What is your net worth? 1,100,000
At what age did you become a net worth millionaire? 35
How did you accumulate your net worth, what are you invested in? Lucky with one property in Auckland. Inheritance. Now investing in shares. Have a reasonable NZ Defence Force super scheme.
What was your highest average household WEEKLY income after tax? $1,500
What is your career? Pilot
Do you have children? YES
Do you have a tertiary qualification? NO
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? $800,000
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? Family holidays: Local weekend trips plus overseas holidays.
Do you use your money or your time to help others? NO
What is your greatest financial win? Buying a rundown property in Auckland, renovating and subdividing that property.
What is your worst financial mistake? Buying 2 properties (not investment properties) which we quickly sold to buy others. Costly mistake that one.
What advice do you have for others? Start early and start small.
What is the point of having a net worth above $1,000,000. What does it mean to you? My salary is all mine (no mortgage payments).
Finish these sentences:
If you want to build wealth do this… Use the force (of compounding interest).
If you want to build wealth avoid doing this… Focusing on only one investment stream i.e. residential property or shares.