What is your net worth? $5,000,000
At what age did you become a net worth millionaire? 32
How did you accumulate your net worth, what are you invested in? Investment property, savings and high income.
What was your highest average household WEEKLY income after tax? $15,000
What is your career? Consultant (contractor)
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? $2,800,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? About 30% geared across my own home and five other rentals. Noting the rentals positively cash flow.
Are you in KiwiSaver? NO
Were you taught about money? NO
What is the most enjoyable thing you do with money? Classic cars and overseas holidays.
Do you use your money or your time to help others? NO
What is your greatest financial win? High income - being self-employed. Owning rentals in Auckland leafy suburbs that have doubled in value.
What is your worst financial mistake? Nothing bad. Being too scared to take bigger opportunities. I have $500K in classic sports cars, a poor use of money, but they won't depreciate and can be converted to cash at some stage.
What advice do you have for others? Save! Get a second job or a side hassle (hustle).
What is the point of having a net worth above $1,000,000. What does it mean to you?: Nothing really. I have the luxury of not thinking about spending money, I don't need to budget, I can buy anything I want, up to say $50K and not give a second thought. I know 'technically' I could sell up, buy a cheaper house in my home town (Tauranga) for say a $1M, sell the rentals and live off the dividends, but I don't feel successful.
Finish these sentences:
If you want to build wealth do this… Multiplies/leverage (good debt, people's knowledge and labour). Start by living within your means, save 30% of your gross income. Become self-employed (tax advantages). Get an asset base - buy a simple house and pay it off in five years.
If you want to build wealth avoid doing this… The opposite of above.