What is your net worth? $3,000,000 +
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? In 2018, aged 30 and 32.
What region of New Zealand do you live in? Northland
How did you accumulate your net worth, what are you invested in? Through various methods, mainly by increasing income and reducing expenses and buying investments along the way. Net worth is made up from farm ownership, cattle and shares (mainly passive index).
What was your highest average household WEEKLY income after tax? $2,790
What is your career? Farmer, general manager, parents
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? $225,000
What's the approximate value of your house? $450,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $900,000 business mortgage and a $55,000 student loan.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Taught the thrill of collecting fruit and vegetables from the garden, bottling excess produce, and eating unprocessed food. Taught to pay your bills on time, love your body and exercise outside in nature and not live beyond your means.
What is the most enjoyable thing you do with money? Spending it on others.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Volunteer our time to help others, donate to causes and gift often.
What is your greatest financial win? Definitely picking my partner. Second is diversifying our investments and gaining confidence in investing into index shares.
What is your worst financial mistake? Not making financial goals sooner and not investing earlier.
What advice do you have for others? Talk with others about finances and help those around you when invited for input. We are all on our own journeys so try and not compare yourself to others; only yourself!
What is the point of having a net worth above $1,000,000. What does it mean to you? Gives us security and the means to help the next generation.
Finish these sentences: If you want to build wealth do this… Self educate and always be open to learning to see what suits your lifestyle. Highly recommend reading:
And this blog.
Focus on gratitude along the way as it’s not all about the destination it’s also about the journey!
If you want to build wealth avoid doing this… Watch how much you spend on your lifestyle, i.e. pay yourself first and invest. And always look after your health and relationships.