What is your net worth? 3,000,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 51 and 50
What region of New Zealand do you live in? Canterbury
How did you accumulate your net worth, what are you invested in? We have index funds, some cash in England, and term deposits.
What was your highest average household WEEKLY income after tax? $2000
What is your career? Retired now. I was a teacher and my partner a government accountant (so no high salary).
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? $400,000
What's the approximate value of your house? $810,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? We have credit card debt, but it is paid off each month.
Are you in KiwiSaver? NO
Were you taught about money? NO
What is the most enjoyable thing you do with money? Watch the investments grow.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I volunteer for two organisations. This makes me part of the community and gives great satisfaction.
What is your greatest financial win? Learning to pay ourselves first.
What is your worst financial mistake? Buying stuff just to feel good. It was stuff I did not need and I’ve never repeated it since.
What advice do you have for others? You’re in charge. Make sure you put money away first. After a very short time you won’t miss it and it grows quite quickly. Don’t buy ANYTHING to keep up with others.
What is the point of having a net worth above $1,000,000. What does it mean to you? Being financially secure. We don’t have to worry at all. Actually we are unlikely to spend a lot of the index funds because we don’t need it. If we need care later in life the money is there.
Finish these sentences:
If you want to build wealth do this… Look after the pennies and the dollars will look after themselves. But don’t ignore them. Make sure your money is working for you,
If you want to build wealth avoid doing this… Spending on stuff you don’t need. Nobody else cares. Try not to move house too much unless it’s unavoidable. We did and could have been even more wealthy. Make certain you join KiwiSaver as soon as you start work.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: We were very poor at the start of our relationship. It did cause some serious problems as we were not on the same page about finances. I had no idea about how to use money. I thought you earned and spent it. But I have learned to think, read a lot, and apply the information with my husband’s help to have a different approach. Next January we will have been together 50 years, so I must have learned something!