What is your net worth?:$1,145,000m
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 52
What region of New Zealand do you live in? Dunedin
How did you accumulate your net worth, what are you invested in?:Lots of hard work & sacrifice! Property - both rentals & owner occupiers. Now sold the remaining rental & invested in InvestNow TWF (also KiwiSaver is in the same). Started KS right at the beginning. It was hard to find the money, but well worth it re compounding effect.
What was your highest average household WEEKLY income after tax? $1,100
What is your career? Property Manager (campus area, Dunedin)
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? $640,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Only to spend less than you earn, and save. Great foundation. So, self-taught, as such, learning about investing via career experience & great people like you Ruth & Alan & Katie Donegan, Mr Money Mustache & Choose FI.
What is the most enjoyable thing you do with money? I live a fairly frugal life day to day (while still eating well, pilates, swimming & odd coffee & meals out etc). My main indulgence/essential is travelling to see family & friends in the UK, Aussie & Christchurch.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I've been guiding my now adult kids since they were small & help other friends & family wherever they are receptive.
What is your greatest financial win? Bizarrely, getting divorced & selling our big family home has set me free in many ways. My InvestNow investments need to grow by 'only' $165,000, projected to be in 3 yrs, then I'll be work optional! Although will work likely 10 hours ish a week for the first 5 years to be sure!
What is your worst financial mistake? I spent a fair bit on clothes & shoes when in my early 20s.
What advice do you have for others? Have an Emergency fund, budget, have fun along the way, work out what is important to you (for me, the travelling to see people), do work you enjoy, read The Happy Saver & Rebel Finance School, look after your health & relationships, live in the present & plan for the future.
What is the point of having a net worth above $1,000,000. What does it mean to you? Freedom to become work optional soon (could just about do it now, but for the travelling costs). Also, if something happens to my job, I'm not in panic mode.
Finish these sentences:
If you want to build wealth do this… Look after your money, so it can look after you.
If you want to build wealth avoid doing this… Spending without thinking about the joy the thing will bring you, as opposed to the opportunity cost.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: Being careful with money, saving & investing enabled me to be a SAHM while my kids were young, until the youngest was 9, and then only work part-time until they could drive. My kids are amongst my greatest achievements.
Thanks for all you do, Ruth! See you in December!