What is your net worth? $1,825,000
At what age did you become a net worth millionaire? 35
How did you accumulate your net worth, what are you invested in? High incomes and have invested significant sums in the share market and for the past four years exclusively in index funds.
What was your highest average household WEEKLY income after tax? Currently ~$5,000
What is your career? Engineer and doctor
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? $210,000
What's the approximate value of your house? We rent
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My father was in the finance sector. We always talked about shares and we were given shares in Telecom when it floated in the early 1990s. Avoiding debt and investing in the share market was just natural for my wife and I.
What is the most enjoyable thing you do with money? Travel. We love exploring the world and seeing different cultures and using our money to make some experiences extra special.
Do you use your money or your time to help others? NO
What is your worst financial mistake? Individual share picking...half a dozen or so went to zero.
What advice do you have for others? Spend less than you earn. Track how large that gap is and be mindful about spending. Track your net worth so you can see how your progress is over time.
What is the point of having a net worth above $1,000,000. What does it mean to you? It was a milestone we celebrated and we sent each of our parents a bottle of Möet to thank them for their education and support. Our net worth provides security but we have other milestones in mind...next up is $1,000,000 each.
Finish these sentences:
If you want to build wealth do this… Spend less than you earn and invest the difference in broad based index funds.
If you want to build wealth avoid doing this… Accumulating debt, especially consumer debt. Avoid spending to keep up with the Joneses.