What is your net worth? $4,000,000
At what age did you become a net worth millionaire? 38
What region of New Zealand do you live in? Australia (used to live in Auckland for 10 years, then moved to Australia for work 13 years ago)
How did you accumulate your net worth, what are you invested in? Rental property. Managed funds. ETFs.
What was your highest average household WEEKLY income after tax? $10,000
What is your career? Doctor
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? $1,200,000
Are you debt-free now? NO
If NO, how much debt do you have and what is it for? Rental property - $1,000,000 across 3 properties. All positively geared.
Are you in KiwiSaver? NO
Were you taught about money? NO
What is the most enjoyable thing you do with money? Buying time. I earn enough to now work 4 days a week, with plans to cut down even more in the near future.
Do you use your money or your time to help others? YES
If YES, can you please elaborate? Recently bought my parents a new car.
What is your greatest financial win? Marry the right person.
What is your worst financial mistake? Bought into a managed fund when we first came to Australia - with little research.
What advice do you have for others? Start small, start early. Compounding takes time. Investing should be boring. Always have a long term view of what you do.
What is the point of having a net worth above $1,000,000? What does it mean to you? Freedom
Finish these sentences:
If you want to build wealth do this… Start early, low-cost ETFs. For us, buying a modest house and paying it off quickly, so that you can redirect your money to other investments.
If you want to build wealth avoid doing this… Too much house, too much car and too much holidays.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I know a lot of people would say - they are a doctor, they should be rich. I understand that sentiment. However, let me explain the realities of being a doctor. Long days, poor pay for almost 15 years. I graduated med school at age 24. I finally finished my specialist training at 36yo. For the years in training, we had three children and lived in a modest home - which we still live in. We have not upgraded our family home. We do not live lavish lifestyles. We have reasonable cars, nothing fancy. Our biggest expense is private schooling for our children.