What is your net worth? $2,250,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? Early 50s
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Primarily through work superannuation fund, which offers a generous $1.35 per $1, up to 5% of salary - and being in the growth fund. Plus, in recent years, saving into index funds.
What was your highest average household WEEKLY income after tax? $3,800 combined
What is your career? Finance and administration
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? $950,000
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? Being able to support young adult children, to travel, and have more freedom to choose work, rather than feel forced to stay.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. As our net worth has increased, so also has our level of charitable donations.
What is your greatest financial win? Joining the work superannuation scheme from day 1 of joining.
What is your worst financial mistake? Initially investing with companies with high fees - thanks The Happy Saver, Mary Holm and others for pointing that one out!
What advice do you have for others? Have a budget, set goals, don’t get sucked into money down the drain purchases.
What is the point of having a net worth above $1,000,000. What does it mean to you? Feel more relaxed about costs and can I afford things. Still need to be mindful though.
Finish these sentences:
If you want to build wealth do this… Start early (ideally), stick with it, suggest low fee index/ETF funds, and increase your KiwiSaver percentage contributions if you can. Set and forget.
If you want to build wealth avoid doing this… Over extend on a house purchase, buying new cars, don’t feel pressured to keep up with the Joneses - they have probably borrowed to get where they are!!