What is your net worth? $1,203,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 45
What region of New Zealand do you live in? Taranaki
How did you accumulate your net worth, what are you invested in? Majority is in private superannuation, small amount in ETF investment and home ownership with a remaining mortgage of $70,000.
What was your highest average household WEEKLY income after tax? Currently $1,650
What is your career? Police Officer
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? NO
What's the approximate value of your house? A conservative estimate of $600,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? $70,000 remaining mortgage
Are you in KiwiSaver? NO
Were you taught about money? NO
If YES, how were you taught? No. However, I was encouraged by my Dad to purchase my first house at 19, which I did, as he was worried (rightly so) that the money I was earning would be spent. One of the best financial decisions I made long term.
What is the most enjoyable thing you do with money? Ensuring the family is provided for past necessities. Managing my money for a potentially early retirement
Do you use your money or your time to help others? NO
What is your greatest financial win? Home ownership at 19 and beginning private superannuation at 22.
What is your worst financial mistake? Not being more aggressive towards my mortgage before having a family.
What advice do you have for others? Save/invest little and often for a long time. Be aware and keep track of your spending.
What is the point of having a net worth above $1,000,000. What does it mean to you? To build towards an early, semi or full retirement.
Finish these sentences:
If you want to build wealth do this… Monitor your spending, avoid debt any way possible and invest consistently over a long period.
If you want to build wealth avoid doing this… Being comfortable with debt.
If these questions don’t adequately tell your story, feel free to briefly elaborate here: I was never really taught about money, and leaving school at 16, I ended up earning good money for my age due to the nature of the work. I bought my first house for $74,000! in 1998 with a $7,000 deposit. In 2002 I joined the Police, where Superannuation is compulsory. 25 years later, I am seeing the benefit of having a healthy balance which I have not touched and has been high growth over its life. Realistically, it has been through good luck rather than good management that I am in the position I am in financially. Only over the last few years have I seriously been learning about my money and teaching myself better habits and systems. I have found a heap of value in your podcast and appreciate what you have done not only for me and my family but anyone who takes the time to listen, read and learn.