What is your net worth? $4,800,000
At what age did you become a net worth millionaire? 42
How did you accumulate your net worth, what are you invested in? Managed funds and property
What was your highest average household WEEKLY income after tax? $1,500
What is your career? Special Effects Artist
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $1,500,000
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? Enjoying my freedom and ability to live in Europe half time, not having to work for a boss, being with my mum because she needs care.
Do you use your money or your time to help others? YES
What is your greatest financial win? Increase of property value
What is your worst financial mistake? Investing in tech before the dotcom bubble burst, not selling a particular house in the housing boom in 2004.
What advice do you have for others? Don't spend money if you don't need to, there are so many cheap and free alternatives. Think about how many hours you may need to work for a boss when you are about to spend money and weigh up the priority. Don't gamble with money you might need (stock market). Take only calculated risks with surplus money. Use the banks money to invest in assets; positively geared investments (not in the stock market) and weigh up 'worst case scenario'. Only invest in the stock market with money you can afford to lose and liquidate now and again preferably before the peak, to buy an asset (less volatile). Keep the money you can't afford to lose in a term deposit, preferably long term to get higher interest.
What is the point of having a net worth above $1,000,000. What does it mean to you? The point is that I am my own boss. I don't need much, but can do whatever I want, when I want. It means I can afford to lose money, because of the economic cycles assets also decrease in value and yet I am still sleeping well because I know I will always have food on the table and a roof above my head. Now I am over half my life I can also donate money I won't need.
Finish these sentences:
If you want to build wealth do this… Be careful with money, you can only spend it once.
Education and research. Know the price of everything. Save and buy assets to build a nest egg and watch it grow through compounding.
If you want to build wealth avoid doing this… Spend money if there are free or cheaper alternatives. Gamble. Go with the crowd. Having liabilities.