What is your net worth? $1,030,000
At what age did you become a net worth millionaire? 64
How did you accumulate your net worth, what are you invested in? Property
What was your highest average household WEEKLY income after tax? $1,520
What is your career? Was in management, made redundant two years ago.
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? $650,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $600,000 in mortgages for rental properties.
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Windsurfing, skiing and travel.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Help parents with gardening, pruning etc.
What is your greatest financial win? Not losing my home, rentals and cars etc or going bankrupt when my 7M T/O company collapsed in the GFC.
What is your worst financial mistake? Hiring a General Manager in my company to give me a break after 18 years. Buying a room by room rental property purely on the numbers and using “at arms length” advisors.
What advice do you have for others? Start saving a reasonable percentage on Day 1 of working into an account where you can use it later. Keep your own personal expenses sensible. Spend up on things that return an income. Buy your first property not as your own home but as a rental property in a cheap area (lower prices, good learning, not so fussy, more negotiable, lots of tax deductions - though less than there once were thanks to Labour).
What is the point of having a net worth above $1,000,000. What does it mean to you? If all or most is invested you can get good passive income. Allows options with incomes and earnings i.e. the ability to quit full time or stressful jobs. Allows flexibility with time to follow new leads, nagging ideas, different or more fun ways to earn money.
Cuts costs with R&M etc... DIY always as the first option. Renovate properties yourself and increase earnings. Make the most of good weather and the seasons... don’t be confined to the weekends for everything. Follow time consuming interests more like windsurfing, skiing, camping, kayaking and travelling.
Finish these sentences:
If you want to build wealth do this… Learn to put yourself first and SAVE.
If you want to build wealth avoid doing this… Keeping up with the Joneses and putting everything on credit cards.