What is your net worth? $6,900,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 32 and 40
What region of New Zealand do you live in? Waiheke Island, Auckland
How did you accumulate your net worth, what are you invested in? Investment properties, residential and commercial. We run our own two businesses and were invested in a third business which we have now sold.
What was your highest average household WEEKLY income after tax? $2,600
What is your career? Electrician
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? We don't own a house.
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $400,000 split between two loans.
Are you in KiwiSaver? NO
Were you taught about money? NO
What is the most enjoyable thing you do with money? Time and freedom. Not having to worry about debt.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Lots of community work and time spent at things like the school working bee, and children’s sports (rugby, swimming, surf life-saving). Supporting charities within our community.
What is your greatest financial win? Always being a saver, always paying my bills on time.
What is your worst financial mistake? Buying things I don't need or use anymore but haven't sold them yet.
What advice do you have for others? Save, save, save. It's never too late to ask for help, I still have a lot of learning I still want to do.
What is the point of having a net worth above $1,000,000. What does it mean to you? It is giving my family and I options for the future. I never started out to make lots of money, but I was taught to work hard, and the money will come.
Finish these sentences:
If you want to build wealth do this: Save, and don't spend more than you earn.
If you want to build wealth avoid doing this: Keeping up with The Joneses. Following the flashy people. If it sounds too good to be true, it normally is.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: My wife and I both grew up with middle-class parents, (workers), we both had a great family life but not much money around. My parents divorced when I was young, they then went bankrupt, I lived with my dairy farming grandparents. They taught me that if you want something, save up and buy it with cash, I have kept that same rule my whole life, time has what made the property we got go up in value, and we always keep working and paying them off, now is time to learn about other ways of investing.