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Know the value of your time
My 8-year-old son was commenting on cars as they went by. He asked, "Is it better to be someone who sells a lot of cheaper cars or a fewer number of more expensive cars?" We then went on to discuss the cost of production of the cars and the difference between this and the sale price. I explained the concept of value, and in particular, the value of your time. If you can charge more for your time to clients or work, you can choose to have more time to do other things or ramp up the hours of work. There is only one of you, you are unique, and if you have what people need, you should charge accordingly.
Invest Early
When I started my first job (prior to KiwiSaver being a thing), I put my money into an optional superannuation scheme that my work also contributed to. There were restrictions on using this, which meant by the time I left the organization, I had over $60,000 that I used to invest in property.
Be Generous
I also find it impossible not to be the one who pays for coffees, etc., when I catch up with friends. Financially, it's not a great strategy. However, I have always liked the gesture of paying, as it is a pretty minimal thing that makes you and the other person(s) feel a little bit better about the day.
Be Realistic
You need to be realistic about what phase you are in and cut yourself some slack. We have put on hold any more major investment plans at the moment, as the cost of living overall and the age of my children means it's not the time to overstretch. It is actually one of the best times to get into property right now as there are plenty for sale and not a lot of people offering. However, it is about your individual plan.
Not Buying the House We Could Have Afforded
I could have purchased a better first home. We had the money, and it really wouldn't have stretched us too much. What it meant was that due to the location and type of property, it didn't have as much growth as it could have. The house was cute but was never going to work for a future family. I was not a Mortgage Adviser then, and I didn't understand that your first home doesn't have to be small or look like a 'first home.' If you can afford more of a family home now, do it. It is more complicated trying to upsize when you already have a property to sell, and if you then add children to the mix, with the higher outgoings, it can be harder to borrow from the bank, so you could end up having to stay in that smaller home for longer than you want to!
Give a little
Money creates opportunity and freedom for yourself, but it also does the same for others. If you have the opportunity to give (a little or a lot), do it!
Hmm, I don't really follow anyone. There are some key things you can do with money, such as property, investments, budgets, and then it's just boring old discipline and waiting for the long term to become the short term. People should fully check out my Instagram or TikTok, though, where I share helpful practical information.
Instagram - @lance_shearman_mortgage_broker
TikTok - @lance_financial
About Lance
Hi, I’m Lance a Financial Adviser here at Velocity Financial. People in Finance love to make it all seem too complex. I see my role as removing these barriers, opening your opportunities, and connecting you with the sharpest and most helpful professionals Wellington has to offer. I am interested in people and enjoy being part of key (and often the most stressful) stages in their lives. From my background in heading up large social development projects, finding finance and resource to bring about change for some of our most vulnerable New Zealanders, to my role as a marriage celebrant helping organise one of the most dramatic, stressful, wonderful, precious days of people’s lives. Now as a Financial Adviser I'm able to help people reach their financial goals and help provide security by insuring them against life's challenging times. I love being active, boxing, running, surfing, basically if there is a chance of some form of activity I am on board. Music is extremely important to me, and I have been privileged to travel around many parts of the world playing drums.
Disclaimer: Lance Shearman (FSP431426) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Lance’s disclosure statement on our website.
Always get professional advice
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.