NOTE: Ruth here. This is one of the more unusual net worth millionaires to turn up in my inbox. At first I thought it was a hoax, but the more I read, the more I believed it to be a genuine response. It’s an interesting insight into a different way to grow wealth.
What is your net worth? $3,000,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 43
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? I took huge risks and looked for opportunities to invest. I started a number of small businesses but none really made much money. I did buy a house in the 2012 slump, but I would have done better if I had followed through with an apartment purchase as well. Instead, I went surfing in Samoa for 4 months. The real win was discovering crypto; honestly, once I understood it, I went all in during 2016. My friends, partner, and family thought I was crazy, and it was an uphill battle. I accumulated as much Bitcoin as I could, and then in 2018, I lost 80% of it through the purchase of altcoins. I then spent the next three years investing in education about the financial markets and crypto. It was knowledge I was missing. In 2020 I leveraged again and invested. I also moved overseas, changing my tax residency and paying a huge sum of tax to NZ. My destination was within the European jurisdiction, where no tax is paid on crypto if you hold it for more than 12 months. I traded a small amount but most of it I held onto during the bull-run. During this time, I trained and networked with investors to understand how to exit when the time was right. I managed to exit with life-changing profits. I put 40% of these profits into a passive income stream earning me $1000/day USD. Unfortunately, this turned out to be a scam, just like the hollow economics of 99% of crypto and I lost it (Terra Luna UST). Luckily I had paid off my NZ mortgage and had a small amount saved, which now is being invested back into apartments in NZ while the market is low. The aim is $1000/week USD passive income. I am back working as a financial mentor and building a career in this department. My philosophy as a high-risk investor is that opportunities are few and far between, and when they appear and if they are legit, jump on them. Some of the apartment opportunities are looking pretty dam appealing right now I must admit.
What was your highest average household WEEKLY income after tax? $6,000. But my income was for about a year while earning passive income from DeFi, before it was revealed for the scam that it is.
What is your career? Consulting Engineer
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $950,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My parents were strong on budgeting; they gave me pocket money and encouraged saving. That was very useful. My friends and family are socialist anticapitalists, so it took a while later in life to educate myself on the good sides of capitalism.
What is the most enjoyable thing you do with money? I bought a Toyota GR86 ($54,000) and previous to this a GT86 ($35,000). This has been one of the most enjoyable things I have done. Cars are terrible financially, but I have to admit driving my favourite sports car without shame is massively fun. I want to inspire others to have this goal. I also have had a lot of free time, but TBH I much prefer to be busy.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I now can afford to work as a Financial Mentor helping people do better with money (basically min wage work). I can sponsor myself to go back to university too. I sponsor a Ukrainian family, hospital fees and living costs ($20,000 so far this year). I give to charities that I like. I planted and funded a number of ecological restoration projects.
What is your greatest financial win? Getting into and out of crypto. Buying a house in the last housing slump in 2012 (and now I am buying again).
What is your worst financial mistake? Staying in crypto (lost over $1,000,000 USD in scams). And surfing instead of investing. Investing in investment Art.
What advice do you have for others? Cultivate a desire for financial wellbeing, let it be a driving force, and don't keep all your eggs in one basket, please. If you're willing, money is made in the grey areas, where there is unknown.
What is the point of having a net worth above $1,000,000. What does it mean to you? It means OPPORTUNITY. I have opportunity to save lives, I can travel if I want, I can work in an area helping people which I could not do otherwise. But it means nothing without a family and as I am now in my mid-40s with no children or partner, it feels somewhat empty. I would give it all up to have a family.
Finish these sentences:
If you want to build wealth do this… Look for opportunities, figure out how to create and open up more opportunities, learn maths and grow skills that contribute to financial wellbeing. Save and invest. Figure out how much risk you are willing to take. Cultivate ambition and positive energy.
If you want to build wealth avoid doing this… Spending and living up large. Avoid putting all your eggs in one basket. Be wary, skeptical and suspicious, scams are everywhere. Buying cars; instead, buy the cheapest car possible.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Opportunities are huge today, even with the cost of housing. Those that have a lucky perspective and cultivate a belief that they can achieve great things are well on the path to making this happen. They will notice opportunity when it crosses their path.