What is your net worth? $2,300,000
At what age did you become a net worth millionaire? Prob about 40
How did you accumulate your net worth, what are you invested in? The housing market in Auckland. I worked hard and tried to do up houses that we lived in. Had students etc live with us to pay the bills, then about six years ago we completely overcommitted and put everything we had into our current ‘forever ‘ home. I know it was a risk, but the property has doubled in value over that time. While technically a net worth millionaire, I certainly don’t look or act like it.
What was your highest average household WEEKLY income after tax? $2,500
What is your career? Account Manager
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? $3,500,000
Are you debt free now? NO
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My mother ‘taught’ me that hire purchases etc were ‘compulsory savings’ (sigh!) I had shocking debt problems and then met my husband who “re-trained” me.
What is the most enjoyable thing you do with money? Nothing yet as all tied up in the house. But hopefully one day it means a life with no financial pressure. I’m still under terrible financial pressure now as a solo parent, but hopefully on a path to get that sorted.
Do you use your money or your time to help others? YES
What is your greatest financial win? Just staying in the house for the last two years (when my husband passed away).
What is your worst financial mistake? So many and still making them. I sometimes use shopping as a crutch (and I know it).
What advice do you have for others? I think it’s a real personal thing getting the balance right. My husband and I worked really hard, but also prioritised trying to be good parents and good members of society. With the lessons I learnt losing a loved one, I now try to get balance around financial freedom and also ‘living’.
What is the point of having a net worth above $1,000,000. What does it mean to you? Options and choices. But to me it’s not ‘real money’ as it’s tied up in my house. I’m going into more debt each month, and stick to a tight budget while I wait for something to get finalised so I can sell the house and downsize.
Finish these sentences:
If you want to build wealth do this… Save something from everything you get, and make sure you know where all your money is going to. I have a budget which I manage closely to know where every cent goes.
If you want to build wealth avoid doing this… Keeping up with the Jones.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: You’re awesome Ruth!!! You are really making a difference to people’s lives. I’m in Auckland but if I ever come down you’re way I’d love to take you for a coffee... and maybe even some cake! (YES PLEASE! Ruth -)