High hopes of a good read. Don't you let us down as well, Gareth.

I read his previous book pension panic and it was great. I'll be picking this up on Friday for sure.

Will it include Goverment Servants (like guys in treasury and Reserve Bank) who fell asleep (or even gave a wink or two) in between "power lunches" while those guys (who are named) goes about cooking their stuff ?

That way at least we know who to avoid in the event they goes out and become "Directors" etc of private businesses using the tag of "previously senior goverment in ...ministries etc etc etc ??

Roger what are you on about..
Are you a little worried? You don't happen to be a Financial advisor maybe?

Roger:
umm yes. I just trying to work out the point you're making.
The money he made off trademe he set up a charity with to give away...

What an interesting idea shuttle. Hmmm I would be tempted to vote then.

Yeah, nice one Gareth. The problem for most ma & pa investors, and what (apart from their own naivety and, sometimes, greed) leaves them vulnerable to the sharks is cleverly expressed in this send up from The Onion. http://www.theonion.com/content/news_briefs/jpmorgan_chase_acquires

good on ya Gareth,although I'm glad I didn't take your advice in the 90's to rent not buy a house.best advice I ever ignored.

I commend Mr Morgan for his tip top publicity and media image, not for his advice. There is an obvious lack of focus on financial knowledge taught in school/college. I think the fact is, the majority lacks the drive to pursue financial knowledge (hence the poor investment decisions made). These 'investors' are much happier taking the easy track and paying a fee for it (cue the 'financial advisors').
In all professions there are a handful 'shonky' people ie// doctors, accountants, estate agents etc. but to paint the NZ financial services sector as 'shonky' is nothing more than a PR stunt. If someone came out tomorrow and said that the NZ medical sector was 'shonky' because of numerous incidents and was prepared to list them, then Im sure that person would enjoy much media coverage (even better if they themselves operate in the service, wouldnt you say?).
Why paint the financial services sector as 'shonky' ? Because then the only ray of light for these lazy and dependant investors is therefore.... GMI Ltd. Demanding transparency and honesty is great and exactly what we need, however wouldnt it be better to come from someone operating independently to the Financial services sector? The point is, why do people act surprised, when they lack the drive to improve their own financial knowledge? Once again I tip my hat to Mr Morgan's PR/media advisor.

I agree with Andrew. Top media/pr advisor gareth clearly has. He is very clever and plain speaking though. Every sector unfortunately, has it's shonky advisors/ experts. I have two adult sons and every time I try and give them financial literacy and relationship advice ( To avoid their partners making off with any money they may have) I get shunned and told off and criticised, unfairly I think. We need a paradigm shift in some people's thinking that it is not impolite to talk about money and investments. Many people have been' educated' in this belief.!!! Not mine but their partners are uncomfortable with "money talk".

@ Andrew Mc, "why paint the financial sector as shonky" because much like most commission based services which wish to be seen as professional they rely too much on the power of the dollar.

My lawyer, doctor, accountant etc is as a rule motivated by whats best for me, and provides advice based on sound practice, with the bill normally the lowest concern. They want the best outcome.

F.A's (like RE's) seem to have a tendency to favour the bigger commission either deliberately or accidently. If one fund pays 2% commission and the other 3% (and the risk for the latter is supposedly only slighly higher), then inadvertently the 3% will normally get the recommendation.

And if you want to be seen as professional providing a service and coherent advice then charge a fee or a hourly rate (that goes for RE's as well). And get some proper qualifications and rules around the sector. Most FA's woudn't know 90% of the products they selll....and it has shown.

Imagine going to your doctor, lawyer, accountant for advice and then finding out they knew only slightly more than you (or in some cases less) and that super duper deal they were now promoting had just bumped its commission rate up by 100%.....hmmm

"....is available from Friday June 19."
Not from Borders ChCh it's not! It's not even in their 'puter, Gareth.

The biggest thing young people need to understand is debt. However what concerns me is the concept of debt is simple, which leads me to believe the majority of people already understand debt.

What I think people have a problem with is restraint and able to be satisfied with what they have - we don't need to be always buying the biggest, best, newest thing just because we feel like it. This is what needs to be taught (and in IMHO by parents).

That's my 2c, however this is what will happen...
Financial literacy will be taught in schools, this will include investing. The young school leavers high on hormones and believing that they are bullet proof will run off and start investing (probably leveraging) in a market they can only see going in one direction. There will be bubbles and they will get burnt (dot com bubble v2).

Kids need to gain experience, physically contribute to industry and understand what the economy is all about, before they start "investing" "“ because, guess what kids the real world is far different to class.