What is your net worth? 1,007,535 (and I didn't quite include everything, like vehicles, which I own without debt!)
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 53
What region of New Zealand do you live in? Manawatu-Whanganui
How did you accumulate your net worth, what are you invested in? Hard work! KiwiSaver and investments (Total World ETF), term deposits, own my own home.
What was your highest average household WEEKLY income after tax? Hard to work out, but as a regular salary about $1,200
What is your career? Healthcare
Do you have children? NO
Do you have a tertiary qualification? YES
Did you inherit any of your money? NO
What's the approximate value of your house? $610,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Savings early on; I remember taking my bankbook to primary school each week, and they would get collected up and put into the bag to be taken to the post office. You got a stamp in your book! But I wasn't ever taught about savings for retirement, or retiring early, etc.
What is the most enjoyable thing you do with money? At the moment, watching my investments grow. I don't look if there's a downturn being talked about in the media! I'm saving hard for retirement, aiming for CoastFI in a few years.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I'm focused on savings, so I give my time where I can.
What is your greatest financial win? After I finished my first degree, I worked overseas in short-term positions for a couple of years. In the UK back then the exchange rate was $3.30 NZD per GBP. I was able to pay off a $30,000 student loan in about 9 months.
What is your worst financial mistake? Having money in finance companies in 2008, on the advice of a financial advisor. I lost half my savings, which would have been fine where it was if I hadn't listened to her. Then the losses were compounded because it scared me off doing anything apart from keeping money in safe bank deposits. I've only recently gotten brave enough to change that. So I lost a lot of ground compared to where I could have been.
What advice do you have for others? Save (invest) for the long term - not just for a house, but for retirement, and consider that you could do that before 65!
What is the point of having a net worth above $1,000,000. What does it mean to you? It's an exciting milestone to hit. I wish I was hitting it without having to include the value of my house, but it still feels pretty significant. It represents security and peace of mind.
Finish these sentences:
If you want to build wealth do this… Save part of every bit of income you get, even if it's tiny. Think long term. Enjoying your life doesn't have to cost lots. It's all about balance.
If you want to build wealth avoid doing this… Buying things you don't need. Going into debt for unnecessary things. Living without a financial plan.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I've arguably spent far too much on education. Paid off two student loans, plus did other degrees. There are pros and cons. There are some things I'd do differently if I went around again, but I also think nothing is ever wasted. It's been a privilege to be able to study as much as I have.