What is your net worth? $2,300,000
At what age did you become a net worth millionaire? 32
How did you accumulate your net worth, what are you invested in? I came to New Zealand in 2016 and I run a small technology consultancy / IT training business and this is the source of my wealth. I invest in the stock market, mutual funds, property and bonds. Just a note that some of the information in other questions is about my time in my home country.
What was your highest average household WEEKLY income after tax? $9,000
What is your career? Self employed
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? $890,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? I come from a very poor family and growing up money was scarce. So I learned the importance of working hard and saving.
What is the most enjoyable thing you do with money? Travel and spending on family.
Do you use your money or your time to help others? YES
What is your greatest financial win? I started investing in a mutual fund soon after I got my first job in 2006. I continue that investment even today although it is a small monthly payment. I am amazed how much it has grown over time.
What is your worst financial mistake? I invested some money in a company that my college friend started, just blindly trusting him. That company went belly-up and I lost all of that money.
What advice do you have for others? Start investing early and always spend less than you earn.
What is the point of having a net worth above $1,000,000. What does it mean to you? Having money means I have the freedom to use my time as I see fit. If I need to spend time with my family or go on a holiday, I am not stressed.
Finish these sentences:
If you want to build wealth do this… Focus on learning, not on earning. As you learn, try to think of ways to help others. I like the saying, "If you help millions, you make millions"
If you want to build wealth avoid doing this… Don't spend more than you earn.