What is your net worth? $1,450,000
At what age did you become a net worth millionaire? 43
How did you accumulate your net worth, what are you invested in? House, 3x rental properties, KiwiSaver, shares in where I work.
What was your highest average household WEEKLY income after tax? $3,000, although that's only in the last couple of years - has been closer to $2,000 per week for much of the last decade.
What is your career? Town planning consultant and my wife is a primary school teacher.
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? $250,000
What's the approximate value of your house? $820,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $530,000 - mortgages across three rental properties.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Parents were volunteer budget advisors so hearing their stories about some of the issues of the families they were helping taught me things. Plus reading personal finance books from the library.
What is the most enjoyable thing you do with money? Family holidays - generally we just book a bach or go camping.
Do you use your money or your time to help others? YES
What is your greatest financial win? Buying into the business where I work.
What is your worst financial mistake? With the benefit of hindsight not buying shares or property in Auckland a decade ago, but then I'd have stayed awake at night worrying about the debt!
What advice do you have for others?
1) It's how much you save as a percentage rather than how much you earn.
2) Find a life partner with similar approach to life (and money).
3) Avoid the pressure of keeping up with the Joneses.
4) Owning lots of crap doesn't bring you happiness.
What is the point of having a net worth above $1,000,000. What does it mean to you? Ultimately it's about having options around whether and how much to work and how to spend your time.
Finish these sentences:
If you want to build wealth do this… It's a long slow and steady race rather than getting rich quick - which as a strategy can be a bit boring but is effective - live within your means, buy a modest first home with a smaller mortgage rather than up to the max what the bank will lend; pay more than the minimum on your mortgage; get into KiwiSaver; invest in assets which increase in value.
If you want to build wealth avoid doing this…
1) Don't buy crap you don't need.
2) Avoid credit card or car finance debt like the plague.
3) Once you've got consumer debt paid off, don't procrastinate but start investing in assets that will increase in value and earn a regular return.