Paywave limit lifted to $200
Do you follow any personal finance rules? Any financial myths you think must be busted? What was worst financial decision you made? Do you think there is such a thing as reaching optimum wealth? If so, have you reached this point?
How did you make your first $1m; how old were you?
I founded Sysdoc when I was 25. As a company we hit $1 million in revenue within five years. Personally, [it was] a few years later, as we have always first and foremost re-invested in Sysdoc to keep the company growing and debt-free.
What are two money tips you’d give to a 20-year-old who wants to become a millionaire?
Work hard. Give your very best to whatever you do and do what’s right.
Don’t focus on the money as the reason you do something. It’s a rabbit hole to nowhere.
Do you weigh more importance to saving or investing?
Saving. It’s important as we all need to save for a rainy day if that is possible. I recognise that this is luxury for some; however, small amounts put aside is a good approach.
When it comes to investing, I recommend a diverse investment strategy, corporate shares (in companies whose values you believe in), land, property.
It can also be fun to hold a few early-stage, higher-risk stocks but where possible, follow the money with your expertise as a mentor to start-ups.
Can money buy happiness?
No, happiness needs to come from within.
It’s important to look after all the pillars of your life. Balance is achieved on many levels (work and life balance, meaningful work, health, fitness, family, friendships, community, social contribution).
What is your advice to people to stay wealthy?
Work hard and don’t be obsessed by money. Do what’s right. Constantly innovate and re-invent your services and products. Stay true to your roots, and the person you were before you became rich. Listen to what people at different ages and stages are saying about what’s important.
Live with humility, gratitude and generosity.
The limit for contactless card payments will increase from $80 to $200 to reduce the need to touch keypads and to limit the spread of the coronavirus.
Payments NZ chief executive Steve Wiggins said there had been overwhelming support and commitment from across the payments industry to implement the increase as soon as possible. Wiggins said the new temporary limit would be introduced by most New Zealand card providers and be available at an increasing number of retailers. It would remain in place for as long as necessary.
The rollout was expected to take a few weeks given the number of cards, payment terminals and businesses involved. Supermarket chain Countdown was increasing its limit from Thursday.
Wiggins said it was important for the payments industry to respond to the changing environment, while balancing safety and security. The industry felt it was a practical option as customers were going to the shops less, but potentially also spending more on each visit to make up for it, he said.
‘‘Remember, while contactless cards are a secure form of payment, cardholders should always keep their cards safe like you would with cash in your wallet,’’ Wiggins said.
One bank, ASB, said because of technology constraints its Visa debit and credit cards would continue to have an $80 limit before a pin was requested. Customers could request a new card which would be re-issued at no cost.
Last Friday, the Australia Payments Network increased the limit for contactless payments from A$100 (NZ$102) to A$200 to cut the amount of physical contact with payment terminals, starting with supermarkets.