What is your net worth? $1,600,000
At what age did you become a net worth millionaire? 42 and 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? Residential property, KiwiSaver and mutual funds
What was your highest average household WEEKLY income after tax? $1,500
What is your career? Healthcare and construction
Do you have children? YES
Do you have a tertiary qualification? YES
What's the approximate value of your house? $1,000,000
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? We both work part-time. Coffee. Not having to worry about money. We will be able to help our children with their tertiary education and buying a home. Travel.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. We both volunteer and donate to charity.
What is your greatest financial win? Residential property. However, this is bittersweet because our gain is our children's loss. We both have good honest jobs that earn a fair wage enabling us to not have to live paycheck to paycheck like many of our friends and relatives.
What is your worst financial mistake? So so many. We never had an emergency fund of more than $1,000 until our late 30's because we simply weren't aware of them. It's amazing the secure feeling a fully stocked emergency fund gives you. Not investing sooner. We lost $100,000 on a business before we realized that it was not for us.
What advice do you have for others? Live within your means. Have an emergency fund (3 months of household expenses). Contribute to KiwiSaver. Buy a modest home if you can. Pay down your mortgage as quickly as possible. Have investing down as the first line on your budget, not the last.
What is the point of having a net worth above $1,000,000? What does it mean to you? It means we own our property outright. It means we don't have to worry about money. It means we have spent a lot of time with our children. It means part time work.
Finish these sentences:
If you want to build wealth do this… Educate yourself from many different sources about personal finance. Be intentional.
If you want to build wealth avoid doing this… Consumer debt and lifestyle creep.