What is your net worth? $1,100,000
At what age did you become a net worth millionaire? 38 and my wife is 34.
How did you accumulate your net worth, what are you invested in? Property. We paid off our first home in five years which became our rental property for the next five years. We bought a lifestyle block while renting out our first home. Once we sold our rental property we paid off our lifestyle property and put the rest into shares which are actively managed.
What was your highest average household WEEKLY income after tax? $2,090 combined
What is your career? Store Manager and Truck Driver
Do you have children? NO
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? $850,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Travelling. Hobbies. Going out together. Not having to worry about money.
Do you use your money or your time to help others? YES
What is your greatest financial win? Being debt free. Being very good savers. Sacrificing things that you don’t really need.
What is your worst financial mistake? Buying a ute worth $40,000. Just a waste of money.
What advice do you have for others? Budget and work hard. We worked 13 hours every day and worked weekends just to get ahead and paid over $600,000 off the mortgage in 10 years. Save, Save and Save. We are currently saving 75% of our income which goes straight into shares which are actively managed as we want someone to invest on our behalf. So far he has our shares allocated in about 25% NZ shares, 10% Aus shares, 20% NZ property, 45% USA shares. We have about $85,000 in shares and about $80,000 in KiwiSaver.
What is the point of having a net worth above $1,000,000. What does it mean to you? We feel it is pretty easy to have a net worth over a million. We just want to be able to work less and be able to travel more. There is a sense of freedom now and it is definitely worth the hard work.
Finish these sentences:
If you want to build wealth do this… Save at least half your income. Buy shares or property. Work hard. Work as many hours as you possible can. Do 13 hours of work everyday if you can. Budget every expense!!
If you want to build wealth avoid doing this… Avoid spending money, only spend on essentials.