What is your net worth? 1,259,000
At what age did you become a net worth millionaire? 54
How did you accumulate your net worth, what are you invested in? Capital gain on our previous home purchased in Mt Eden in 1991. We are currently invested in our family home, two KiwiSaver accounts, one super fund, shares and some savings in the bank.
What was your highest average household WEEKLY income after tax? Is currently $3,250
What is your career? IT Consultant and Teacher
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? $955,000
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? Hobbies including sailing and horses, some travel and also helping our children.
Do you use your money or your time to help others? YES
What is your greatest financial win? Purchasing our first house in 1991 for $150,000 and selling for $1,500,000 in 2016.
What is your worst financial mistake? Buying into apartments through the infamous Blue Chip companies - we lost $300,000.
What advice do you have for others? Don't follow what the banks say - look elsewhere for saving and investment options - especially KiwiSaver. Do your own research, look online for great sites like The Happy Saver and Mary Holm. Don't trust financial advisers - once bitten - listen to what they say then make your own mind up and do it yourself. Don't pay someone else to manage your finances when you can do it yourself. Invest as early as possible.
What is the point of having a net worth above $1,000,000. What does it mean to you? We have no debt so it means financial freedom and less worry about the future.
Finish these sentences:
If you want to build wealth do this… Start saving young and track where your money goes.
If you want to build wealth avoid doing this… Frivolous spending
If these questions don’t adequately tell your story, feel free to briefly elaborate here: The two best decisions were made were:
1. Buying property in the right location when we could - worst house best street.
2. Selling this property after 25 years to pay off all our debt and buying a cheaper house - this gave us financial freedom.
Even though we're millionaires on paper we both continue to work and save as much as we can for our retirement.