"At 19, I invested in an Australian ostrich for $10,000.
"After doing a little reading on it and hearing from friends who had also invested, it seemed like a fail-proof move.
"Unfortunately, I jumped in too quickly and the farm went into liquidation two years later.
"My $10,000 went down the drain."
Jenny Drury, owner and designer, Ketz-ke and LEO+BE.
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.
Auckland-based Jenny Drury, owner and designer of local fashion labels Ketz-ke and Leo+Be told Newshub as retailers can only offer click and collect during COVID-19 alert level 3 restrictions, the experience isn't the same for customers and is impacting sales.
After losing $10,000 on an Australian ostrich when she was younger, Drury believes it's important that people do their own research, understand the risks of an investment and not let what others are doing (or have made) influence their decisions.
A recent splurge on a ski outfit that now retails for half price (and remains unused) is a timely reminder that buying things on impulse can be costly.
But as it's built to last and gets plenty of use, Drury says her double dutch oven is good value for money.
1. Are you a saver or a spender?
I'm more of a saver.
It’s always been motivating for me to have a savings goal and I like to see my money grow.
When I find something I love and want, I prefer to wait a few weeks before purchasing it to ensure it’s the right decision (not just a moment of lust)!
2. What's been your biggest financial lesson, success or failure?
That jumping in quickly isn't always a winning formula!
At 19, I invested in an Australian ostrich for $10,000.
After doing a little reading on it and hearing from friends who had also invested, it seemed like a fail-proof move.
Unfortunately, I jumped in too quickly and the farm went into liquidation two years later. My $10,000 went down the drain.
An expensive but valuable lesson to really do your research before investing. It's worth taking the time to gather all the right information.
3. What do you know about money now that you wish you'd known sooner?
Not to invest in something you don’t understand.
Whether it’s a start-up business or a complex financial product, researching and understanding the risks is essential, as is being prepared for all potential outcomes.
4. What was your last impulse or fritter purchase and how did you feel about it afterward?
Pre-lockdown, I impulsively bought an expensive ski outfit for my next trip up the mountain.
At the time, I was thrilled to be spoiling myself and excited to wear it.
Sadly due to COVID-19, it's stuck in the wardrobe.
I'm reminded why impulse purchases aren't a wise strategy every time I see it pop up online for half the price… classic!
5. A recent purchase you consider was value for money?
A double dutch oven from Lodge Cast Iron.
It's two skillets, one deep and one shallow that when put together create a mini oven.
It’s versatile and designed to last a lifetime. For someone who loves to host friends and family (when restrictions allow), I think it was a worthy investment.
6. What's your preferred form of investment and why?
I prefer property as it isn’t as vulnerable to short-term fluctuations compared to other investments.
My husband and I strive for a mix of commercial and residential, so our eggs aren’t all in one basket.
7. What's your best saving tip?
For those in a position to, to set up automatic transfers from income to a savings account to keep money growing.
My rule of thumb is to only spend savings if I can see a return on the investment.
8. The best money advice someone's ever given you?
To always spend less than I earn and make sure I save the difference.
The views expressed in this article are personal and are not professional financial advice.