What is your net worth? $2,100,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 50ish
What region of New Zealand do you live in? Bay of Plenty
How did you accumulate your net worth, what are you invested in? Our home, private pensions when we lived in UK, KiwiSaver and a Simplicity High Growth investment.
What was your highest average household WEEKLY income after tax? $2,600
What is your career? Manager
Do you have children? YES
Do you have a tertiary qualification? YES
Did you inherit any of your money? YES
If YES, how much did you inherit? $50,000
What's the approximate value of your house? $1,400,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Save up and pay cash for the things you want.
What is the most enjoyable thing you do with money? Live in a nice home in a lovely location and go out for coffee and dinner with friends and whānau.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. We gave our children an early inheritance to go towards a deposit for their own homes.
What is your greatest financial win? Having a partner who likes DIY and is good at it which has saved us a lot on house renovations over the years.
What is your worst financial mistake? Not investing in the right KiwiSaver fund when we joined, and not contributing 10%, which we probably could have afforded.
What advice do you have for others? Know what you spend and what you're spending it on. Get a money tracking app to make this really easy.
What is the point of having a net worth above $1,000,000. What does it mean to you? Knowing when we retire, we can enjoy life and not worry about money!
Finish these sentences:
If you want to build wealth do this… Save up for the things you want and pay cash for them. Only go into debt for a mortgage and pay it off as soon as possible. Invest as much as you can, as young as you can into both KiwiSaver, and investments you can access before 65.
If you want to build wealth avoid doing this… Don't borrow money for stuff that loses value, e.g. cars, clothes, and holidays. How can you enjoy them when in effect they belong to the bank? Until the debt is paid off they aren't actually yours.