What is your net worth? $1,210,000
At what age did you become a net worth millionaire? 28
What region of New Zealand do you live in? Rangitikei
How did you accumulate your net worth, what are you invested in? Property and Index Funds
What was your highest average household WEEKLY income after tax? $1,800
What is your career? Healthcare and Defence
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? $600,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $404,333 in mortgages.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? A little in primary school. Grandparents often talked about owning shares (Bags of money buried under Auckland Airport). Learned budgeting in scouts. Parents taught about having smart mortgage structures.
What is the most enjoyable thing you do with money? Buy food. :)
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Volunteer in the community and emergency services. Tithe to church and support charities.
What is your greatest financial win? Buying our first house in 2014. On par with receiving some good advice from friends about investing for the future last year.
What is your worst financial mistake? No budgeting and consistently overspending on small things.
What advice do you have for others? Have a plan and stick to it. Research is never a waste of time.
What is the point of having a net worth above $1,000,000. What does it mean to you? Security for our family, and provides a base to allow us to help others.
Finish these sentences:
If you want to build wealth do this…
1) Build a plan
2) Save
3) Invest in smart choices
If you want to build wealth avoid doing this… Living lavishly and buying everything that piques your interest.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Our plan has always been to pay down our mortgages quickly. We have reducing loans meaning every time we come up to refixing the interest rates we lift the repayment back to the original amount. This has worked two-fold so far: The payments reduce over time so the term reduces every time we refix and the declining interest rates have had the same effect. But mostly just taking time to stop and take stock of everything really helps to put yourself on track :)