What is your net worth? About $1,700,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? About age 50
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? Wages, royalties and boarders.
What was your highest average household WEEKLY income after tax? $1,500 (which is also after retirement savings are taken out).
What is your career? Writer and analyst
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? About $1,000,000
Are you debt free now? YES
Are you in KiwiSaver? NO
Were you taught about money? YES
If YES, how were you taught? That debt for anything but a mortgage is bad, and to buy the cheapest house. Then I was super inspired by Sorted. And as a single parent, I just wanted to beat the odds and be a home owner and mortgage free.
What is the most enjoyable thing you do with money? I just paid for a woman to go to the Commonwealth Games to represent our country. I just asked what she needed and how she was going to raise the money and then I asked for her bank account number. That felt nice. I’ve helped people into houses and I like helping charities like womens refuge and city mission.
Do you use your money or your time to help others? YES (see above)
If YES, can you please elaborate. I like helping people with my analytical skills but I’ve also given my time to lots of causes including ten years helping women in prison; I learned so much from them too.
What is your greatest financial win? I’m not sure what this means, but perhaps the best thing that happened to me was being passed over for a promotion twice for men who were probably no better than me but just made a better impression. That led me to start a side hustle and put my creative energy into something outside my day job. And from that, I set and surpassed my goal of making up the difference between my wage and the next level up.
What is your worst financial mistake? When I separated from my husband I really shouldn’t have let him have as much as I did. But I can look back and know I was generous and it doesn’t matter really. And I didn’t get into shares as soon as I should have.
What advice do you have for others?
Always keep and update your budget. Know where your money goes.
Have goals. Not just financial goals.
Get flatmates or boarders if you have spare rooms.
Make friends with people who are also interested in financial freedom. Don’t be embarrassed to enjoy paying off debt and saving and investing!
You never need a new car.
What is the point of having a net worth above $1,000,000. What does it mean to you? Freedom. Fun. Choices. Going to work because I want to.
Finish these sentences:
If you want to build wealth do this… Spend less than you earn. That might seem hard or impossible and as a sole parent I’ve had some tough times. Just work out what you can trade off on without becoming a miserable person to those around you. I always wanted my kids to feel they were well looked after, but they really never wanted or needed super expensive things, we had a lot of fun and fun doesn’t need to cost much.
If you want to build wealth avoid doing this… Having expensive hobbies is a wealth killer. If you really must go out fishing every weekend then think about becoming a fishing guide and turn that hobby into a business. If you really need new fashionable clothes start making and selling them, or start styling others. Ask yourself: who is making money and who is spending money? Try and be the person making money.