What is your net worth? $5,680,000
At what age did you become a net worth millionaire? 37
What region of New Zealand do you live in? Australia but originally Dunedin and Christchurch.
How did you accumulate your net worth, what are you invested in? High savings. Aggressive debt repayment. Invested in share market since 2001 but aggressively since 2015. Index funds since 2001 but almost zero growth in lost decade 2001-2010 so lost interest and robbed by high fees as that was all that was available. In the last 5 years investing in vanguard via Investnow.
What was your highest average household WEEKLY income after tax? $5,000
What is your career? Health professional
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? $700,000
Are you debt-free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? How to be frugal by parents that behaved like it was the depression. Nothing was wasted. To develop your own skills rather than paying other people to do stuff. To save from an early age. To work hard. To pay down debt ASAP.
What is the most enjoyable thing you do with money? Travel
Do you use your money or your time to help others? YES
If YES, can you please elaborate? Donate to causes we care about.
What is your greatest financial win? Picking a frugal partner.
What is your worst financial mistake? Chickening out of becoming real estate tycoons in the early 2000s and chickening out of the share market in the early 2010s and missing the run-up through to 2015.
What advice do you have for others? Spend money according to your values.
What is the point of having a net worth above $1,000,000? What does it mean to you? Security and options. We want to be ‘work optional’ soon.
Finish these sentences:
If you want to build wealth do this… Pay attention to all things financial and seek to maximise your income while minimising your expenses and investing the difference where the returns are not eroded by fees and inflation.
If you want to build wealth avoid doing this… Being ignorant about the true costs of debt, unbridled consumerism and investment ‘advisors’ clipping your ticket.