What is your net worth? $3,900,000
Are you filling this out as an individual or a couple? Individual
At what age(s) did you become a net worth millionaire? 38
What region of New Zealand do you live in? Wellington
How did you accumulate your net worth, what are you invested in? I moved overseas in my early 20s for work as I was unable to get a job in Wellington. By my mid/late 20s I was earning six figures. I bought a modest townhouse near work, kept my used car and incurred no other debt. I started investing in my early 20s and by my 30s I was investing around 30% of my income in either retirement or classic index funds. By my 40s I was saving/investing around 55% of my income, especially after moving back home to NZ.
What was your highest average household WEEKLY income after tax? $2,670
What is your career? Aerospace Engineer
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? $1,100,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money? YES
If YES, how were you taught? My parents taught to always live on less than you earn and introduced me to their investment advisor (who charged 2%!!). Around 30, I started researching personal finance heavily, right after buying my 1st house and upskilled around my risk and investment strategy.
What is the most enjoyable thing you do with money? I like to help people out when they're in a jam. I donate to charities, of course, but I mean the sorts of situations when people are just short of what they need. Last week I paid for a man's train ticket and I helped buy someone petrol. I can afford it, and that's a true gift.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I have my favourite charities - religious affiliation, those in need and animal rescue. I also mentor teenagers and 20-somethings entering the STEM workforce.
What is your greatest financial win? I took a challenging job that paid adequately, but paid out stock as part of my employment. I was so busy I ignored the stock until after I left, when the stock promptly increased about 600%.
What is your worst financial mistake? Real estate. 1). I bought a house in Los Angeles in August 2007, that was a rough five years. 2). I tried to buy a house build off a very incompetent developer.
What advice do you have for others? There's a lot of financial advice out there, try to find some that aligns with where you are in life. Any advice for a 20 something just starting out will differ to advice for a 40 year old.
What is the point of having a net worth above $1,000,000. What does it mean to you? The complete lack of worry about money. I left a role after buying a house and lost exactly zero sleep over my lack of income.
Finish these sentences:
If you want to build wealth do this… Live on less, invest the rest.
If you want to build wealth avoid doing this… The hedonistic treadmill will rob you of money if you let it, try to avoid the lifestyle creep.