Millionaire #152

What is your net worth? $1,579,000

Are you filling this out as an individual or a couple? Couple

At what age(s) did you become a net worth millionaire? 59 and 62

What region of New Zealand do you live in? Northland

How did you accumulate your net worth, what are you invested in? Property, KiwiSaver, Inheritance, Shares

What was your highest average household WEEKLY income after tax? $1050 and $700

What is your career? Librarian and Boatbuilder

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? $325,000

What's the approximate value of your house? $1,100,000

Are you debt free now? YES

Are you in KiwiSaver? YES

Were you taught about money? YES

If YES, how were you taught? A little bit by my mother, but my husband wasn't taught about money.

What is the most enjoyable thing you do with money? Save a bit, and spend wisely.

Do you use your money or your time to help others?:YES

If YES, can you please elaborate. $30 per month to Kidscan. Two hours per week doing admin for a charity since retiring early at 62 in 2022 (husband retired 2021 at 65).

What is your greatest financial win? Respecting the inheritance we received, and making it continue to grow in value.

What is your worst financial mistake? Having a credit card debt when younger, and buying cars on tick... crazy!

What advice do you have for others? Don't compare yourself to other people and what they have as your value as a human is not caught up with what you own. Keep your outgoings within your income, pay down your mortgage, and save each week AND prioritise having a debt-free house (a palace is not required) and savings when you go into retirement.

What is the point of having a net worth above $1,000,000. What does it mean to you? It means we have choices in retirement.

Finish these sentences:

If you want to build wealth do this: Keep debt to a minimum, follow a budget, and save each week.

If you want to build wealth avoid doing this: Stop spending beyond your means!

If these questions don’t adequately tell your story, feel free to briefly elaborate here: I have chosen to leave work this year at 62 years of age. I won't get a pension until September 2024 so we live on my husband's superannuation payment of $712 per fortnight, plus $575 per fortnight top up from savings. We saved $23,000 extra to do this, and will top up with my husband's KiwiSaver when we exhaust this money. We follow a budget, live frugally but well on a lifestyle block and save on our small income. I still contribute to my KiwiSaver. We will have money from a property investment in the next six months. To explain, we own 1/4 of this property with our son and he is selling it to move so this will release further funds which we intend to invest. The interest from this will fund some overseas travel in the next couple of years.

Millionaire #153

Millionaire #151