Ask The Wealth Guy Investing

Money to Wealth: Elysse Morgan

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Every week I will call out to my network of investors, business owners and media personalities to ask them my 2 minute Money to Wealth questions.

This week I have the pleasure of speaking with Elysse Morgan presenter of The Business on ABC News24, ABC1 and on ABC Radio.

Elysse joined the ABC as a rural and resources reporter spending time in Port Pirie, Mount Gambier and Lismore and she also presented the NSW Country Hour. In these roles Elysse won several awards for her investigative reporting. In 2010 Elysse moved to Sydney to work on the Australia Network’s leading business program Business Today and from there became the ABC’s national finance reporter. In this role she researches, writes and presents daily coverage of all things business, finance and economics for ABC radio, online and television. She has also produced long-form investigative pieces for 730 and The Business. Elysse has also been a regular presenter and commentator on ABC News24.

 

Over to you Elysse…

1.Who is your role model when it comes to money?

EM: Probably my parents have had the greatest impact on how I manage my finances. The harder and smarter you work, the more money you will have – it is that simple. My father has always worked for himself and taught my brother and I very important lessons about not living beyond your means, spending on the important things, making sacrifices, managing your own money and always taking a conservative but not tight-ass approach to life. I’m proud that my father set up his own super fund in the 80’s to ensure that he wouldn’t have to rely on his children or the state to fund his retirement. When the early 90’s hit my father’s construction project management business hard my mum taught me how to feed a family of four for three dinners with one chicken. What a genius.

 

2.What types of investments do you currently hold?

EM: I’ve just bought a dilapidated uninhabitable house close to Sydney’s CBD. In fact my husband and I signed the contract the week that I covered RBA Governor Glenn Stevens calling Sydney property prices “crazy.” We’re not worried, as we believe we’ve bought a property with a lot of potential, in what will always be a desirable area and will take a conservative approach to renovating. We do a lot of the work ourselves and I consider myself a master renderer. We’ve gutted and sold two units before, the proceeds of which have funded this purchase so we’re not out of our depth in debt, which is very important to us. Up until the purchase of the house, I was sitting on a lot of cash. I considered putting it to work, but I figured it was money I couldn’t bare to take any risks with so I opted for term deposits with appallingly low interest. I have stocks that my mum left to me, they are your typical mum and dad stocks, which I will turn my attention to managing a little more this year.

 

3.What has been your best investment decision and why?

EM: My husband! He is much more tapped into the more complex financial products that are available and therefore made his half of the proceeds of the apartment sales work much harder. I figure I get half of what ever he makes – which makes him an excellent investment. On a more serious note my best investment decision was when I received a payout from a bad horse accident to fund future medical bills. It was 2007 and I was being advised by many people to put it all in the ASX. I bought a car and left the rest of it in cash, my motto is, if you can’t afford to flush it down the toilet you can’t afford to speculate with it. I ended up averaging 8 per cent interest on it as the crash took its toll on markets. Brilliant.

 

4.If you had a spare $100,000 you would …

EM: put it in the offset account.

 

5.What does ‘wealth’ mean to you?

EM: This is a great question and one that people are generally confused by. I think many gauge it by the meaningless baubles of an affluent lifestyle regardless of whether its been funded by unsustainable debt. I think of all the auctions I’ve attended over the past 12 months in Sydney and feel physically sick at how much people have stretched to get into the market on properties that offer very little prospect of uplift.  I believe real wealth is having enough to live comfortably, to be able to afford the essentials without having to stretch, to take the odd holiday and be happy.  It is knowing that if you lost your job, or your health, you’d still be ok.

 

Thanks Elysse, we look forward to watching you each Friday on The Business on ABC.

The-Business

 

 

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Joshua Stega

The Wealth Guy

Joshua Stega is an expert financial adviser and founder of JAS Wealth in Sydney. He specialises in the habits and behaviours of wealth. Joshua has a Masters in Taxation and Financial Planning and is regularly featured in the media

M.TaxFP, LLB(Hons), B.Bus(Acc), FTI, Adv.DipFP, Dip.FP, SMSF Specialist
The information on this blog and website is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision. We recommend you consult a licensed financial adviser in order to assist you.
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