What is your net worth? 2,400,000
At what age did you become a net worth millionaire? Don't know sorry!
How did you accumulate your net worth, what are you invested in? Sorry Ruth - I know it's not 'your bag' but the proverbial NZ investment = property
What was your highest average household WEEKLY income after tax? $3,700 - but only for a very short period of time while I was in an acting role as a manager at work and my partner was also very busy with big projects at work.
What is your career? Medical professional
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? Approx $100,000
What's the approximate value of your house? $500,000
Are you debt free now? NO
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Only economics at school in 3rd and 4th form. Otherwise self taught = reading financial books, blogs etc.
What is the most enjoyable thing you do with money? Travel and helping others.
Do you use your money or your time to help others? YES
What is your greatest financial win? Buying our first home when my partner and I had just graduated (and had a HUGE student debt). I had just inherited some money from my Grandmother and Uncle and we used this as a deposit. This was before banks asked about how big your student debt was before offering a mortgage - phew! At the time, student debt and mortgage meant we owed over a quarter of a million dollars! This seemed like a huge burden to a couple of 'neo-scarfies'.
What is your worst financial mistake? Going into business with someone who had different work ethics to me. After several years of hard work I ended up walking away - and sacrificing all the time and effort I’d put in. However, I learnt heaps - including how important it is to choose business partners carefully.
What advice do you have for others? Buy experiences rather than things. Choose your business partners carefully. Op shops and second hand items on Trade Me are fun, environmentally friendly (usually) - and potential treasure troves. Pay credit cards off in full every month. It's ok to talk about money - especially to your partner and your children.
What is the point of having a net worth above $1,000,000. What does it mean to you? Security, opportunities, aiming to retire early and travel and have lots of experiences while still young and mobile.
Finish these sentences:
If you want to build wealth do this… Spend money wisely - track your spending. Spend less than you earn - and get the savings working for you - passive income is the goal.
If you want to build wealth avoid doing this… Keeping up with the Joneses.