What is your net worth? Nearing $10,000,000. (perhaps $9,500,000 because of recent equity portfolio decline)
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? Mid 40's
What region of New Zealand do you live in? Southern
How did you accumulate your net worth, what are you invested in? Worked hard in health care. Owned our own business, employed people and worked real hard. Invested in our house (10% of our wealth), our business premises (10% of our wealth). We have about $800,000 (8% of our wealth) in local bank deposits. We pay an advisor to administer our portfolio of cash, bonds, and global equities and even $200,000 in gold (Sprott).
What was your highest average household WEEKLY income after tax? Maybe $10,000. We never had weekly income; always monthly in arrears. Or when our companeis could pay a dividend.
What is your career? Healthcare
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? $80,000
What's the approximate value of your house? $1,000,000
Are you debt free now? YES
Are you in KiwiSaver? NO
Were you taught about money? YES
If YES, how were you taught? Didn't learn much at home. I got interested in financial planning and long term strategy in the late 1990's in my early days out of university and made slow sure steps.
What is the most enjoyable thing you do with money? Travel and holidays experiences. I could do helicopter trips into Fiordland if I wanted to, but prudence dictates I don't ☹️
Do you use your money or your time to help others? YES
If YES, can you please elaborate. We have a charity account and donate about $50,000 year +/- Now we are retired we hope to be able to continue to give.
What is your greatest financial win? Having got to a point to be able to retire with a nest egg that ought to sustain us for our lives.
What is your worst financial mistake? Not having had much gearing into property. We should have had Auckland/Tauranga houses. I was influenced by Gareth Morgan. I always thought property was over valued and due a price correction or a reversion to the mean. That really didn't ever happen and we missed out.
What advice do you have for others? Work hard. Be good to the people you employ and build a great team to care for your customers. And they will reward you.
What is the point of having a net worth above $1,000,000. What does it mean to you? Independence. Options regarding what we do: Travel adventures and time to do them. Toys . Options regarding healthcare. Able to benefit other people.
Finish these sentences:
If you want to build wealth do this… Work hard. To get wealthy you have to employ people or be very lucky. Be the best you can. Be truthful and ethical.
If you want to build wealth avoid doing this… Don't borrow for things that don't go up in value. When young you can gear into investments, building a business or farming as you may have time to recover if goes wrong. Be careful in the equities market. Have a plan and stick to it. Maybe even some sort of a Ulysses contract, with flexibility.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I feel very fortunate to be where we are. I’m almost embarrassed to tell you about this as we don't really talk about it in public or in detail even to our adult and capable kids. We have listened to lots of your podcasts as we travel about NZ - they are great.