What is your net worth? $1,070,977
At what age did you become a net worth millionaire? 37
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Blood, Sweat, Tears, lots of overtime work. And Grit. 3 x Properties, Some Shares.
What was your highest average household WEEKLY income after tax? Maybe $3,000
What is your career? Film and Television Technician
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? YES
If YES, how much did you inherit? $10,000
What's the approximate value of your house? $1,010,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? Mortgages of $729,775 on a Duplex and a home mortgage.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Mum was the budgeter, so she showed us how to account for every dollar and she taught us as teenagers that "it doesn't matter how much you have, you always want more." It made it easier to say NO to a lot of unnecessary things. Also, our parents split when I was a teenager. It has been interesting to see, with both parents starting again from the same point, Mum becoming mortgage free and doing well (well before retirement), despite working mostly part-time, and bringing up 3 kids. And Dad not owning a home and floundering about, despite working full time and taking no responsibility for us. That taught us all how the Tortoise always wins the race.
What is the most enjoyable thing you do with money? Travel and spoil my mum.
Do you use your money or your time to help others? NO
What is your greatest financial win? Buying a house in Auckland as a single person. And saving the deposit solely with income as a creative professional.
What is your worst financial mistake? Joining a company called (name withheld) for Legal and Accounting advice - I was completely fleeced by a bunch of lawyers creating invoices out of thin air, for entities that need not exist. Very expensive regret.
What advice do you have for others? If you are self-employed, set up a couple of bank accounts at a whole different bank. Every time you get paid, shove 15% into one account (that's your GST and was never your money anyway) and shove another 20% into the other (that's your savings). Don't look at it, don't think about it. Next thing you know you'll have your tax taken care of and a healthy house deposit. Make it work on the remainder, and you will do well. Another thing as a self-employed person... Get yourself to a point where you can pay yourself a weekly wage because it makes the time between contracts far less stressful.
What is the point of having a net worth above $1,000,000. What does it mean to you? It means I can tell dicks to "F&%k Off"!
Finish these sentences:
If you want to build wealth do this… Live well below your means. The best things in life are free, Baby.
If you want to build wealth avoid doing this… Shopping for crap you don't need, or want!