Cilla’s lessons for the girls
Tax champion talks investing for the future with Rob Stock.
CILLA HEGARTY learnt a lot about money from her hard-working mum who kept the family solvent when her father suffered a workending brain haemorrhage.
And, in her turn, she was determined to teach her daughters the value of money, and how to get ahead in life.
Hegarty, the owner of NZ Tax Refunds, which helps people seek refunds on overpaid tax, seems to be doing a good job. Her three daughters are all now property investors, and have work records stretching back to the age of eight. How financially savvy are you, and how did you gain your money smarts? I consider myself to be reasonably financially savvy. I am not adverse to risk but it is calculated. I read, I’m interested in opportunities. I test things. I am usually prepared for the long haul but maintain an ability to cash up and move on if need be. How did your upbringing shape your attitude to money? When I was 15 my father suffered a brain haemorrhage and was never able to work again. My mother became the breadwinner and her choices were limited. There was no rainy day money. Apparently we were heavily mortgaged and it was a struggle. I learned very quickly that everything had a cost. Thanks to my amazing mum she allowed me to keep my pony, stay at my private school and shield me as much as she could. We taught our daughters the value of earning money at a young age. They would be filing or helping in the WooHoo office or on site when they were quite small. We must be on the right track as all three girls have property investments. Two of the girls work for me now, one has even been there constantly since she was 8, so she tells everyone! What do you wish you’d known at 20 about money that would have made you better off now? I would have told my gorgeous 20-year-old self – you are amazing, life is for living, but remember you’ll be old one day and you may want to save a little for then. Compulsory KiwiSaver should have been around then. I would have been forced to save! What was your first paid work? My first job was after school helping at a local rest home. I enjoyed the old people and the companionship of the other staff. I didn’t work a lot as every day after school and all weekend I had to bike miles to care for my horse. Do you remember what you spent the money on? (And what was it?) I put a deposit on a stereo I was desperate for. This was the first and very last time for an HP (hire purchase). The stereo went out of fashion before I had finished paying for it! But it did give me control on what I could listen to, just not the volume! You’re a member of Global Women, which tries to help grow the number of senior women leaders. Do you have any advice for women specifically about taking care of their money? What worries me about young women nowadays is their student loans. They take time out from their careers to raise a family then if there is a separation they’re left with their unpaid student loan. This can be really unequal. Be involved in all spending and investments. Don’t tune out. Are you a collector and if so, do you do it to make money of it or for personal enjoyment? I collect antique jewellery and art pieces. They give me great pleasure using them and mostly retain their value. Please tell us your best investment decision ever….And your worst. Buying WooHoo House (commercial building in Christchurch) was our best investment. Post-earthquake we had the option to pull out of the damaged building but we weighed up our options and decided to carry on believing that we could make it work no matter what. It was hard