What is your net worth? $1,103,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 56 and 58
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Mainly equity in our home ($891,000). Home purchased in 2008 and KiwiSaver funds (totalling $212,000).
What was your highest average household WEEKLY income after tax? $2,000
What is your career?: Legal Executive
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? $12,000 in 2013
What's the approximate value of your house? $1,350,000
Are you debt-free now? NO
If NO, how much debt do you have and what is it for? $459,000 mortgage
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Spend it on travel, on my grandchildren, and close family.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Monthly donations to Kidscan and SPCA.
What is your greatest financial win? Buying a house with my husband in 2008. This was my second marriage. I had emigrated from South Africa and had absolutely no savings, and he provided the 20% deposit required to make the purchase possible.
What is your worst financial mistake? Living above my pay scale for many, many years whilst trying to give my children a life similar to their school friends. Taking out loans, never having savings, and not educating myself financially.
What advice do you have for others? Invest a portion of your income as soon as possible, educate yourself financially, and spend less than you earn.
What is the point of having a net worth above $1,000,000. What does it mean to you? It feels good, but realistically, we have a challenging 7 years ahead before retirement to work on repaying our decent-sized mortgage and increasing our KiwiSaver balances. We are up for the challenge!
Finish these sentences:
If you want to build wealth do this… Spend less than you earn
If you want to build wealth avoid doing this… Taking loans unless absolutely necessary or for a home.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Whilst we may be late to the party financially, for myself, I see where we are as a great accomplishment as I literally started from scratch in New Zealand in 2006 (aged 39) with absolutely nothing (financially or materially) and with 3 children to raise. My children are now capable adults. I remarried in 2008, and we are working hard whilst looking forward to a comfortable retirement.