What is your net worth? $1,350,000
At what age did you become a net worth millionaire? 45
How did you accumulate your net worth, what are you invested in? Mostly in rental properties, some Shares (a few individual and also SmartShares) and KiwiSaver.
What was your highest average household WEEKLY income after tax? $1,500
What is your career? Pharmacist
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? $550,000
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? Trips around NZ during school holidays, affording to pay for Kids representative sporting tournaments.
Do you use your money or your time to help others? YES
What is your greatest financial win? That both my husband and I can work part time only. We often have Fridays together and go do something, e.g. fishing in our boat if the weather permits. I brought a small rental flat with some money from my first marriage break up. I left with only $10K, brought my first car with $6k of it then used the rest and a bit more for deposit on a rental.
What is your worst financial mistake? Investing in a Olive tree orchard in Australia. It went into receivership 10 years later.
What advice do you have for others? You don't need all that STUFF. Frugality is a lifestyle, and don't get sucked into wanting the latest technology, fashion, cars, toys etc.
What is the point of having a net worth above $1,000,000. What does it mean to you? I use it as a measure that we are doing "OK", and we both have the choice to only work part time. I regularly calculate our Net Worth so I can see that we are moving in the right direction and do hope that we can become financially independent before retirement age.
Finish these sentences If you want to build wealth do this… Live frugally, spend wisely, buy quality, repair instead of replace.
If you want to build wealth avoid doing this… Don't buy "stuff". Before spending ask if it is really necessary. It isn't just wealth accumulation but better for the environment too.