What is your net worth? By myself (in my name) about $2,500,000. With my wife $3,500,000.
At what age did you become a net worth millionaire? I entered the workforce for real at age 31 after completing my Phd. It took me four years to make my first million (but then I took a battering in the GFC) and it took me another 4-5 years to come back to having over $1 million again.
How did you accumulate your net worth, what are you invested in? I bought property residential, tourist accommodation (lodges) and commercial property.
What was your highest average household WEEKLY income after tax? By myself it’s $55,000K. Including my wife it’s $200,000 (annually)
What is your career? Lecturer
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? $100,000
What's the approximate value of your house? $1,500,000
Are you debt free now? NO
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? One of my relatives was a renowned Kiwi businessman (circa 1950’s) so at home we talked a lot about business growing up. Another relative made $20,000,000 in the snackfood sector and I shared directorships on a company with him. My Dads family came to New Zealand as refugees with nothing. One of Dad’s brothers made $40,000,000 in commercial property, another brother made $15,000,000 in commercial property. All my dads family do is talk about money. When I went to University I had one immediate family member in prison and used to go to prison to visit them. I became very determined to escape poverty. My parents lived on something like a cross between a commune and a group of outlaws living together. My father has criminal convictions and there is a very fine line between business and criminality. Placed in one environment one becomes a multi-millionaire entrepreneur and in another a career criminal.
What is the most enjoyable thing you do with money? With a sleeping bag I hitchhike to the city where my real estate is located, I sleep in a park, wash in a public toilet and then visit my property manager and have him drive me around my property portfolio.
Do you use your money or your time to help others? YES
What is your greatest financial win? Buying property in a major New Zealand city.
What is your worst financial mistake? Trying to develop property.
What advice do you have for others? Never give up
What is the point of having a net worth above $1,000,000. What does it mean to you? I want to get to being as rich as my uncles - $1,000,000 isn't that much.
Finish these sentences:
If you want to build wealth do this… Borrow borrow borrow and invest what you have borrowed so that you have a positive margin.
If you want to build wealth avoid doing this… Never be scared - fortune favours the brave.