What is your net worth? $1,160,000
At what age did you become a net worth millionaire? Not sure, 48?
What region of New Zealand do you live in? Just moved to Marlborough
How did you accumulate your net worth, what are you invested in? Primarily just working. I wish we'd invested in property on the side, we'd be a whole lot better off than we are. But mostly it's just been solidly paying down the mortgage with our salaries (we were mortgage-free in our mid-forties then upgraded to live in Central Otago). We have KiwiSaver's, which I contribute 4% to and my husband now contributes 10% to. We have a small amount in another fund at present, but mostly everything is being funnelled into the mortgage and when that is paid off in three years, we will funnel all those savings into other managed investment funds, ready for what I hope will be an early retirement. Number 1 reason for our financial success in the absence of property speculation or our own business - get a good tertiary qualification, so you end up with a good salary. And don't have children.
What was your highest average household WEEKLY income after tax? $3,600
What is your career? Town Planning Consultant
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $1,200,000
Are you debt-free now? NO
If NO, how much debt do you have and what is it for? Just the mortgage, $270,000
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? I don't recall being taught anything other than the importance of saving. I was taught that from a young age with a bank account in primary school, that I remember taking the bank book to school and would add something like 20c to.
What is the most enjoyable thing you do with money? Travel/adventures and eating out. I try to rein in the latter, as much as I love good food.
Do you use your money or your time to help others? YES
If YES, can you please elaborate? Not as much as I used to or should. Donations to charities are the main way, to causes that are near and dear to me like the Heart Foundation, Westpac Rescue.
What is your greatest financial win? Paying off the mortgage.
What is your worst financial mistake? When my ex and I separated when I was 34, I just wanted the whole messy break-up finished. I didn't pay enough attention to what was going on and the house we owned at the time sold for too little - the new buyers did well out of us. I should have engaged more or sought help.
Also, not setting aside a bit of saving in my twenties. I spent everything I earned on travelling (I lived overseas for seven years), didn't really knuckle down the finances until we returned to NZ and bought a house in my early thirties. I absolutely do not regret the travelling but should have been putting aside a little bit at least for the long term.
What advice do you have for others? If you lack the financial skills to help yourself, seek help from others. I wanted help in my thirties when I was single again, to give me financial advice and direction, and tried to find it, but there were nowhere near the resources that are available to people now. There are some great places now like MoneyHub and The Happy Saver, and companies like Enableme, that can really help.
What is the point of having a net worth above $1,000,000? What does it mean to you? Freedom and security. It means having a nice house somewhere that we love and can share with friends, it means being able to travel and do the things that bring us joy, without worrying overly about money. We have no day to day financial stresses, even if an unexpectedly big bill comes in like my husband's recent dental bill, it's annoying but it's not a problem to pay it. It means that if my parents need financial assistance in their old age, we can help.
Finish these sentences:
If you want to build wealth do this… Obtain further qualifications after school, whether they be professional or trade, to allow you to earn more money. And it's never too late to get those qualifications.
If you want to build wealth avoid doing this… Spending beyond your means. Divorce!