What is your net worth? $1,230,000
At what age did you become a net worth millionaire? 42
What region of New Zealand do you live in? Waikato
How did you accumulate your net worth, what are you invested in? Property primarily, one house worth $1,250,000 with $350,000 mortgage. And KiwiSaver of $235,000. Rest is minor savings, etc. Have bought and sold four other properties to get to this position.
What was your highest average household WEEKLY income after tax? $2,750
What is your career? Airline pilot
Do you have children? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $1,250,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $350,000
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Pay for things we enjoy as a family.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Just minor donations to a couple of charities plus the school.
What is your greatest financial win? Capital gain on a house bought for $692,000 in 2013 and sold in 2017 for $1,225,000.
What is your worst financial mistake? Selling another property in 2014 for $480,000, probably worth $750,000 - 800,000 now, Admittedly it had been a leaky home and though it had been repaired I was keen to move on.
What advice do you have for others? Start early. And generally try to hold onto houses if you can.
What is the point of having a net worth above $1,000,000. What does it mean to you? My family has a comfortable home to live in without too much financial stress. It does give us a feeling of stability and security. We could easily move to a still pretty comfortable house and be mortgage free now.
Finish these sentences:
If you want to build wealth do this… Have a plan and don't dither when making decisions ie: make things happen.
If you want to build wealth avoid doing this… Building up unnecessary and expensive debt.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: We are by no means wealthy but are comfortable. We've worked hard but, no question, have benefited from lots of luck.