“It’s really important to value yourself properly,” he says. You know, I used to be such a people pleaser when I was younger. It was like, I’d undervalue myself, someone wanted me to do something. I’d be like, ‘I don’t want to offend them so I’ll just, short-change myself’.”
Toogood says getting married and becoming a father forced him to take the financial side of the business more seriously.
It’s tough being a musician in New Zealand but success with Shihad has created opportunities for Toogood to earn outside of the band. And he says he feels lucky to be able to pick and choose jobs he is passionate about.
“I never do anything half-arsed,” he says. “Whether it’s doing voiceovers for ads, whether it’s doing anything, I’m always 100% on and giving it my best shot.”
Toogood credits his wife Dana for really helping him focus on the financial side of his life.
“She was like, ‘What the hell, man? You’re Jonny f**king Toogood’ You should be asking for this’. I realised, okay, right. You’ve got to value what you do. And then when you turn up to do it, you nail the shit out of it.”
Toogood’s marriage to Dana - who is Muslim - also brought about a more holistic change in attitude to money, something he highlights when asked the regular Money Talks question about buying Lotto tickets.
“Part of my story is that I converted to Islam, so we can’t gamble,” he says.
More broadly, though, it has shifted his attitude to wealth.
“Because we think of money as everything’s a gift from Allah ... everything’s a gift from the universe if you want to put it that way. When you die, you’re going to be asked, what did you do with what I gave you?
“So the idea is to pass that money on,” he says. “When I first met Dana I was a staunch humanist atheist who talked a good game about being generous, being kind, but because I was a struggling artist, I held on tightly to any money I ever got because I didn’t have any faith that I would ever get paid again.
“But she would literally give her last $10 to the person on the street who needed it because it wasn’t hers anyway and you know what? Without fail by the end of the day, she was getting a comp dinner at some restaurant or someone would give her some money. It just comes back.
“In the West, we’re taught to look at people who have more than us and always be on the search for a better car, better house, better neighbourhood, better school ... you’re always going to be miserable,” he says.
“If you look the other way, and go who needs something here? Who has less than me? And you help them out, you sleep like a baby.”
The episode isn’t all big ideas - we also reveal Toogood’s favourite song about money, his favourite Led Zeppelin album and share tales of growing up in Wellington’s Island Bay - playing cricket against Chris Cairns - and of course starting one of New Zealand’s most beloved bands.
Listen to the full episode to hear more from Jon Toogood about his financial journey.
Jon Toogood’s new album Last Of The Lonely Gods is out in full on 11th October via Warner Music NZ. He also embarks on a nationwide tour from October 11 to November 09. Tickets and full details at jontoogood.com
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.
