What is your net worth? $2,300,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 40
What region of New Zealand do you live in? Auckland
How did you accumulate your net worth, what are you invested in? Managing lifestyle, aggressive home loan pay-down, career progression (single earner household), significant redundancy payout.
What was your highest average household WEEKLY income after tax? $7,000
What is your career? Insurance
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? $900,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? Parents - modest jobs, modest living, flashy saving.
What is the most enjoyable thing you do with money? Living comfortably and having peace of mind. Not stressing about the cost of fresh food, electricity, petrol, etc.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Contribute financially to the running of my local football club. No connection to family, kids, etc., just a good organisation to support the community.
What is your greatest financial win? Standing my ground during a questionable restructure at work and negotiating a decent redundancy package (which they were trying to screw me out of).
What is your worst financial mistake? Thinking that even one of the seven crowdfund investments I made could generate a return.
What advice do you have for others? Spend less, save more. Understand where every dollar goes and be judicious about spending on “stuff” vs paying down debt.
What is the point of having a net worth above $1,000,000. What does it mean to you? As before, peace of mind, plus the ability to support my kids in whatever path they choose.
Finish these sentences:
If you want to build wealth do this… Understand the capital repayment profile of a home loan and pay as much as possible as early as possible. When interest rates drop, pay down faster.
If you want to build wealth avoid doing this… Expensive phones, cars, clothes, big TVs, luxury holidays, fancy meals... None of these contribute to wealth. They can have a place, as they can genuinely contribute to happiness/satisfaction, but understand the trade-off and ensure they are still within your means.