Guide offers money advice
INVESTOR, AUTHOR, entrepreneur and professional speaker Lisa Dudson is recognised as one of New Zealand’s leading business people and educators in the property and financial sector.
She began investing when she was just 16 years of age and owns a diversified portfolio of investments.
Dudson has just released the book The New Zealand Money Guide, an essential resource for all things money. It’s simple and easy to follow and is full of practical advice to help you create the financial freedom to live the life you desire.
We asked her a few questions:
What inspired you to write
I’ve always been passionate about helping educate people to be smarter with their finances so they have more options in their lives. This book was a great way to do that.
Do you think New Zealanders in general overspend and if so why? Yes they do and the statistics support that. The cost of living is high and there is also a lot of temptation to spend money through advertising, etc. We are also a bit addicted to ‘stuff’ and often buy a lot of things that we don’t need or don’t end up using, like excessive amounts of clothing, dinners outs, toys, etc.
What are some typical money traps people fall into and how do you overcome them?
The number one is spending too much. Having a spending plan or a budget helps so you don’t get side tracked and buy things you don’t really need. Staying away from the shops also helps as then you won’t get tempted. Beware of buying something because it seems really affordable as it’s only $x per week, often the case with new things. When you add all those payments it can amount to a lot of money and creates a regular financial commitment that may not have been necessary.
Do you have some top tips to help children save and understand the value of money? Have conversations about money with your children from a young age so they gain an understanding of money and its value. I also think using pocket money is helpful.
Is there a way in increase your income?
There is a chapter in the book about this. One idea is to increase your skills and education so you are more valuable to an employer. How do you get the best out of your mortgage?
Put any spare money you can into extra mortgage payments, even if it’s only a $100 a month, over time it will save you a lot of money in interest costs. Having a goal of when you want to pay off your mortgage off, that you review regularly, helps you stay focused. Do you have money saving tips? A great one is to pause before you spend any of your hard earned money and ask yourself if what you are going to buy is a good use of your money. It will help you be a lot more conscious of your spending.
Who do you think
is targeted for and who will it help?
Anyone who wants to be improve their financial position. The book is easy to read and understand. It covers a wide range of concepts; mindset, money management, investing, KiwiSaver, planning for retirement, getting the most out of your mortgage, staying on track. Do you have another book in the pipeline?
Not yet. I’ve now written seven books so I’m sure there will be!