What is your net worth? 1,900,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 59
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? UK private pension transferred to Balanced Kiwiwealth Superannuation scheme (outside of KiwiSaver) in 2014 at $400,000. Now worth $680,000.
Balanced KiwiSaver since 2008, now worth $250,000, and is with Simplicity (but previously with Milford).
Simplicity Investment Funds worth $100,000.
$30,000 Emergency Fund in bank notice saver.
What was your highest average household WEEKLY income after tax? $1,600
What is your career? IT 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? $800,000
Are you debt-free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Save up for most things if you can. Pay off the credit card at the end of the month. Don't overextend yourself. Have an Emergency Fund even if it is only $1,000. I was brought up by a single mother so money was tight early on.
What is the most enjoyable thing you do with money? Eat out and travel.
Do you use your money or your time to help others? NO
What is your greatest financial win? Paying off my mortgage early.
What is your worst financial mistake? Using a credit card to pay for a 3 week holiday to NZ (including all expenses).
What advice do you have for others? Have an Emergency Fund. Don't overextend, ask yourself if you really need something before buying it. Read The Barefoot Investor book.
What is the point of having a net worth above $1,000,000. What does it mean to you? A comfortable retirement with choices.
Finish these sentences:
If you want to build wealth do this… Educate yourself on money management and investing in property or shares.
If you want to build wealth avoid doing this… Overextending yourself.