What is your net worth? $1,002,000
At what age did you become a net worth millionaire? 37
How did you accumulate your net worth, what are you invested in? Limiting spending while increasing earning potential. Moving jobs to advance and make the most of high super contributions. Renting rather than buying in an area we want to live, while buying an investment property elsewhere.
What was your highest average household WEEKLY income after tax? $3,200
What is your career? Engineer & Policy Analyst
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $460,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $78,000 mortgage
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Somewhat. Taught to work hard and save, not so much about investments.
What is the most enjoyable thing you do with money? Have freedom to make choices (to help a friend, visit family overseas, leave a toxic workplace)
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Donations, volunteering, helping friends and family with career planning/job applications.
What is your greatest financial win? Being in a position to take off extended time away from work and still be financially secure.
What is your worst financial mistake? Losing money in a finance company in the 2010s. Buying a “lemon” vehicle.
What advice do you have for others? Reduce consumption and cut spending on things that don't add value to your life. Be satisfied with your possessions, buy second hand, live in a small home, share a small/inexpensive car. Upskill as much as possible (especially if it's free or covered by your employer), maximise super/KiwiSaver contributions.
What is the point of having a net worth above $1,000,000. What does it mean to you? Increased freedom and choices. Motivation to work hard, but also the knowledge that we can choose to do something different if we want to.
Finish these sentences:
If you want to build wealth do this… Increase earning potential and decrease your expenses.
If you want to build wealth avoid doing this… Staying in one job if you're stuck without opportunities for advancing.