What is your net worth? $2,061,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 40
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Mainly due to my ex-husband being in IT and using our combined income to pay down real estate debt. I am invested in some shares and a couple of ETFs.
What was your highest average household weekly income after tax? $2,600
What is your career? Business Analyst
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? $2,500,000
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 taught me a little bit about the share market, enough for me to be interested. My grandfather used to own businesses. I inherited an interest in economics and finance. When I did my degree in my 30's I focused on finance papers as they were more interesting than the papers I originally started my degree in.
What is the most enjoyable thing you do with money? Watch it grow, save it and invest it.
Do you use your money or your time to help others? YES
If yes, can you please elaborate. I always donate to charities. The amounts vary.
What is your greatest financial win? My ex-husband loving the job he was in and it being a well-paid job. Also buying the property I'm in now - it's 6000m2 in a suburb within 20 mins of the Auckland CBD. It has increased from $880,000 to $2,500,000 in 15 years. We bought this house knowing a new shopping centre was being created nearby and it would bring lots of jobs and people into the area. Once the council makes it sub-dividable, it should allow me and my ex-husband to retire comfortably.
What is your worst financial mistake? Overspending on renovations. We spent too much on renovating our first house and we lost money. We bought the house for $326,000, spent $60,000 and sold it for $360,000.
What advice do you have for others?
Get a degree and earn as much as you can in a job that you enjoy.
Pay down debt as quickly as possible.
Be careful who you get advice from, do your research and make decisions that align with your wants and needs. (i.e. parents aren't always right, listen to their advice but be sure to fact check as their advice could be outdated).
What is the point of having a net worth above $1,000,000? What does it mean to you? Financial security. When my marriage fell apart, it helped me get on my feet quickly. My first concern was whether I could pay the bills and once I took a hard look at where I was, I had that reassurance.
Finish these sentences:
If you want to build wealth do this… It may sound boring but if you don't want to work hard all your life, pay off your debt as quickly as possible. It makes it much easier to retire early if you have fewer expenses.
If you want to build wealth avoid doing this… Keeping up with the Joneses. The latest car, fashion, and furniture will make you feel good but it will keep you in debt and the cycle will never end.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: A key to our success was the decisions that my ex-husband and I made together. We were transparent with each other about finances. I had a keen interest in personal finances and my father was a real estate agent, which helped with some great discussions and good decisions. We both had a keen interest in educating ourselves and balancing future aspirations with current enjoyment.