What is your net worth? $1,600,000
At what age did you become a net worth millionaire? 52
What region of New Zealand do you live in? Northland
How did you accumulate your net worth, what are you invested in? Paid down a house mortgage over 20 years. Then used equity to purchase a business including the land and buildings. Sold business after 10 years and kept the premises which are now leased. Never worked so hard as we did for that 10 years, but worth it now.
What was your highest average household WEEKLY income after tax? $2,000
What is your career? Accountant
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? $500,000
Are you debt-free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My father used to explain about paying bills and having money aside to pay them. He also invested in shares and would talk about them and how they worked. I also remember his father talking about shares.
What is the most enjoyable thing you do with money?
Early retirement travelling NZ.
Having time to enjoy life.
You realise how little money you need to live when you have time to cook from scratch.
And I don't feel the need to "reward" myself with treats because I've worked hard all week.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I sponsor a couple of children and donate to different charities.
What is your greatest financial win? Buying a business in a recession and building it up and selling for a profit.
What is your worst financial mistake? Being convinced to buy a relocatable brand new three-bedroom house for a first home instead of an existing two-bedroom home. Cost so much to finish the house outside and the mortgage was more. When sold we broke even, but the workload was huge.
What advice do you have for others? Spend less than you earn. Never try and keep up with others, have what you can afford. Your children don't remember the expensive presents, they remember the time you spent doing things.
What is the point of having a net worth above $1,000,000? What does it mean to you? Financial freedom to not work.
Finish these sentences:
If you want to build wealth do this… Spend less than you earn, upskill your financial knowledge. Remember it takes time.
If you want to build wealth avoid doing this… Buying and upgrading to the latest fad.