The hot seat

Finance industry thought leader, founder of No More Practice Education and Evolution Media Group, and creator of Channel 9’s The Investment Series.

What was your first job?

When I was 13 I began working six days a week (after school Monday to Friday and on Saturday mornings) at a local chemist because I desperately wanted to earn my own money. I made $20 a week in the first year and then earned a raise to $25. I stayed there until I was 16.

What’s the best money advice you’ve ever received?

It sounds simple but many years ago a close friend of mine – who is now also my financial adviser – said to me, “Get your affairs in order, now”. I had never thought about what would happen if something happened to me, so realising that I needed to write a will and organise a power of attorney initially felt very confronting for my husband and I. However, now having done it I feel much more at ease knowing that no matter what happens in the future everything will be taken care of.

What’s the best investment decision you’ve made?

Definitely starting my own business. I got to a point where I wanted to be more creative, and I’d always had a passion for ideas coming to life, so when I was 26 I quit my job and just did it. I only had $14,000 to start with and spent $10,000 on a launch party. However, it was enough buzz to get me my first client, and 18 years and two businesses later the rest is history. Luckily my husband joined me soon after that launch party, which meant it became a family affair.

What’s the worst investment decision you’ve made?

Starting multiple businesses at once. I’m passionate about investing in people who have creative ideas and talent, and although I see this as a blessing it can also be a curse. At certain stages I’ve bitten off more than I could chew, which has led to poor investment decisions, but it definitely helped me realise how to prioritise my focus and efforts.

What is your favourite thing to splurge on?

These days it’s eating out. It used to be clothes and make-up but dining out with three sons ends up being quite expensive, so it’s my favourite “nice to have”.

If you had $10,000 where would you invest it?

I’d put it in a managed fund and not touch it for 20 years. This is mainly because this option offers a diversification of risk and high-quality management, so I can go on with my life without worrying about the short-term numbers.

What would you do if you had only $50 in your bank account?

I’d desperately try to find a way to get money to use as a buffer, whether it be getting a job, asking family or friends for a loan, or any other way I could think of.

Do you intend to leave an inheritance?

Absolutely. This is one of our biggest goals. We don’t want our children to be given everything, we want them to be full of ambition and to work hard for what they get. But at the same time we want to make their futures easier and less filled with stress.

What do you think is the biggest financial issue facing Aussies?

The reliance on the aged pension as a retirement plan. Our goal is to provide education to make the pension irrelevant. With research showing that up to 80% of people may fall short of a comfortable retirement in the next 25 years, it’s a critical issue. Often starting to better your financial future can be as simple as unlearning what you think you know about money.

Finish this sentence: money makes...

... people either feel free or stressed, depending on their level of knowledge and their attitude towards the topic.