Liz Koh, author and financial therapist discusses her book ‘Your Money Personality’, and unlocks some insight into how who we are, (financially speaking) drives our investment decisions.
3 hot tips, 10 best tricks, how to pay off your mortgage in 7 years, building wealth the fast way, the smart way, the easy way…we’ve all seen these headlines. They’re a mixture of click bait fused with a self-righteous tone that mansplains (or womansplains!) how to it ‘the proper way’. Is there really a ‘right way’ to grow wealth?
Liz discusses how there is in fact no right or wrong way to build wealth. Everyone is wired differently so financial advice in this regard needs to complement who you are, rather than complicate who you are.
Anyone can ‘build a program’ to help you manage money better which is based on good sound theory – perhaps sell the concept at a seminar to sucker you in to paying thousands to effectively receive a templated program too, but does this really help the everyday investor build wealth? I don’t think so!
Your attitude towards risk and your desire to create wealth – these two fundamental characteristics of your personality will determine how you handle your finances and make investment decisions. Without understanding who you are financially and without understanding your partner, there’s a strong chance you’re going to make decisions that may work in the short term, but ultimately fail in the long term.
This recording was done in Wellington at the office of Liz Koh recently – please ensure that you listen to both parts
As discussed in the show Liz has kindly offered a free e-book to all listeners of this podcast – please message me on our facebook page to receive your free copy of The 6 Secrets Of Successful Investing 2018.
Liz Koh runs a financial planning firm and is a certified financial planner and chartered accountant. She has run many successful seminars on wealth creation, and has worked in strategic planning and research for major corporations, including Databank and Ernst & Young.
In the financial advice space, it’s important to note that there are two different approaches – much of what is available in the mainstream media is heavily weighted towards an academic viewpoint (ie ‘best practice’). The other point of view or lens comes from seasoned and experienced financial advisers (who in most cases have the academic training/education, tempered with a strong dose of reality – what actually works in the field). Liz, along with any other financial adviser that we have on the show will always have a lens which has been tempered with a reality gained by sitting across the table with people who actually have to apply these principles in real life. Often ‘best practice’ is not always realistic for everyone!
Find Liz Koh here: https://moneymax.co.nz/
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