What is your net worth? 1,150,000
At what age did you become a net worth millionaire? 35
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? Bought a house in Auckland in 2013, moved to Wellington in 2015 and bought a house using equity from Auckland house. Sold Auckland house in Jan 2020, which paid off Wellington house. Majority of net worth is in our house ($900,000), excess is in Simplicity managed funds and NoticeSaver (looking to extend our house in the next year or two).
What was your highest average household WEEKLY income after tax? $2,600 (now on half that as partner has resigned and is running his own small business, working around school hours to pick up our 5 year old).
What is your career? Work in Digital/Technology for a bank.
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? $900,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Parents were very careful with money, taught us about saving. Didn't teach a huge amount of other concepts (maybe because we didn't show interest) so we worked it out as we grew up. Partner wasn't taught much about money and now despairs looking at how his parents are still paying their mortgage off 40 years after buying the house for about $100,000.
What is the most enjoyable thing you do with money? Family holidays
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Volunteer for local toy library.
What is your greatest financial win? Buying a house as a newly employed grad and apprentice in 2013 - it has enabled us to get into the financial situation we are in now. Also a fluke, but moving to Wellington when the property market was dead, enabling us to buy a lovely little warm house in the bush for $337,000.
What is your worst financial mistake? Not keeping an eye on our spending, and therefore wasting opportunities to be saving and investing.
What is the point of having a net worth above $1,000,000. What does it mean to you? The number itself doesn't mean anything to me, but being mortgage-free has enabled us to live on one income, and be there for our daughter when she started school. Having someone to drop her and pick her up each day (although typical 5 year old is getting grumpy that she doesn't get to go to after school care with her friends).