What is your net worth? $1,075,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 53
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? My home (mortgage free). Global/All Country Index Fund and cash fund for emergency fund and everyday banking (I’m trying out the Booster Savvy fund).
What was your highest average household WEEKLY income after tax? $850.00
What is your career? Health professional.
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? YES
If YES, how much did you inherit? $10,000
What's the approximate value of your house? 1,030,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? By example. i.e. a spreadsheet/table showing which bills came in each month, and the advice to pay into a work pension.
What is the most enjoyable thing you do with money? At the moment, it’s a joy to save money as I’ve been so used to throwing it all at the mortgage.
Do you use your money or your time to help others? NO
What is your greatest financial win? I guess I would say my home. Whilst it’s not a liquid asset, it’s in a nice suburb and I love living in it.
What is your worst financial mistake? Not taking parental advice to regularly save money seriously.
What advice do you have for others? Have a good look at your current financial situation: (1) what you earn, (2) what you save and (3) what you spend. Can you increase 1 or 2 and reduce 3? Build an Emergency Fund. Set up some regular saving and investing to start letting dollar cost averaging and compound interest work in your favour. Getting to 50 and realizing you’ve missed out on a couple of decades of letting your money work for you is frustrating, to say the least!
What is the point of having a net worth above $1,000,000. What does it mean to you? Security. Whilst most of my net worth is in an illiquid asset (my home), I’ve now got a springboard on which to grow my cash and share portfolio.
Finish these sentences:
If you want to build wealth do this… Learn about managing your finances and commit to making changes to your saving and spending rates.
If you want to build wealth avoid doing this… Assumptions such as… ‘if I live within my means, it will all sort itself out’. This is NOT the same as saving and investing.