What is your net worth? $2,400,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 27
What region of New Zealand do you live in? South Island
How did you accumulate your net worth, what are you invested in? Real estate, Stocks (Index Funds) and career progression.
What was your highest average household WEEKLY income after tax? $2,500
What is your career? Construction Management
Do you have children? NO
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? Own home - $800,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? Approx. $1,000,000 in mortgage debt, spread across a few rental properties throughout NZ.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? I was taught the very basics about money. My parents took me to open up my first bank account at a young age, and they were business owners so I picked up a thing or two at the dinner table.
What is the most enjoyable thing you do with money? Buy quality food. Use money to "buy time" e.g. take unpaid time off work to spend time with friends and family.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I often help friends and family with my time or money, whether it’s helping them with garden maintenance, or letting them borrow my vehicle to pick up a couch. I also donate to causes I believe in.
What is your greatest financial win? Saving my first $100,000 in cash. Second to that would be purchasing my first house for the family to live in.
What is your worst financial mistake? Trying to do things alone to save money. Should have paid the professionals.
What advice do you have for others? Look to reduce expenses where possible, if that is not an option try and up-skill and increase earning potential.
Invest regularly in small amounts and don't worry about short term market fluctuations. Follow common-sense advice from people who have achieved success in any given field, and don't sweat the small stuff. Long term investment requires patience so find some relatively low cost (or free) hobbies to keep you going!
What is the point of having a net worth above $1,000,000. What does it mean to you? It doesn't mean as much as I'd expected it would - You don't get to the $1M mark and suddenly life changes. It means that I have the power to reduce my working hours, focus on hobbies more, spend more time with friends and family and to learn and try new things. The term "F-U Money" comes to mind.
Finish these sentences:
If you want to build wealth do this… Get started - Don't think you have to know all the details when starting out as you'll learn along the way. Having some skin in the game is a great learning tool.
Invest in proven assets for the long term - Real estate, Stocks, Index funds, businesses etc.
If you want to build wealth avoid doing this… Keeping up with the Joneses. Paying too much attention to the media. Checking the value of assets on a daily basis. Taking on un-necessary debt.