What is your net worth? $2,700,000
At what age did you become a net worth millionaire? Unsure
How did you accumulate your net worth, what are you invested in? Residential real estate
What was your highest average household WEEKLY income after tax? $2,800
What is your career? Retired
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? $1,200,000
Are you debt free now? YES
Are you in KiwiSaver? NO
Were you taught about money? NO
What is the most enjoyable thing you do with money? Travel
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Rotarian
What is your greatest financial win? Building five townhouses as investments in 1996 (aged 33)
What is your worst financial mistake? Divorce is expensive
What advice do you have for others? Live within your means and invest the surplus (the more the better) but where to invest is very challenging in the current environment.
What is the point of having a net worth above $1,000,000. What does it mean to you? Financial independence. I retired (sort of) at aged 49. But I’m currently operating a B & B.
Finish these sentences:
If you want to build wealth do this… Invest within your circle of competence. Read widely but think for yourself. Control your burn rate and operate an inner scorecard - don't concern yourself with what everyone else is doing or valuing.
If you want to build wealth avoid doing this… Pretty much the opposite of the above. Avoid consumer debt at all costs. Use free credit but avoid paying interest on all but mortgage.