What is your net worth? $1,300.000
At what age did you become a net worth millionaire? 50
How did you accumulate your net worth, what are you invested in? Property has been our investment tool, adhering to the tried and true principle of buy and hold. We purchased our first house in 2002, having saved for two years at $250 per week to build up a deposit of $26,000 and purchased our first home for $130,000. After four years we used the equity in our home to buy a $549,000 home in 2007, we sold that house in 2015 for $1,050,000.
What was your highest average household WEEKLY income after tax? $4,000
What is your career? Media
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? $1,100,000
Are you debt free now?: NO
If NO, how much debt do you have and what is it for? We purchased another property with two rental incomes which almost pays for itself, with a combined total debt of $513,695. The property is now valued at $690,000.
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Supporting our tamariki and wider whānau. Having coffee and brunch together and eating out.
Do you use your money or your time to help others? YES
What is your greatest financial win? Buying a home in Auckland which almost doubled our original purchase price (from $549,000 to $1,050,000), and then buying our third house $70,000 under GV. So we won at both ends, the sale and the purchase.
What is your worst financial mistake? Actually, credit cards have probably been my worst financial mistake. You get given one with no education and have access to what appears like free money, “nek minnit” the 22-plus interest kicks in and you have creditors calling. We still have one but we clear the balance every month.
What advice do you have for others? Have a financial goal.
I always thought I would be a millionaire, now the goal is to be a multimillionaire. Strive for Financial Independence, but create memories along the way for you and your whānau and make a contribution to your community.
What is the point of having a net worth above $1,000,000. What does it mean to you? Having a net worth of more than a $1million provides us with confidence, that if all goes wrong we could cash in some assets, downsize and still be comfortable. It's time to create memories as we have sacrificed more by paying down mortgages, now it's time to enjoy the fruits of our labour and look at diversifying our investment portfolio.
Finish these sentences:
If you want to build wealth do this… Get your partner on board and do it together.
If you want to build wealth avoid doing this… Don't try and do this alone, build a support team around you including an accountant, lawyer, financial mentor and READ widely.