What is your net worth? $1,600,000
At what age did you become a net worth millionaire? 35
How did you accumulate your net worth, what are you invested in? Two home and income rental properties in Auckland and our own home. Renovated to increase CV and cover costs.
What was your highest average household WEEKLY income after tax? $2,000
What is your career? Budget Adviser
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? NO
If NO, how much debt do you have and what is it for? Two rental properties and small mortgage left on our own home.
Are you in KiwiSaver? NO
Were you taught about money? YES
If YES, how were you taught? We were given an allowance at the start of high school and told it was to cover everything we needed. At the time in 1995 it was $1per week and this increased by about a dollar a year.
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. Giving to charity and helping where we see a need, especially with friends and family.
What is your greatest financial win? Buying a house just before the market began creeping up.
What is your worst financial mistake? Buying a money pit do up at the top of the market that is just staying afloat but still needed work. Cost $100,000 more than expected in renovation.
What advice do you have for others? Be careful with property, get lots of quotes and make sure you can cover the costs.
What is the point of having a net worth above $1,000,000. What does it mean to you? Nothing really. Our goal is to pay off our own mortgage in under 5 years (which we are on track to do) and then use that to pay down the rentals mortgages or invest in index funds.
Finish these sentences:
If you want to build wealth do this… Create a plan, work out all the costs, save.
If you want to build wealth avoid doing this… Jumping too quickly and not adding up all the costs.