Barry Du Bois has worn a lot of different hats over the years. The designer, building expert, television host, author and Leukaemia Foundation and RUOK ambassador has learnt many lessons over the course of his career—many of which connect to money. Here, he speaks with Brighter about the speedbumps that have taught him life-changing lessons and the benefit of remaining curious.
How would you describe your spending style?
I think I’m a pretty conservative guy but I also have a wonderful wife and two beautiful children who I find it very difficult to say no to. I believe that while it’s really important to have money for the future, we also have to live in the moment a little bit as well. Moving into a TV career had no real effect on my spending style but it did give me a platform to be able to do the things that I really love, which is work with charities and not-for-profits.
What’s the best money lesson you’ve ever learnt?
The best money lesson I ever got was way back. I was doing really well financially, buying blocks of land, building houses and selling them. I bought a block of land and built a house I wanted to sell for $130,000. In that street, the highest-priced house had sold for $125,000 but I had built this house with my own hands and I thought it was something really special. A guy offered me $128,500 and I said no. Then, 18 months later, after paying up to 17 per cent interest rate, I sold that house for $107,000. That was a really expensive lesson and I’ve never made that mistake again. If I’m selling something, I sell it.