What is your net worth? 1,190,000
At what age did you become a net worth millionaire? 42
How did you accumulate your net worth, what are you invested in? Property (a mortgage free home and two rentals). Shares (Managed funds and ETFs), Gold, Land, Crypto, bank savings.
What was your highest average household WEEKLY income after tax? $3,400
What is your career? IT Architect
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? $600,000
Are you debt free now? YES
If YES, how much debt do you have and what is it for? We only have about $2400 debt remaining on one our overseas rentals. It will clear itself out from rental income in the next 1-2 years.
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Researching about how to invest it best :)
Do you use your money or your time to help others? YES
What is your greatest financial win? Paying off the mortgage by 40 on our house.
What is your worst financial mistake? Investment in ICO (Initial coin offerings) - similar to IPOs.
What advice do you have for others? Nothing more than others like Buffett, JL Collins etc. can provide.
DYOR - Do your own research
DNRM - Do not repeat mistakes
Live within your means
Always save and invest
What is the point of having a net worth above $1,000,000. What does it mean to you? Not a great deal as I haven't really had a chance to sit down and contemplate - always things to get on top of at work, family, research etc.
Finish these sentences:
If you want to build wealth do this… Reduce/remove debt significantly as it gives you the freedom to think and to act. Take a little bit of risk as all high return investments carry risk. Look after your career and don't shy away from working hard. Be comfortable with being a bit 'uncomfortable' - whether it be investments, living under your means, not having a daily store bought coffee etc.
If you want to build wealth avoid doing this… Sit on big mortgage with minimal payments. Take on bad debt like personal loans.