Maraka! Maraka! Otautahi rises from the ruins - te karaka

Ngā tAKe PŪteA
giving your pēpi
a financial head start
When is it too soon to introduce your tamariki to the concept of money
and saving? The answer is never! The earlier you start saving for
them and teaching them healthy money habits, the better-equipped
they will be to make informed decisions about their future. It will
give them choices they may not otherwise have had like pursuing an
education or owning their own home. Now more than ever, financial
responsibility is vital to living a healthy, happy and fulfilling life.
According to Statistics New Zealand we spend
$1.14 for every dollar we earn (Statistics New
Zealand, May 2008). Also, 43 per cent of
18–24 year olds in this country have a negative
net worth. In other words, they are starting
out their independent lives in debt.
As parents and whānau, we are the
primary role models for our kids. The money
habits we teach them are the habits they will
generally take into their adult life. We have a
responsibility to make good the statistics by
leading by example.
An important first step is to see what’s
available and what will work best for your
circumstances. Most major banks offer
children’s savings accounts with minimal
or no fees and limited access. For example,
ASB offers the Headstart children’s
savings account and also a school banking
programme. The National Bank has an
interest-earning account with no transaction
charges and no base fees, and the Westpac
KiwiSaver scheme offers a fee-free KiwiSaver
option for children.
earlier this year Ngāi Tahu’s Whai Rawa
matched savings programme set up the
Newborn Distribution incentive, to encourage
all Ngāi Tahu to enrol their pēpi as soon as
they are born. The initial conditions stipulated
that pēpi must be signed up during the 2011
calendar year and before their first birthday
to receive a $60 distribution to be paid out as
part of the 2012 distribution round. However,
due to the delays caused by the Christchurch
earthquakes, the Whai Rawa Fund Board has
agreed to extend the newborn incentive to
tamariki who have already turned one in
2011 but are not yet enrolled with Whai Rawa,
provided they are enrolled before the end of
August 2011.
These are just a few of the options available.
It really does pay to check them all out
before making your decision. The key thing to
remember is that the amount of money saved
is less important than simply getting started
early. No matter how small the contribution,
there is financial gain to be made from setting
up savings accounts for your tamariki as
early as possible. Over time even the smallest
contributions mount up. On top of that is the
interest earned, coupled with compounding
interest – the interest you earn on interest.
For example: if you save $100 for a year at
four per cent net interest you will gain $4 interest,
making your total invested $104. After
another year the total interest will be $8.16,
as you will have earned four per cent on the
$4 interest earned from the first year.
The graph below illustrates the power of
compound interest over 50 years on your
$100 investment. Imagine if you had invested
$100 per year or even per month what that
total might look like in time.
power of compound interest
saving growth
$800
$700
$600
$500
$400
$300
Compound interest
$200
$100
simple interest
0
0
years
10 20 30 40 50
Te KARAKA has three copies of Parents:
How to Stop Your Kids from going Broke
by Sylvia Bowden to give away. This book is
a common sense practical guide for teaching
your children important money and
life skills. To be in the draw to win a copy
of this book simply write or email us at
tekaraka@ngaitahu.iwi.nz or write your
name and address on the back of an envelope
and post it to: Te KARAKA, PO Box 13-046,
Christchurch 8141.
PeteR huiA ReRiti
Ngāi tahu, Ngāti Mutunga, wharekauri
he tANgAtA
whAt CoNStituteS A good dAY?
Playing guitar or drums, leisurely lunch/
alcoholic beverage, fancy dinner/alcoholic
beverage.
whAt New ZeAlANdeR do You
MoSt AdMiRe? whY?
John Key. I reckon he has New Zealand’s
future mapped out!
oNe thiNg You Could Not liVe
without?
My puppy.
iF You Could liVe ANYwheRe,
wheRe would it be?
Sydney.
who iS the MoSt iMPoRtANt PeRSoN
iN YouR liFe?
My partner and darling, Wendy.
whAt iS YouR FAVouRite SoNg?
No one fave but more like 100, each for
different occasion, currently on high rotate is
Ordinary World by Duran Duran performed
live on a programme called Songbook.
oN whAt oCCASioN
do You tell A lie?
When it suits me.
whAt CoNStituteS A bAd dAY?
Any illness.
whAt iS YouR gReAteSt FeAR?
Abandonment.
who iS YouR FAVouRite SuPeRheRo?
Batman... although in earlier years it was the
‘Mighty Thor’.
iF You Could be A SuPeRheRo,
who would You be?
Batman.
whAt iS YouR woRSt ChARACteR
FlAw?
Inability to suffer fools gladly.
whiCh tAleNt would You MoSt liKe
to hAVe?
Guitar skills like eddie van Halen, or drum
skills like Steve Jordan (John Mayer Trio’s
drummer).
whAt’S YouR FAVouRite Childhood
MeMoRY?
Holidaying with whānau.
whAt CouNtRY would You MoSt
liKe to ViSit?
United States of America.
do You buY lotto?
When it’s over $10 million.
whAt would You do iF You woN
lotto?
World travel.
do You belieVe iN ReiNCARNAtioN?
Probably not, but really don’t know enough
about it.
eVeN iF You doN’t, whAt would You
CoMe bACK AS iF You Could?
Any famous singer songwriter from the 70s.
whAt iS the beSt giFt You’Ve eVeR
ReCeiVed?
I should say my kids... but probably my
Gibson American Standard Les Paul guitar
(Goldtop finish).
FAVouRite wAY to Chill out?
Watching recorded Arts Channel telly with
my pup early Sunday morning.
whAt iS YouR MoSt AdMiRAble
quAlitY?
easy-going, straight-up, honest.
dANCe oR wAllFloweR?
Dance. 80’s ‘Robot’, woo-hoo!
whAt iS the lASt booK You ReAd?
Keith Richards’ autobiography.
who iS YouR FAVouRite AuthoR?
No one really, maybe J K Rowling... coz I did
read the whole Harry Potter series!
iF You hAd to wAtCh SPoRt oN
teleViSioN, whAt would it be?
er... everything!
whAt Food Could You Not
liVe without?
Probably sausages.
Peter huia Reriti (Ngāi tahu, Ngāi tahu,
Ngāti Mutunga, wharekauri) is 47 years old.
he is a director at +MAP Architects. he is the
son of Peter Reriti and Aroha Reriti-Crofts, and
his pōua and tāua are edward te oreorehua
Crofts and Metapere Ngawini barrett.
whAt MeAl do You CooK the MoSt?
Seared beef fillet, with beef jus, and flavoured
mash, asparagus, peas or french beans.
whAt’S YouR biggeSt RegRet?
Not learning a musical instrument when I was
a young lad.
whAt iS YouR gReAteSt
AChieVeMeNt?
My own (immediate) whānau.
70 te KaraKa MaKarIrI 2011
te KaraKa MaKarIrI 2011 71
PhotogRAPh ANdY luKeY