Millionaire #109

What is your net worth? $1,750,000

At what age did you become a net worth millionaire? 49

What region of New Zealand do you live in? Palmerston North

How did you accumulate your net worth, what are you invested in? I have a freehold house (I bought and paid for in Auckland and then retired to Palmerston North 18 months ago). Currently have a conservative portfolio 15% shares and the rest bonds$.

What was your highest average household WEEKLY income after tax? $1,200

What is your career? Administrator

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? YES

Are you in KiwiSaver? YES

Were you taught about money? YES

If YES, how were you taught? Out of pocket money I had to save 30%, give 30% and the rest was up to me so habits started early. I’m naturally frugal and dislike shopping. So that helps.

What is the most enjoyable thing you do with money? Now, I make occasional gifts to the niece who is my Power of Attorney when I go “ga ga”. I donate regularly to church and mission organisations.

Do you use your money or your time to help others? YES

If YES, can you please elaborate. As above

What is your greatest financial win? An early habit of saving and paying off my mortgage in 8 years while on a floating interest rate. Each time my salary rose I put the increase to the mortgage.

What is your worst financial mistake? Loaning money to a migrant colleague who pleaded poor and needy. She never paid back a cent and left work with subsequent address/contact unknown. Now I never lend but will give if I can afford, thus no expectation of return.

What is the point of having a net worth above $1,000,000. What does it mean to you? Security in my retirement.

Finish these sentences:

If you want to build wealth do this… Save, invest wisely, be frugal but also be generous.

If you want to build wealth avoid doing this… Avoid risk and avoid being deceived by others (if possible).

Millionaire #110

Millionaire #108