Have Fun,
Discipline and Patience

7. Have fun. Have discipline and patience.

It is important to have fun and celebrate along the way.  There is no point saving everything for the future and not living now.  But there is a balance. We regularly remind our clients to celebrate milestones – repaying the mortgages, getting to a particular value of investments.  On the other hand, you do need to have that discipline to make sure that you are putting away money to achieve those goals.

While it would be easier if we all just won lotto or got a big inheritance, the reality is that the majority of people achieve their goals and have a good retirement because of good old hard work, regularly saving. 

And it does work.

Putting money into KiwiSaver means that you don’t really notice that you aren’t getting it the bank.  Every year when we meet with people we work with them to gradually increase how much they are saving to achieve their goals.  It might only be an extra $50.00 a month.  But when they look at the retirement savings analysis every few years, they can see the difference that it makes.

As you get closer to retirement, this is the time that you need to be more aware of how much you are spending, and whether that lifestyle is sustainable in retirement.  Where possible, upgrade the vehicles and whiteware, do those touch up’s to the home if you are going to stay there for a long time – but do them out of cashflow.

It is harder when you aren’t going out and earning money to live off, so this is when you really need to be aware of your spending and make some decisions, to make sure that your investments will sustain you through retirement.

How do New Zealanders see their retirement future?

This survey of 15,519 adult New Zealanders was carried out from 2018 -2019 by the CCFC (Commission for Financial Capability - which was the Retirement Commissioner).  The Key Findings are: 1. MostRead more

The value of working with an adviser - new New Zealand research

The value of financial advice - Money & You research The Financial Services Council 2020 research project looked at how New Zealanders think about money and how it affects their decisions andRead more

Ethical Investing – how do we know what our fund managers are doing?

There are a number of factors that we take into account in our process, which will be built on over time. 1.    Are the Fund Managers Signatories to UN PRI and or/RIAA 2.    What publishedRead more

Ethical Investing – the different terminologies

Ethical Investing is the short hand for many different types of approaches to understanding what and how the companies that you are investing in are carrying out their business. Since the IndustrialRead more

Ethical Investing – Moneyworks approach

Since 2017 Moneyworks have been analysing the ‘ethical investing’ approach that the fund managers that we recommend take.  Having investments that don’t ‘do bad’ is important to us atRead more

Lost’ Australian Super – first steps to change legislation so that this can be transferred to a New Zealand KiwiSaver (thanks to Chapman Tripp)

Australian ‘unclaimed super’ money gap to be plugged (10th June 2020 – Brief Counsel) The Taxation (Annual Rates for 2020/21, Feasibility Expenditure, and Remedial Matters) Bill, introduced toRead more

Changes to KiwiSaver this year

There have been a number of changes to KiwiSaver this year.  Some of these changes took effect on 1 April 2020: · All members aged 65 years or over can make a retirement withdrawal ·Read more

Things you may not know about KiwiSaver

1.    Get regular withdrawals from your KiwiSaver to fund your retirement spending When you reach the age of eligibility for New Zealand Superannuation (currently 65), you can access yourRead more

What does the ‘KiwiSaver Retirement Projection’ on your KiwiSaver Statement mean?

If you are aged between 18 & 64, from this year, you will receive some more information on your annual KiwiSaver Statement.  This ‘Retirement Projection’ information is a legislativeRead more

It really isn’t possible to ‘time’ the markets – investors with $1.4 billion in KiwiSaver funds learned this in March

When we meet with our Membership Fee clients on an annual basis, we consider the risk profile that their investments are invested in.  As your life changes, this may change.  We encourage our nonRead more

Coronavirus world, economic outlook and investments

This is a newsletter that was sent out on Monday May 11th 2020, to Moneyworks Financial Planning and Investment Clients that we work with on an ongoing basis.  It has quite a lot of interestingRead more

FIF/FDR Tax Regime on Overseas Investments

If you are liable to this tax regime (Your adviser will have told you, and your tax report will have a section with calculations on it as shown below), it is IMPORTANT that you read this guidance.Read more
 

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