What is your net worth? $2,230,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 43 and 42
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? Managed funds (growth), KiwiSaver, and a holiday house (lifestyle choice rather than investment).
What was your highest average household WEEKLY income after tax? $4,327
What is your career? Senior manager and government advisor
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? $950,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $250,000 - leaky home repairs
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Travel
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Sports coaching and volunteer at a local charity.
What is your greatest financial win? Buying the holiday house just before prices unexpectedly shot up during Covid - it is now worth double what we paid for it.
What is your worst financial mistake? Buying a leaky home - the builder’s report was fine, but there were still risks because of the era in which it was built. The issue arose well after the time period for making a claim.
What advice do you have for others? Think carefully about future risks when purchasing a house and weigh up if it’s worth taking on that risk -i.e. could you afford repairs in future.
What is the point of having a net worth above $1,000,000? What does it mean to you? Security if something goes wrong (health, natural disaster, job loss).
Finish these sentences:
If you want to build wealth, do this… Think hard about what really makes you happy. ‘Wealth’ might actually be a lot less money than those around you might have/aspire to and therefore more easily attainable.
If you want to build wealth, avoid doing this… Thinking budgeting isn’t worthwhile because your income is currently high.