What is your net worth? $1,050,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 35 and 37
What region of New Zealand do you live in? Papamoa
How did you accumulate your net worth, what are you invested in? We have KiwiSaver values at $300,000, index funds of $40,000 and a debt free home valued at $710,000. We accumulated our property net worth by owning rentals in the past, and then selling in 2020 to be debt free when we had our second child.
What was your highest average household WEEKLY income after tax? $1,537
What is your career? Kiwifruit post-harvest
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? $710,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My dad was a business banker at National Bank/ANZ so I learnt about businesses, property and mortgages through him. My uncle and auntie own rental properties and otherwise I’m reading books from the library non stop.
What is the most enjoyable thing you do with money? Our splurge accounts. My wife and I have these which has a little bit of money each week which is guilt-free, no questions asked. I also like seeing the values grow which is steps closer to a work optional life in our 50s.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Largely time to help my parents and in-laws around the home doing manual labour.
What is your greatest financial win? Being debt free on our own home and living on one income raising our daughters with one parent at home.
What is your worst financial mistake? Buying individual shares on the ASX. One of them went from $10 down to $0.50, and I lost 15-20k overall.
What advice do you have for others? Buy property when you are young and on two incomes before kids, to have a solid base to build from and put into KiwiSaver to get government and employer contributions.
What is the point of having a net worth above $1,000,000. What does it mean to you? Security of our own home debt free and a solid base to weather storms if life throws us curveballs due to health, job loss, etc
Finish these sentences:
If you want to build wealth do this… Work hard to move up in your career or business, once you have a good income, buy property via loans and any excess into index funds.
If you want to build wealth avoid doing this… Picking individual shares or investing in something you don’t understand.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Find a spouse or life partner that aligns with your financial goals and discuss it often.