6:59
  dollars
• 6:59
  a
• 7:00
  year
• 7:00
  in
• 7:01
  wealth
• 7:01
  that's
• 7:01
  going
• 7:02
  missing
• 7:02
  that
• 7:03
  could
• 7:03
  be
• 7:03
  added
• 7:03
  and
• 7:03
  could
• 7:04
  be
• 7:04
  easy
• 7:04
  to
• 7:04
  get.
• 7:04
  Right.
• 7:05
  And
• 7:05
  it
• 7:05
  makes
• 7:05
  a
• 7:05
  life
• 7:05
  changing
• 7:06
  difference
• 7:06
  when
• 7:07
  you
• 7:07
  get
• 7:07
  to
• 7:07
  your
• 7:07
  retirement
• 7:08
  age.
• 7:08
  30
• 7:09
  year
• 7:09
  old
• 7:09
  who's
• 7:10
  contributing
• 7:11
  but
• 7:11
  under
• 7:12
  $1,000
• 7:12
  a
• 7:13
  year
• 7:13
  getting
• 7:13
  the
• 7:14
  government
• 7:14
  contribution
• 7:15
  and
• 7:15
  in
• 7:15
  a
• 7:15
  growth
• 7:16
  or
• 7:16
  an
• 7:16
  aggressive
• 7:17
  fund
• 7:17
  is
• 7:17
  going
• 7:17
  to
• 7:17
  have
• 7:17
  100
• 7:17
  or
• 7:18
  145,000
• 7:19
  more
• 7:20
  by
• 7:20
  doing
• 7:20
  that
• 7:21
  than
• 7:21
  they
• 7:21
  would
• 7:22
  if
• 7:22
  they
• 7:22
  hadn't
• 7:22
  done
• 7:22
  it.
• 7:22
  And
• 7:22
  that's
• 7:23
  in
• 7:23
  today's
• 7:23
  money,
• 7:23
  not
• 7:24
  future
• 7:24
  money.
• 7:24
  And
• 7:25
  I
• 7:25
  think
• 7:25
  it's
• 7:25
  really
• 7:25
  easy
• 7:25
  to
• 7:26
  underestimate
• 7:26
  as
• 7:27
  well
• 7:28
  the
• 7:28
  small
• 7:28
  changes.
• 7:29
  I
• 7:29
  mean,
• 7:29
  I
• 7:29
  have
• 7:29
  had
• 7:30
  people
• 7:30
  say
• 7:30
  to
• 7:30
  Me,
• 7:30
  oh,
• 7:31
  the
• 7:31
  $260
• 7:32
  government
• 7:32
  contribution,
• 7:33
  is
• 7:33
  it
• 7:33
  even
• 7:33
  worth
• 7:34
  having?
• 7:34
  Which
• 7:36
  you
• 7:36
  will
• 7:36
  never
• 7:36
  hear.
• 7:37
  Someone
• 7:37
  who
• 7:37
  is
• 7:37
  more
• 7:38
  annoyed
• 7:38
  than
• 7:38
  I
• 7:38
  am
• 7:39
  at
• 7:39
  the
• 7:39
  way
• 7:39
  Kiwisaver
• 7:40
  has
• 7:40
  been
• 7:40
  cut
• 7:40
  back.
• 7:40
  Like
• 7:41
  I,
• 7:41
  it
• 7:42
  really
• 7:42
  irritates
• 7:43
  me.
• 7:43
  I
• 7:43
  hate
• 7:43
  that
• 7:44
  it's
• 7:44
  been
• 7:44
  cut
• 7:44
  back
• 7:44
  on
• 7:44
  the
• 7:45
  contributions.
• 7:45
  But
• 7:46
  at
• 7:46
  the
• 7:46
  same
• 7:46
  time
• 7:47
  it
• 7:47
  is
• 7:47
  still
• 7:47
  absolutely
• 7:48
  worth
• 7:48
  to
• 7:49
  my
• 7:49
  mind
• 7:49
  getting
• 7:49
  that
• 7:50
  $260.
• 7:50
  If
• 7:51
  someone
• 7:51
  offered
• 7:51
  me
• 7:51
  200
• 7:52
  bucks
• 7:52
  right
• 7:53
  now,
• 7:53
  I
• 7:53
  would
• 7:53
  take
• 7:54
  it.
• 7:54
  There
• 7:54
  is
• 7:54
  something
• 7:55
  I
• 7:55
  could
• 7:55
  spend
• 7:55
  that
• 7:55
  on
• 7:55
  that'd
• 7:56
  be
• 7:56
  great.
• 7:56
  And
• 7:57
  then
• 7:57
  you
• 7:57
  get
• 7:57
  all
• 7:57
  the
• 7:57
  returns
• 7:58
  from
• 7:58
  it.
• 7:58
  Like
• 7:59
  you
• 7:59
  still,
• 7:59
  even
• 8:00
  if
• 8:00
  it
• 8:00
  could
• 8:00
  be
• 8:00
  better,
• 8:01
  you
• 8:01
  still
• 8:01
  of
• 8:02
  course
• 8:02
  want
• 8:02
  to
• 8:02
  get
• 8:02
  those
• 8:03
  bonuses,
• 8:03
  right?
• 8:04
  That's
• 8:04
  right.
• 8:04
  And
• 8:04
  I
• 8:05
  think
• 8:05
  people
• 8:06
  see
• 8:06
  it
• 8:06
  as
• 8:06
  $260,
• 8:07
  not
• 8:07
  $260
• 8:09
  earning
• 8:10
  somewhere
• 8:11
  probably
• 8:12
  around,
• 8:12
  you
• 8:12
  know,
• 8:12
  if
• 8:13
  you're
• 8:13
  in
• 8:13
  an
• 8:13
  aggressive
• 8:13
  fund,
• 8:15
  even
• 8:15
  the
• 8:15
  very
• 8:16
  conservative
• 8:16
  calculations
• 8:17
  the
• 8:17
  Kiwi
• 8:17
  saver
• 8:18
  schemes
• 8:18
  run,
• 8:18
  that's
• 8:18
  still
• 8:18
  five
• 8:19
  and
• 8:19
  a
• 8:19
  half
• 8:19
  percent
• 8:20
  a
• 8:20
  year
• 8:21
  each
• 8:21
  year
• 8:21
  for
• 8:22
  like
• 8:22
  30
• 8:22
  years.
• 8:23
  Right.
• 8:23
  That
• 8:24
  adds
• 8:24
  up
• 8:24
  really,
• 8:25
  really
• 8:25
  fast.
• 8:27
  I
• 8:27
  think
• 8:27
  it's
• 8:27
  often
• 8:27
  attributed
• 8:28
  to
• 8:28
  Einstein.
• 8:29
  Right.
• 8:29
  With
• 8:29
  the
• 8:29
  eighth
• 8:30
  wonder
• 8:30
  of
• 8:30
  the
• 8:30
  world.
• 8:30
  I
• 8:30
  don't
• 8:30
  know
• 8:30
  if
• 8:31
  he
• 8:31
  actually
• 8:31
  said
• 8:31
  it
• 8:31
  or
• 8:31
  not.
• 8:31
  Yeah,
• 8:32
  I
• 8:32
  don't
• 8:32
  know
• 8:32
  either,
• 8:32
  but
• 8:32
  I
• 8:33
  see
• 8:33
  it
• 8:33
  around
• 8:33
  all
• 8:33
  the
• 8:33
  time.
• 8:34
  So
• 8:34
  let's
• 8:34
  give
• 8:34
  it
• 8:34
  to
• 8:35
  Einstein.
• 8:35
  Yeah.
• 8:36
  Combat
• 8:37
  interest
• 8:37
  is
• 8:37
  the
• 8:37
  eighth
• 8:38
  wonder
• 8:38
  of
• 8:38
  the
• 8:38
  world
• 8:39
  because
• 8:39
  it
• 8:39
  is
• 8:39
  that
• 8:39
  powerful.
• 8:40
  And
• 8:40
  he
• 8:40
  who
• 8:41
  understands
• 8:41
  it
• 8:41
  earns
• 8:42
  it.
• 8:42
  And
• 8:42
  he
• 8:42
  who
• 8:42
  does
• 8:42
  not
• 8:43
  pays
• 8:43
  it.
• 8:43
  Yep,
• 8:44
  absolutely.
• 8:45
  Okay,
• 8:46
  so
• 8:46
  when
• 8:47
  you
• 8:47
  are
• 8:48
  thinking
• 8:48
  about
• 8:48
  all
• 8:48
  these
• 8:49
  things
• 8:49
  and
• 8:50
  helping
• 8:51
  those
• 8:51
  of
• 8:51
  us
• 8:52
  who
• 8:52
  are
• 8:52
  just
• 8:52
  trying
• 8:52
  to
• 8:52
  get
• 8:52
  through
• 8:52
  life
• 8:52
  and
• 8:53
  we're
• 8:53
  Busy
• 8:53
  and
• 8:53
  we're
• 8:54
  stressed
• 8:54
  and
• 8:54
  we're
• 8:54
  trying
• 8:54
  to
• 8:54
  make
• 8:55
  the
• 8:55
  right
• 8:55
  choices
• 8:55
  and
• 8:55
  it's
• 8:55
  all
• 8:55
  a
• 8:55
  bit
• 8:56
  overwhelming
• 8:56
  when
• 8:56
  we're
• 8:57
  trying
• 8:57
  to
• 8:57
  make
• 8:57
  these
• 8:57
  right
• 8:57
  choices
• 8:58
  and
• 8:58
  you're
• 8:58
  in
• 8:58
  an
• 8:58
  area
• 8:58
  where
• 8:59
  you're
• 8:59
  trying
• 8:59
  to
• 8:59
  nudge
• 8:59
  people
• 8:59
  along.
• 9:00
  What
• 9:01
  are
• 9:01
  some
• 9:01
  of
• 9:01
  the
• 9:01
  behavioral
• 9:02
  finance
• 9:02
  tricks
• 9:02
  that
• 9:03
  can
• 9:03
  help
• 9:03
  us
• 9:04
  do
• 9:04
  these
• 9:04
  things
• 9:05
  that
• 9:05
  we
• 9:05
  know
• 9:05
  we
• 9:05
  should?
• 9:06
  So
• 9:06
  when
• 9:06
  we
• 9:06
  were
• 9:06
  kind
• 9:06
  of
• 9:06
  designing
• 9:07
  with
• 9:07
  each
• 9:07
  other,
• 9:07
  we
• 9:08
  have
• 9:08
  gamified
• 9:09
  it.
• 9:09
  So
• 9:09
  I
• 9:09
  don't
• 9:09
  really
• 9:10
  like
• 9:10
  the
• 9:10
  word
• 9:10
  because
• 9:10
  it
• 9:10
  kind
• 9:11
  of
• 9:11
  cheapens
• 9:11
  it,
• 9:11
  but
• 9:12
  you
• 9:12
  know,
• 9:13
  it's
• 9:13
  that
• 9:13
  kind
• 9:14
  of
• 9:14
  constant
• 9:14
  feedback
• 9:15
  about
• 9:15
  what
• 9:15
  you're
• 9:15
  doing
• 9:16
  to
• 9:16
  show
• 9:16
  the
• 9:16
  power
• 9:16
  of
• 9:17
  what
• 9:17
  you're
• 9:17
  doing
• 9:18
  and
• 9:18
  help
• 9:18
  you
• 9:18
  feel
• 9:18
  good
• 9:18
  about
• 9:19
  it.
• 9:19
  So
• 9:20
  when
• 9:20
  you
• 9:21
  spend,
• 9:21
  say
• 9:21
  you
• 9:22
  buy
• 9:22
  a
• 9:22
  coffee
• 9:22
  $4.50
• 9:23
  and
• 9:23
  a
• 9:23
  few
• 9:24
  minutes
• 9:24
  after
• 9:24
  that
• 9:24
  you'll
• 9:25
  have
• 9:25
  a
• 9:25
  notification
• 9:25
  pop
• 9:26
  up
• 9:26
  on
• 9:26
  your
• 9:26
  phone
• 9:26
  saying
• 9:27
  congratulations,
• 9:28
  that
• 9:28
  $4.50
• 9:29
  you
• 9:30
  just
• 9:30
  spent
• 9:30
  at
• 9:31
  I
• 9:31
  went
• 9:31
  to
• 9:31
  Slow
• 9:32
  Lane
• 9:32
  Cafe
• 9:32
  around
• 9:32
  the
• 9:33
  corner.
• 9:33
  I
• 9:33
  don't
• 9:33
  know
• 9:33
  if
• 9:33
  I
• 9:33
  should
• 9:34
  be
• 9:34
  talking.
• 9:35
  Shout
• 9:35
  out
• 9:35
  slowly.
• 9:36
  We
• 9:37
  love
• 9:37
  all
• 9:37
  coffee
• 9:37
  vendors
• 9:38
  in
• 9:38
  this
• 9:38
  show.
• 9:38
  They're
• 9:39
  great.
• 9:40
  That
• 9:40
  $4.50
• 9:41
  you
• 9:41
  spent
• 9:41
  there,
• 9:41
  we've
• 9:42
  rounded
• 9:42
  it
• 9:42
  up
• 9:42
  to
• 9:42
  $5
• 9:43
  and
• 9:43
  that
• 9:43
  50
• 9:44
  cents
• 9:44
  could
• 9:44
  grow
• 9:45
  to
• 9:45
  $3.75
• 9:46
  by
• 9:47
  the
• 9:47
  time
• 9:47
  you
• 9:47
  retire.
• 9:47
  So
• 9:48
  you
• 9:48
  see
• 9:48
  straight
• 9:48
  away
• 9:49
  that
• 9:49
  that
• 9:49
  tiny
• 9:50
  little
• 9:50
  bit
• 9:51
  of
• 9:51
  behavior,
• 9:51
  that
• 9:52
  50
• 9:52
  cents
• 9:52
  there
• 9:52
  is
• 9:52
  already
• 9:53
  worth
• 9:53
  multiple
• 9:54
  times
• 9:54
  what
• 9:55
  you
• 9:55
  put
• 9:55
  in
• 9:55
  and
• 9:55
  almost
• 9:56
  as
• 9:56
  much
• 9:56
  as
• 9:56
  that
• 9:56
  thing
• 9:57
  you
• 9:57
  bought.
• 9:57
  The
• 9:57
  other
• 9:57
  thing
• 9:58
  we
• 9:58
  do
• 9:58
  is
• 9:58
  we
• 9:58
  like
• 9:58
  to
• 9:59
  project
• 9:59
  it
• 9:59
  out.
• 10:00
  You
• 10:00
  get
• 10:00
  the
• 10:00
  projections
• 10:01
  when
• 10:01
  you
• 10:01
  get
• 10:01
  your
• 10:01
  statements
• 10:02
  once
• 10:02
  a
• 10:02
  year
• 10:03
  from
• 10:03
  the
• 10:03
  kiwisato
• 10:03
  schemes.
• 10:04
  But
• 10:04
  we're
• 10:04
  doing
• 10:04
  that
• 10:04
  every
• 10:04
  day
• 10:04
  in
• 10:05
  terms
• 10:05
  of
• 10:05
  what
• 10:05
  you're
• 10:05
  putting
• 10:05
  in.
• 10:06
  So
• 10:06
  there's
• 10:07
  a
• 10:07
  graph
• 10:07
  on
• 10:07
  the
• 10:07
  app
• 10:07
  that
• 10:08
  shows
• 10:08
  exactly
• 10:09
  what
• 10:09
  you're
• 10:09
  putting
• 10:09
  in
• 10:10
  every
• 10:10
  day,
• 10:10
  what
• 10:11
  you've
• 10:11
  saved
• 10:11
  so
• 10:11
  far,
• 10:12
  and
• 10:12
  what
• 10:12
  the
• 10:12
  impact
• 10:12
  of
• 10:13
  that
• 10:13
  will
• 10:13
  be
• 10:13
  on
• 10:15
  your
• 10:15
  retirement
• 10:15
  or
• 10:16
  if
• 10:16
  you've
• 10:16
  set
• 10:16
  it
• 10:16
  up,
• 10:16
  your
• 10:17
  first
• 10:17
  home
• 10:17
  withdrawal
• 10:18
  or
• 10:18
  whatever
• 10:18
  it
• 10:18
  is
• 10:18
  you
• 10:19
  want.
• 10:19
  Have
• 10:19
  a
• 10:19
  friend
• 10:20
  who
• 10:20
  been
• 10:20
  using
• 10:21
  the
• 10:21
  app
• 10:21
  since
• 10:21
  the
• 10:21
  beta
• 10:22
  days
• 10:22
  caught
• 10:22
  up
• 10:22
  with
• 10:22
  him
• 10:22
  about
• 10:23
  a
• 10:23
  week
• 10:23
  ago
• 10:23
  and
• 10:23
  he's
• 10:24
  giving
• 10:24
  it
• 10:24
  all
• 10:24
  to
• 10:24
  his
• 10:25
  three
• 10:25
  year
• 10:25
  old
• 10:25
  daughter.
• 10:26
  She's
• 10:26
  had
• 10:26
  about
• 10:26
  $800
• 10:27
  into
• 10:27
  it
• 10:27
  so
• 10:28
  far
• 10:28
  from
• 10:28
  him
• 10:28
  and
• 10:28
  I
• 10:28
  think
• 10:29
  he's
• 10:29
  putting
• 10:29
  $260
• 10:30
  in
• 10:31
  a
• 10:31
  day.
• 10:31
  The
• 10:31
  impact
• 10:32
  if
• 10:32
  he
• 10:32
  carries
• 10:32
  this
• 10:33
  on
• 10:33
  until
• 10:33
  she
• 10:33
  retires,
• 10:34
  it
• 10:34
  would
• 10:34
  be
• 10:34
  $419,000
• 10:37
  and
• 10:37
  today's
• 10:37
  money
• 10:37
  by
• 10:38
  the
• 10:38
  time
• 10:38
  she
• 10:38
  retires,
• 10:39
  like
• 10:39
  that's
• 10:39
  what
• 10:39
  it
• 10:39
  adds
• 10:40
  up
• 10:40
  to
• 10:40
  and
• 10:40
  that's
• 10:40
  just
• 10:41
  really,
• 10:41
  really
• 10:41
  powerful.
• 10:42
  Right?
• 10:42
  You
• 10:42
  think
• 10:42
  hardly
• 10:43
  anything's
• 10:43
  going
• 10:43
  in.
• 10:44
  I'm
• 10:44
  not
• 10:44
  missing
• 10:44
  this
• 10:44
  $2
• 10:45
  a
• 10:45
  day,
• 10:45
  but
• 10:46
  it's
• 10:46
  $419,000
• 10:48
  by
• 10:48
  the
• 10:48
  time
• 10:48
  she
• 10:48
  retires.
• 10:49
  That's
• 10:49
  more
• 10:49
  than
• 10:49
  most
• 10:49
  people
• 10:49
  have
• 10:50
  when
• 10:50
  they
• 10:50
  retire.
• 10:51
  That's
• 10:51
  wild.
• 10:51
  Okay.
• 10:52
  I
• 10:52
  love
• 10:52
  what
• 10:52
  you're
• 10:52
  using
• 10:53
  there
• 10:53
  in
• 10:53
  terms
• 10:54
  of
• 10:54
  gamification
• 10:55
  and
• 10:55
  the
• 10:55
  visualizing,
• 10:57
  because
• 10:57
  I
• 10:57
  think
• 10:59
  so
• 10:59
  much
• 10:59
  of
• 10:59
  money
• 11:00
  is
• 11:00
  hard
• 11:01
  because
• 11:02
  it's.
• 11:02
  You're
• 11:02
  being
• 11:03
  asked
• 11:03
  to
• 11:04
  make
• 11:05
  a
• 11:05
  sacrifice
• 11:05
  now.
• 11:06
  I
• 11:06
  don't
• 11:06
  like
• 11:06
  thinking
• 11:06
  of
• 11:06
  it
• 11:07
  as
• 11:07
  a
• 11:07
  sacrifice
• 11:07
  now,
• 11:07
  but
• 11:08
  this
• 11:08
  is
• 11:08
  how
• 11:09
  it
• 11:09
  feels
• 11:09
  for
• 11:09
  a
• 11:09
  lot
• 11:09
  of
• 11:09
  people
• 11:10
  to
• 11:10
  make
• 11:10
  a
• 11:10
  sacrifice
• 11:11
  now
• 11:11
  to
• 11:11
  get
• 11:11
  something
• 11:11
  in
• 11:12
  the
• 11:12
  future,
• 11:12
  whereas
• 11:13
  right
• 11:13
  now
• 11:13
  is
• 11:13
  probably
• 11:14
  hard.
• 11:14
  You
• 11:15
  know,
• 11:15
  I
• 11:15
  would.
• 11:15
  I
• 11:15
  would
• 11:15
  like
• 11:15
  something
• 11:16
  good
• 11:16
  now,
• 11:16
  actually.
• 11:18
  And
• 11:18
  so
• 11:18
  when
• 11:18
  you're
• 11:19
  asking
• 11:19
  people
• 11:19
  to
• 11:19
  make
• 11:19
  those
• 11:20
  choices,
• 11:20
  it
• 11:20
  is
• 11:20
  quite
• 11:21
  hard
• 11:21
  on
• 11:21
  people
• 11:22
  to
• 11:22
  make
• 11:22
  those
• 11:23
  future
• 11:23
  benefits
• 11:24
  real.
• 11:25
  I
• 11:25
  think
• 11:25
  is
• 11:26
  a
• 11:26
  real
• 11:26
  money
• 11:26
  mindset
• 11:27
  hack
• 11:28
  that
• 11:28
  you
• 11:28
  can
• 11:28
  apply
• 11:29
  everywhere.
• 11:30
  Right.
• 11:30
  You
• 11:30
  can
• 11:30
  see
• 11:31
  what
• 11:31
  you're
• 11:31
  buying
• 11:31
  today,
• 11:31
  Ryan.
• 11:32
  That
• 11:32
  feels
• 11:32
  good.
• 11:32
  But
• 11:33
  if
• 11:33
  you
• 11:33
  can
• 11:33
  think,
• 11:33
  well,
• 11:33
  if
• 11:33
  I
• 11:33
  bought
• 11:34
  that,
• 11:34
  then
• 11:34
  I
• 11:34
  wouldn't
• 11:34
  have
• 11:35
  that
• 11:35
  in
• 11:35
  the
• 11:35
  future.
• 11:35
  That's
• 11:35
  a
• 11:36
  really
• 11:36
  powerful
• 11:36
  way
• 11:36
  to
• 11:36
  do
• 11:36
  it.
• 11:37
  I'm
• 11:38
  a
• 11:38
  bit
• 11:38
  of
• 11:38
  a
• 11:38
  money
• 11:38
  nerd.
• 11:39
  I've
• 11:39
  been
• 11:39
  for
• 11:39
  a
• 11:39
  long
• 11:40
  time.
• 11:40
  But
• 11:40
  one
• 11:40
  of
• 11:40
  the
• 11:40
  things
• 11:40
  I
• 11:41
  used
• 11:41
  to
• 11:41
  do
• 11:41
  a
• 11:41
  lot
• 11:42
  is
• 11:42
  when
• 11:42
  I
• 11:43
  wanted
• 11:43
  something,
• 11:44
  I
• 11:44
  would
• 11:44
  go
• 11:44
  and
• 11:44
  I
• 11:44
  would
• 11:45
  set
• 11:45
  it
• 11:45
  all
• 11:45
  up
• 11:45
  and
• 11:45
  I'd
• 11:46
  go,
• 11:46
  almost
• 11:46
  a
• 11:46
  buy.
• 11:47
  And
• 11:47
  then
• 11:47
  I'd
• 11:47
  just
• 11:47
  go,
• 11:48
  no,
• 11:48
  I'm
• 11:48
  going
• 11:48
  to
• 11:48
  wait
• 11:48
  till
• 11:48
  tomorrow
• 11:49
  to
• 11:49
  hit
• 11:49
  go
• 11:50
  on
• 11:50
  that.
• 11:50
  And
• 11:50
  the
• 11:51
  amount
• 11:51
  of
• 11:51
  times
• 11:51
  I
• 11:51
  came
• 11:51
  back
• 11:52
  tomorrow,
• 11:52
  having
• 11:53
  kind
• 11:53
  of
• 11:53
  just
• 11:53
  sat
• 11:53
  on
• 11:53
  an
• 11:54
  overnight
• 11:54
  and
• 11:55
  cleared
• 11:55
  the
• 11:55
  cart
• 11:56
  and
• 11:56
  didn't
• 11:56
  buy
• 11:56
  it
• 11:57
  because
• 11:58
  I
• 11:59
  kind
• 11:59
  of
• 11:59
  realized
• 12:00
  I
• 12:00
  was
• 12:00
  in
• 12:00
  the
• 12:00
  moment.
• 12:01
  I
• 12:01
  was
• 12:01
  excited
• 12:01
  about
• 12:02
  that.
• 12:02
  But
• 12:02
  once
• 12:02
  that
• 12:02
  excitement
• 12:03
  kind
• 12:03
  of
• 12:03
  went
• 12:03
  down.
• 12:03
  No,
• 12:04
  actually,
• 12:05
  the
• 12:05
  amount
• 12:05
  of
• 12:05
  effort
• 12:05
  I
• 12:06
  had
• 12:06
  to
• 12:06
  go
• 12:06
  through
• 12:06
  to
• 12:06
  earn
• 12:07
  whatever
• 12:07
  that
• 12:07
  was,
• 12:08
  it
• 12:08
  became
• 12:08
  not
• 12:09
  worth
• 12:09
  it.
• 12:09
  What
• 12:10
  I'll
• 12:10
  do
• 12:10
  is
• 12:10
  I'll
• 12:10
  invest
• 12:10
  this
• 12:11
  instead.
• 12:11
  And
• 12:12
  that
• 12:12
  was
• 12:12
  a
• 12:12
  really
• 12:13
  powerful
• 12:13
  thing
• 12:14
  that
• 12:14
  I
• 12:14
  had
• 12:14
  going
• 12:14
  for
• 12:15
  me.
• 12:15
  And
• 12:15
  I'm
• 12:15
  really,
• 12:16
  you
• 12:16
  know,
• 12:16
  lucky
• 12:16
  that
• 12:16
  I
• 12:17
  actually
• 12:17
  did.
• 12:17
  It
• 12:17
  happened
• 12:18
  to
• 12:18
  sit
• 12:18
  well
• 12:18
  with
• 12:19
  my
• 12:19
  behavior,
• 12:19
  because
• 12:19
  I'm
• 12:20
  a
• 12:20
  nerd
• 12:20
  who
• 12:20
  likes
• 12:20
  watching
• 12:20
  the
• 12:21
  numbers
• 12:21
  on
• 12:21
  a
• 12:22
  graph
• 12:22
  go
• 12:22
  up.
• 12:22
  That
• 12:23
  was
• 12:23
  one
• 12:23
  of
• 12:23
  the
• 12:23
  things
• 12:23
  I
• 12:23
  could
• 12:24
  do
• 12:24
  personally
• 12:24
  to
• 12:24
  kind
• 12:25
  of
• 12:25
  change
• 12:25
  my
• 12:25
  behavior.
• 12:26
  So
• 12:27
  I
• 12:27
  do
• 12:27
  think
• 12:28
  that
• 12:29
  kind
• 12:29
  of
• 12:29
  visualization
• 12:30
  of
• 12:30
  the
• 12:30
  future
• 12:30
  is
• 12:30
  really,
• 12:31
  really
• 12:31
  hard
• 12:31
  for
• 12:31
  people,
• 12:33
  particularly
• 12:34
  with
• 12:34
  that
• 12:34
  idea
• 12:35
  of
• 12:35
  compounding
• 12:35
  interest
• 12:35
  and
• 12:36
  how
• 12:36
  great
• 12:36
  it
• 12:36
  could
• 12:37
  be.
• 12:37
  It
• 12:37
  is
• 12:38
  really,
• 12:38
  really
• 12:38
  hard
• 12:39
  to
• 12:39
  see
• 12:39
  you
• 12:39
  kind
• 12:39
  of
• 12:39
  think
• 12:40
  10%
• 12:40
  a
• 12:40
  year
• 12:41
  means
• 12:41
  10%.
• 12:41
  You
• 12:42
  know,
• 12:42
  I'm
• 12:42
  getting
• 12:43
  26
• 12:43
  cents
• 12:43
  on
• 12:44
  that
• 12:44
  $2.60,
• 12:45
  but
• 12:45
  it's
• 12:45
  really
• 12:45
  26
• 12:46
  cents
• 12:46
  the
• 12:46
  first
• 12:46
  year
• 12:47
  and
• 12:47
  then
• 12:48
  28
• 12:48
  cents
• 12:49
  the
• 12:49
  year
• 12:49
  after
• 12:49
  then
• 12:49
  drying
• 12:50
  ground
• 12:50
  using
• 12:50
  tiny
• 12:50
  numbers.
• 12:51
  I
• 12:51
  should
• 12:51
  use
• 12:51
  bigger
• 12:51
  numbers,
• 12:53
  but
• 12:53
  the
• 12:53
  percentages
• 12:54
  are
• 12:54
  big.
• 12:54
  It's
• 12:55
  really
• 12:55
  interesting
• 12:55
  how
• 12:55
  it
• 12:56
  comes
• 12:56
  back
• 12:56
  to
• 12:56
  you.
• 12:56
  And
• 12:57
  I
• 12:57
  think
• 12:58
  people
• 12:58
  hit
• 12:58
  me
• 12:58
  up
• 12:58
  all
• 12:58
  the
• 12:58
  time
• 12:59
  of
• 12:59
  how
• 13:00
  much
• 13:00
  is
• 13:00
  worth
• 13:01
  it
• 13:01
  to
• 13:01
  invest.
• 13:02
  And
• 13:02
  I'm
• 13:02
  like,
• 13:02
  well,
• 13:02
  for
• 13:02
  starters,
• 13:03
  $1
• 13:03
  is
• 13:03
  bigger
• 13:04
  than
• 13:04
  zero.
• 13:05
  To
• 13:05
  my
• 13:06
  mind,
• 13:06
  anything
• 13:07
  is
• 13:07
  better
• 13:07
  than
• 13:07
  nothing.
• 13:08
  But
• 13:09
  I
• 13:09
  think
• 13:09
  people
• 13:10
  really
• 13:10
  underestimate
• 13:11
  the
• 13:11
  impact
• 13:11
  of
• 13:12
  just
• 13:12
  that
• 13:13
  feeling
• 13:13
  of
• 13:13
  momentum.
• 13:14
  The
• 13:14
  feeling
• 13:14
  of
• 13:15
  moving
• 13:15
  forwards
• 13:17
  is
• 13:17
  really
• 13:17
  powerful.
• 13:18
  And
• 13:18
  you
• 13:18
  can
• 13:18
  build
• 13:18
  to
• 13:19
  bigger
• 13:19
  things
• 13:19
  as
• 13:20
  you
• 13:20
  can
• 13:20
  as
• 13:21
  we
• 13:21
  hopefully
• 13:22
  get
• 13:22
  through
• 13:22
  whatever
• 13:23
  the
• 13:23
  next
• 13:23
  economic
• 13:23
  crisis
• 13:24
  is.
• 13:24
  And
• 13:24
  they
• 13:25
  keep
• 13:25
  promising
• 13:25
  us
• 13:25
  that
• 13:26
  next
• 13:26
  year
• 13:26
  is
• 13:26
  going
• 13:26
  to
• 13:26
  be
• 13:26
  better
• 13:27
  and
• 13:27
  hopefully
• 13:28
  maybe
• 13:28
  it
• 13:28
  will
• 13:28
  be.
• 13:28
  If
• 13:29
  you
• 13:29
  can
• 13:29
  do
• 13:29
  a
• 13:29
  little
• 13:29
  thing
• 13:30
  now,
• 13:30
  you
• 13:30
  can
• 13:30
  build
• 13:30
  to
• 13:30
  something
• 13:31
  bigger
• 13:31
  later.
• 13:31
  But
• 13:31
  that
• 13:32
  forward
• 13:32
  progress,
• 13:33
  I
• 13:33
  think
• 13:34
  is
• 13:34
  really
• 13:34
  powerful
• 13:36
  to
• 13:36
  keep
• 13:36
  you
• 13:36
  going.
• 13:37
  What
• 13:37
  about,
• 13:37
  are
• 13:37
  there
• 13:37
  any
• 13:38
  other
• 13:38
  sort
• 13:38
  of
• 13:38
  behavioral
• 13:39
  finance?
• 13:41
  I
• 13:41
  don't
• 13:41
  want
• 13:41
  to
• 13:41
  say
• 13:41
  tricks,
• 13:42
  but
• 13:42
  like
• 13:42
  tactics
• 13:43
  that
• 13:44
  you
• 13:44
  have
• 13:44
  an
• 13:44
  eye
• 13:44
  on
• 13:45
  that
• 13:45
  you
• 13:45
  would
• 13:45
  like
• 13:45
  to
• 13:45
  include
• 13:46
  to
• 13:46
  help
• 13:46
  people
• 13:46
  more.
• 13:47
  The
• 13:47
  great
• 13:47
  thing
• 13:47
  about
• 13:48
  feejoa
• 13:48
  is
• 13:49
  the
• 13:49
  nature
• 13:50
  of
• 13:50
  how
• 13:50
  we
• 13:50
  work
• 13:50
  is
• 13:52
  looking
• 13:52
  at
• 13:52
  a
• 13:52
  feed
• 13:53
  of
• 13:53
  transactions.
• 13:53
  So
• 13:54
  knowing
• 13:54
  where
• 13:54
  you're
• 13:55
  spending,
• 13:55
  we
• 13:56
  can
• 13:56
  see
• 13:56
  that,
• 13:56
  hey,
• 13:56
  you
• 13:57
  spent
• 13:57
  X
• 13:57
  amount
• 13:58
  in
• 13:58
  this
• 13:59
  month.
• 14:00
  That's
• 14:01
  50
• 14:01
  bucks
• 14:01
  less
• 14:02
  than
• 14:02
  you
• 14:02
  spent
• 14:02
  last
• 14:02
  month.
• 14:03
  Would
• 14:03
  you
• 14:03
  like
• 14:03
  to
• 14:03
  put
• 14:04
  $10
• 14:04
  into
• 14:05
  your
• 14:05
  KiwiSaver
• 14:05
  account?
• 14:06
  Swipe.
• 14:06
  Right.
• 14:06
  So
• 14:07
  that
• 14:07
  really,
• 14:07
  really
• 14:07
  frictionless
• 14:08
  way
• 14:08
  to
• 14:08
  do
• 14:08
  it.
• 14:08
  And
• 14:09
  that
• 14:09
  little
• 14:09
  nudge,
• 14:09
  it's
• 14:10
  like,
• 14:10
  hey,
• 14:10
  you've
• 14:10
  actually
• 14:10
  had
• 14:10
  a
• 14:10
  really
• 14:11
  good
• 14:11
  month
• 14:11
  of
• 14:12
  not
• 14:12
  spending
• 14:12
  quite
• 14:12
  so
• 14:13
  much.
• 14:13
  So
• 14:13
  pay
• 14:14
  yourself
• 14:15
  for
• 14:15
  the
• 14:15
  future
• 14:16
  now
• 14:16
  by
• 14:16
  taking
• 14:16
  a
• 14:16
  little
• 14:17
  bit
• 14:17
  of
• 14:17
  it.
• 14:17
  That's
• 14:18
  smart.
• 14:18
  I
• 14:18
  love
• 14:18
  nudge
• 14:19
  theory.
• 14:19
  So
• 14:20
  much
• 14:20
  of
• 14:20
  it
• 14:20
  comes
• 14:20
  down
• 14:20
  to
• 14:21
  make
• 14:21
  it
• 14:21
  easy
• 14:21
  to
• 14:21
  do
• 14:21
  the
• 14:21
  good
• 14:22
  thing,
• 14:22
  make
• 14:22
  it
• 14:22
  hard
• 14:22
  to
• 14:22
  do
• 14:22
  the
• 14:22
  bad
• 14:23
  thing.
• 14:23
  Sounds
• 14:24
  really
• 14:24
  simple,
• 14:25
  harder
• 14:25
  to
• 14:25
  do
• 14:25
  in
• 14:26
  practice,
• 14:26
  right?
• 14:27
  So
• 14:27
  much
• 14:27
  of
• 14:28
  what
• 14:28
  people
• 14:28
  ask
• 14:29
  you
• 14:29
  to
• 14:30
  do
• 14:30
  to
• 14:30
  improve
• 14:31
  your
• 14:31
  finances
• 14:32
  involves
• 14:32
  you
• 14:33
  changing
• 14:33
  your
• 14:33
  behavior.
• 14:34
  So
• 14:34
  those
• 14:34
  like
• 14:34
  tiny
• 14:35
  little
• 14:35
  nudges
• 14:36
  or
• 14:36
  turning
• 14:37
  your
• 14:37
  existing
• 14:37
  behavior
• 14:38
  into
• 14:38
  a
• 14:38
  good
• 14:38
  habit
• 14:39
  is
• 14:40
  really,
• 14:40
  really,
• 14:40
  really
• 14:41
  powerful.
• 14:41
  Because,
• 14:41
  you
• 14:42
  know,
• 14:42
  like
• 14:42
  the
• 14:43
  best
• 14:43
  will
• 14:43
  in
• 14:43
  the
• 14:43
  world.
• 14:44
  Keeping
• 14:44
  something
• 14:44
  up
• 14:45
  for
• 14:46
  decades
• 14:46
  is
• 14:47
  what
• 14:47
  you
• 14:47
  need
• 14:47
  for
• 14:48
  retirement,
• 14:48
  right?
• 14:48
  Keeping
• 14:49
  up
• 14:49
  good
• 14:49
  behavior
• 14:49
  for
• 14:50
  decades
• 14:50
  is
• 14:50
  really,
• 14:50
  really
• 14:51
  hard.
• 14:51
  So
• 14:51
  finding
• 14:51
  a
• 14:51
  way
• 14:52
  that
• 14:52
  you
• 14:53
  can
• 14:53
  forget
• 14:53
  about
• 14:53
  it
• 14:54
  is
• 14:54
  pretty
• 14:54
  much
• 14:54
  the
• 14:54
  best
• 14:54
  thing
• 14:55
  you
• 14:55
  can
• 14:55
  do.
• 14:55
  Like
• 14:56
  Kiwisaver
• 14:56
  is
• 14:56
  really
• 14:56
  good
• 14:57
  in
• 14:57
  that
• 14:57
  respect,
• 14:57
  right?
• 14:58
  It
• 14:58
  basically
• 14:58
  defaults
• 14:59
  to
• 14:59
  taking
• 14:59
  a
• 14:59
  little
• 14:59
  bit
• 15:00
  out
• 15:00
  of
• 15:00
  your
• 15:00
  pay
• 15:01
  every
• 15:01
  month
• 15:02
  and
• 15:02
  depositing
• 15:03
  into
• 15:03
  a
• 15:03
  long
• 15:04
  term
• 15:04
  scheme.
• 15:04
  So
• 15:04
  that's
• 15:05
  worked
• 15:05
  really
• 15:05
  well.
• 15:05
  It's
• 15:06
  just
• 15:06
  there's
• 15:07
  other
• 15:07
  things
• 15:07
  you
• 15:07
  can
• 15:07
  do
• 15:07
  to
• 15:08
  improve
• 15:08
  your
• 15:08
  outcomes
• 15:09
  even
• 15:09
  more.
• 15:09
  How
• 15:09
  much
• 15:09
  Are
• 15:10
  you
• 15:10
  seeing
• 15:11
  people
• 15:12
  put
• 15:12
  in
• 15:12
  on
• 15:12
  this?
• 15:13
  Because
• 15:13
  obviously
• 15:14
  you're
• 15:14
  very
• 15:14
  early
• 15:15
  days
• 15:15
  in
• 15:16
  terms
• 15:16
  of
• 15:16
  your
• 15:16
  user
• 15:17
  base.
• 15:18
  How
• 15:18
  are
• 15:19
  you
• 15:19
  seeing
• 15:19
  people
• 15:19
  take
• 15:19
  it
• 15:20
  up,
• 15:20
  how
• 15:20
  much
• 15:21
  are
• 15:21
  they
• 15:21
  putting
• 15:21
  in
• 15:21
  and
• 15:22
  how
• 15:22
  is
• 15:22
  it
• 15:23
  working
• 15:23
  in
• 15:23
  reality
• 15:23
  for
• 15:23
  people?
• 15:24
  We're
• 15:25
  up
• 15:25
  to
• 15:25
  about
• 15:25
  three
• 15:25
  and
• 15:25
  a
• 15:25
  half
• 15:26
  thousand
• 15:26
  customers
• 15:26
  now.
• 15:27
  Not
• 15:27
  bad.
• 15:27
  We
• 15:28
  range
• 15:28
  from
• 15:28
  people
• 15:28
  putting
• 15:29
  in
• 15:29
  a
• 15:29
  few
• 15:29
  cents
• 15:29
  a
• 15:29
  day
• 15:30
  to
• 15:30
  some
• 15:31
  people
• 15:31
  putting
• 15:31
  in
• 15:31
  tens
• 15:32
  of
• 15:32
  dollars
• 15:32
  a
• 15:32
  day
• 15:32
  on
• 15:33
  average.
• 15:33
  But
• 15:33
  our
• 15:33
  average
• 15:34
  user
• 15:34
  puts
• 15:34
  in
• 15:34
  about
• 15:35
  $2.60
• 15:35
  a
• 15:36
  day,
• 15:36
  which
• 15:37
  is
• 15:37
  about
• 15:37
  $950
• 15:38
  a
• 15:39
  year.
• 15:39
  So
• 15:39
  it's
• 15:39
  a
• 15:39
  hundred
• 15:39
  bucks
• 15:40
  off
• 15:40
  the
• 15:41
  KiwiSaver
• 15:42
  minimum
• 15:43
  for
• 15:43
  getting
• 15:43
  the
• 15:43
  government
• 15:43
  match.
• 15:43
  Yeah.
• 15:44
  Yeah,
• 15:44
  that's
• 15:44
  great.
• 15:45
  Kind
• 15:45
  of
• 15:45
  funny
• 15:45
  that
• 15:45
  it's
• 15:46
  almost
• 15:46
  conveniently
• 15:46
  that
• 15:47
  exact
• 15:47
  thing.
• 15:47
  Yeah,
• 15:47
  I
• 15:48
  really
• 15:48
  like
• 15:48
  that,
• 15:48
  actually.
• 15:49
  Cause
• 15:49
  you
• 15:49
  know,
• 15:49
  there's
• 15:50
  one
• 15:50
  thing
• 15:50
  you
• 15:50
  could
• 15:50
  do
• 15:51
  with
• 15:51
  KiwiSaver
• 15:52
  if
• 15:52
  you're
• 15:52
  not
• 15:52
  currently
• 15:52
  contributing.
• 15:53
  It's
• 15:53
  putting
• 15:53
  1043
• 15:54
  in
• 15:55
  every
• 15:55
  year
• 15:56
  to
• 15:56
  get
• 15:56
  that
• 15:56
  free
• 15:56
  $260.
• 15:57
  It's
• 15:57
  like
• 15:57
  an
• 15:58
  instant
• 15:58
  25%
• 15:58
  return.
• 15:59
  It's
• 15:59
  the
• 15:59
  best
• 15:59
  return
• 15:59
  you'll
• 16:00
  ever
• 16:00
  get
• 16:00
  in
• 16:00
  finance.
• 16:01
  Exactly.
• 16:01
  Exactly.
• 16:02
  As
• 16:02
  they
• 16:02
  say,
• 16:02
  the
• 16:03
  average
• 16:03
  share
• 16:03
  market
• 16:03
  return
• 16:04
  is
• 16:04
  about
• 16:05
  10%.
• 16:06
  So
• 16:06
  if
• 16:06
  you're
• 16:06
  automatically
• 16:07
  getting
• 16:07
  25%
• 16:08
  there
• 16:08
  and
• 16:09
  you're
• 16:09
  getting
• 16:09
  everything
• 16:10
  you
• 16:10
  earn
• 16:10
  on
• 16:10
  it,
• 16:11
  again,
• 16:11
  this
• 16:11
  is
• 16:11
  why
• 16:12
  I
• 16:12
  come
• 16:12
  back
• 16:12
  to
• 16:12
  I
• 16:12
  just
• 16:12
  love
• 16:12
  KiwiSaver.
• 16:13
  And
• 16:13
  let's
• 16:13
  not.
• 16:14
  Even
• 16:14
  though
• 16:14
  I
• 16:15
  would
• 16:15
  like
• 16:15
  it
• 16:15
  to
• 16:15
  be
• 16:15
  better,
• 16:15
  let's
• 16:16
  not
• 16:16
  turn
• 16:16
  our
• 16:16
  nose
• 16:16
  up
• 16:17
  at
• 16:17
  what
• 16:17
  we've
• 16:17
  got.
• 16:18
  You
• 16:18
  know,
• 16:18
  it's
• 16:18
  powerful.
• 16:19
  It's
• 16:19
  just
• 16:19
  super
• 16:19
  powerful.
• 16:20
  That
• 16:20
  kind
• 16:20
  of
• 16:20
  kickstart
• 16:21
  for
• 16:22
  those,
• 16:22
  that
• 16:22
  first
• 16:23
  thousand
• 16:23
  dollars
• 16:23
  you
• 16:23
  put
• 16:23
  in
• 16:24
  every
• 16:24
  year,
• 16:24
  25%
• 16:25
  return,
• 16:25
  it's
• 16:26
  amazing.
• 16:26
  But
• 16:27
  our
• 16:27
  users
• 16:27
  are
• 16:27
  doing
• 16:27
  about
• 16:28
  two
• 16:28
  and
• 16:28
  a
• 16:28
  half
• 16:28
  million
• 16:29
  in
• 16:29
  extra
• 16:29
  contributions
• 16:30
  a
• 16:30
  year
• 16:30
  now.
• 16:31
  So
• 16:31
  we've
• 16:32
  already
• 16:32
  done
• 16:32
  $700,000
• 16:33
  worth
• 16:34
  of
• 16:34
  extra
• 16:34
  contributions
• 16:34
  and
• 16:35
  the
• 16:35
  run
• 16:35
  rate
• 16:35
  at
• 16:35
  the
• 16:35
  moment
• 16:36
  sitting
• 16:36
  at
• 16:36
  about
• 16:36
  two
• 16:36
  and
• 16:36
  a
• 16:37
  half
• 16:37
  million.
• 16:37
  Our
• 16:37
  projections
• 16:38
  and
• 16:38
  things
• 16:38
  like
• 16:39
  that
• 16:39
  that
• 16:39
  we
• 16:39
  do,
• 16:39
  we
• 16:40
  know
• 16:40
  that
• 16:40
  by
• 16:40
  the
• 16:40
  time
• 16:41
  they
• 16:41
  retire
• 16:41
  or
• 16:41
  they
• 16:41
  get
• 16:42
  to
• 16:42
  their
• 16:42
  first
• 16:42
  home
• 16:42
  or
• 16:43
  however
• 16:43
  they've
• 16:44
  set
• 16:44
  up
• 16:44
  the
• 16:44
  app
• 16:44
  to
• 16:44
  use,
• 16:45
  that'll
• 16:45
  be
• 16:45
  worth
• 16:45
  about
• 16:46
  $90
• 16:46
  million
• 16:47
  for
• 16:47
  those
• 16:47
  three
• 16:48
  and
• 16:48
  a
• 16:48
  half
• 16:48
  thousand
• 16:48
  users.
• 16:49
  So
• 16:49
  it's
• 16:50
  a
• 16:50
  significant
• 16:50
  amount.
• 16:51
  This
• 16:51
  episode
• 16:51
  of
• 16:52
  Making
• 16:52
  Sense
• 16:52
  is
• 16:52
  supported
• 16:53
  by
• 16:53
  Odoo
• 16:54
  because
• 16:54
  they're
• 16:54
  all
• 16:55
  about
• 16:55
  making
• 16:55
  business
• 16:56
  smarter,
• 16:56
  easier
• 16:57
  to
• 16:57
  manage
• 16:57
  and
• 16:58
  more
• 16:58
  affordable.
• 16:59
  Odoo
• 16:59
  is
• 17:00
  a
• 17:00
  software
• 17:00
  platform
• 17:00
  that
• 17:01
  gives
• 17:01
  you
• 17:01
  access
• 17:01
  to
• 17:02
  over
• 17:02
  70
• 17:03
  apps
• 17:03
  to
• 17:04
  help
• 17:04
  you
• 17:04
  manage
• 17:04
  your
• 17:04
  website,
• 17:05
  accounting,
• 17:06
  invoicing,
• 17:07
  sales,
• 17:07
  inventory
• 17:08
  and
• 17:08
  way
• 17:09
  more.
• 17:09
  But
• 17:10
  instead
• 17:10
  of
• 17:10
  Death
• 17:11
  by
• 17:11
  a
• 17:11
  Thousand
• 17:11
  Cuts,
• 17:12
  where
• 17:12
  you
• 17:12
  pay
• 17:13
  for
• 17:13
  all
• 17:13
  of
• 17:13
  those
• 17:13
  apps
• 17:14
  individually,
• 17:15
  it's
• 17:15
  just
• 17:15
  one
• 17:16
  affordable
• 17:16
  subscription,
• 17:17
  which
• 17:18
  starts
• 17:18
  from
• 17:18
  $34.40
• 17:20
  Aussie
• 17:20
  dollars
• 17:20
  per
• 17:21
  user
• 17:21
  per
• 17:21
  month.
• 17:22
  It's
• 17:23
  not
• 17:23
  just
• 17:23
  about
• 17:24
  the
• 17:24
  cost
• 17:24
  either.
• 17:25
  It's
• 17:25
  having
• 17:26
  all
• 17:26
  of
• 17:26
  those
• 17:26
  apps
• 17:27
  in
• 17:27
  one
• 17:27
  integrated
• 17:28
  dashboard.
• 17:29
  To
• 17:29
  make
• 17:29
  your
• 17:29
  business
• 17:30
  or
• 17:30
  side
• 17:30
  hustle
• 17:30
  possible,
• 17:31
  let
• 17:32
  your
• 17:32
  software
• 17:32
  work
• 17:33
  for
• 17:33
  you
• 17:34
  so
• 17:34
  you
• 17:34
  can
• 17:34
  handle
• 17:35
  the
• 17:35
  important
• 17:35
  stuff.
• 17:36
  Try
• 17:36
  Odoo
• 17:37
  for
• 17:37
  free
• 17:37
  for
• 17:37
  15
• 17:38
  days.
• 17:38
  No
• 17:39
  card
• 17:39
  details
• 17:40
  required.
• 17:40
  That's
• 17:41
  odoo.com
• 17:42
  for
• 17:43
  more
• 17:43
  quick
• 17:44
  interruption
• 17:44
  to
• 17:44
  say
• 17:45
  if
• 17:45
  you're
• 17:45
  enjoying
• 17:45
  this
• 17:46
  episode,
• 17:46
  you'll
• 17:46
  love
• 17:47
  the
• 17:47
  Market
• 17:47
  Memo,
• 17:48
  my
• 17:48
  weekly
• 17:49
  newsletter
• 17:49
  where
• 17:49
  I
• 17:50
  teach
• 17:50
  you
• 17:50
  how
• 17:50
  to
• 17:50
  actually
• 17:51
  invest.
• 17:52
  No
• 17:52
  jargon,
• 17:53
  no
• 17:53
  spreadsheets,
• 17:54
  just
• 17:54
  real
• 17:54
  talk
• 17:55
  about
• 17:55
  shares
• 17:56
  and
• 17:56
  how
• 17:56
  to
• 17:56
  make
• 17:57
  your
• 17:57
  money
• 17:57
  work
• 17:57
  for
• 17:57
  you.
• 17:58
  It's
• 17:58
  the
• 17:58
  thing
• 17:58
  I
• 17:59
  wish
• 17:59
  I'd
• 17:59
  had
• 17:59
  when
• 17:59
  I
• 18:00
  was
• 18:00
  starting
• 18:00
  out.
• 18:01
  You
• 18:01
  can
• 18:01
  sign
• 18:01
  up
• 18:02
  for
• 18:02
  free
• 18:02
  at
• 18:03
  Francisco
• 18:04
  Co
• 18:04
  NZ
• 18:05
  Invest.
• 18:06
  That's
• 18:06
  Francisco
• 18:07
  Co
• 18:07
  NZ
• 18:08
  Invest.
• 18:09
  But
• 18:09
  don't
• 18:09
  worry,
• 18:10
  I'll
• 18:10
  put
• 18:10
  the
• 18:10
  link
• 18:11
  in
• 18:11
  the
• 18:11
  show
• 18:11
  notes
• 18:11
  and
• 18:12
  the
• 18:12
  description
• 18:12
  of
• 18:13
  this
• 18:13
  podcast.
• 18:14
  All
• 18:14
  right,
• 18:14
  back
• 18:15
  to
• 18:15
  it.
• 18:16
  Are
• 18:16
  you
• 18:16
  seeing
• 18:17
  people
• 18:17
  use
• 18:17
  it
• 18:17
  in
• 18:17
  any
• 18:17
  unexpected
• 18:18
  ways?
• 18:18
  Because
• 18:19
  people
• 18:19
  are
• 18:19
  really
• 18:19
  good
• 18:19
  at
• 18:19
  being
• 18:20
  weird.
• 18:20
  The
• 18:21
  weirdest
• 18:21
  thing,
• 18:21
  actually
• 18:22
  that
• 18:22
  I've
• 18:22
  seen
• 18:22
  is
• 18:23
  you'd
• 18:23
  expect
• 18:23
  most
• 18:24
  people
• 18:24
  have
• 18:24
  it
• 18:24
  on
• 18:24
  a
• 18:25
  dollar,
• 18:25
  which
• 18:25
  is
• 18:25
  true.
• 18:25
  We've
• 18:26
  got
• 18:26
  about
• 18:26
  45%
• 18:27
  of
• 18:27
  people
• 18:27
  on
• 18:27
  one
• 18:28
  dollar,
• 18:28
  and
• 18:28
  then
• 18:28
  you'd
• 18:29
  expect
• 18:29
  the
• 18:29
  next
• 18:29
  biggest
• 18:30
  group
• 18:30
  to
• 18:30
  be
• 18:30
  $2,
• 18:30
  but
• 18:31
  it
• 18:31
  isn't.
• 18:31
  It's
• 18:32
  $5.
• 18:32
  So
• 18:33
  there's
• 18:33
  about
• 18:33
  30%
• 18:34
  of
• 18:34
  people
• 18:34
  on
• 18:34
  $5
• 18:35
  running
• 18:35
  up
• 18:35
  to
• 18:35
  the
• 18:35
  nearest
• 18:36
  $5.
• 18:36
  They're
• 18:36
  like,
• 18:36
  I'm
• 18:36
  going
• 18:37
  to
• 18:37
  go
• 18:37
  hard.
• 18:37
  Yeah.
• 18:37
  So
• 18:38
  we
• 18:38
  have
• 18:38
  a
• 18:38
  couple
• 18:38
  of
• 18:38
  people
• 18:38
  who
• 18:39
  got
• 18:40
  around
• 18:40
  $5
• 18:40
  who
• 18:41
  transact
• 18:41
  a
• 18:41
  lot
• 18:42
  as
• 18:42
  well.
• 18:42
  So
• 18:42
  there's,
• 18:43
  I
• 18:43
  think
• 18:44
  our
• 18:44
  top
• 18:44
  person's
• 18:44
  doing
• 18:45
  about
• 18:45
  $40
• 18:45
  in
• 18:46
  extra
• 18:46
  contributions
• 18:47
  a
• 18:47
  day,
• 18:47
  which
• 18:48
  is
• 18:48
  huge.
• 18:50
  I
• 18:51
  don't
• 18:51
  know
• 18:51
  who
• 18:51
  that
• 18:51
  is,
• 18:51
  but
• 18:51
  I'd
• 18:51
  love
• 18:52
  to,
• 18:52
  love
• 18:52
  to
• 18:52
  shake
• 18:53
  their
• 18:53
  hand.
• 18:53
  It's
• 18:53
  going
• 18:53
  to
• 18:54
  be
• 18:54
  life
• 18:54
  changing
• 18:54
  for
• 18:54
  that
• 18:55
  person.
• 18:55
  Yeah,
• 18:55
  they're
• 18:56
  going
• 18:56
  to
• 18:56
  have
• 18:56
  a
• 18:56
  really
• 18:56
  solid
• 18:56
  Kiwi
• 18:57
  Saver
• 18:58
  on
• 18:58
  that
• 18:59
  though.
• 18:59
  I
• 18:59
  mean,
• 18:59
  I
• 18:59
  love
• 18:59
  Kiwisaver,
• 19:00
  have
• 19:00
  shouted
• 19:00
  out
• 19:00
  heaps
• 19:01
  in
• 19:01
  this
• 19:01
  app,
• 19:01
  but
• 19:01
  when
• 19:02
  I
• 19:02
  look
• 19:02
  at
• 19:02
  this
• 19:02
  and
• 19:02
  I'm
• 19:03
  like,
• 19:03
  okay,
• 19:03
  would
• 19:03
  I
• 19:03
  use
• 19:04
  this?
• 19:04
  I'm
• 19:05
  someone
• 19:05
  who
• 19:05
  already
• 19:05
  does
• 19:06
  my
• 19:06
  minimums
• 19:06
  on
• 19:06
  my
• 19:07
  KiwiSaver.
• 19:07
  I
• 19:08
  don't
• 19:08
  know
• 19:08
  if
• 19:08
  I
• 19:08
  ever
• 19:08
  will,
• 19:08
  but
• 19:09
  I
• 19:09
  like
• 19:09
  the
• 19:09
  idea,
• 19:09
  the
• 19:10
  option
• 19:10
  of
• 19:10
  early
• 19:11
  retirement.
• 19:11
  So
• 19:11
  obviously
• 19:12
  your
• 19:12
  kiwisaver
• 19:12
  money
• 19:13
  is
• 19:13
  locked
• 19:13
  up.
• 19:14
  Do
• 19:14
  you
• 19:14
  have
• 19:14
  any
• 19:15
  thoughts
• 19:15
  on
• 19:15
  expanding
• 19:16
  past
• 19:16
  KiwiSaver
• 19:17
  in
• 19:17
  the
• 19:17
  future?
• 19:18
  That
• 19:18
  is
• 19:19
  by
• 19:19
  far
• 19:19
  the
• 19:20
  question
• 19:20
  we
• 19:20
  get
• 19:20
  asked
• 19:20
  most
• 19:21
  often.
• 19:21
  So
• 19:21
  yes,
• 19:22
  we
• 19:22
  are
• 19:22
  going
• 19:22
  to
• 19:23
  do
• 19:23
  that.
• 19:23
  So
• 19:23
  we're
• 19:23
  working
• 19:24
  with
• 19:24
  a
• 19:24
  bunch
• 19:24
  of
• 19:25
  financial
• 19:25
  services
• 19:26
  firms
• 19:26
  at
• 19:26
  the
• 19:26
  moment
• 19:27
  to
• 19:28
  how
• 19:28
  do
• 19:28
  we
• 19:29
  do
• 19:29
  the
• 19:29
  same
• 19:29
  thing
• 19:29
  with
• 19:29
  roundups
• 19:30
  but
• 19:30
  into
• 19:31
  a
• 19:31
  managed
• 19:31
  fund.
• 19:31
  And
• 19:32
  so
• 19:32
  that
• 19:32
  will
• 19:32
  give
• 19:32
  you
• 19:32
  the
• 19:33
  option
• 19:33
  to
• 19:33
  withdraw
• 19:34
  it
• 19:34
  earlier
• 19:35
  while
• 19:35
  still
• 19:35
  getting
• 19:35
  those
• 19:36
  same
• 19:36
  benefits
• 19:36
  of
• 19:37
  a
• 19:37
  fund
• 19:37
  like
• 19:37
  KiwiSaver
• 19:39
  and
• 19:39
  then
• 19:40
  further
• 19:40
  on
• 19:40
  into
• 19:40
  the
• 19:40
  future.
• 19:41
  Things
• 19:41
  like
• 19:42
  help
• 19:42
  you
• 19:42
  build
• 19:42
  your
• 19:43
  emergency
• 19:43
  fund,
• 19:44
  even
• 19:44
  helping
• 19:45
  you
• 19:45
  pay
• 19:45
  down
• 19:45
  debt.
• 19:46
  That's
• 19:46
  what
• 19:46
  we
• 19:46
  want
• 19:46
  to
• 19:47
  get
• 19:47
  to.
• 19:47
  That
• 19:47
  kind
• 19:48
  of
• 19:48
  holistic
• 19:49
  wealth
• 19:50
  automation
• 19:51
  engineering,
• 19:51
  that's
• 19:51
  what
• 19:52
  I
• 19:52
  call
• 19:52
  it,
• 19:52
  which
• 19:52
  just
• 19:52
  is
• 19:53
  really,
• 19:53
  really
• 19:53
  frictionless.
• 19:54
  Just
• 19:54
  helps
• 19:54
  you
• 19:54
  do
• 19:54
  it
• 19:54
  in
• 19:54
  the
• 19:54
  background
• 19:55
  you'll
• 19:55
  never
• 19:55
  ever
• 19:56
  run
• 19:56
  out
• 19:56
  of
• 19:56
  money.
• 19:57
  But
• 19:57
  in
• 19:57
  the
• 19:57
  background
• 19:57
  we're
• 19:58
  building
• 19:58
  that
• 19:58
  emergency
• 19:59
  fund
• 19:59
  so
• 19:59
  if
• 19:59
  something
• 19:59
  happens
• 20:00
  you
• 20:00
  can
• 20:01
  fix
• 20:02
  the
• 20:02
  car
• 20:02
  or
• 20:03
  fix
• 20:03
  the
• 20:03
  leak
• 20:03
  in
• 20:03
  the
• 20:03
  roof
• 20:04
  or
• 20:04
  whatever
• 20:04
  you
• 20:04
  need.
• 20:05
  Getting
• 20:05
  your
• 20:06
  government
• 20:06
  contribution
• 20:07
  from
• 20:07
  KiwiSaver
• 20:08
  and
• 20:08
  then
• 20:08
  Building
• 20:08
  long
• 20:09
  term
• 20:09
  wealth
• 20:10
  through
• 20:10
  managed
• 20:11
  funds.
• 20:11
  How
• 20:12
  much
• 20:12
  of
• 20:12
  this
• 20:12
  has
• 20:12
  been
• 20:12
  made
• 20:13
  possible
• 20:13
  by
• 20:13
  recent
• 20:14
  rule
• 20:14
  changes?
• 20:15
  Because
• 20:16
  I
• 20:16
  do
• 20:16
  think
• 20:17
  the
• 20:17
  timing
• 20:17
  is
• 20:18
  very
• 20:18
  interesting
• 20:18
  in
• 20:18
  terms
• 20:18
  of
• 20:19
  open
• 20:19
  banking.
• 20:19
  Only
• 20:20
  came
• 20:20
  in
• 20:20
  tail
• 20:20
  end
• 20:21
  of
• 20:21
  last
• 20:21
  year
• 20:21
  but
• 20:21
  that
• 20:22
  must
• 20:22
  have
• 20:22
  been
• 20:22
  huge
• 20:22
  for
• 20:22
  you
• 20:22
  guys.
• 20:23
  Yes.
• 20:23
  Yep,
• 20:24
  yep.
• 20:24
  So
• 20:25
  we're
• 20:25
  an
• 20:26
  open
• 20:26
  banking
• 20:26
  company,
• 20:26
  that's
• 20:27
  what
• 20:27
  we
• 20:27
  are.
• 20:27
  So
• 20:28
  we
• 20:28
  to
• 20:29
  work
• 20:29
  we
• 20:29
  need
• 20:29
  access
• 20:30
  to
• 20:31
  the
• 20:32
  infrastructure
• 20:32
  that
• 20:32
  the
• 20:32
  banks
• 20:33
  provide.
• 20:33
  So
• 20:33
  that
• 20:34
  is
• 20:34
  your
• 20:34
  transaction
• 20:35
  account.
• 20:35
  We
• 20:35
  wanted
• 20:36
  you
• 20:36
  to
• 20:36
  use
• 20:36
  the
• 20:36
  same
• 20:36
  behavior
• 20:37
  you
• 20:37
  already
• 20:37
  have
• 20:37
  with
• 20:37
  the
• 20:38
  people
• 20:38
  you
• 20:38
  already
• 20:38
  trust.
• 20:38
  So
• 20:39
  your
• 20:39
  existing
• 20:39
  banks.
• 20:40
  So
• 20:40
  we
• 20:40
  couldn't
• 20:41
  do
• 20:41
  that
• 20:41
  without
• 20:42
  the
• 20:42
  likes
• 20:43
  of
• 20:43
  open
• 20:43
  banking.
• 20:44
  For
• 20:44
  you
• 20:44
  to
• 20:44
  be
• 20:44
  able
• 20:44
  to
• 20:45
  give
• 20:45
  a
• 20:45
  third
• 20:45
  party
• 20:45
  access
• 20:46
  to
• 20:46
  your
• 20:46
  account
• 20:46
  to
• 20:47
  1
• 20:47
  look
• 20:47
  at
• 20:47
  your
• 20:48
  transactions
• 20:48
  and
• 20:48
  2
• 20:48
  initiate
• 20:49
  payments
• 20:49
  on
• 20:49
  your
• 20:50
  behalf,
• 20:50
  it's
• 20:51
  absolutely
• 20:51
  critical
• 20:51
  to
• 20:51
  how
• 20:51
  we
• 20:52
  work
• 20:52
  and
• 20:52
  I
• 20:52
  think
• 20:52
  it
• 20:52
  will
• 20:53
  change
• 20:53
  finance
• 20:54
  in
• 20:54
  New
• 20:54
  Zealand
• 20:55
  you
• 20:55
  can
• 20:55
  see
• 20:55
  it's
• 20:55
  happened
• 20:56
  overseas
• 20:56
  like
• 20:56
  in
• 20:56
  the
• 20:57
  uk
• 20:57
  Their
• 20:58
  open
• 20:58
  banking
• 20:58
  rails
• 20:59
  are
• 20:59
  used
• 20:59
  for
• 20:59
  all
• 20:59
  kinds
• 20:59
  of
• 21:00
  things
• 21:00
  you
• 21:00
  just
• 21:00
  wouldn't
• 21:00
  expect.
• 21:01
  And
• 21:01
  it's
• 21:01
  like
• 21:01
  second
• 21:02
  nature
• 21:02
  to
• 21:03
  sign
• 21:03
  into
• 21:03
  your
• 21:03
  bank
• 21:03
  account
• 21:04
  with
• 21:04
  an
• 21:04
  app.
• 21:04
  We're
• 21:05
  right
• 21:05
  in
• 21:05
  the
• 21:05
  forefront
• 21:06
  of
• 21:06
  that.
• 21:06
  But
• 21:06
  hopefully
• 21:07
  New
• 21:07
  Zealand
• 21:07
  gets
• 21:07
  there
• 21:08
  as
• 21:08
  well.
• 21:08
  Yeah.
• 21:08
  And
• 21:09
  for
• 21:09
  anyone
• 21:09
  who's
• 21:09
  listening
• 21:10
  who
• 21:10
  is
• 21:10
  interested
• 21:10
  in
• 21:10
  open
• 21:11
  banking,
• 21:11
  huge
• 21:12
  change
• 21:12
  for
• 21:12
  New
• 21:12
  Zealand.
• 21:13
  It's
• 21:13
  made
• 21:14
  such
• 21:14
  a
• 21:14
  difference.
• 21:14
  I
• 21:15
  did
• 21:15
  an
• 21:15
  episode
• 21:15
  on
• 21:15
  it
• 21:15
  back
• 21:16
  in
• 21:16
  December.
• 21:16
  So
• 21:16
  for
• 21:16
  anyone
• 21:17
  who's
• 21:17
  interested,
• 21:17
  go
• 21:17
  back
• 21:17
  and
• 21:17
  listen
• 21:18
  to
• 21:18
  that.
• 21:19
  But
• 21:19
  I
• 21:19
  do
• 21:20
  think,
• 21:20
  you
• 21:20
  know,
• 21:20
  New
• 21:20
  Zealand
• 21:21
  has
• 21:21
  been
• 21:22
  quite
• 21:22
  cautious
• 21:23
  in
• 21:23
  the
• 21:23
  financial
• 21:24
  space
• 21:24
  and
• 21:24
  I
• 21:24
  get
• 21:24
  it,
• 21:25
  it's
• 21:25
  really
• 21:25
  important.
• 21:26
  You
• 21:26
  can't
• 21:26
  get
• 21:26
  things
• 21:26
  wrong
• 21:27
  with
• 21:27
  people's
• 21:27
  money.
• 21:27
  You've
• 21:28
  got
• 21:28
  to
• 21:28
  give
• 21:28
  them
• 21:28
  good
• 21:28
  protections.
• 21:29
  But
• 21:29
  that
• 21:30
  caution
• 21:30
  has
• 21:30
  sometimes
• 21:31
  in
• 21:31
  my
• 21:32
  opinion
• 21:32
  led
• 21:33
  to
• 21:35
  fewer
• 21:35
  options.
• 21:36
  And
• 21:37
  that
• 21:37
  has
• 21:37
  also
• 21:38
  meant
• 21:38
  that
• 21:39
  people
• 21:39
  can
• 21:39
  end
• 21:39
  up
• 21:39
  Paying
• 21:40
  quite
• 21:40
  a
• 21:40
  lot
• 21:40
  for
• 21:41
  the
• 21:41
  services
• 21:41
  they
• 21:41
  receive
• 21:42
  because
• 21:42
  there
• 21:42
  are
• 21:42
  fewer
• 21:43
  options,
• 21:43
  there's
• 21:43
  fewer
• 21:44
  players.
• 21:45
  So
• 21:45
  I'm
• 21:45
  really
• 21:46
  pleased
• 21:46
  to
• 21:46
  see
• 21:46
  open
• 21:46
  banking
• 21:47
  and
• 21:47
  I'm
• 21:47
  really
• 21:47
  pleased
• 21:47
  to
• 21:47
  see
• 21:48
  it
• 21:48
  allow
• 21:48
  innovation
• 21:49
  like
• 21:49
  this.
• 21:50
  But
• 21:50
  if
• 21:50
  you
• 21:51
  were
• 21:51
  looking
• 21:51
  at
• 21:52
  this
• 21:52
  space
• 21:54
  and
• 21:54
  you
• 21:54
  know,
• 21:55
  things
• 21:55
  like
• 21:55
  open
• 21:55
  banking
• 21:56
  or
• 21:57
  KiwiSaver
• 21:58
  rules
• 21:58
  and
• 21:58
  regulations,
• 21:58
  is
• 21:59
  there
• 21:59
  anything
• 21:59
  else
• 21:59
  that
• 22:00
  you
• 22:00
  think
• 22:01
  could
• 22:01
  be
• 22:01
  changed
• 22:02
  at
• 22:02
  a
• 22:02
  higher
• 22:02
  level
• 22:03
  to
• 22:03
  help
• 22:03
  people
• 22:04
  do
• 22:04
  better
• 22:04
  with
• 22:04
  their
• 22:04
  money?
• 22:05
  There's
• 22:06
  a
• 22:06
  lot
• 22:06
  we
• 22:06
  can
• 22:06
  do
• 22:07
  around
• 22:07
  KiwiSaver.
• 22:08
  Like,
• 22:08
  I'm
• 22:08
  passionate
• 22:08
  about
• 22:09
  KiwiSaver,
• 22:09
  obviously
• 22:09
  we've
• 22:09
  got
• 22:10
  a
• 22:10
  business
• 22:10
  built
• 22:10
  around
• 22:10
  it,
• 22:11
  but
• 22:11
  one
• 22:11
  of
• 22:11
  the
• 22:11
  things
• 22:11
  I
• 22:11
  come
• 22:12
  across
• 22:12
  time
• 22:12
  and
• 22:12
  time
• 22:12
  again
• 22:13
  are
• 22:13
  people
• 22:13
  who
• 22:13
  one,
• 22:14
  either
• 22:14
  don't
• 22:14
  know
• 22:15
  what
• 22:15
  type
• 22:15
  of
• 22:15
  fund
• 22:16
  they're
• 22:16
  in
• 22:16
  or
• 22:17
  two,
• 22:18
  have
• 22:18
  picked
• 22:18
  the
• 22:18
  wrong
• 22:18
  one.
• 22:19
  So
• 22:20
  I
• 22:20
  think
• 22:20
  there's
• 22:20
  a
• 22:21
  few
• 22:21
  really
• 22:21
  easy
• 22:22
  things
• 22:22
  that
• 22:23
  could
• 22:23
  be
• 22:23
  changed
• 22:23
  to
• 22:23
  actually
• 22:24
  help
• 22:24
  people
• 22:24
  get
• 22:24
  in
• 22:25
  the
• 22:25
  right
• 22:25
  fund
• 22:25
  from
• 22:25
  when
• 22:25
  they
• 22:26
  join
• 22:26
  kiwisaver.
• 22:27
  So
• 22:27
  if
• 22:27
  your
• 22:28
  horizon
• 22:28
  is
• 22:28
  long
• 22:28
  enough,
• 22:29
  if
• 22:29
  you're
• 22:29
  not
• 22:29
  looking
• 22:30
  to
• 22:30
  get
• 22:30
  it
• 22:30
  out
• 22:30
  in
• 22:30
  the
• 22:30
  next
• 22:31
  couple
• 22:31
  of
• 22:31
  years,
• 22:32
  people
• 22:32
  really
• 22:32
  should
• 22:33
  be
• 22:33
  in
• 22:33
  growth
• 22:34
  and
• 22:34
  aggressive
• 22:34
  type
• 22:35
  funds
• 22:35
  for
• 22:36
  most
• 22:36
  people.
• 22:37
  So
• 22:37
  actually
• 22:37
  setting
• 22:38
  up
• 22:38
  those
• 22:38
  default
• 22:39
  funds
• 22:39
  to
• 22:39
  more
• 22:39
  reflect
• 22:40
  where
• 22:40
  people
• 22:40
  should
• 22:40
  be
• 22:40
  I
• 22:41
  think
• 22:41
  would
• 22:41
  be
• 22:41
  better.
• 22:42
  And
• 22:42
  then
• 22:42
  the
• 22:42
  second
• 22:42
  one
• 22:42
  is
• 22:43
  on
• 22:43
  the
• 22:43
  KiwiSaver
• 22:44
  schemes
• 22:44
  themselves,
• 22:44
  I
• 22:45
  think,
• 22:45
  I
• 22:46
  don't
• 22:46
  know
• 22:46
  whether
• 22:46
  it's,
• 22:46
  they're
• 22:47
  too
• 22:47
  afraid
• 22:47
  to
• 22:47
  actually
• 22:47
  talk
• 22:48
  to
• 22:48
  their
• 22:48
  customers
• 22:48
  about
• 22:49
  it
• 22:49
  or
• 22:49
  what
• 22:49
  it
• 22:49
  is.
• 22:50
  They
• 22:50
  don't
• 22:50
  prompt
• 22:50
  people
• 22:51
  that
• 22:51
  to
• 22:51
  say,
• 22:51
  hey,
• 22:52
  have
• 22:52
  you
• 22:52
  thought
• 22:52
  about
• 22:53
  moving
• 22:53
  into
• 22:53
  a
• 22:53
  different
• 22:53
  type
• 22:54
  of
• 22:54
  fund?
• 22:54
  Because
• 22:55
  what
• 22:55
  the
• 22:55
  research
• 22:56
  says
• 22:56
  is
• 22:56
  that
• 22:57
  you'll
• 22:57
  do
• 22:57
  better
• 22:58
  if
• 22:58
  you
• 22:58
  are
• 22:59
  in
• 22:59
  a
• 22:59
  more
• 22:59
  aggressive
• 22:59
  type
• 23:00
  fund.
• 23:00
  So
• 23:01
  working
• 23:01
  out
• 23:01
  whatever
• 23:02
  the
• 23:02
  blocker
• 23:02
  is
• 23:02
  there,
• 23:03
  whether
• 23:03
  it's,
• 23:03
  you
• 23:03
  know,
• 23:04
  they're
• 23:04
  too
• 23:04
  afraid
• 23:04
  that
• 23:04
  it's
• 23:05
  bordering
• 23:05
  on
• 23:06
  a
• 23:06
  device,
• 23:06
  put
• 23:06
  an
• 23:07
  exemption
• 23:07
  in
• 23:07
  place
• 23:07
  to
• 23:08
  allow
• 23:08
  funds
• 23:09
  to
• 23:09
  do
• 23:09
  that
• 23:09
  would
• 23:09
  be
• 23:09
  huge.
• 23:10
  On
• 23:10
  that
• 23:10
  example
• 23:11
  I
• 23:11
  gave
• 23:11
  about
• 23:12
  the
• 23:12
  30
• 23:12
  year
• 23:12
  old,
• 23:13
  it's
• 23:14
  about
• 23:14
  a
• 23:14
  $45,000
• 23:16
  difference
• 23:17
  depending
• 23:17
  on
• 23:17
  whether
• 23:18
  you're
• 23:18
  in
• 23:18
  growth
• 23:18
  or
• 23:18
  aggressive.
• 23:19
  And
• 23:19
  that's
• 23:20
  no
• 23:20
  extra
• 23:20
  money
• 23:20
  from
• 23:20
  the
• 23:20
  person,
• 23:21
  that's
• 23:21
  just
• 23:21
  a
• 23:22
  setting
• 23:22
  change.
• 23:22
  Yeah,
• 23:22
  aggressive
• 23:23
  sounds
• 23:23
  scary
• 23:24
  and
• 23:25
  it
• 23:25
  sounds
• 23:25
  riskier
• 23:26
  because
• 23:26
  it's
• 23:26
  more
• 23:26
  risk.
• 23:26
  But
• 23:27
  what
• 23:27
  that
• 23:27
  means
• 23:28
  is
• 23:28
  that
• 23:28
  it's
• 23:28
  going
• 23:28
  up
• 23:29
  and
• 23:29
  down
• 23:29
  like
• 23:29
  this
• 23:29
  more,
• 23:31
  the
• 23:31
  trend's
• 23:31
  higher.
• 23:32
  So
• 23:32
  on
• 23:32
  a
• 23:32
  flat
• 23:33
  line
• 23:33
  it
• 23:33
  trends
• 23:33
  like
• 23:34
  that
• 23:34
  instead
• 23:34
  of
• 23:34
  like
• 23:34
  that.
• 23:35
  But
• 23:35
  it's
• 23:35
  also
• 23:35
  doing
• 23:36
  this
• 23:36
  so
• 23:36
  you've
• 23:36
  got
• 23:36
  more
• 23:37
  chances
• 23:37
  to
• 23:37
  buy
• 23:37
  when
• 23:37
  it's
• 23:38
  really,
• 23:38
  really
• 23:38
  cheap
• 23:38
  and
• 23:39
  it's
• 23:39
  down
• 23:39
  and
• 23:40
  those,
• 23:40
  those
• 23:40
  things
• 23:40
  compound
• 23:41
  together
• 23:41
  and
• 23:42
  give
• 23:42
  such
• 23:42
  a
• 23:42
  greater
• 23:43
  outcome.
• 23:43
  Yeah,
• 23:44
  the
• 23:44
  bouncing
• 23:44
  around
• 23:45
  can
• 23:46
  feel
• 23:46
  scary
• 23:47
  when
• 23:47
  you're
• 23:47
  seeing
• 23:48
  your,
• 23:48
  your
• 23:48
  KiwiSaver
• 23:49
  balance
• 23:49
  go
• 23:49
  up
• 23:49
  and
• 23:49
  down
• 23:50
  more.
• 23:51
  That
• 23:51
  is
• 23:51
  actually
• 23:51
  part
• 23:52
  of
• 23:52
  how
• 23:52
  it
• 23:52
  makes
• 23:52
  you
• 23:53
  more
• 23:53
  money.
• 23:53
  That
• 23:53
  is
• 23:53
  part
• 23:54
  of
• 23:54
  how
• 23:54
  it
• 23:54
  gives
• 23:55
  you
• 23:55
  more
• 23:55
  in
• 23:56
  the
• 23:56
  long
• 23:56
  run
• 23:56
  that
• 23:56
  you
• 23:57
  do
• 23:57
  have
• 23:57
  to
• 23:57
  give
• 23:57
  it
• 23:57
  time
• 23:58
  and
• 23:58
  all
• 23:58
  of
• 23:58
  that.
• 23:58
  And
• 23:58
  yeah,
• 23:59
  I
• 23:59
  know,
• 23:59
  I
• 23:59
  wish
• 23:59
  that
• 24:01
  some
• 24:01
  Kiwisaver
• 24:02
  providers
• 24:02
  do
• 24:02
  a
• 24:02
  really
• 24:03
  good
• 24:03
  job
• 24:03
  at
• 24:03
  that,
• 24:03
  but
• 24:04
  I
• 24:04
  think
• 24:04
  there's
• 24:04
  a
• 24:04
  lot
• 24:04
  of
• 24:05
  room.
• 24:05
  They
• 24:05
  make
• 24:05
  a
• 24:06
  lot
• 24:06
  of
• 24:06
  money
• 24:07
  looking
• 24:08
  after
• 24:08
  our
• 24:08
  money
• 24:08
  for
• 24:09
  us
• 24:09
  and
• 24:09
  I
• 24:09
  think
• 24:09
  there's
• 24:10
  room
• 24:10
  for
• 24:10
  them
• 24:10
  to
• 24:10
  be
• 24:10
  more
• 24:10
  proactive
• 24:11
  in
• 24:12
  helping
• 24:12
  with
• 24:12
  that
• 24:12
  education
• 24:13
  side
• 24:13
  of
• 24:13
  things.
• 24:14
  I
• 24:14
  would
• 24:14
  really
• 24:14
  agree
• 24:14
  with
• 24:15
  you
• 24:15
  on
• 24:15
  that.
• 24:15
  What
• 24:16
  about
• 24:16
  the
• 24:16
  flip
• 24:16
  side
• 24:16
  of
• 24:17
  that?
• 24:17
  If
• 24:17
  we
• 24:18
  sort
• 24:18
  of
• 24:18
  turn
• 24:18
  that
• 24:19
  from
• 24:19
  a
• 24:19
  system
• 24:19
  change
• 24:20
  to
• 24:20
  then
• 24:20
  looking
• 24:20
  at
• 24:21
  what
• 24:21
  we
• 24:21
  as
• 24:21
  individuals
• 24:21
  can
• 24:22
  do.
• 24:22
  When
• 24:22
  you
• 24:22
  look
• 24:23
  at
• 24:23
  some
• 24:23
  of
• 24:23
  the
• 24:24
  tactics
• 24:25
  that
• 24:25
  you've
• 24:25
  built
• 24:26
  into
• 24:26
  the
• 24:26
  app
• 24:26
  or
• 24:27
  that
• 24:27
  you
• 24:27
  would
• 24:27
  like
• 24:28
  to
• 24:28
  build
• 24:28
  into
• 24:28
  the
• 24:28
  app,
• 24:29
  are
• 24:29
  there
• 24:30
  any
• 24:30
  of
• 24:30
  those
• 24:30
  that
• 24:30
  we
• 24:30
  can
• 24:31
  steal
• 24:31
  for
• 24:32
  our
• 24:32
  money
• 24:32
  lives
• 24:33
  elsewhere?
• 24:33
  Any
• 24:34
  tactics
• 24:34
  that
• 24:34
  you
• 24:35
  use
• 24:35
  elsewhere,
• 24:35
  pay.
• 24:36
  Yourself
• 24:36
  first,
• 24:36
  I
• 24:37
  think
• 24:37
  is
• 24:37
  a
• 24:37
  big
• 24:37
  one.
• 24:38
  So
• 24:38
  rather
• 24:39
  than
• 24:39
  wait
• 24:39
  until
• 24:40
  the
• 24:40
  end
• 24:40
  of
• 24:40
  the
• 24:40
  fortnight
• 24:42
  and
• 24:42
  save
• 24:42
  anything
• 24:43
  you
• 24:43
  got
• 24:43
  leftover
• 24:43
  that
• 24:44
  you
• 24:44
  haven't
• 24:44
  spent,
• 24:45
  you
• 24:45
  pay
• 24:45
  yourself
• 24:46
  first.
• 24:46
  So
• 24:46
  when
• 24:47
  you
• 24:47
  get
• 24:47
  paid,
• 24:48
  you
• 24:48
  put
• 24:48
  aside
• 24:49
  some
• 24:49
  money
• 24:49
  into
• 24:50
  your
• 24:50
  wealth
• 24:50
  building
• 24:51
  and
• 24:51
  your
• 24:51
  future
• 24:51
  straight
• 24:52
  away.
• 24:52
  Anything
• 24:53
  like
• 24:53
  that,
• 24:54
  where
• 24:54
  you
• 24:54
  can
• 24:55
  move
• 24:55
  those
• 24:55
  decisions
• 24:56
  to
• 24:56
  a
• 24:56
  point
• 24:56
  where
• 24:57
  it's
• 24:57
  not
• 24:57
  going
• 24:57
  to
• 24:57
  worry
• 24:57
  you
• 24:58
  so
• 24:58
  much.
• 24:58
  Rather
• 24:58
  than
• 24:58
  worrying
• 24:59
  about
• 24:59
  it
• 24:59
  at
• 24:59
  the
• 24:59
  end
• 24:59
  and
• 24:59
  scrambling
• 25:00
  and
• 25:00
  feeling
• 25:00
  bad
• 25:01
  because
• 25:01
  you've
• 25:01
  spent
• 25:01
  a
• 25:01
  bit
• 25:02
  too
• 25:02
  much,
• 25:02
  you
• 25:02
  know,
• 25:03
  build
• 25:03
  that
• 25:04
  into
• 25:04
  that
• 25:05
  start
• 25:05
  of
• 25:05
  that
• 25:05
  process.
• 25:06
  And
• 25:06
  along
• 25:06
  with
• 25:07
  that,
• 25:07
  being
• 25:08
  able
• 25:08
  to
• 25:08
  deal
• 25:08
  with
• 25:08
  those,
• 25:09
  you
• 25:09
  know,
• 25:09
  unexpected
• 25:10
  expenses
• 25:10
  is
• 25:10
  really
• 25:11
  huge.
• 25:12
  Having
• 25:12
  an
• 25:12
  emergency
• 25:13
  fund
• 25:13
  in
• 25:13
  place
• 25:13
  I
• 25:14
  think
• 25:14
  is
• 25:14
  critical.
• 25:14
  Yeah,
• 25:15
  100%.
• 25:16
  With
• 25:16
  everything
• 25:17
  that
• 25:17
  you've
• 25:17
  learned
• 25:17
  as
• 25:18
  you've
• 25:18
  been
• 25:18
  building
• 25:19
  and
• 25:19
  then
• 25:19
  as
• 25:19
  people
• 25:19
  come
• 25:20
  in
• 25:20
  and
• 25:20
  use
• 25:21
  the
• 25:21
  app,
• 25:22
  is
• 25:22
  there
• 25:22
  anything
• 25:22
  that
• 25:22
  if
• 25:22
  you
• 25:23
  were
• 25:23
  to
• 25:23
  start
• 25:23
  over
• 25:23
  now,
• 25:24
  would
• 25:24
  you
• 25:25
  build
• 25:25
  your
• 25:25
  app
• 25:25
  differently?
• 25:26
  We
• 25:26
  wanted
• 25:27
  to
• 25:27
  build
• 25:27
  something
• 25:27
  that
• 25:27
  was
• 25:27
  frictionless
• 25:28
  and
• 25:28
  easy
• 25:28
  and
• 25:29
  that's
• 25:29
  what
• 25:29
  we've
• 25:29
  built
• 25:29
  and
• 25:30
  delivered
• 25:30
  with
• 25:31
  VGR
• 25:32
  as
• 25:32
  it
• 25:32
  is
• 25:32
  today.
• 25:33
  I
• 25:33
  think
• 25:34
  looking
• 25:34
  at
• 25:35
  how
• 25:35
  people
• 25:35
  have
• 25:36
  used
• 25:36
  it
• 25:36
  and
• 25:36
  where
• 25:37
  it's
• 25:37
  resonating
• 25:37
  with
• 25:37
  people
• 25:38
  has
• 25:38
  changed
• 25:38
  where
• 25:39
  we're
• 25:39
  going
• 25:39
  in
• 25:39
  the
• 25:39
  future,
• 25:39
  though.
• 25:40
  When
• 25:40
  we
• 25:40
  built
• 25:41
  this,
• 25:41
  we
• 25:41
  thought
• 25:42
  it
• 25:42
  was
• 25:42
  going
• 25:42
  to
• 25:42
  be
• 25:42
  kind
• 25:43
  of
• 25:43
  a
• 25:43
  grab
• 25:43
  bag
• 25:43
  of
• 25:43
  tools
• 25:44
  that
• 25:44
  people
• 25:44
  could
• 25:45
  use
• 25:45
  and
• 25:45
  configure
• 25:45
  themselves.
• 25:47
  And
• 25:48
  they'd
• 25:48
  pick
• 25:49
  this
• 25:49
  one
• 25:49
  because
• 25:49
  they
• 25:49
  liked
• 25:50
  it.
• 25:50
  They'd
• 25:50
  pick
• 25:50
  that
• 25:50
  one,
• 25:50
  they
• 25:51
  like
• 25:51
  it.
• 25:51
  They've
• 25:51
  got
• 25:51
  all
• 25:51
  the
• 25:51
  controls
• 25:52
  and
• 25:52
  they
• 25:52
  can
• 25:53
  turn
• 25:53
  the
• 25:53
  knobs
• 25:53
  and
• 25:54
  the
• 25:54
  dials
• 25:54
  and
• 25:54
  things
• 25:54
  like
• 25:54
  that.
• 25:55
  But
• 25:55
  what
• 25:55
  we've
• 25:55
  found
• 25:55
  is
• 25:56
  that
• 25:56
  I
• 25:56
  think
• 25:56
  people
• 25:57
  really
• 25:57
  want
• 25:58
  it
• 25:58
  simple
• 25:58
  and
• 25:59
  frictionless
• 25:59
  and
• 26:00
  invisible.
• 26:01
  And
• 26:01
  so
• 26:03
  we've
• 26:03
  moved
• 26:03
  our
• 26:03
  roadmap
• 26:04
  more
• 26:04
  to
• 26:04
  that
• 26:05
  kind
• 26:05
  of
• 26:06
  invisible
• 26:06
  automation
• 26:07
  than
• 26:08
  that
• 26:08
  kind
• 26:08
  of
• 26:08
  ability
• 26:09
  to
• 26:09
  go
• 26:09
  down
• 26:09
  and
• 26:10
  tinker
• 26:10
  with
• 26:10
  the
• 26:10
  dials
• 26:11
  and
• 26:11
  things
• 26:11
  like
• 26:11
  that.
• 26:12
  So
• 26:13
  it's
• 26:13
  that
• 26:13
  idea
• 26:13
  of
• 26:14
  having
• 26:15
  really,
• 26:15
  really
• 26:15
  smart
• 26:15
  defaults
• 26:16
  for
• 26:16
  this
• 26:17
  that
• 26:17
  people
• 26:18
  don't
• 26:18
  need
• 26:18
  to
• 26:18
  really
• 26:19
  think
• 26:19
  about
• 26:19
  at
• 26:19
  all.
• 26:20
  So
• 26:20
  basically,
• 26:20
  people
• 26:20
  are
• 26:21
  busy,
• 26:22
  want
• 26:22
  to
• 26:22
  do
• 26:22
  the
• 26:22
  right
• 26:22
  thing,
• 26:23
  but
• 26:23
  they
• 26:23
  just
• 26:23
  need
• 26:23
  a
• 26:23
  set
• 26:24
  path.
• 26:24
  So
• 26:25
  you
• 26:25
  can
• 26:25
  say,
• 26:25
  okay,
• 26:26
  X,
• 26:26
  Y,
• 26:26
  Z,
• 26:27
  those
• 26:27
  are
• 26:27
  your
• 26:27
  options.
• 26:27
  Pick
• 26:28
  the
• 26:28
  one
• 26:28
  and
• 26:28
  off
• 26:28
  we
• 26:29
  go.
• 26:29
  And
• 26:29
  not
• 26:30
  50
• 26:30
  of
• 26:30
  them.
• 26:32
  It's
• 26:33
  funny
• 26:33
  that,
• 26:33
  isn't
• 26:34
  it?
• 26:34
  Because
• 26:34
  when
• 26:34
  you
• 26:34
  are
• 26:35
  in
• 26:35
  this
• 26:35
  space,
• 26:36
  when
• 26:36
  you
• 26:36
  talk
• 26:36
  about
• 26:36
  money
• 26:36
  all
• 26:37
  the
• 26:37
  time,
• 26:37
  I
• 26:38
  think
• 26:38
  it
• 26:38
  can
• 26:38
  be
• 26:39
  really
• 26:39
  easy
• 26:39
  to
• 26:39
  nerd
• 26:40
  out
• 26:40
  as
• 26:40
  someone
• 26:41
  who
• 26:41
  really
• 26:41
  enjoys
• 26:41
  this.
• 26:42
  And
• 26:42
  I
• 26:42
  catch
• 26:42
  myself
• 26:43
  doing
• 26:43
  that
• 26:43
  all
• 26:43
  the
• 26:43
  time,
• 26:44
  where
• 26:44
  when
• 26:45
  I'm
• 26:45
  talking
• 26:45
  to
• 26:45
  people
• 26:45
  about
• 26:46
  money,
• 26:47
  they
• 26:47
  just
• 26:48
  kind
• 26:48
  of
• 26:48
  want
• 26:49
  to
• 26:49
  know,
• 26:50
  top
• 26:50
  line,
• 26:50
  what's
• 26:50
  the
• 26:51
  best
• 26:51
  option?
• 26:53
  Whereas
• 26:53
  when
• 26:54
  you're
• 26:54
  in
• 26:54
  this
• 26:54
  space
• 26:54
  all
• 26:54
  the
• 26:55
  time,
• 26:55
  you
• 26:55
  can
• 26:55
  be
• 26:55
  like,
• 26:55
  oh,
• 26:55
  there's
• 26:56
  so
• 26:56
  many.
• 26:57
  And
• 26:57
  it's
• 26:57
  overwhelming
• 26:58
  actually,
• 26:58
  isn't
• 26:58
  it?
• 26:58
  And
• 26:59
  you
• 26:59
  get
• 26:59
  people
• 26:59
  back
• 26:59
  to
• 26:59
  that
• 26:59
  analysis.
• 27:00
  Paralysis.
• 27:00
  Yeah.
• 27:01
  I
• 27:01
  think
• 27:01
  people
• 27:01
  like
• 27:02
  the
• 27:02
  idea
• 27:02
  of
• 27:02
  control
• 27:03
  and
• 27:03
  the
• 27:03
  idea
• 27:04
  of
• 27:04
  being
• 27:04
  able
• 27:04
  to
• 27:04
  tinker.
• 27:05
  But
• 27:05
  there's
• 27:06
  a
• 27:06
  lot
• 27:06
  going
• 27:06
  on
• 27:06
  in
• 27:06
  your
• 27:06
  life
• 27:07
  all
• 27:07
  the
• 27:07
  time,
• 27:07
  right?
• 27:07
  There's
• 27:07
  a
• 27:08
  lot
• 27:08
  going
• 27:08
  on
• 27:08
  in
• 27:08
  my
• 27:08
  life
• 27:08
  and
• 27:09
  I
• 27:09
  used
• 27:09
  to
• 27:09
  love
• 27:09
  this
• 27:09
  stuff.
• 27:09
  I
• 27:10
  used
• 27:10
  to
• 27:10
  have
• 27:12
  dozens
• 27:12
  of
• 27:12
  spreadsheets,
• 27:13
  tracking
• 27:13
  every
• 27:13
  metric
• 27:14
  I
• 27:14
  was
• 27:14
  doing
• 27:14
  and
• 27:14
  all
• 27:15
  of
• 27:15
  that.
• 27:15
  That's
• 27:16
  long
• 27:16
  gone
• 27:16
  now.
• 27:16
  My
• 27:17
  life
• 27:17
  is
• 27:17
  far
• 27:17
  too
• 27:18
  busy
• 27:18
  to
• 27:18
  worry
• 27:19
  with
• 27:19
  that.
• 27:19
  Even
• 27:19
  though
• 27:19
  it
• 27:20
  was
• 27:20
  something
• 27:20
  I
• 27:20
  enjoyed
• 27:21
  doing.
• 27:21
  So,
• 27:22
  you
• 27:22
  know,
• 27:22
  I
• 27:22
  just,
• 27:23
  I
• 27:23
  haven't.
• 27:24
  Don't
• 27:24
  even
• 27:24
  look
• 27:24
  at
• 27:24
  my
• 27:24
  kiwisaver
• 27:25
  hardly
• 27:25
  anymore.
• 27:26
  It
• 27:26
  just,
• 27:26
  it
• 27:26
  sits
• 27:26
  in
• 27:27
  the
• 27:27
  background
• 27:27
  and
• 27:27
  grows
• 27:27
  and
• 27:27
  that's.
• 27:28
  That
• 27:28
  keeps
• 27:28
  me
• 27:28
  happy.
• 27:29
  Yeah,
• 27:29
  100%.
• 27:30
  Okay.
• 27:30
  Well,
• 27:31
  if
• 27:31
  there
• 27:31
  is
• 27:32
  something
• 27:32
  that
• 27:32
  you've
• 27:33
  learned
• 27:33
  from
• 27:34
  this
• 27:34
  app
• 27:35
  or
• 27:35
  even,
• 27:36
  you
• 27:36
  know,
• 27:36
  a
• 27:36
  money
• 27:36
  habit
• 27:37
  that
• 27:37
  you
• 27:37
  think
• 27:38
  is
• 27:38
  really
• 27:39
  underrated
• 27:41
  for
• 27:41
  the
• 27:42
  wider
• 27:42
  money
• 27:42
  world,
• 27:43
  what
• 27:43
  would
• 27:43
  that
• 27:43
  be?
• 27:44
  I
• 27:44
  think
• 27:44
  it's
• 27:44
  the
• 27:45
  consistency
• 27:45
  thing.
• 27:46
  So
• 27:46
  putting
• 27:46
  money
• 27:47
  in
• 27:48
  every
• 27:48
  day,
• 27:49
  if
• 27:49
  you
• 27:49
  can,
• 27:49
  or
• 27:49
  every
• 27:49
  payday
• 27:50
  at
• 27:50
  the
• 27:50
  very
• 27:51
  least,
• 27:51
  is
• 27:51
  really,
• 27:51
  really
• 27:52
  powerful.
• 27:52
  And
• 27:52
  that's
• 27:53
  hitting
• 27:54
  a
• 27:54
  number
• 27:54
  of
• 27:54
  behaviors.
• 27:54
  One
• 27:55
  is
• 27:55
  it's
• 27:55
  that
• 27:55
  consistency.
• 27:56
  It
• 27:56
  becomes
• 27:57
  a
• 27:57
  habit.
• 27:57
  So
• 27:57
  you
• 27:57
  don't
• 27:58
  worry
• 27:58
  about
• 27:58
  it
• 27:58
  anymore.
• 27:59
  You
• 27:59
  just.
• 27:59
  It
• 27:59
  kind
• 27:59
  of
• 27:59
  happens
• 28:00
  invisibly.
• 28:01
  And
• 28:01
  two
• 28:01
  is,
• 28:01
  you
• 28:02
  know,
• 28:02
  there's
• 28:02
  actually
• 28:02
  really
• 28:03
  good
• 28:03
  reasons
• 28:03
  from
• 28:04
  a,
• 28:04
  like
• 28:04
  a
• 28:04
  monetary
• 28:05
  math's
• 28:06
  point
• 28:06
  of
• 28:06
  view
• 28:06
  for
• 28:06
  doing
• 28:06
  it
• 28:07
  as
• 28:07
  well
• 28:07
  that
• 28:07
  idea
• 28:07
  of
• 28:07
  dollar
• 28:08
  cost
• 28:08
  averaging.
• 28:08
  So
• 28:09
  going
• 28:09
  in
• 28:10
  and
• 28:10
  you
• 28:10
  are
• 28:10
  buying
• 28:11
  more
• 28:11
  when
• 28:11
  it's
• 28:12
  cheap.
• 28:12
  So
• 28:12
  when
• 28:12
  the
• 28:12
  price
• 28:12
  goes
• 28:13
  down,
• 28:13
  rather
• 28:14
  than
• 28:14
  being
• 28:14
  afraid,
• 28:15
  you're
• 28:15
  actually
• 28:15
  going,
• 28:16
  hey,
• 28:16
  I'm
• 28:16
  picking
• 28:16
  up
• 28:17
  a
• 28:17
  bargain
• 28:17
  now.
• 28:17
  It's
• 28:18
  like
• 28:18
  these
• 28:18
  things
• 28:19
  are
• 28:19
  on
• 28:19
  sale.
• 28:20
  The
• 28:20
  great
• 28:20
  thing
• 28:20
  about
• 28:21
  managed
• 28:21
  funds
• 28:21
  is
• 28:22
  they
• 28:22
  generally
• 28:22
  don't
• 28:23
  disappear
• 28:23
  completely.
• 28:23
  It's
• 28:24
  not
• 28:24
  like
• 28:25
  a
• 28:25
  hot
• 28:25
  stock
• 28:26
  tip
• 28:26
  when
• 28:26
  you're
• 28:26
  investing
• 28:26
  in
• 28:27
  one
• 28:27
  company.
• 28:27
  You
• 28:27
  know,
• 28:28
  most
• 28:28
  managed
• 28:28
  funds
• 28:29
  have
• 28:29
  literally
• 28:29
  thousands
• 28:30
  of
• 28:30
  companies
• 28:30
  under
• 28:30
  them
• 28:30
  and
• 28:30
  it's.
• 28:32
  If
• 28:32
  they
• 28:32
  drop
• 28:32
  to
• 28:33
  zero,
• 28:34
  there's
• 28:34
  something
• 28:35
  fundamentally
• 28:36
  wrong
• 28:36
  with
• 28:36
  the
• 28:36
  world.
• 28:36
  And
• 28:37
  I
• 28:37
  think
• 28:37
  there's
• 28:37
  a
• 28:37
  lot
• 28:37
  more
• 28:37
  to
• 28:37
  be
• 28:38
  worried
• 28:38
  about
• 28:38
  than
• 28:38
  where
• 28:38
  your
• 28:39
  money
• 28:39
  is.
• 28:41
  You
• 28:41
  will
• 28:41
  have
• 28:42
  other
• 28:42
  things
• 28:42
  on
• 28:42
  your
• 28:42
  mind
• 28:42
  if
• 28:43
  an
• 28:43
  entire
• 28:43
  fund
• 28:43
  drops
• 28:44
  to
• 28:44
  zero.
• 28:45
  So
• 28:45
  it
• 28:45
  means
• 28:46
  that
• 28:46
  when
• 28:46
  the
• 28:46
  markets
• 28:47
  do
• 28:47
  drop,
• 28:47
  you're
• 28:48
  actually
• 28:48
  getting
• 28:48
  a
• 28:48
  bargain,
• 28:49
  I
• 28:49
  think.
• 28:50
  And
• 28:50
  it's
• 28:50
  kind
• 28:51
  of,
• 28:51
  if
• 28:51
  you
• 28:51
  think
• 28:51
  about
• 28:51
  it
• 28:51
  like
• 28:52
  that,
• 28:52
  these
• 28:52
  companies
• 28:53
  aren't
• 28:53
  going
• 28:53
  away.
• 28:53
  There's
• 28:54
  not
• 28:54
  going
• 28:54
  to
• 28:54
  be
• 28:54
  three
• 28:54
  and
• 28:55
  a
• 28:55
  half
• 28:55
  thousand
• 28:55
  companies
• 28:56
  that
• 28:56
  I've
• 28:56
  invested
• 28:56
  in
• 28:56
  all
• 28:57
  going
• 28:57
  to
• 28:57
  disappear
• 28:57
  overnight.
• 28:58
  What's
• 28:58
  going
• 28:59
  to
• 28:59
  happen
• 28:59
  is
• 28:59
  that
• 28:59
  they're
• 29:00
  now
• 29:00
  cheap
• 29:00
  so
• 29:00
  I
• 29:00
  can
• 29:01
  buy
• 29:01
  more
• 29:01
  of
• 29:01
  them
• 29:02
  and
• 29:02
  then
• 29:02
  when
• 29:02
  they
• 29:02
  bounce
• 29:03
  back,
• 29:03
  it's
• 29:04
  going
• 29:04
  to
• 29:04
  do
• 29:04
  good
• 29:04
  for
• 29:04
  me.
• 29:05
  Five
• 29:05
  years
• 29:05
  from
• 29:05
  now.
• 29:06
  What
• 29:06
  do
• 29:06
  you
• 29:06
  hope
• 29:06
  Feejoa
• 29:07
  looks
• 29:07
  like?
• 29:07
  I
• 29:08
  hope
• 29:08
  Feejoa
• 29:09
  is
• 29:09
  the
• 29:10
  wealth
• 29:10
  automation
• 29:11
  engine
• 29:11
  for
• 29:11
  New
• 29:12
  Zealanders.
• 29:12
  So
• 29:13
  we
• 29:13
  want
• 29:13
  to
• 29:13
  build
• 29:13
  something
• 29:14
  that
• 29:14
  is
• 29:15
  frictionlessly
• 29:16
  helping
• 29:16
  everyone
• 29:17
  build
• 29:17
  wealth.
• 29:18
  We
• 29:18
  want
• 29:18
  to
• 29:18
  work
• 29:19
  with
• 29:19
  all
• 29:19
  the
• 29:20
  financial
• 29:20
  institutions
• 29:21
  in
• 29:21
  New
• 29:21
  Zealand
• 29:21
  to
• 29:22
  help
• 29:22
  people
• 29:22
  do
• 29:22
  that.
• 29:22
  So
• 29:23
  we
• 29:23
  already
• 29:24
  interact
• 29:24
  with
• 29:24
  all
• 29:24
  of
• 29:24
  the
• 29:25
  banks
• 29:25
  in
• 29:25
  New
• 29:25
  Zealand
• 29:25
  and
• 29:25
  all
• 29:25
  of
• 29:26
  the
• 29:26
  kiwisaver
• 29:26
  schemes,
• 29:27
  but
• 29:27
  want
• 29:28
  to
• 29:28
  bring
• 29:28
  together
• 29:28
  all
• 29:29
  of
• 29:29
  the
• 29:29
  players
• 29:29
  in
• 29:30
  people's
• 29:30
  financial
• 29:30
  lives
• 29:31
  and
• 29:31
  help
• 29:31
  plummet
• 29:32
  all
• 29:32
  together.
• 29:32
  That's
• 29:33
  really
• 29:33
  exciting.
• 29:33
  We'll
• 29:33
  have
• 29:33
  to
• 29:34
  stay
• 29:34
  in
• 29:34
  touch
• 29:34
  and
• 29:34
  see
• 29:34
  if
• 29:35
  you
• 29:35
  can
• 29:35
  turn
• 29:35
  that
• 29:35
  into
• 29:35
  reality.
• 29:36
  Thank
• 29:37
  you
• 29:37
  so
• 29:37
  much
• 29:37
  for
• 29:37
  coming
• 29:37
  on.
• 29:38
  Mark.
• 29:38
  That
• 29:38
  was
• 29:38
  brilliant.
• 29:39
  Thank
• 29:39
  you.
• 29:39
  Now,
• 29:40
  if
• 29:40
  this
• 29:40
  episode
• 29:40
  was
• 29:40
  helpful
• 29:41
  to
• 29:41
  you,
• 29:41
  send
• 29:41
  it
• 29:41
  to
• 29:42
  a
• 29:42
  friend
• 29:42
  so
• 29:42
  we
• 29:42
  can
• 29:42
  all
• 29:42
  level
• 29:43
  up
• 29:43
  our
• 29:43
  money
• 29:43
  together.
• 29:43
  Until
• 29:44
  next
• 29:44
  time,
• 29:44
  have
• 29:44
  a
• 29:45
  great
• 29:45
  day.
• 29:47
  This
• 29:47
  podcast
• 29:48
  can
• 29:48
  only
• 29:48
  give
• 29:48
  you
• 29:48
  general
• 29:49
  information
• 29:50
  about
• 29:50
  how
• 29:50
  things
• 29:50
  work
• 29:51
  in
• 29:51
  most
• 29:51
  situations.
• 29:52
  It's
• 29:53
  not
• 29:53
  individual
• 29:53
  financial
• 29:54
  advice.
• 29:54
  If
• 29:55
  you're
• 29:55
  after
• 29:55
  that,
• 29:56
  a
• 29:56
  financial
• 29:56
  advisor
• 29:57
  is
• 29:57
  always
• 29:57
  the
• 29:58
  best
• 29:58
  bet.