What is your net worth? $1,000,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 50 and 54
What region of New Zealand do you live in? Canterbury
How did you accumulate your net worth, what are you invested in? By buying a house and paying it off. KiwiSaver. Low-cost index funds. Actively managed fund. A tiny amount in a crypto ETF.
What was your highest average household WEEKLY income after tax? $2,000
What is your career? Nurse and Stone Mason
Do you have children? YES
Do you have a tertiary qualification? YES
Did you inherit any of your money? YES
If YES, how much did you inherit? $120,000
What's the approximate value of your house? $840,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Family holidays. Watching our dividends increase and the miracle of compound interest gradually take effect.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. We will sponsor a child through World Vision next year.
What is your greatest financial win? The increase in the housing market. Our ability to pick up overtime in our jobs. KiwiSaver and compound interest.
What is your worst financial mistake? Not knowing how to invest.
What advice do you have for others? Read as much as you can about personal finance. Don’t try to keep up with the Joneses. Keep income protection and health insurance if you can. KiwiSaver is your best friend. Chart your net worth monthly. Keep an emergency fund. Use Christmas clubs and sinking funds.
What is the point of having a net worth above $1,000,000. What does it mean to you? It means we will be able to have a comfortable retirement. We are able to relax a little more and enjoy the little things in life. Not having to live payday to payday anymore.
Finish these sentences:
If you want to build wealth do this… Learn what compound interest is and how to use it. Read, read and read as much as you can about personal finance. Low-cost index funds are fabulous. Track your net worth monthly. Keep one credit card only, with a low limit. If you can’t save for it, don’t buy it!
If you want to build wealth avoid doing this… Thinking “I will invest one day”… Procrastinating about debt repayment. Not budgeting. Keeping up with the Joneses.