"While you're working for someone else, your money needs to be making money too, whether it's through shares, property or a big idea.
"The tricky part is trying to work out what that side hustle is."
Clinton Randell, co-host, The Edge Breakfast show.
Money. It's the driving factor behind many life choices, but is it the be-all and end-all?
'Me and My Money' is a regular feature that investigates Kiwi attitudes towards money and what drives the choices they make.
Newshub spoke to co-host of The Edge Breakfast and former Dancing With The Stars contestant Clinton Randell about putting money to work while earning more of it.
But pure financial gain shouldn’t be the only motive for spending, he says. Money allows people to investing in their family and friendships.
Having recently started investing in shares, he says the returns can be better than a bank account - but researching trends and companies takes more time.
1. Are you a saver or a spender?
When it comes to the kids and creating fun memories with them, I'm a spender.
But I do enjoy pushing whatever money is left over into a savings account (some into shares).
2. What was your biggest financial lesson, success or failure?
It was actually something Paul Henry told me.
He said, “You will never get rich selling your time”. In other words, you need to be doing more than your 9-to-5.
While you're working for someone else, your money needs to be making money too, whether it's through shares, property or a big idea.
The tricky part is trying to work out what that side hustle is.
3. Give an example of a recent purchase you consider was great value for money:
We put a pool into the backyard over summer. It was an investment in our property - but we did it more as an investment in our kids and the memories we'll create.
Financial return shouldn't be the only motive for spending.
4. What was your last impulse or 'fritter' purchase and how did you feel about it afterwards?
I've never spent a lot of money on cars and have never owned a brand new one, for fear of how much money can be lost on them.
But last year, I bought a 2015 SUV. As I spend a lot of time in my car, I wanted something a little nicer. Driving away in it, I loved the feeling and have no regrets.
5. What's your best saving tip?
Don’t pay people to do something for you if you can do it yourself.
Not spending $100 is as good as saving $100.
I also suggest having an automatic payment that goes from the wages account to a separate savings account that can’t be accessed with an ATM card.
When there’s no other option but to go into the bank to withdraw it, it’s surprising how much money can be saved.
6. If you have spare cash to invest, what’s your preferred form of investment and why?
I recently started Sharesies.
I'd recommend starting small, checking long-term trends and researching companies before investing in them.
The returns can be far greater than having money sit in a bank account doing next to nothing.
This year, I want to look at an investment property that would one day help my kids into their first home (20 years from now). Otherwise, I really don't know how they will ever be able to afford it.
7. Does having more money increase happiness?
I feel like the answer is and should be no.
But money definitely provides options to travel and enjoy experiences.
It means people can invest in their marriage, friendships and family, which are always my motive for spending.
8. What’s the best money advice someone's ever given you?
Pay off more than the minimum mortgage repayment, (e.g. have part of the mortgage on a floating interest rate).
Just paying an extra $50 a week can save thousands - knocking off years of repayments from the loan.
The views expressed in this article are personal and are not professional financial advice.