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Contents. Contents. Contents.
Everyone reading this has them, whether for domestic or business use, and I'm willing to bet that nearly all of you also completely underestimate just how much you have and how much it would cost to replace those contents.
So come, gather around the campfire as I offer some advice.
"I only have about $20,000 worth of stuff, I reckon," say clients of mine, who are incorrect.
When discussing contents, most people think of their laptop, their TV, and maybe their couch. We tend not to consider whiteware, cutlery, plates, curtains, beds, rugs, art, sports equipment, and most importantly, clothes when stocktaking.
I conducted a quick exercise – I visited the Rodd and Gunn website (yes, I'm that person) and looked to order the following: three pairs of jeans, three button-up shirts, three T-shirts, three pairs of trousers, two polos, two jackets, and three pairs of shoes – the total cost was just over $4,500.
Imagine if you built a brand-new house, the keys were handed to you – with the new house smell lingering, and all I gave you and your partner to furnish that home was $20,000.
This is what you might be looking at:
Queen Size Bed: $1,200. Bedroom Furniture: $2,500. Clothes for two semi-stylish individuals: $10,000. Artwork: $300. Sheets and Duvet: $200. Lamp: $50.
Goose Down Quilt: $350.
Congratulations, you have furnished the main bedroom.
You now have $5,400 remaining to furnish the rest of the house.
Many of us are fortunate to have accumulated contents over our lifetime, which can lead us to lose touch with the rising costs of items – when was the last time you purchased a new duvet inner?
I assure you, my estimate of $350 was conservative...
I am aware that I may be generalizing a lot of people here, and everyone leads a life that is very different from the next person.
However, the point I'm trying to make is that when you determine a 'sum insured figure' for your contents, take a few minutes to genuinely consider, 'Could I actually replace everything in here, like for like, with this amount of money?'
If the answer is no, it might be worth sending me an email to discuss this further. 😊
The next month will be busy for Joshua. I will be in Australia for a week at the end of May, participating in an intensive training course designed to enhance the skills of senior brokers in strategic planning, marketing, sales conversations, and presentation skills – I am very much looking forward to applying what I learn here.
Following that, I will be visiting Japan with my dear partner Hayley in early June for a few weeks. It will be summer while we are there, and I will try to bring back a few photos for the next update, すごく楽しみにしている!
Alice is nearing the completion of her certificate in financial advice, so keep an eye on this space for when she becomes qualified. You might even enjoy a guest blog from her on this platform every now and then!
I am excited about what the future holds both professionally and personally. Go out and enjoy the rest of your day, and I look forward to speaking with all of you again soon.
‘As always, get in touch anytime.
‘Till next time.
Cheers,
Joshua
Joshua Rhind | General Manager
Caveo - powered by Velocity Financial
M: 027 384 6444
E: joshua@caveo.co.nz
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.