What is your net worth? $2,941,615
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 45
What region of New Zealand do you live in? South Taranaki
How did you accumulate your net worth, what are you invested in? Saving hard and investing in KiwiSaver, active Fund Managers and now passive Total World Fund.
What was your highest average household WEEKLY income after tax? $3,500
What is your career? Plant Manager
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? $800,000
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? Travel to new places and buy experiences, not stuff.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I mentor a young lad as part of the Big Brother Big Sister program.
What is your greatest financial win? Staying the course with the stock market when times were tough. Attending the Rebel Finance School and learning how to manage my money without paying fund managers to do it.
What is your worst financial mistake? Panicking and withdrawing funds when the stock market crashed in 2008.
What advice do you have for others? Treat debt like an enemy, invest any excess money you have into a low cost ETF and don’t touch it. Invest time in your own financial education - there are many free resources on the internet.
What is the point of having a net worth above $1,000,000. What does it mean to you? That number is an indicator that you no longer are tied to work, and it gives you freedom to look at other work options including reducing work or even taking a break.
Finish these sentences:
If you want to build wealth do this… Pay your debt off as quickly as possible and invest any excess money into something that will give you future freedom.
If you want to build wealth avoid doing this… Don’t panic and withdraw funds when the stock market drops; learn to accept the volatility.