Financial Snapshot — May 2026
Net Worth Summary
| Category | Value (NZD) |
|---|---|
| Cash Savings | $43,633 |
| Investments (Kernel + InvestNow + MSFT vested) | $4,754,700 |
| KiwiSaver | $710,837 |
| Total Liquid Assets | $5,509,170 |
| Holiday Leave | $102,181 |
| Real Estate | $2,600,000 |
| Cars | $100,000 |
| Total Assets | $8,311,351 |
| Credit Card Debt | -$24,809 |
| Total Net Worth | $8,286,542 |
Unvested RSUs ($935,900) excluded — contingent on employment.
Investment Breakdown
| Platform | Value (NZD) | % of Liquid |
|---|---|---|
| Kernel | $3,808,610 | 69% |
| InvestNow | $726,462 | 13% |
| KiwiSaver | $710,837 | 13% |
| MSFT (vested, 310 shares @ $414 USD) | $219,628 | 4% |
| Cash | $43,633 | 1% |
| Total Liquid | $5,509,170 |
Contingent (not included in net worth)
| Asset | Value (NZD) | Notes |
|---|---|---|
| Unvested RSUs (1,321 shares) | $935,900 | Vesting 2026–2030, contingent on employment |
Allocation Charts
Kernel Fund Breakdown (May 2026)
| Fund | Value (NZD) | % of Kernel |
|---|---|---|
| Global Infrastructure | $918,723 | 24.1% |
| Emerging Markets | $817,074 | 21.5% |
| World ex-US | $762,970 | 20.0% |
| S&P Global Dividend Aristocrats | $689,101 | 18.1% |
| Global 100 | $250,629 | 6.6% |
| S&P 500 (Unhedged) | $198,430 | 5.2% |
| Cash Plus | $171,682 | 4.5% |
| Total | $3,808,610 |
KiwiSaver (May 2026)
Jonathan ($562,577):
| Fund | Value (NZD) |
|---|---|
| Global 100 | $359,507 |
| S&P 500 (NZD Hedged) | $103,187 |
| High Growth | $99,882 |
Julia ($149,923):
| Fund | Value (NZD) |
|---|---|
| Global 100 | $95,128 |
| S&P 500 (NZD Hedged) | $28,120 |
| High Growth | $26,674 |
Combined: $712,500
MSFT RSU Vesting Schedule
Grant History:
| Grant Date | Type | Shares | Status |
|---|---|---|---|
| 2018-01-16 | On-Hire | 1,132 | Fully vested |
| 2018-08-31 | FY18 Annual | 257 | Fully vested |
| 2019-05-16 | Special | 3,103 | Fully vested |
| 2019-08-30 | FY19 Annual | 545 | Fully vested |
| 2020-08-31 | FY20 Annual | 400 | Fully vested |
| 2021-08-31 | FY21 Annual | 307 | 31 unvested |
| 2022-08-31 | FY22 Annual | 804 | 242 unvested |
| 2023-08-31 | FY23 Annual | 641 | 321 unvested |
| 2024-08-31 | FY24 Annual | 504 | 353 unvested |
| 2025-08-31 | FY25 Annual | 415 | 374 unvested |
Future Vesting by Year (at $414 USD, 1 USD = 1.7113 NZD):
| Year | Shares | Value (NZD) |
|---|---|---|
| 2026 (remaining) | 385 | $272,569 |
| 2027 | 433 | $306,548 |
| 2028 | 281 | $198,939 |
| 2029 | 159 | $112,569 |
| 2030 | 63 | $44,602 |
| Total | 1,321 | $935,228 |
New grants arrive each August. Vesting is quarterly over 5 years.
InvestNow (May 2026)
| Fund | Value (NZD) |
|---|---|
| Foundation Series US 500 Fund | $726,462 |
Notes
- No regular contributions to Kernel or InvestNow currently (cash-flow neutral)
- Total MSFT shares ever granted: 8,108 — most already vested and sold/diversified
Family
Full details: family.md
- Jonathan: Born 12 Jan 1985 (age 41)
- Julia: Born 26 Feb 1986 (age 40), part-time locum vet (~$1-1.5K/month)
- Henry: Born 25 Dec 2013 (age 12)
- Pippa: Born 14 Feb 2017 (age 9)
Key Metrics
- NZD:USD FX rate: 0.5844 (1 USD = 1.7113 NZD)
- MSFT share price: $414 USD (May 2026)
- YTD 2026 growth: ~0.7% ($64,940 NZD over 5 months)
- 2025 full year growth: 11.3% ($935,799)
Annual Net Worth History
| Year | Start | End | Change | % |
|---|---|---|---|---|
| 2016 | $862K | $1.07M | +$205K | +24% |
| 2017 | $1.07M | $1.38M | +$318K | +30% |
| 2018 | $1.38M | $1.61M | +$226K | +16% |
| 2019 | $1.61M | $2.88M | +$1.27M | +79% |
| 2020 | $2.88M | $3.41M | +$531K | +18% |
| 2021 | $3.41M | $4.84M | +$1.43M | +42% |
| 2022 | $4.84M | $4.37M | -$466K | -10% |
| 2023 | $4.37M | $6.54M | +$2.17M | +50% |
| 2024 | $6.54M | $8.25M | +$1.71M | +26% |
| 2025 | $8.25M | $9.19M | +$936K | +11% |
| 2026 (YTD) | $9.19M | $9.26M | +$65K | +0.7% |
Cash Flow (from May 2026 payslip)
| Item | Monthly | Annual |
|---|---|---|
| Gross salary | $24,345 | $292,141 |
| Tax (PAYE) | -$7,979 | -$95,753 |
| ESPP (buys MSFT at discount) | -$3,648 | -$43,772 |
| KiwiSaver (employee 4%) | -$974 | -$11,686 |
| Net to bank | $11,744 | $140,930 |
| Expenses (est.) | -$8,000–$10,000 | -$96,000–$120,000 |
| Free cash | $1,700–$3,700 | $21,000–$45,000 |
Additional income not on payslip: - Bonus (~$86K gross, paid annually) → ~$52K after tax - RSU vesting (~$275K NZD remaining 2026) → shares received, tax deferred to IR filing
ESPP: Contributing 15% of salary → buying MSFT shares at discount (adds ~$44K/yr to MSFT exposure)
Deferred tax / Provisional tax: - RSU vests create taxable income at 39% marginal rate (noted as "Share Benefit-Defer Tax" on payslip) - Provisional tax for 2025/26: $150,437 ($50K × 3 instalments: Aug, Jan, May) - 2025 FIF was NIL (MSFT price dropped at 31 March 2025 due to tariffs + regular selling policy) - Got $61,794 refund for 2025 tax year - Has a tax advisor managing this - Net cash position: salary alone doesn't cover expenses + provisional tax — relies on bonus + share sales
Observations
- Growth decelerated in 2025–2026 after explosive 2023–2024
- Kernel is the largest holding (~$3.8M, 69% of liquid)
- No mortgage — both properties unencumbered
- Cash savings minimal ($44K) — essentially fully invested
- Free cash flow tight (~$2.7K/month) due to ESPP and KiwiSaver deductions
- Provisional tax drops significantly once direct MSFT shares are sold