What is your net worth? $1,300,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 45 ish
What region of New Zealand do you live in? Christchurch
How did you accumulate your net worth, what are you invested in? Paid off home is ~$650,000. ETFs (mix of four funds). One or two boarders in our house.
What was your highest average household WEEKLY income after tax? Wife finished working in 2019. Currently, I earn $2200/wk net, plus we get $190 from our boarder.
What is your career? Instrument Technician
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? $650,000 at low estimate
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? We dine out a lot. We love discovering new places to eat.
Do you use your money or your time to help others? NO
What is your greatest financial win? Paying off mortgage and being debt-free.
What is your worst financial mistake? Before meeting my wife, I was in debt, with zero assets, even though I had a decent career.
What advice do you have for others? Get on the same page financially as your spouse and work through finances together.
What is the point of having a net worth above $1,000,000. What does it mean to you? Eliminating stress is a huge part of my mental well-being. I know I do not handle stress well.
I want to make sure that even if I lose my job, we can continue living a frugal but stress-free life.
Finish these sentences:
If you want to build wealth do this… Budget every dollar. Know exactly where your money is going, especially your discretionary spending, and make sure that comes after all expenses are paid. Research and buy for value. Leave discretionary purchases for a couple of weeks, to make sure whatever you purchase is something you really do want/need.
If you want to build wealth avoid doing this… Making an impulse purchase because it's less than $x. Those x's add up so quickly!