Perpetual Guardian CEO Patrick Gamble on his financial journey and how to avoid blowing a big Lotto win

NZ Herald

16-07-2025

'I think it's great,' he says. 'I think it gives people something to dream about and something to focus on.'
But he warns that winning a lump sum isn't always a guarantee of long-term wealth.
'Any first division Lotto win is a life-changing amount of money,' he says.
'I would say that it's not the amount of money that people think it is. If you win the first division, your life is undoubtedly much more secure and things are better. But you're not buying Ferraris. You're not going out in private jets.'
The lifestyle that people sometimes imagine accompanies a Lotto win can often be well short of the reality, he says.
Perpetual Guardian manages wealth and provides advice for a number of Lotto winners, who always remain anonymous.
'They're people who haven't ever had to handle that amount of money before,' Gamble says.
'One of the things that we sometimes have to do with our clients, who have a lot of money – but not quite enough to be living the lifestyle that they want to – is gently encourage a little bit more frugality.'
It is a similar story for sports stars, he says.
'They're looking for somebody who is going to be really boring and disciplined and say, 'you earned $500,000 of free cash flow on this big pot. You can spend that. But you can't spend two of it'.'
'Generally speaking, the people who come and see us, 20 years, 30 years later, they still have lots of money. In fact, they have a lot more money than they started with.'
Perpetual Guardian's primary role is to look after people's interests when they're no longer able to look after themselves, Gamble says.
'That's our fundamental job as a fiduciary and as a trustee. So if they've passed away and they left things behind them in any sort of difficulty, we can step in.'
'But we also help people grow their money throughout their life. We invest for people. We run a lot of funds. We run financial investments for people outside of our fund group as well.'
On the podcast, Gamble also reflects on his role as honorary consul for Ukraine in New Zealand.
His wife is from the east of Ukraine and has been in New Zealand for 17 years, but his brother-in-law has been drafted and is fighting.
'When the war started, it was very personal for us,' he says.
Gamble says he was on the periphery of work his wife was doing, but when the ambassador, based in Canberra, wanted to appoint an honorary consul he stepped up.
'They wanted a New Zealander because their main focus is trying to create links between their Government and the New Zealand Government, their businesses and New Zealand businesses.'
The goal is to try to maintain media coverage, political coverage and keep the war in the public consciousness, he says.
Listen to the full episode to hear more from Patrick Gamble about managing money, and what he has learned from his own financial journey.
Money Talks is a podcast run by the NZ Herald. It isn't about personal finance and isn't about economics - it's just well-known New Zealanders talking about money and sharing some stories about the impact it's had on their lives and how it has shaped them.
The series is hosted by Liam Dann, business editor-at-large for the Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.
Money Talks is available on iHeartRadio, Spotify, Apple Podcasts, or wherever you get your podcasts.