What is your net worth? $2,000,000+
At what age did you become a net worth millionaire? 23 -24
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Property, Shares, Crypto, Small business, Saving
What was your highest average household WEEKLY income after tax? $2,750 (My wife and I)
What is your career? Construction
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $2,100,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $420,000 mortgage
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Investment books, internet, podcasts, seminars, self-taught mainly (I am still learning).
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Financial coaching younger family members and work colleges.
What is your greatest financial win? Making after expenses, fees and mortgage $1,000,000 on the sale of my investment flats.
What is your worst financial mistake? Not purchasing the Wembley building when I had a chance. The Wembley building is located in Station Road Otahuhu 59 - 89. It is a 36 room boarding house + 5 individual shops + 3 bed stand-alone house used as the manager’s cottage. Tried to buy but the deal fell through at the last minute. I think I was 23 or 24 at the time (hindsight suggests I could have brought it if I had been quicker with my due diligence as halfway through the NBS rating system changed and made the purchase unviable with the banks. $1,300,000 purchase price with a 13% net return. Property sold to an overseas buyer from Singapore and is now worth in excess of $4,000,000. And perhaps not taking the advice of family members suggestion to buy Bitcoin in 2016 (I think at the time it was around $200 - 300 USD per BTC).
What advice do you have for others? Head down butt up! Start saving early, invest early, buy appreciating assets early. Don't put too much value on the opinion of your peers as they don't normally take money seriously until they are in their 30's.
What is the point of having a net worth above $1,000,000. What does it mean to you? Buying back time. Time to be spent with family, in nature and on a surfboard.
Finish these sentences:
If you want to build wealth do this… In the words of the Oracle of Omaha (Warren Buffett):
Rule #1: Don't lose money.
Rule #2: Don't forget rule #1.
Rule #3: Make money.
I believe leverage is a sure-fire way to prosperity.
If you want to build wealth avoid doing this… Buying expensive cars or anything that will depreciate in value.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Hi. I'm Nick, I am 31, married and have a boxer dog as our child… I left school in 2007, brought my first house in 2009 off the proceeds of selling a small landscaping business I started and built up while I was at school. By 24 I had accumulated five properties. By 25 I had seven properties. From 2012 - 2016 I have, with the help of my wife, done up, gutted and renovated three homes at the same time as full-time work, studying for my degree, running six rental properties and somehow planning our wedding. In 2019 we sold all of our property and purchased a dilapidated abandoned shit hole of a property that we have since embarked on a full renovation. We also own, shares, ETF's, and Crypto.