What is your net worth? 2,300,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net-worth millionaire? I’m mid-30s, and my husband is six years older.
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? We owned a rental property for about 12 years, we both have good careers/incomes, and we own our own home in Auckland, which we paid down aggressively (pre-kids). We didn’t use our KiwiSaver as a first home deposit, so we still have those balances. We have inherited some money recently, which we will use to renovate our home. We also started investing in Sharesies a little over a year ago, and we have been investing quite aggressively since becoming mortgage free earlier this year.
What was your highest average household WEEKLY income after tax? $3,200
What is your career? Lawyer and Mechanical Engineer
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? About $500,000
What's the approximate value of your house? $1,700,000
Are you debt free now? YES
If NO, how much debt do you have and what is it for? But we’re about to borrow to fund half of an extensive renovation on our family home. Yes I’m not sure this is the right decision but it’s tough in Auckland as houses are expensive and small and we don’t want to move out of the central suburbs and commute further to work.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My family were always hussle-ing. That’s how we grew up. Knowing that money was so important. My parents were working class and me and then my brother were the first to go to university in our family. But we always worked, right from when we were young and we always saved and were sensible with our money.
What is the most enjoyable thing you do with money? Sleep well at night! But honestly knowing that we can do whatever we want and that our kids will never go without. Money buys choices. We don’t ever really argue about money or deprive ourselves of things we really want.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I work three days a week, and I’m active with my daughter’s PTA at school. We also donate regularly to school and charities.
What is your greatest financial win? My salary and my husband (and his salary). I’ve always been paid well for my time, and my husband is paid well, but we’ve always worked well as a team. We have definitely lived well within our means compared to our friends. The $350,000 we had left over on the sale of our rental property, which we used to clear our home loan on our house, and the time I got made redundant and negotiated five months full pay to leave immediately but found another job a week later.
What is your worst financial mistake? When I was a student, I maxed out my credit card (about $3,000) when I went on a Contiki with friends when I was 21, and couldn’t pay it back. My mum helped to bail me out. Also just generally frittering and buying too many clothes and makeup throughout my life!
What advice do you have for others? The ability to earn well will set you up for life. Keep working and investing in KiwiSaver (especially as a woman with children). Choose a partner that will work together with you to grow your wealth. Live within your means and don’t look at what others have with envy.
What is the point of having a net worth above $1,000,000. What does it mean to you? To be honest it’s unfortunately the norm when you have a house in Auckland. But our financial security does mean a lot less stress and sleepless nights and options for us and our family.
Finish these sentences:
If you want to build wealth, do this: Earn more than you spend, save and invest regularly and from a young age. Pay for things with cash.
If you want to build wealth, avoid doing this: Buying things frivolously. Waiting to invest. Thinking that it’s too hard. Get interested in your money and make conscious choices.