What is your net worth? $3,200,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? In our early 50s
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Bought and sold numerous investment/rental properties. Living on one income when both of us have always worked (not counting about three years when we had babies, so we were down to one income then). Periodic investments (and withdrawals) in managed funds.
What was your highest average household WEEKLY income after tax? $1,250
What is your career? Media & Creative
Do you have children? YES
Do you have a tertiary qualification? YES
Did you inherit any of your money? YES
If YES, how much did you inherit? $220,000
What's the approximate value of your house? $1,500,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Both sets of parents scrimped and saved. We never lacked the basics, but had few luxuries and both of us were pretty much on our own when we finished high school.
In her house: My parents took in boarders, mum ran a creche from home, took in sewing, and taught us all to turn off every electronic gadget when we vacated a room.
In his house: Strict budgeting.
What is the most enjoyable thing you do with money? Nice holidays and also actually not having to worry about how we're going to pay bills is life's biggest luxury right now.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Regular, automated donations to Auckland City Mission and occasional donations to various galleries and museums. For long spells, we also sponsored children through an international charity.
What is your greatest financial win? Selling our last investment property at the height of the market a few years ago.
What is your worst financial mistake? Not starting to invest in shares earlier in life.
What advice do you have for others? Pretend you didn't get that raise and get rid of credit card debt as soon as you can. Invest in KiwiSaver and other funds. It's hard to see the need for savings and investment when you're young and just starting out in life, but they will come in handy down the line.
What is the point of having a net worth above $1,000,000. What does it mean to you? We spend time and money on family holidays, cooking and eating together, going to shows that we enjoy. We have explained to our children that while we could afford nicer cars/house/etc, we'd rather invest in them (so will pay for their uni) and our own mental health.
Finish these sentences:
If you want to build wealth do this… Live below our means and recognise that renting is just paying someone else's mortgage - much better to invest in yourself.
If you want to build wealth avoid doing this… Believing that someone else will take care of your budget or finances one day.