James and Michael's personal wealth journey haven’t followed perfectly mapped-out plans, with career changes, business decisions and investing all playing a part along the way. In part two of this special Cheques and Balances episode, they share how their careers evolved, why they took the leap into Lighthouse, their experiences investing in property and the financial decisions they would approach differently today.
How career decisions shaped our personal wealth journey
For both James and Mike, their personal wealth journeys have been closely tied to the decisions they’ve made throughout their careers.
After working as a business banker, Mike resigned and moved to London, where he spent about 5 years in fintech. The move gave him exposure to work that simply wasn’t available at the same scale in New Zealand, from working with large data sets and designing banking apps to later moving into financial crime and AML technology.
The financial side of the move was also significant. Salaries were higher in the UK, and Mike received stock options through both companies he worked for. One was later publicly listed, while the other was eventually acquired by Moody’s Analytics.
Despite the higher cost of living and plenty of travel, Mike began saving more seriously during his final few years overseas. By the time he returned to New Zealand, he had saved enough for a house deposit.
James took a different path.
He remained in New Zealand and progressed through financial advice before moving into leadership. Rather than waiting for a new title before taking on additional responsibilities, he regularly put his hand up for projects outside his existing role.
At 26, he applied to manage financial advisers across Wellington and the South Island. He was initially told he was too young for the position, despite interviewing well. A few months later, he offered to temporarily move to Wellington while the bank continued looking for someone – and eventually secured the role permanently.
It became an important lesson in both career progression and leadership.
The turning point in our personal wealth journey
By 2020, James had spent years believing his long-term career would remain in banking. That changed after a restructure.
After missing out on two roles he had applied for, he began looking elsewhere. During lockdown, a recruiter introduced him to an accounting business with a mortgage broker and a vision to build a full-service financial services firm.
That business was Lighthouse.
James met Matt and AJ and quickly realised the opportunity was different from the more traditional career paths he had been considering. While other established businesses were offering greater security, he knew taking the safer option could leave him wondering what might have happened if he had taken the risk.
Mike faced a similar decision after returning from London in 2021.
He had been hired back into banking, had recently bought a house and wanted stability. James, however, was already trying to convince him to join Lighthouse. After meeting with the team and considering the opportunity, Mike left the bank after just three months.
For Mike, the decision came down to a relatively simple question: did it seem like a good decision?
He had looked into the company, spoken to people around it and felt comfortable with what he found. Rather than endlessly analysing every possible outcome, he decided to take the opportunity. If it didn’t work, he believed he could return to banking.
James approached his decision in much the same way. He knew there were safer options available, but the possibility of regretting not trying Lighthouse outweighed the perceived risk of leaving corporate life.
From corporate careers to building Lighthouse
Moving into a smaller business changed more than their careers.
James describes one of the biggest benefits as the exposure to different people, professions and ways of thinking. Instead of working solely within financial advice, Lighthouse put them alongside professionals across accounting, mortgages and other areas of financial services, while also connecting them with lawyers and business owners.
That exposure opened up different skills, mindsets and opportunities.
It also changed the relationship between work and wealth. In a smaller business, the potential outcome was more directly linked to what they could build rather than simply progressing through a corporate structure.
But neither James nor Mike describes entrepreneurship as an easy path.
James believes some of their progress came from “naive optimism” and not fully appreciating how difficult or long the journey would be. Mike also experienced periods of significant stress.
For both of them, it has still been one of the best decisions they’ve made – but they acknowledge that it isn’t a path suited to everyone.
Taking the leap into property investing
Their changing professional circle eventually influenced their approach to investing as well.
Through Lighthouse, James and Mike met Ilse Wolfe and were introduced to a property strategy focused on buying traditional houses where value could potentially be added while achieving stronger rental yields.
Initially, James was sceptical. After understanding the model in more detail, they decided to invest themselves.
They didn’t exactly start small.
Their first move involved buying 12 units.
Mike describes the decision-making process as surprisingly similar to his decision to join Lighthouse. The opportunity appeared to make sense, they completed due diligence, trusted the people involved and then took action.
That doesn’t mean every decision was perfectly researched.
Across three projects over roughly 18 months, their approach became increasingly sophisticated. James went from knowing very little during the first project to using spreadsheets, receiving potential properties from multiple people and holding weekly meetings to keep everyone accountable by the third.
The experience reinforced something both regularly discuss on the podcast: taking action creates opportunities to learn.
Waiting until you understand every possible outcome can prevent you from ever making the first move. By taking that first step, even when things don’t go perfectly, you gain experience that can improve the way you approach the next opportunity.
The financial decisions they would change
Looking back, neither James nor Mike claims to have made every financial decision correctly.
James points to spending $20,000 on plans to excavate beneath his first townhouse and add another floor as one decision he would happily reconsider.
More broadly, though, his biggest wish would be the ability to apply the lessons he has learnt after six years in business much earlier in the journey.
For Mike, the answer is property.
He wishes he had considered buying a property while he was younger and at university. At the time, he believed buying a house was something you did once you were married and had a partner. Looking back, he believes he had people around him, including his sister, who may have made purchasing possible.
His regret wasn’t simply about what subsequently happened to house prices. It was about not having enough awareness of the different options available to him at the time.
What comes next?
Looking ahead, Mike says most of his financial goals are now directly or indirectly linked to Lighthouse, although a commercial property could potentially be his next investment.
The wider ambition for Lighthouse is also significant.
At the time of recording, James said Lighthouse had around 5,800 clients, with a goal of helping 50,000 Kiwis secure their financial future over the next ten years. The vision is to continue building a financial services business focused on doing the right thing for clients and creating a broader positive impact.
For James, however, success ultimately goes beyond money.
His definition of a successful life is being a good husband and father, being present and having a sense of purpose. Rather than focusing only on a distant end goal, he thinks about what makes a great individual day – exercising, enjoying his work and spending time with his family – and then trying to stack as many of those days together as possible.
Mike’s definition was slightly simpler: a silver Ferrari F355.
Key takeaways
- Your personal wealth journey doesn’t need to follow a perfectly planned path.
- Career opportunities can create financial opportunities beyond simply earning a higher salary.
- Taking on responsibilities before receiving the title or promotion can create valuable experience and open new doors.
- Leaving a secure career doesn’t mean ignoring risk – James and Mike both considered what would happen if their decisions didn’t work out.
- The people you surround yourself with can expose you to new skills, ideas and investment opportunities.
- Taking action can sometimes be more valuable than endlessly analysing every possible outcome.
- Experience compounds too: each decision can give you knowledge that helps you make the next one better.
- Looking back, both James and Mike have financial decisions they would change, but many of their biggest lessons came from making decisions and learning along the way.
- Building wealth is only one part of success; for James, family, purpose and enjoying everyday life matter too.
Next steps
If you want to build your own financial plan and take a more holistic approach to growing your wealth, speak with the Lighthouse Financial team about where to start.
If you’d like to watch more, check out this episode below.
For a no obligation discussion to see how we can help you on the path to wealth, please contact us.
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