Paul Clitheroe

I love it when people say the fundamental of financial literacy, James, is to spend less than you earn.

I've got people who talk to me with a lot of money and they're going out backwards.

I've known many Australians who've had very normal jobs and they have retired extremely comfortably.

What's the difference?

It's not what they've earned.

It's they've spent less than they've earned.

And that to me, gee, James, if all we got out of financial literacy was people saying, I don't really need a hot tip because that's sure to be a crook or a scam.

If someone's telling you it's really easy, it's got to be too good to be true, right?

I mean, it's just not the truth about money.

The problem is that none of this stuff is easy.

It's difficult.

The system's difficult.

If we try to understand all of it, James, it's like you or I try to understand when I lift the bonnet of my car these days, I can't even work out where the motor is.

It's complicated.

So basically what I really need is I need the car equivalent of getting your car serviced, putting the right fuel in it and generally looking after it.

With money, I simply want people to say I've got a sense of safety.

I understand if someone rings me.

I don't care who they say they are.

I am independently ringing my bank or whoever it is on a number that I find, not a number given to me by the person on the phone.

Even if it's your bank, it doesn't matter.