"I don't have time to know what the hot tips are for the market (and many people who think they do are acting foolish anyway).
"Residential property has been good for a long time - but that doesn’t mean it always will be.
"I don't believe it's right to make money out of a policy failure."
David Seymour, party leader, ACT New Zealand.
Money. It's the driving factor behind many life choices, but is it the be-all and end-all?
'Me and My Money' is a regular feature that investigates Kiwi attitudes towards money and what drives the choices they make.
Referring to housing "policy failures" by successive Governments, and as someone short of time, ACT party leader David Seymour says he prefers to make money from managed funds over property.
Having spent money on travel in his 20's, he didn't start to knuckle down to saving until his 30's, something he says shows that people have the ability to change course.
The COVID-19 Delta outbreak has been tough on all Kiwis, particularly Aucklanders and business owners. Referring to lockdowns and resulting isolation as a "stopgap, not a solution", David Seymour says ACT will continue advocating for a "more certain, balanced and proactive response" to the COVID-19 pandemic.
1. Are you a saver or a spender?
I've been both.
In my 20's I travelled to Asia, Europe, all over North America. I stood for Parliament a couple of times.
By my 30's, I had some catching up to do. It shows history is not destiny: you can change when you need to.
But saving is easier if you start earlier.
2. What's been your biggest financial lesson, success or failure?
That investment isn't a bad thing.
I was raised to believe the only proper way to get money was good education followed by hard work.
I still think education and work are essential - but nobody can be productive without investment.
There should be a reward for doing that too.
3. What do you know about money now that you wish you'd known sooner?
Bitcoin at $1 when I first heard about it was really good buying.
4. A recent purchase you consider was value for money?
A second pair of pants.
If buying a suit, always get the second pair of pants.
There’s nothing worse than throwing out a thousand dollar jacket because they've stopped making the $300 pants.
5. What's your preferred form of investment and why?
Managed funds.
I don’t have time to know what the hot tips are for the market (and many people who think they do are acting foolish anyway).
Residential property has been good for a long time - but that doesn’t mean it always will be. I don’t believe it’s right to make money out of a policy failure.
6. What's the golden piece of advice you give to young people?
I tell my younger cousins, nieces and nephews to save early.
When it comes to saving, young dollars are much more valuable than old dollars.
7. What's your best saving tip?
Buy a french press/coffee plunger and save almost $5 every time you press down!
The views expressed in this article are personal and are not professional financial advice.
