What is your net worth? $1,456,343
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 38 & 36
What region of New Zealand do you live in? Singapore!
How did you accumulate your net worth, what are you invested in?
Property: 50%
KiwiSaver, Term Deposits, Securities: 45%
Cash: 5%
What was your highest average household WEEKLY income after tax? $5,400
What is your career? International School Teachers
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? All property: $1,800,000. We have equity of $723,000
Are you debt free now? NO
If NO, how much debt do you have and what is it for? Only in the mortgages above.
House 1: $440,000 - debt free
House 2: $700,000 - It has a $466,000 mortgage
House 3: $709,000 - It has a $567,000 mortgage
Are you in KiwiSaver? YES
Were you taught about money? NO
What is the most enjoyable thing you do with money? Invest! It brings great joy working hard and seeing our goals inch closer with every paycheck.
Do you use your money or your time to help others? YES
If YES, can you please elaborate.:
- Investing for both our children
- Giving money & education to my nephews
- Cheap rent in debt-free rental
What is your greatest financial win? Buying our first house during covid when banks forecasted a potential 20% drop (it went up 30% in the next few years). This made us realise that compartmentalized advice is often wrong and it is better to go with broad generalisations (buy when you have the money to do so).
What is your worst financial mistake? Being taught the theory behind buying a house, renovating and using equity to buy another house shortly before coming into $20,000 back in 2003 AAAAAAAND then not doing it.
What advice do you have for others?
1. You're not informed until you have invested 100 hrs in a topic. Listen to the same point multiple times as your perspective evolves and also from different sources (NZ, international etc.)
2. Put as much away as possible each pay to increase your net worth.
What is the point of having a net worth above $1,000,000. What does it mean to you? It makes the sacrifice and effort worth it. It is like a suit of armour that you wear on the inside, now it doesn't matter what you wear or drive as you have met your goals and you are content with how you spend your money.
Finish these sentences:
If you want to build wealth do this… Ask or find advice from someone in a similar position to yours. I say this because part of the problem with my 'Worst financial mistake' was that I had the theory of what to do but not the guidance or know-how to execute. It is also a problem that my wife and I have had with investing as we have worked internationally and finding the best rails to invest on was a little challenging.
If you want to build wealth avoid doing this… Rushing in with big amounts. Go slow and steady so that as you inevitably make mistakes they are low cost learning opportunities.