This week I am speaking to Jeremy Kwong-Law. Jeremy is the Co-founder of BetterWealth, an online investment advisor to help Gen-Y plan out and achieve their goals. His prior experience includes 7 years in Investment Banking, and co-founding Vistr, a muru-D (Telstra’s startup accelerator) portfolio company.
— The Wealth Guy (@TheWealthGuy_) August 6, 2015
Over to you Jeremy…1.Who is your role model when it comes to money?
JKL: Bill Gates, closely followed by Warren Buffet. Not because they are two of the richest people on the planet.
I really like their perspective on why they make money, and what they do with their money.
I believe both accumulated their wealth by doing what they love. They continue to work on problems and businesses that they care deeply about. Money isn’t the reason why they started and continue to work.
Once they achieved a level of wealth that they can happily support their family and more, they started using their money to help others. I think that is super cool and I would love to emulate them in whatever (smaller) capacity I can in the future.
2.What types of investments do you currently hold?
Currently my investment portfolio is very concentrated on startup equity – building my company. Prior to dedicating myself and my finances in startups, I held a portfolio of Aussie stocks and cash. But I soon realised that even with deep investment experience, stock picking is a fun but ultimately expensive game to play.
3.What has been your best investment decision and why?
Invested in the ASX stocks heavily during / immediately after the GFC, especially when large companies like Rio Tinto, Goodman Group, Macquarie Bank, etc were conducting steeply discounted rights issues.
At the time, it felt like a very risky thing to do. What happens if the market continues to plummet? Being a contrarian at the time is a hard thing to do. But ultimately, when everyone is selling, it’s probably a good time to buy.
4.If you had a spare $100,000 you would …
That’s easy. Invest in a BetterWealth portfolio of course! I would like to buy a property (home) in the next few years, and I think growing that base until I am ready would be helpful.
5.What does ‘wealth’ mean to you?
For me, wealth is about two things. Understanding what sort of lifestyle you want, balancing the desire for money and stuff you want, vs time, health and stress.
The other side is having enough financial assets and income to support that lifestyle. It’s not just about money.
Thanks Jeremy, we look forward to watching the developments at BetterWealth.