What is your net worth? $2,700,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 55 and 54
What region of New Zealand do you live in? Manawatu
How did you accumulate your net worth, what are you invested in? Paid off our own home, and then used the equity to purchase a rental property.
What was your highest average household WEEKLY income after tax? $1,800
What is your career? Academic and Pastor
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? $13,000 in 1985
What's the approximate value of your house? $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 dad was very careful with money when we were young and made money later in life through careful investment in shares. We learned by osmosis more than sitting down and talking about it. Mum taught us to cook pretty much anything which was a huge win in our ability to live well but simply.
What is the most enjoyable thing you do with money? We travel and do international walks. We take family or friends with us.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. We have given our children $25,000 each to help with buying a home. We have had young people stay with us for very little or nothing at all. We're involved in a trust initiative to help first home buyers.
What is your greatest financial win? Paying off our mortgage. We were putting so much money in as extra payments, when it was paid off we just laughed as the bank account grew.
What is your worst financial mistake? We moved homes too many times and there are many costs to moving.
What advice do you have for others? See the bigger picture; we were all on the bones of our bum for many years; sensible choices will get you there in the end; don't expect to live an expensive life when you are young and have young children. Learn to cook and enjoy having friends over for dinner.
What is the point of having a net worth above $1,000,000. What does it mean to you? We can make choices about life. There are two things: time and money. Ultimately, time (and health) are most important.
Finish these sentences:
If you want to build wealth do this… Eat at home and save your dollars.
If you want to build wealth avoid doing this… Splashing money around on big nights out and flash holidays. Eat at home and go camping.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: We know the money we were given at 21 allowed us a deposit for a home and not everyone has that hand up. But some of those who inherited this (it was given to the grandchildren not the immediate children) frittered it away on luxury. I am pleased that we didn't do that.