Have money, will travel
Tourism Industry Association chief executive Chris Roberts, talks to Catherine Harris about investing, stamp collecting and cleaning boilers.
How did you end up in tourism? There was no plan to end up here. I went from university into radio journalism, and really enjoyed that. When I felt I’d done everything I could do at Radio New Zealand, I went for a job at Parliament. While still at Parliament, I got asked to apply for a job at the state-owned enterprise Transpower, and that led me into corporate communications. From there it was to NZ Oil & Gas, and then I spotted a vacancy at Tourism New Zealand. That’s when things from your past you didn’t recognise the value of come into play, because I’m sure I got that job partly because I’d worked for the minister of tourism at Parliament. That brief encounter with tourism helped me get back into the industry. Former TIANZ chief Martin Snedden vacated the job here. I put my name forward and was lucky enough to get it. How did your upbringing shape your attitude to money? I was one of three adopted children. Dad worked, and Mum stayed at home and looked after us. We were comfortable, but there were no luxuries. Mum made most of our clothes, and Dad had – and still has – a huge vege garden. I can only remember going out to dinner once. Where our parents did spend money was on family holidays. We made trips to every part of the country, quite literally from Bluff to Cape Reinga. As a result, I have always loved travel. What’s the biggest lie about money that people routinely tell or fall for, in your view? If you watch the pennies, the pounds will take care of themselves. Rubbish! When worrying about money, put your energies into the big-ticket items, like managing your mortgage. If a child asked you the best way to make money, what would you say?
I used to have a deserved reputation for being stingy.
Pursue something that you love. Don’t go down a career path solely for perceived financial gains, or you’ll end up unhappy and unfulfilled. Journalism doesn’t pay well, but it led me on to jobs that did. We’ve made a big effort to educate our two boys about money. They get pocket money which is split three ways; a third to spend, a third to save, and a third to give away. They choose the charities, and have really bought into it. Are you a collector, and if so, do you do it to make money of it or for personal enjoyment? I used to collect stamps as a kid. After I went to university, Dad carried on getting all the new stamp issues in case I wanted to keep up the hobby, and ended up collecting more than I ever did! The combined collection is certainly worth something. Tell us your best investment decision ever. Buying a small studio apartment soon after I moved to Wellington in the early 1990s. I never lived in it, as I was happy flatting, but it was always rented out, and after I met my wife Rachel it gave us the collateral to buy our first home. We sold the apartment when we discovered the tenant was running an escort service! After we kicked them out and were cleaning up, we discovered a huge container of condoms in the closet. What has been your biggest investment mistake? Chase Corporation. I started fulltime work as a radio journalist in 1986, and was putting every spare dollar into the sharemarket, and making fantastic returns. Then, of course, the markets crashed in October 1987. I had some Chase Corp shares which got cheaper and cheaper, so I kept buying more and more. The original parcel had cost over $3 a share, and the last lot I purchased were for 6 cents each. Then, of course, the company went bust and the whole lot were worthless. I learned an important lesson – do not ‘‘double down’’. How do you sum up your feelings towards spending? Changed. I used to have a deserved reputation for being stingy. I think that partly reflected my upbringing, where wasting money was frowned upon. My friends still tell the story of when I walked around Cairo for half an hour, in 40-degree heat, determined to get the ‘‘nontourist’’ price for a bottle of water – a saving of 5c! These days I am far more relaxed. I don’t mind spending money, but I do love a good deal. And our biggest expenditure as a family goes on travel. I think exposing our two boys to new places, new people and new experiences is the best thing we can do for them. Are you in KiwiSaver, and if so, which fund and why? Yes, and have been from the start. I’m in a conservative fund. I see KiwiSaver as our safety net, and we take more risk with our other investments, like shares and property. Do you trust the money men? The ones I know personally, yes. Gambling is something of a national pastime. Do you like a flutter? I’ve had a TAB account for years, but they have to keep sending me letters threatening to close it because it hasn’t been used. I have never bought a Lotto ticket, although I’ve been given the odd one as a birthday present.