What is your net worth? Approx $1,300,000
At what age did you become a net worth millionaire? No idea. I didn't understand my net worth until I started listening to your podcast about two months ago. Yes, I know, I know.
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? I own two homes. The house I live in I bought for $600,000 a few years ago when my marriage ended. Bought from the proceeds of the family home. I've been paying down, as fast as possible, the small mortgage on my single Mum health workers wage. Out of the marriage ending, I also got a house that is overseas. A very complicated situation which I don't recommend. We bought it in 2005 and approx half the initial purchase price has been paid off, it's also more than doubled in value.
What was your highest average household WEEKLY income after tax? I've no idea. Because I had NO IDEA!! I left it all to the (EX) husband. Oh the shame!!! Now earn about $1,000 each week.
What is your career? Midwife
Do you have children? YES
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? As above
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $12,242 on my NZ mortgage, $240,000 on an overseas mortgage (which I don't really count).
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? “Save for a rainy day” and “spend the rest” is as deep as it got.
To clarify, my father was a share broker and taught me nothing!! WTAF!
What is the most enjoyable thing you do with money? Holidays
Do you use your money or your time to help others? NO
If YES, can you please elaborate. Energy is a problem for me, with three kids and a house to maintain (kill me now, they're a nightmare) I don't give back to my community, which I regret.
What is your greatest financial win? Getting on the housing market early, paying down mortgages as fast as we could.
What is your worst financial mistake? Not understanding personal finance sooner, not investing in ETFs over a long period, not getting a usable degree when I left school (I went back and retrained as a 38yo), trying to keep up with the Joneses and marrying a spender.
What advice do you have for others? Listen to The Happy Saver podcast. Don't sleepwalk through your finances like I did. Understand your income and your outgoings, understand the possibilities.
What is the point of having a net worth above $1,000,000. What does it mean to you? At this point, it means nothing. My actual income as a single mum with kids means things feel tight. To release the equity overseas, without losing a lot to tax, I need to go back and live in that country for a year, currently this is impossible, so that wealth is completely tied up.
Finish these sentences:
If you want to build wealth do this… Avoid debt, pay off your debt, learn how to make your money earn smarter.
If you want to build wealth avoid doing this… Overspending and keeping up with the Joneses.