What is your net worth? $1,900,000
At what age did you become a net worth millionaire? In retrospect I was late 40s but didn't realise it then!
How did you accumulate your net worth, what are you invested in? Property including our family home and a bach, and since started following The Happy Saver in SuperLife funds.
What was your highest average household WEEKLY income after tax? $5,000 (but was heaps less than this for a very long time)
What is your career? Medical doctor
Do you have children? YES
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $900,000
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? Travel
Do you use your money or your time to help others? YES
What is your greatest financial win? Buying a bach in Wanaka ten years ago.
What is your worst financial mistake? No real disasters as have always been careful with money but could have done with better financial knowledge and started investing earlier for our retirement.
What advice do you have for others? Differentiate between wants and needs. Live modestly. Prioritise what to spend excess money on e.g. for us holidays and travel more important than a flash home and the latest model cars.
Teach your children about money. Start investing asap.
What is the point of having a net worth above $1,000,000. What does it mean to you? Financial security, ability to enjoy what is important to us.
Finish these sentences:
If you want to build wealth do this… Paying off our mortgages as quickly as possible worked for us.
If you want to build wealth avoid doing this… Spending on extravagant house, cars, clothes, lifestyle....