In this five-minute Q&A Simon shares his financial advice, personal experiences, and own lessons learned with money.

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What is the financial advice you'd give your younger self or kids?

Start saving and investing early. Get into the habit of putting aside a set amount from earnings, pocket money, or otherwise. This can be for investments, a rainy day, or an emergency fund. Don't have that account connected to a card or even accessible online. Put the money in and don't touch it.

What was the best thing you did with your money?

I did different things at different times that felt like the best thing. Bought a house, travelled, had (potentially) once-in-a-lifetime experiences. The ROI on getting a solid sleep is priceless, so investing in a decent mattress was pretty good for me. Gym Membership, Thermomix, coffee machine, whatever it might be, I think it's important to enjoy the journey and not just focus on the destination and having money left over. The best thing I did was budget to have a work-life balance, and that balance brings fun adventures, decent activities in school holidays, weekends away, and a fancy dinner date with my partner once in a while. Of course, if that work-life balance allows for a side hustle, a chance to earn some passive income, which you can then diversify to a variety of assets in funds that meet your risk profile, then, yes, that's also good.

How are you making your money work for the future?

Compounding interest is a savings tool you can utilize to form part of your longer-term goals. Where there is scope, invest in assets with long-term growth potential (property, for example). Set aside money in a savings account to cover unexpected expenses and protect against financial setbacks.

What was a money 'fail' for you, and what were the lessons learned?

My KiwiSaver experience was not super at the start. Signing up in 2007 and not needing it until 2012 for a house deposit, I had not had any conversations or done my own research into it and found I would have been better off with a different fund set up that could have given me a bigger deposit at the time. Not having an emergency fund caught me out, and it was a stressful time. It really taught me the importance for my mental health as well as financial security the need to have some financial safety net to handle unexpected expenses or change of circumstances.

What are some money principles to live by?

'Measure twice, cut once.'

Have a think before you 'add to cart' and consider the value of what you're getting.

Play the long game and work in non-negotiables like tax and a fallback fund. Having a growth mindset and consistency with personal savings, including KiwiSaver along with other accounts for cars, kids, and holidays.

Know your risk profile. This can help you make informed decisions that align with your financial goals, it allows you some control over your investment portfolio, and can prevent emotional distress during downturns.

Don't forget to have some fun with it.

What financial influencers do you follow?

Podcasts. I was late to the Podcast World and have found, not only an endless choice, but also some actionable options and insights on personal finance topics being shared. There's no end to personal finance bloggers and industry experts to follow, like, and subscribe to 🙂 and sign up to get alerts about the things that interest you. Websites like interest.co.nz and others who offer industry professionals, investment analysts, or financial journalists who dive deep into the topics you enjoy can help keep your finger on the pulse. And you can't go past a good TED Talk.

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‍About Simon

Hi, I’m Simon a Financial Advisor here at Velocity Financial. I enjoy working with my clients to help demystify all the Mortgage, Insurance and KiwiSaver fine print, and help get them to where they want to be. I am dedicated, thorough and offer professional advice that works for you. I like to help people on their journey and be a trusted person to guide them through really important events in their lives such as the home buying process. I help my clients collaborate with valuers, builders, lawyers and real estate agents to ensure a seamless experience. That satisfaction of reaching the goal with the least amount of stress for my clients is hugely rewarding. I navigate unique scenarios and tailor lending solutions for individual circumstances to save money and time. As a proud father of two and avid supporter of all my children’s endeavours, I know just how precious that time is. On the weekends you’ll also find me mountain biking, surfing, or checking out NZ’s great walks.

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Disclaimer: Simon O’Neill (FSP534466) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Simon’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.

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