What is your net worth? $2,152,809
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? Not sure exactly; early 30s
What region of New Zealand do you live in? Christchurch
How did you accumulate your net worth, what are you invested in? Heavily invested in primary residence with diversification in Australian Super, KiwiSaver and ETFs.
What was your highest average household WEEKLY income after tax? $5,000
What is your career? Both in Healthcare
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? $1,500,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $57,000 mortgage on the house because we put in a pool a year ago! No other debt.
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? As a teenager, I was given an allowance per quarter and managed all expenses with guidance.
What is the most enjoyable thing you do with money? Spend on family holidays and recreating for my kids, the childhood I enjoyed.
Do you use your money or your time to help others? NO
What is your greatest financial win? Sale of a house in Australia and transfer of that money to NZ with a favourable exchange rate.
What is your worst financial mistake? Probably dumping a lot of money on the mortgage when interest rates were low. I understood the maths of it at the time, but the draw of being mortgage-free was attractive. Hard to tell how much better off we'd be now though.
What advice do you have for others? The standard - earn more, spend less and invest the difference.
What is the point of having a net worth above $1,000,000. What does it mean to you? Not a lot really. We only have about $500,000 invested outside of the house so may feel different when we can get that over $1,000,000.
Finish these sentences:
If you want to build wealth do this… Same as the advice above.
If you want to build wealth avoid doing this… Taking on any debt that is related to student debt or housing.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Currently 39 and building towards FIRE by around 50. I am sure we won't stop working entirely, but will give ourselves freedom to work more in the community or with family.