Millionaire #37

What is your net worth? 1,400,000

At what age did you become a net worth millionaire? 49 & 47 (in 2016)

How did you accumulate your net worth, what are you invested in? Home ownership and KiwiSaver

What was your highest average household WEEKLY income after tax? $4,000 (including KiwiSaver member and employer contributions)

What is your career? Both health professionals

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? 1,300,000

Are you debt free now? NO

If NO, how much debt do you have and what is it for? $300,000 mortgage debt (on track to repay in 3.5 years)

Are you in KiwiSaver? YES

Were you taught about money? YES

If YES, how were you taught? Not explicitly, but more by observation of parents.

What is the most enjoyable thing you do with money? Nowadays, I get most pleasure out of tracking spending, meeting debt repayment targets, watching net worth grow and looking forward to financial independence (but probably not "retire early").

Do you use your money or your time to help others? YES

What is your greatest financial win? Becoming a high-income earner in my mid-40s and achieving a "savings" (mostly debt repayment) rate of nearly 60%.

What is your worst financial mistake? Starting too late. Almost all our net worth has accrued in the last 5-6 years.

What advice do you have for others? Start young, be intentional, develop a high savings rate, choose your partner well.

What is the point of having a net worth above $1,000,000. What does it mean to you? It's a significant milestone along the way towards financial independence. But we remain exposed until we can turbocharge our non-housing investments after clearing mortgage debt.

Finish these sentences:

If you want to build wealth do this… Track your spending, find your sweet-spot for living expenses and invest the rest.

If you want to build wealth avoid doing this… Mindless spending. No planning.

If these questions don’t adequately tell your story, feel free to briefly elaborate here: 20s absolute disaster, 30s survival mode, 40s recovery, 50s growth (hopefully), 60s (finish strongly). Everyone's route to financial dependence will be different. It's your race, so don't compare it with others.

Millionaire #38

Millionaire #36