Yourself

Hi – my name is Nick and I am 38 years old. I live in New Zealand with my wife and 7 month old daughter. We are a single income family seeking financial independence in the next 10 years.

Your Website

I started my website 6 months ago after almost a year of wondering when to pull the trigger. There was so much good content on the internet, I felt I couldn’t add much more to the conversation.

I’m glad I did though. I occasionally get an email thanking me for my work and that is why I am doing this. I want to help people see money from a different perspective. One in which we are not a slave to our money but where we are the one’s in charge here.

My focus is on financial independence for the average income earner, focusing on the big wins.

Your Education

In 1998 I started University in Dunedin. Not because I necessarily wanted to, but because it was the normal thing to do right? I also followed the advice to study what you are passionate about so I chose Physical Education and Management. I had a good time studying, but for my finances I regret not choosing more practical degrees.

My parents paid for my first year of university which was a great start. I guess much like what the new Labour Government has recently introduced. In every summer holiday, for 3 months I found full time work. Ranging from packaging boxes at Officemax stationery to picking apples and working in the vineyards of Blenheim. I was lucky to have very low cost accommodation during the holidays, with my parents letting me stay at home for minimal rent. It hardly covered my food! Thankfully I had low outgoings and was able to save enough each summer for the upcoming years fees of approximately $5,000.

Start of year 2 I had no debt, but I also had no savings. In year 2, I discovered that I may be eligible for a student allowance due to my parents income levels. Another lucky moment for me where I would pocket approximately $90 per week for the rest of time at university. This was enough to cover rent in most of my scummy flats. This means I was only out of pocket each year for all other living costs, such as power, food, and entertainment. Entertainment aka beers was a big proponent of my spending.

Fast forward to 2002, the fifth and final year of university, and I emerge with my double degree. And my net worth? Drum roll please…minus $27,000. I came out of university at the age of 22 with less money than the day I was born. Baby Nick was a baller by comparison. $27,000 was the cost of my student loan for my living costs and books for 4 years.

I count myself lucky that I was able to receive help from my parents, both with the first year costs and with cheap accommodation during holidays. I was also lucky to be eligible for a student allowance. Even so, I still had to take advantage of the luck by working hard.

I hadn’t yet discovered personal finance though.