The most memorable financial advice I have been given came from my first year economics lecturer back at my university days.
I was about 21 years old when I heard this advice, midst trying to maintain total focus in an economics lecture with 500 other people in the hall.
He was a very good lecturer who made economics interesting with his quirky humour and his European accent.
One day he proclaimed,” one dollar today is not worth one dollar tomorrow.”
And boy has that advice stuck.
Today as a wealth manager and principal with Yellow Brick Road Melton based in the rural area of Victoria, I still haven’t forgotten that advice. I have shared that very advice with my friends and to all of my customers to whom I professionally give financial advice. I often use it as an analogy when talking to my customers about compounding interest and cost of living.