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NZ Has Changed FOREVER & Some Can't See It
5 years ago I went live on Instagram warning people about what 'free' money could mean. 5 Years on I go live to share what I think we've seen happen.
New Zealand's economy has fundamentally changed and won't revert to how things were. In this video, we explore how to adjust to these economic shifts, emphasizing the importance of controlling your own income. We discuss the current economic climate, the impact of inflation and rising property prices, and practical strategies to increase your earning potential. Discover why "skills pay the bills," and learn actionable tips for navigating uncertainty, leveraging opportunities, and staying ahead despite economic challenges.
1. Economic Landscape Has Changed:
NZ economy won't return to pre-pandemic norms.
Current environment remains challenging, despite expectations of improvement by 2025.
Interest rates peaked and are slowly declining, but economic recovery is gradual.
2. Economic Lessons from the Pandemic:
Pandemic showed economy's resilience due to digital solutions (Shopify, online stores, remote working).
Revealed that the economy shifted significantly towards digital and skills-based sectors.
3. Inflation and Housing:
Wage growth projected at 2.6%, while housing prices expected to grow at 6% annually.
Imbalance between wage growth and property inflation highlights a fundamental economic issue.
People are leaving for better economic opportunities overseas (e.g., Australia).
4. Importance of Controlling Your Income:
Relying solely on wages won't keep pace with inflation or asset growth.
Increasing your income through skills is essential ("skills pay the bills").
Government budget and policy won't significantly boost wages or ease pressures soon.
5. Examples of Increasing Income:
Examples include car cleaning, photography services, and value-added services for older, wealthier demographics who value convenience.
Side hustles, skills-based work, and entrepreneurship can significantly boost income.
The key is identifying what people value and are willing to pay for.
6. Leveraging the Flow of Money:
Position yourself near economic activities (e.g., sports events, community activities) to capture money flows.
Identify niches and areas where spending is consistent, even in economic downturns.
7. Personal Wellbeing:
Prioritise mental and physical health for sustained success and resilience.
Maintain self-care routines to navigate economic and personal challenges.
8. AI and Technological Disruption:
AI and technology will disrupt traditional jobs; prepare by diversifying skills and income sources.
Government hasn't effectively addressed AI's economic impact; individuals must adapt proactively.
9. Practical Resources:
Keep the Change podcast episodes and webinars offer practical advice (e.g., increasing income by \$10k, managing finances).
Encouragement to use available free resources to educate yourself.
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