Simran Kaur is a stock market columnist and co-host of the world's biggest stock market podcast 'Girls That Invest'. Photo / Dean Purcell.
Money is a tricky subject and can cause a lot of stress and problems if it’s not dealt with wisely. While conversations around finances are typically dominated by men, we’ve talked to three wise wāhine about taking charge of their wallets.
Money.
Some say it’s the root of all evil, while others reckon it makes the world go round. Whatever your view, most of us rely on money some of the time. Yet in spite of money being universally useful, for some reason, the world of finance has long been dominated by men. Happily though, that is changing, with more wāhine taking charge of their wealth. To find out more, Reset spoke to three super-savvy women about what it takes to make gains and set goals with your personal finance.
Te Kahukura Boynton – Māori Millionaire
Te Kahukura Boynton is a 19-year-old law student, entrepreneur and content creator who founded Māori Millionaire, an impressive resource that aims to demystify the often complex world of personal finance. “I’m on a mission to empower Māori to become financially independent because money is the cause of so much disparity, in health, education and housing and I want to help alleviate some of that.”
Raised in Napier by her school-teacher mum, Boynton was taught to work hard and always try her best. “But I also wondered, why are some people so rich and others not? Yet everyone works equally hard. And that’s how my personal finance journey began, trying to figure out the catalyst for being able to afford nice things.”
Boynton started by reading – a lot. Upon educating herself in this realm, she started sharing her knowledge, which has led to growing popularity as a blogger and podcaster with a flourishing social media presence. “When I turned to social media to create The Māori Millionaire community, people really responded, because what we do today will benefit our tamariki and mokopuna tomorrow.”
“But most of the authors I admired felt unrelatable to me. They were all these rich, white males, which is partly why I do my live streams wearing a hoodie, so people can relate to me.”
A high achiever at school, and a self-confessed nerd, Boynton said she didn’t feel that well-supported at high school and halfway through Year 13 she enrolled at Waikato University. “When I decided to study law, a teacher literally said to my face, that if I left school early he was certain I would fail. That sort of racism is entrenched within our schools but I used it as motivation, because I’m loving law school, and I also work 15 hours a week as a law clerk for a firm in Tokoroa.”
When Reset says she sounds incredibly together for one so young, Boynton laughs and admits she’s definitely done normal teenage stuff too. “We all make mistakes, just ask my mum, but it’s how we learn from them that counts. I also want be relatable, so please don’t paint me as perfect!”
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
Frances Cook – Cooking the Books
Frances Cook is a self-confessed reformed money mess. She is also a senior multimedia journalist with NZME, best known for hosting top-rating personal finance podcast Cooking the Books. Cook has also written two best-selling books, Tales From a Financial Hot Mess and Your Money Your Future.
“When I hit my late 20s, I realised that asking for a pay rise and hoping for the best, occasionally dumping money into my savings account, then fishing it out when I wanted something was not working. I was like a hamster on a wheel, never quite getting ahead.”
To get a better grip on her finances, Cook started investigating. “The great thing about journalism, it’s all about learning something about a topic you know nothing about, then explaining it in a way that’s easy to understand.”
Over the course of her research, Cook has gathered enough information to create hundreds of hours of audio for her podcast. She’s written countless articles and columns as well as two books, and the more Cook learns, the more deeply she’s immersed herself in the personal finance space. “I’ve caught the bug because when you learn how simple it is to be financially savvy, it’s hard not to be evangelical. I even qualified as a personal financial adviser.”
To spread the word more widely, Cook has created a powerful presence on social media. “I’m a big believer in going where people are, and while I sometimes worry I spend too much time on the socials, it’s wonderful to hear people say they just bought a house because I showed them how to change their Kiwisaver, or they paid off a big debt. Although those people have to take the credit, as it’s one thing to know something, and quite another to put into action.”
Cook is also frustrated when women are still encouraged to budget or coupon clip whereas men are encouraged to ask for pay rises and invest. “This drives me crazy as women are great at financial planning, it’s just about deciding to start.”
Frances Cook’s Top Tips
“If you have any form of debt, try to pay it off, because $1 today saves you $2 down the road. Avoid buy-now pay-later. It is not a bargain and it sees many people’s budgets spiral out of control. Debt really pulls you back so start making small changes that have huge impacts.”
“Consider the avalanche or the snowball method. Avalanche is when you start paying off your highest-interest debt because that saves the most money. For people who need extra motivation, I suggest the snowball, targeting the smallest debt for a quick win.”
“Get to grips with your Kiwisaver by changing a few settings. The power of that is amazing. The general rule of thumb, if you’re not planning to use it in the next few years, choose a growth fund and don’t watch it fluctuate, as the stock market always goes up and down. If you’re aiming to buy a house in the next five years, choose a more conservative fund. You can get such different results depending on your fund. Sorted.org.nz is great for unbiased advice.”
“So many people want to reach their fingers into your wallet, whether it’s ads or email marketing, so unsubscribe from all mailing lists, because hearing about sales can make you buy things you don’t need.”
“Keep a money diary for a week or longer. Record everything you spend, even if it’s just two dollars, then determine if you needed it, or if it made you happy.”
“Include some joy in your budget, then look at smarter ways to indulge your joys. I enjoy cafe culture but having a coffee rather than the full brunch still makes me happy.”
To find out more about Frances Cook’s investment strategies go to instagram.com/francescooknz
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