One of the best pieces of financial advice I’ve received came from the managing partner in an accounting firm. They were liquidators and I presume he had seen plenty of financial mistakes and the consequences.
I was 25-years-old and his advice to me was: ‘don't complain about bank fees for holding your money. Buy bank shares with money instead of holding it in the bank’.
This supports the concept many speak of that wealthy people don’t have their money in bank accounts.
Well today, I’m the branch principal and wealth manager of Yellow Brick Road Morley, a busy northern suburb in West Perth and I haven’t forgotten that advice. I feel that advice is still just as relevant and useful today, albeit I personally have chosen to substitute bank shares with property.
I wish I had followed his advice when he gave it me as ANZ shares were about $4.00 at the time. I would have made a fortune if I still had those stocks today!
I sometimes share this story with clients to remind them that you need to invest to build wealth.