61. 5 Common Money Myths

It's No Secret

What are the common money misconceptions you've heard before? In this episode, we're bunking a few that we believe don't always stand true.
It's #MoneyMonth in NZ during August; A yearly campaign run by Te Ara Ahunga Ora Retirement Commission (Sorted NZ). Money Month helps Kiwis maximise their money in a way that’s relevant in the current climate.
To celebrate, we're debunking the money myths that might be taking up valuable brain space. All so you can pause, and get your money sorted.

In this episode, we chat about:

• Why you don't need to feel bad about your weekly treats, especially those $5.50 coffees!
• If investing in property is *really* the 'best' way to build your wealth in NZ
• Why old financial timelines that worked for your parents/grandparents probably won't work for you in this day and age
• Whether side hustles are worth the time investment or not
• Why you don't need hundreds of thousands of dollars to get started investing

Check out the resources mentioned during the episode:

1. Stuff Article Price of Coffees
2. Evergreen Advice Article: Are Rental Properties Still Worth It?
3. PEW Research: Why People in Their 20s Aren't Reaching Financial Milestones as Fast as Boomers Did

For clarity, here are the specific stats mentioned in the podcast:

• Property Price Returns - 6.25% Price Returns (as at 31.07.23)
• S&P NZX 50 Index 10-year annualised return - 6.57% (as at 1.08.23)

If you enjoyed today's show, we'd LOVE for you to rate & review it on Apple Podcasts and share your favourite episode with a friend.
SUBSCRIBE to It's No Secret, wherever you listen to podcasts and never miss an episode: Apple Podcasts - Spotify
Follow us for fun chat & financial tidbits on IG: @itsnosecretnz
Got questions? Get in touch: www.itsnosecret.co.nz