What is your net worth? $2,100,000
At what age did you become a net worth millionaire? 53
What region of New Zealand do you live in? South Otago
How did you accumulate your net worth, what are you invested in? Bought 4 rental properties over the last 10 years.
What was your highest average household WEEKLY income after tax? $1,600
What is your career? Sales Rep, now in management.
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? YES
If YES, how much did you inherit? $500,000
What's the approximate value of your house? $500,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $1,200,000, owed on our rentals. We sold one three years ago and bought a brand new one earlier this year. The three we now have are worth $700,000 to $800,000 each.
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Love watching it grow.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I volunteer locally and am trying to educate my children.
What is your greatest financial win? When we got into rentals.
What is your worst financial mistake? Not starting sooner.
What advice do you have for others? Start putting a little away as early as you can and take some risks.
What is the point of having a net worth above $1,000,000. What does it mean to you? I want to be semi-retired by 60 and it will give us options.
Finish these sentences:
If you want to build wealth do this… Take calculated risks.
If you want to build wealth avoid doing this… I was told a long time ago it is time in the market not timing the market.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Take calculated risks, get good debt - not bad debt, start as early as you can with what you have.