Millionaire #92

What is your net worth? $1,500,000

At what age did you become a net worth millionaire? 45

What region of New Zealand do you live in? Bay of Plenty

How did you accumulate your net worth, what are you invested in? Property in my 20s and 30s. Now it's a combination of property, Kiwisaver and a small business.

What was your highest average household WEEKLY income after tax? $3,000

What is your career? Education

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? 1,300,000

If NO, how much debt do you have and what is it for? Not quite. We've got $100,000 left on the mortgage and our goal is to pay this off by February 2022.

Are you in KiwiSaver? YES

Were you taught about money? NO

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. Invested in private school education for my daughter

What is your greatest financial win? Passing on financial well being to my daughter who had saved $180,000 by the time she was 25.

What is your worst financial mistake? I've made heaps:

Getting a divorce at 35! Not only should I have done it 15 years earlier for my mental sanity but it's hard to recover financially when you have to get back into the housing market on one income and with half the capital. I would have been mortgage free a lot sooner had I not divorced, but the saying “money can't buy happiness” is so true!

I also didn't buy a property I liked in Ponsonby in the early 90s based on the advice of my super conservative parents and I sold a very good investment property too soon. Both have cost me hundreds of thousands in growth.

Being afraid of managed funds for a long time.

What advice do you have for others? Live on less and save! Start early so you have time to grow wealth and enjoy the benefits of it later. Build a passive income before it is too late.

What is the point of having a net worth above $1,000,000. What does it mean to you? It means nothing now, not like it did when I was 20 and a flash house was $500,000. There's some security that this money could be accessed in retirement.

Finish these sentences: If you want to build wealth do this… Budget and invest in growth assets.

If you want to build wealth avoid doing this… Saving money in the bank and spending on flashy things.

Millionaire #93

Millionaire #91