Millionaire #40

What is your net worth? $1,250,000

At what age did you become a net worth millionaire? 49

How did you accumulate your net worth, what are you invested in? House equity, rental properties, KiwiSaver, company superannuation scheme, shares.

What was your highest average household WEEKLY income after tax? $2,760

What is your career? Project Manager

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? $50,000

What's the approximate value of your house? $660,000

Are you debt free now? NO

If NO, how much debt do you have and what is it for? Mortgage debt against rental properties.

Are you in KiwiSaver? YES

Were you taught about money? YES

If YES, how were you taught? Only informally from parents

What is the most enjoyable thing you do with money? Family holidays

Do you use your money or your time to help others? YES

What is your greatest financial win? My education and the qualifications that have led to better employment opportunities.

What is your worst financial mistake? When the opportunity came to buy a rental property we chose an apartment rather than a house leading to zero capital gains and a leaky building nightmare.

What advice do you have for others? Educate yourself for better employment opportunities. Spend less than you earn and invest the rest. Pay off your credit card every month. Only borrow money for a house or a business, never for a car or a holiday. Track your spending and net worth. Work out how much you need in retirement, then come up with a plan to reach your goals.

What is the point of having a net worth above $1,000,000. What does it mean to you? Means nothing when 50% is tied up in your house. $1,000,000 excluding the family home is a worthy target but still not likely to give you a comfortable retirement.

Finish these sentences:

If you want to build wealth do this… Spend less than you earn and invest the rest.......it's not about how much you earn it's all about how much you save.

If you want to build wealth avoid doing this… Taking on consumer debt......spending on wants rather than needs.

Millionaire #41

Millionaire #39