What is your net worth? $3,735,000
Are you filling this out as an individual or a couple? Individual/couple
At what age(s) did you become a net worth millionaire? 48
What region of New Zealand do you live in? Canterbury (but currently in PNG)
How did you accumulate your net worth, what are you invested in? Property
What was your highest average household WEEKLY income after tax? $8,000
What is your career? Farmer
Do you have children? NO
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? I live in company provided house
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $715,000 for rental property
Are you in KiwiSaver? NO
Were you taught about money? NO
What is the most enjoyable thing you do with money? Saving and investing for the future.
Do you use your money or your time to help others? NO
What is your greatest financial win? Property values increasing.
What is your worst financial mistake? Buying a rental property at the 2021 peak.
What advice do you have for others? Diversify... which I haven't done but wished I had. Once mortgage is paid off and house prices come good, I will be.
What is the point of having a net worth above $1,000,000. What does it mean to you? All about setting us up for retirement.
Finish these sentences:
If you want to build wealth do this… Start early and diversify investments.
If you want to build wealth avoid doing this… Over spending on wants. Focus on the long-term goal.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I guess we got caught up in the property ‘building to make wealth’ world, and this has worked out well for us because we started 20 years ago. This was more good luck than good planning. It's only been in the last couple of years we have been interested in planning for our future. We have been working overseas, earning at least double what we could at home. Looking back now from the position we are in, we wish we had diversified and not just invested in property, which we could have, had we had more knowledge of investing and started earlier.