What is your net worth? $7,606,441 AUD
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? We became net worth millionaires around the year 2000 (25 years ago)
What region of New Zealand do you live in? None. We live in Sydney, Australia. But if I did live in NZ, Central Otago (great choice, Ruth 😀)
How did you accumulate your net worth, what are you invested in? 50% of wealth is in our PPOR (Primary Place Of Residence) and the other 50% in Superannuation.
What was your highest average household WEEKLY income after tax? $2,500 AUD
What is your career? IT
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? $3,500,000 AUD
Are you debt free now? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Travel, mainly for skiing and mountain biking.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I volunteer two days per week at two different NFP (Not for Profit) organisations. I also donate to charities annually.
What is your greatest financial win? 1. Salary sacrificing 10% of my gross income into superannuation from the age of 30 and ramping that up to 15% at 40. 2. Buying our home on Sydney's north shore and not moving for 30 years!
What is your worst financial mistake? Not starting a budget at a young age and not seriously starting my investment journey until after the age of 40.
What advice do you have for others? Start investing 10-20% of your income as soon as you start to earn money. Invest in your education, initially in your vocation and then in investing. There are so many good resources available now, especially podcasts. Spend your time listening to financial podcasts whilst gazing wishfully at the properties you will own one day rather than staring at Facebook, TikTok or other social media.
What is the point of having a net worth above $1,000,000. What does it mean to you? Security and the ability to know I'll not have to worry about money again. It allowed me to retire early and not be dependent on government aged pension at any stage for the rest of my life.
Finish these sentences:
If you want to build wealth do this… Invest in your education, invest in ‘future you’ and continuously invest in growth assets via regular investments.
If you want to build wealth avoid doing this… Comparing oneself to everyone else either on social media or your peer group and avoid BAD debt such as credit cards and high-interest personal loans.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: If it sounds too good to be true, it usually always is!