What is your net worth? $1,225,000
At what age did you become a net worth millionaire? Me 51, Wife 48
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? House $900,000, KiwiSaver $170,000, Investment accounts $155,000
What was your highest average household WEEKLY income after tax? $1,000
What is your career? Finance
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? $900,000
Are you debt-free now? YES
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Let my kids enjoy any activities they want to do.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I don’t give money but I give my time as a volunteer sports coach and church helper.
What is your greatest financial win? Buying the best house we could afford and then paying it off as quickly as possible.
What is your worst financial mistake? Like most, it was not starting earlier. Leaving cash in the bank rather than starting an investment account sooner.
What advice do you have for others? When I was 30 I owed $17,000 with no assets. I was angry with myself so I decided I wanted to change. I read a great book on budgeting. I paid off my debts and then kept going to save for a house. I kept the same budgeting principle to pay off the mortgage in 10 years. I then kept going and invested in index funds which I still do. It’s a long process but you don’t need a big income and I’m surprised that I am where I am 20 years later.
What is the point of having a net worth above $1,000,000? What does it mean to you? It means nothing to me really. I don’t regard my house as an asset as it doesn't make money just drains money for repairs/rates etc. I think of my real net worth as my investments and KiwiSaver which are approx $325,000.
Finish these sentences:
If you want to build wealth do this… Act poor, be humble and don't rub your financial success in other peoples face. Start with a budget, get debt free, then invest. Live within your means and let time do the rest.
If you want to build wealth avoid doing this… Spending more than you have and living in debt trying to keep up with friends by buying flash cars or the latest gadgets.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I had seen this questionnaire a few years ago and was reluctant to answer as I believe in being humble about success as others aren't so lucky (I’ve had some luck on the way). Recently I changed my mind as I thought if I can help 1 person get motivated or give them some ideas then I should share what I have learned.
Ruth here: I don’t normally comment on these millionaire posts but I just wanted to speak to this last point and say that every single time someone shares their own personal experiences, someone else does read them and they do learn. I get daily emails from people telling me that the wisdom they have learned from others via this blog and my podcast has given them the motivation to get in control of their money. So, thank you once again to every single person who has the courage to share their experience, you are truly helping inspire and teach others and that is such a wonderful gift to give. I am always honoured that you trust me enough to share.