What is your net worth? $2,400,000
At what age did you become a net worth millionaire? 38
What region of New Zealand do you live in? Bay Of Plenty
How did you accumulate your net worth, what are you invested in? Mainly rental property - that's accounted for 90%!
What was your highest average household WEEKLY income after tax? $180,000 (yearly)
What is your career? Supply Manager
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? $250,000
What's the approximate value of your house? $1,000,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? Leveraged against rental properties and some against personal property as my partner wants to be 50/50 and didn't have as much equity when we met.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? The value of earning through pocket money, then trial and error through life. My dad is a commercial property investor and we used to ask how he afforded these big properties and I always remember him saying "OPM - Other People's Money" and that's stuck with me.
What is the most enjoyable thing you do with money? Travelling and spending it on others. I don't live a flashy life with fancy cars or clothes but do spend it on things I value.
Do you use your money or your time to help others? NO
What is your greatest financial win? Not selling my property just before COVID. I had bought a house with my partner and was toying with selling my personal home but then ended up in a cycle of "paralysis by analysis" and rented it out instead. It ended up increasing by $400,000 in just over a year and created good cash flow.
What is your worst financial mistake? Not learning about investing and especially the stock market earlier. I put all my eggs in one basket with property. Yes it's paid off but I think it's important to diversify.
What advice do you have for others? Do your homework and take the risks. If you've done the numbers and know the upside and downside then at least you can justify it. Those who said "don't do it" are the ones who are now saying "you're so lucky, I wish I bought when you did".
What is the point of having a net worth above $1,000,000. What does it mean to you? Financial freedom. I don't think we can expect super to be there in 25 years when we technically "retire". I want to have choices in my future and not be a slave to a job.
Finish these sentences:
If you want to build wealth do this… Watch your spending, take calculated risks in investment and in the long term it'll pay off. Ride through the downturns and hide your investment balances.
If you want to build wealth avoid doing this… Procrastination! I have seen so many people over-analyse and get themselves in knots wondering what the "best" investment is that they don't do anything.