What is your net worth? $2,200,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 55 and 51
What region of New Zealand do you live in? Christchurch
How did you accumulate your net worth, what are you invested in? $200,000 in Kiwisaver, $305,000 in a Growth fund with Simplicity, $240,000 in New Zealand and Australian Share markets, $270,000 in a Term Deposit (love compound interest).
What was your highest average household WEEKLY income after tax? $2,500
What is your career? Finance Manager and Government Employee
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? $1,080,000
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-in-Law, who is heavily invested in the NZ share market, has given me confidence to buy shares. Like me, he enjoys talking about investing (his children are not interested in it at all), so for a daugher-in-law, it is nice to have some common ground. It can lead to exciting discussions as well, as we have different knowledge on some of our portfolio picks! Other than that I have dozens of investment books and listen to podcasts and blogs.
What is the most enjoyable thing you do with money? Overseas travel.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I happily discuss investing with friends and family members. My brother takes the property investment side of discussions, and I take the share market side.
What is your greatest financial win? When my husband's private superannuation scheme came to an end (with the change of the private super schemes) and we had $170,000 to invest on our own. That was the start of our NZ share market journey.
What is your worst financial mistake? It still upsets me to today! Years ago we were going to New York, and I went online to get the USA travel visa. I didn't realise that I had clicked the first AD link on Google and instead of going to the normal visa site and paying around $14 for Visa, I went to another site and paid about $120.... and I did it twice as I did my daughter's visa as well! SO MAD AT MYSELF; a waste of money.
What advice do you have for others? Just the usual; pay off your mortgage as quick as you can, save an emergency fund, then invest regularly. Don't buy a new car on finance, save for a second-hand car and pay cash. If you can manage it, live on one partner's pay and invest the other.
What is the point of having a net worth above $1,000,000. What does it mean to you? Wealth gives you options. When I realised that we had surpassed the "Retirement with Options" target with another 10 - 14 years to go before 65, it gave me pause. Bring on the FIRE blogs!
Finish these sentences:
If you want to build wealth do this: Start saving money as soon as you can. Unless you are three years from retirement, put it in Growth funds and/or shares. If you are doing term deposits make sure they pay the interest monthly and get it compounded. Your best friends are compound interest and time :)
If you want to build wealth avoid doing this: Paying interest. Get rid of debt as quickly as possible and save to buy things you need.