What is your net worth? $1,032,000
At what age did you become a net worth millionaire? 51
What region of New Zealand do you live in? South Canterbury
How did you accumulate your net worth, what are you invested in? An insurance policy from my late wife.
I am now invested in BNZ YouWealth, AMP Wealthview, Superlife and am about to invest in Vanguard US500.
What was your highest average household WEEKLY income after tax? $1,700
What is your career? IT
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? YES
If YES, how much did you inherit? $700,000
What's the approximate value of your house? $400,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Nothing for me. I find that it brings little enjoyment to me personally.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I have a little time to help at my son's school. I do help out financially to people I know if they are in real need.
What is your greatest financial win? We all get what we might call a "win" from various quarters. I guess that mine was insurance money from my dear wife. I hate the fact that I have put that.
What is your worst financial mistake? Not buying into an ETF earlier.
What advice do you have for others? OK so here is my advice:
Don't be a sucker for advertising.
Realise the difference between good and bad debt.
Whoever said that you had to try to keep up with what everyone else was buying was actually giving you very bad advice.
Don't live within your means. Try to live WELL within your means.
Ask for advice.
What is the point of having a net worth above $1,000,000. What does it mean to you? Now that I don't have a wife to share it with. This question has plagued me.
We all need money just to live. We need food. We need shelter and clothing. The rest is just for showing off.
I guess that to me I can do something that my wife would have been pleased with. I can help my kids.
Finish these sentences:
If you want to build wealth do this… Pay tax, pay to live, but for goodness sake, PAY YOURSELF.
If you want to build wealth avoid doing this… If you are a youth, don't be pressured by your peers. Don't drink your money away, or smoke it away.
And don't think that having an expensive car makes you look cool. None of these things build wealth.