What is your net worth? $1,300,000
Are you filling this out as an individual or a couple? Couple
At what age(s) did you become a net worth millionaire? 52
What region of New Zealand do you live in? Bay Of Plenty
How did you accumulate your net worth, what are you invested in? Self-Employed, Housing, Managed Funds, and Term Deposits.
What was your highest average household WEEKLY income after tax? $2,000
What is your career? Farming
Do you have children? YES
Do you have a tertiary qualification? NO
Did you inherit any of your money? YES
If YES, how much did you inherit? $60,000
What's the approximate value of your house? $300,000
Are you debt free now? YES
Are you in KiwiSaver? YES
Were you taught about money?:YES
If YES, how were you taught? To buy what you ‘need’ not what you ‘want’ all the time. Be frugal and save.
What is the most enjoyable thing you do with money? Helped our children buy their own homes.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. Retired early at 55. We now garden and grow vegetables and fruit to feed others.
What is your greatest financial win? Dreaming of buying a $5,500 stove which I could actually afford, but never considering that I would actually buy. Then I went out to a Black Friday sale and the stove was $560 at Harvey Norman reduced as display model!
What is your worst financial mistake? Buying a brand new Range Rover. A waste of money and it lost a lot of value each year. I turned around and bought the cheapest new car I could find after that, which was probaly another stupid thing. I’ll buy used next time.
What advice do you have for others? Look after your belongings so you dont need new stuff. Don’t buy crap - it just fills the recycling centre. Pay yourself a nominal pocket money allowance and all clothing etc gets brought from this only. We haven’t brought any clothes for three years (practically only socks and underwear).
What is the point of having a net worth above $1,000,000. What does it mean to you? Financial and time freedom. Our money is still growing while we don’t work and we earn interest and earnings off of it. We live on less than most of our friends, but probably have more in savings than most people we know.
Finish these sentences:
If you want to build wealth do this… Live within your means and save the rest by investing it.
If you want to build wealth avoid doing this… Living above your means and finding every excuse to justify your bad spending habbits. Don’t put your living costs up as you earn more. Stay the course and invest the difference.