What is your net worth? $2,000,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 55
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? Good old fashioned saving, plus one rental property (which turned out to be a nightmare property investment is not for us) and KiwiSaver.
What was your highest average household WEEKLY income after tax? $1,900
What is your career? Administration
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? $50,000
What's the approximate value of your house? 1,400,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? We had not a lot growing up. My parents paid cash for everything. Mum hated owing anything and she’d have her little budget book and would itemise everything coming in and going out. A lesson I never forgot.
What is the most enjoyable thing you do with money? A yearly cruise which we save for.
Do you use your money or your time to help others? NO
What is your greatest financial win? Never won a thing in my life, never been handed anything on a plate (with the exception of my inheritance). I worked hard, and saved hard.
What is your worst financial mistake? Shares. I didn’t understand it and still don’t. My rule to myself now is “If I don’t understand it, don’t do it”.
What advice do you have for others? Always have something for a rainy day. Try if you can to future proof yourself. I don’t take risks, it’s not in my nature.
What is the point of having a net worth above $1,000,000. What does it mean to you? It means I can live a comfortable retirement in the manner I’m accustomed. I don’t see this as a huge amount of money, I don’t need fancy things, it’s enough for me. I’m happy, it covers my needs.
Finish these sentences:
If you want to build wealth do this… Live within your means, save something every week, and educate yourself about money and how it can work for you
If you want to build wealth avoid doing this… Getting into debt, it’s a road to nowhere.