Te Kahukura Boynton’s top tips

Start with a budget. Most people don’t know how much is going in and what their expenses are. So start there, then create a plan and set goals. Also figure out why you spend.”

Build your emergency fund. Have $1000 tucked away, so if anything comes up, you can pay for it.”

Tackle your debt, build knowledge and invest in yourself. I know a lot of people are struggling, but the hardest thing is getting started because everything we do today benefits us tomorrow.”

Pause before buying things. Wait 24 or 72 hours, because you usually find you don’t want the thing.”

Live within your means. Avoid after-pay and lay-buy at all costs. If you can’t afford it, don’t buy it, and if things are tough, pick up side jobs. Be creative instead of growing debt, then when you build a little wealth, look at investment strategies.”

Your social circle is really important to your wealth journey so be mindful of who you hang out with and get energy from. This will help you make positive financial decisions. My friends are on the same page, because we’re all about self-development.”

Compassion and empathy are vital in how we help people create financial strategies. It’s no good for me if I’m wealthy but my friends and whānau are suffering, so I want to take them with me.”

Once free of debt, look at investing. One basic thing everyone can do is open a Kiwisaver account. Even if you’re not putting money in today, open it now, so it’s ready when you can make contributions, because Kiwisaver is free money, with the Government putting in $500 for every $1000 you put in each year. Once saving becomes a habit, it’s easier to incorporate into your life”

To find out more about Te Kahukura Boynton’s investment strategies go to maorimillionaire.com

SIMRAN KAUR — GIRLS THAT INVEST

Simran Kaur is a stock market columnist, author and co-host of the world’s biggest stock market podcast, Girls That Invest, and she is doing a capital job of making money simple.

“I did not go down the financial path, although, during my healthcare studies at The University of Auckland, I took a certificate of Financial Markets through Yale for interest.

I found it interesting and easy, yet we don’t talk about money enough, because to many people it’s seen as taboo. Also I didn’t feel there was space for me.”

Part of the reason Kaur felt like a financial outsider was due to a lack of people she could relate to. “When you watch the news, and they’re telling you about the exchange rate or the stock market, it’s almost always men talking. Then they play the B roll and it’s men on the trading floor looking anxious. It’s all very masculine, which puts off many women.” Then Covid came along and Simran’s side hobby became her career. “During lockdown in March 2020, I was unable to work as an optometrist, so for something to do, I grabbed my best friend Sonya and we popped out a podcast about our money journeys.”

People responded overwhelmingly positively and today the Girls That Invest community has more than 150,000 members. “It almost made me angry, when I found out how easy it was to understand money matters, and for many listeners, hearing two girls talk about the stock market makes it less intimidating.”

According to Kaur, the first lesson is understanding that no one is inherently bad with money. “Nor is money inherently bad. I used to think that, for me to make money, I had to be taking it from someone else’s pocket, and that held me back. So it’s really important to understand that money is a tool that gives us more choices.”

As for the strange times we’re living in, Kaur encourages people to feel less anxious. “The stock market will always rise and fall. Right now, we’re in a bear market, which means it’s falling, and people are stressed. Whereas in a bull market, everything is going up and people are happy. But these cycles have happened throughout history, and the market will bounce back, it’s just a matter of when. So, if you’re investing for the long term, say 10 to 20 years, you’ll be okay. But if you’re trying to make a quick buck, it is a riskier time, especially with the cost of living so high, which is all the more reason to have financial literacy.”

One of the biggest rewards from Kaur’s new career is positive feedback. “Whether it’s through the book, the podcast or the masterclasses, I love knowing I’m helping people. I just wish I’d had a book like Girls That Invest when I was younger.”

Simran Kaur’s top tips

Start by trusting that women can be good with finances. When I did my Ted Talk, I learned that 65 per cent of articles about money talked to women with angles

like ‘how do you save on groceries?’ Comparatively, when talking to men, 65 per cent of articles were about how to take risks, or invest using cryptocurrency. Men were encouraged to try things and women were subtly told they could only do small money stuff.”

Have a good foundation, which includes an emergency fund, enough to cover your rent for three months if something happens. A rainy-day fund also means you’re never stuck in any situation you don’t want to be in.”

Figure out your goal, to know how much risk you can take. Do you want to invest for 10 years? Then you can take a medium level of risk compared to someone who wants to buy a house within the next five years, who’ll want a lower risk profile.”

Know what to say to your boss when talking pay rises, because inflation is up 7 per cent this year, so you’ll need at least a 7 per cent pay rise to make ends meet.”

To find out more about Simran Kaur’s investment strategies go to girlsthatinvest.com