What is your net worth? 1,100,000
At what age did you become a net worth millionaire? 33
What region of New Zealand do you live in? Canterbury
How did you accumulate your net worth, what are you invested in? I'm invested mostly in property, but lately also shares and crypto. I've always lived well below my means and tried not to let lifestyle inflation creep in.
Kiwisaver: $31,000
Cryptocurrencies: $50,000
Shares through Hatch: $110,000
Cash: $180,000
Property: $730,000 (equity)
What was your highest average household WEEKLY income after tax? $1,490
What is your career? I'm a builder
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? $180,000
Are you debt-free now? NO
If NO, how much debt do you have and what is it for? Currently have ~$850,000 in debt. I paid off my personal mortgage as early as I could, from then I've only had debt on rental properties or for construction projects.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? YouTube, podcasts, books and family as I was growing up. I remember being taught about the power of compound interest by my uncle at a young age.
What is the most enjoyable thing you do with money? I really don't treat myself too much, other than too many takeaways. Buying stocks and crypto lately has been a treat. Actually, the most enjoyable thing is making money work for you or creating something with it. As a builder for me, this is building and then selling houses.
Do you use your money or your time to help others? YES
If YES, can you please elaborate? I did paid work in developing countries and communities so anything I give I aim it at these areas.
What is your greatest financial win? I had an insurance payout on a house roof that I cash-settled and put mostly into Tesla shares in 2019.
What is your worst financial mistake? I invested $25,000 into a property development group and never saw that money again. I was too keen to get into the investment without knowing enough about it or the people behind it, I also went against my lawyer's advice. So mistakes, on my part, all round. Don't let your eagerness cloud your judgement.
What advice do you have for others? Live below your means, stick to your investment plan, whether that be in properties, shares, crypto etc. Be patient. I've been tracking my spending for the last year which is super handy to look back on. My banking app categorises the spending so it's not too much hassle transferring that to a spreadsheet.
What is the point of having a net worth above $1,000,000? What does it mean to you? At the end of the day not much, especially once you have enough to live on without stressing. I just like the challenge of it, I feel like acquiring wealth is like the adult version of collecting Pokémon cards or something.
Finish these sentences:
If you want to build wealth do this… Invest, not just into markets or property but also your knowledge. Use a higher risk strategy when you're young or if your circumstances allow. Find a niche.
If you want to build wealth avoid doing this… Living beyond your means. Buying depreciating assets. Keeping up with the Joneses.