What is your net worth? $1,164,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 47
What region of New Zealand do you live in? Christchurch
How did you accumulate your net worth? What are you invested in? Salary earnings, plus recent side business. Savings. Our investments are our own house, a small rental, KiwiSaver, and very small amounts in ETFs via Investnow.
What was your highest average household WEEKLY income after tax? $9,500 (I would be delighted for them if this were weekly, but they might mean monthly, Ruth)
What is your career? Product Manager
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? $690.000
Are you debt free now? NO
If NO, how much debt do you have, and what is it for? $50,000 on our primary property and $250,000 on the rental.
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Travel and buy little luxuries or treats for family and friends.
Do you use your money or your time to help others? YES
If YES, can you please elaborate: We pay some bills and help with finances with my parents and inlaws. We try and pay for all "occasion" dinners outside with family. Try and help out where finances are tight, e.g. loan family money towards home deposits. I'm a huge advocate of earning more as well as saving more so I do a lot of community mentorship - running meetups to share knowledge with aspiring product managers and also for women in tech, and advocating for more diversity and inclusion in workplaces.
What is your greatest financial win? I could pay off my house today if I wanted to. My goal was to pay it off before I was 50. I will pay it off in May 2024 when my fixed rate is done, and I will be 48. And I am on track to save a million dollars to retire with. I have seen my parents suffer by being bad with money and financial insecurity is my biggest fear. I fear no more. In a larger sense, my greatest win is my husband. He has gone from being very spendy and money illiterate to being a lot more conscious and aligned with me on money goals (admittedly, mine are more saving focussed than most).
What is your worst financial mistake? Buying shares based on emotion and company loyalty rather than knowledge. And selling a house in a poor market.
What advice do you have for others? The more important weapon you have is knowledge. Know what you earn and how to invest in yourself to increase it. Know what you spend, and where, and why. Know what your goals are and what makes you happy. Once you know this, you will naturally find the path to financial security and a richer life.
What is the point of having a net worth above $1,000,000? What does it mean to you? My husband has quit his soul-crushing job to focus on a fun but money-making side hustle because we now have a level of financial security. I love to travel, and now I can!
Finish these sentences:
If you want to build wealth, do this… Build a career you love, and keep learning. Create a business you enjoy, and grow it. Save a little, always.
If you want to build wealth, avoid doing this… Most importantly, learn to be content and don't let other people's material wealth or status distract you into spending on things you don't need.