Our ongoing series of monthly profiles of investors around New Zealand. This month, we talk to Rev Scott Malcolm, an Anglican Priest.
“A little over a long time adds up.”
61-year-old Scott Malcolm has spent his life serving Christ, earning a modest income as a Baptist Minister, a Probation Officer, a Prison Chaplain and more recently as an Anglican Priest. A father of four and a grandfather of six, Scott says his secure financial position later in life has been the result of regular contributions adding up over time.
“Neither I nor my wife have ever been high income earners, so our thing has been to make regular contributions to everything we have invested in. A little over a long time adds up. On the odd occasion when we have had larger sums of money come in, we have always chosen to invest that rather than spend it.”
The couple’s current investments include an apartment (classified as an investment property as the couple live in a church vicarage), contributions to the Anglican church pension fund, KiwiSaver and managed funds.
Scott favours “easy” investments. “Managed or passive funds are great. Experts do all the work, pay the tax, and you get the benefit. Simple. I find being a landlord stressful, even when you have the most lovely tenants which we have always had. “
He says the best investment advice he’s ever had is “don’t be greedy – if it sounds too good to be true it probably is.”
Scott decides how to invest by reading up, particularly on preparing for retirement.
