What is your net worth? $1,500,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? Late 40's
What region of New Zealand do you live in? North of Auckland, but I also live and work overseas.
How did you accumulate your net worth, what are you invested in? Property, some in my workplace, and some through investments.
What was your highest average household WEEKLY income after tax? $1,500. This is a bit of a guess, as I am paid monthly, and in American dollars. So I am at the mercy of the exchange rate each month.
What is your career? Teacher (abroad)
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? Just recently. $44,500
What's the approximate value of your house? $1,400,000 million. I own 3/4 of this, plus $200K. My parents own the rest. I have been buying them out over the past 10 years.
Are you debt free now? NO
If NO, how much debt do you have and what is it for? Nearly, nearly ... I will be debt free if all goes well by Sept 2025. I owe $104,000.
Are you in KiwiSaver? NO
Were you taught about money? YES
If YES, how were you taught? In some ways ... old school parents. We earned pocket money, and from a young age had to budget to buy our own clothes by using the family benefit money. My parents never believed in investing but made any money through owning a house.
What is the most enjoyable thing you do with money? Travel, and help others.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Various children and school organizations.
What is your greatest financial win? I guess buying the little beach house with my folks 22 years ago and then managing to build a new house on that land. I am still paying it off!
What is your worst financial mistake? I think I have bought the house outright multiple times, due to buying my folks out. But it has all been for good. They can live with a little more $$, rather than being asset rich and money poor. But I should have done it years ago. As each time I am never on the receiving end of capital gains. I am always paying it ...
What advice do you have for others? Start young. Save for what you want, and don't be impulsive. Keep a track of your spending, I am not always good at this but try. The biggest - don't rely on others. I grew up thinking the bloke in the relationship would be knowledgeable about investing and money. But it didn't take me that long, in my dating days to realize they didn't know much at all. I decided then I would try and read a financial book each year. Now I try and listen to podcasts etc. I have learned to educate myself I guess, I still don't really know much, but I try.
What is the point of having a net worth above $1,000,000. What does it mean to you? Not a lot really, it is just a house, for me it is about not having a mortgage. I will receive about 8% of my income when I leave this present job, so that is probably more stability for me. I can invest that into a KiwiSaver fund (which I did have) but recently got a financial advisor - who told me to pull it out and put it into an equivalent fund since I am not living in NZ. He also told me that they (their company) doesn't generally take small accounts like mine. Now there is a niche for sure ... one day I don't think I will be a small account, or maybe I am. I don't know. It is hard to get advice from finacial advisors, I have tried at different times, in my 20's, 30's etc. Not a big enough portfolio.
Finish these sentences:
If you want to build wealth do this… Track your spending, pay off your debt and live within your means.
If you want to build wealth avoid doing this… Spending. Save up for it, and shop around.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I don't know if I have much of a story and because I live overseas you might not be super interested. I will be heading home in the near future. I think the thing is that I have done this on my own. Actually working overseas, although hard to be away from family, has meant I can do the things I enjoy - travelling, coming home frequently, and building a house that has become the family home. I am excited to be nearly at the end of the mortgage route and seeing where my next path leads. I am a homebody and a Kiwi through and through. Being able to teach overseas, has helped me live a life, and afforded me to be able to help out my parents, where as in NZ that would not have been possible.