NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Business

'Illogical' amount expert says you should be saving

By Alexis Carey
news.com.au·
22 Jun, 2018 04:36 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

A finance expert has been savaged online for sharing some brutal savings advice. Photo / 123RF

A finance expert has been savaged online for sharing some brutal savings advice. Photo / 123RF

A finance expert has been savaged online for sharing some brutal savings advice.

Speaking with finance news website MarketWatch, entrepreneur and author Matt Manero raised eyebrows after suggesting all workers should save 40 per cent of their entire salary — before tax.

And if that's too difficult? Manero's solution is simple — "make more money".

Manero, the author of financial advice book You Need More Money: Wake Up and Solve Your Financial Problems Once and For All, has been widely criticised for his so-called advice, with social media users variously describing it as "a joke and an insult", "privileged" and "not possible".

According to Manero, a chief executive officer of four businesses, the average worker was too quick to blame other people for their own money woes.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

He told MarketWatch the best way to get ahead was to get a pay rise, and rubbished the common advice to save just 10 to 15 per cent of your income.

"They say save between 10 per cent and 15 per cent, but I don't believe that does it. I think the savings rate has to move to the 40 per cent range," he told the publication.

"If we start younger a lower rate works, but most people aren't doing it in their 20s or, in fact, in their 30s so when they recognise they're behind financially in their 40s, they'll have to fund that retirement savings gap with a lot more.

Advertisement
Advertise with NZME.

"That's why I think 40 per cent is the number. And that's gross, not net. You do that in only two ways: You reduce your expenses or you make more money."

When questioned about how to actually wrangle a raise, Manero said it came down to explaining how you have added value to your employer through a formal, detailed report.

"Prove to your organisation you are entitled to more money. What problems have you solved? What income have you generated in a sales capacity?" he said.

Controversial entrepreneur and finance guru has angered punters with his "illogical" savings advice. Photo / Supplied
Controversial entrepreneur and finance guru has angered punters with his "illogical" savings advice. Photo / Supplied

"So many of us ask to be rewarded for time and we don't get rewarded for time, we get rewarded for value creation.

Discover more

Business

Is Trump actively seeking an all-out economic war?

21 Jun 10:38 PM
Business

Pumpkin Patch leaves ANZ millions short

21 Jun 11:39 PM
Business

Fletcher shrinking to be undisputed leader in NZ, Australia

22 Jun 02:47 AM
Business

Intel CEO out after past relationship with employee

21 Jun 09:00 PM

"When we create value, we remove time. If you understand the value creation and an annual report, you can go to your boss every three months to ask for a raise."

He also said in the current economic climate, employees held all the power.

"It's never been better ever for people to earn more money. The economy is blissful and fantastic and the employee is in a stronger position that the employer today," he said.

But unsurprisingly, his comments have not gone down well with readers, with one Twitter user posting: "That sounds so privileged that you can survive on 60 per cent of your income".

A Facebook user said the article was "a joke and an insult — written by some j*rkoff desk jockey who doesn't live in the real world", while another said the lofty savings goal was "Not possible when we pay almost 50 per cent in taxes".

"So essentially we live to just be old while life passes us by. Got it," another added.

Advertisement
Advertise with NZME.

The comments under the article were no less forgiving, with one poster writing: "Saving 40 per cent is entirely unreasonable and illogical. You wouldn't have enough to pay food, shelter and transportation if you put 40 per cent into savings", while another added: "How to save money by someone who doesn't have to worry about money".

Save

    Share this article

Latest from Business

Live
Business

Inflation hits 12-month high, but enough 'comfort' for likely August rate cut

Business

Online gambler who stole more than $1 million from children's charity jailed

Business

The Microsoft flaw causing havoc in global cybersecurity systems


Sponsored

From crisis to comeback: NZ business owners turn to voluntary administration for recovery

Advertisement
Advertise with NZME.

Latest from Business

Inflation hits 12-month high, but enough 'comfort' for likely August rate cut
Live
Business

Inflation hits 12-month high, but enough 'comfort' for likely August rate cut

The consumer price index increased 2.7% in the 12 months to the June 2025 quarter.

21 Jul 12:06 AM
Online gambler who stole more than $1 million from children's charity jailed
Business

Online gambler who stole more than $1 million from children's charity jailed

20 Jul 11:10 PM
The Microsoft flaw causing havoc in global cybersecurity systems
Business

The Microsoft flaw causing havoc in global cybersecurity systems

20 Jul 11:03 PM


From crisis to comeback: NZ business owners turn to voluntary administration for recovery
Sponsored

From crisis to comeback: NZ business owners turn to voluntary administration for recovery

20 Jul 12:00 PM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP