What is your net worth? $2,000,000
At what age did you become a net worth millionaire? 42
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? Mainly property given our crazy housing market but also super/pension funds, cash and some ETF and managed funds. $1,300,000 home value, $400,000 in super funds, $50,000 in cash, $100,000 in ETF and managed funds, the rest is cars, contents etc that are all paid for.
What was your highest average household WEEKLY income after tax? My income has fortunately increased in the last five years as I moved into larger work roles and would normally sit around $3,000 per week.
What is your career? Leadership roles in small to medium size New Zealand businesses
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
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? I was taught the need for savings as a young child. However, I failed myself later in life and struggled to save.
What is the most enjoyable thing you do with money? It means I can invest in my children's education. It means that last month I became mortgage free. It's nice to feel a bit more financially secure and it's nice to be able to give a little to those in need.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Donations and time.
What is your greatest financial win? I previously struggled to save on a regular basis. I didn't waste money but believed I should only be saving annual small bonuses. Moving to a pay myself first mentality allowed me to start saving every month. Also property, we've done well renovating several houses and then building our current home. I also think it's important to invest in yourself and your career if that's how you earn your income.
What is your worst financial mistake? I've plenty to choose from. Not saving anything in my twenties, delaying entering KiwiSaver by several years, investing in a business that subsequently failed. However as contrived as it sounds these lessons have all taught me to be better with money and I shall certainly mentor my children as they grow older and help others.
What advice do you have for others? Listen to others but set your own financial path. Save a regular amount however small and have a plan. Also I hate paying insurance but some are required. As an example I still have life insurance and income protection to protect my family and my income in the event of illness.
What is the point of having a net worth above $1,000,000. What does it mean to you? It's just a number really. We know we are on track for retirement and it's good to be mortgage free. It has allowed a couple of great holidays.
Finish these sentences:
If you want to build wealth do this… Start saving early and put a little aside every payday. Protect your income and family with the right insurance. Join KiwiSaver, invest in funds when you can and have a plan.
If you want to build wealth avoid doing this… Keeping up with others and buying rubbish/material items, delaying saving because you think that you can't save enough - it all adds up. Never use equity or debt for cars, holidays or things.