#myfinancialadvice faux pas

18th Aug, 2016 | Local News

In this article:
The 'what not to do' with finance, have a plan, set business goals and get advice

Ken Dixon

Ironically, in all the time that I have worked in banking, retail and lending I did not once seek or receive any expert financial advice.

For me, this mistake taught me my biggest financial lesson.  When I was in the retail industry, managing a small business called Eclipse Records, I decided to purchase my partner’s share of the business.

Over the next four years, the industry declined at such a rate that it became necessary for me to close my doors.

If I had the assistance of a financial advisor then I may have not made so many mistakes with my business.

Today I am a Wealth Manager with Yellow brick Road Lilydale based in the foothills of one the most picturesque areas of the Yarra ranges. The broader geographic area is based on mostly wine producing properties and orchards.

I still have not forgotten the ‘non-advice’ received and the pitfalls of just doing what you want instead of branching out to explore different avenues.

I would advise any person going to be self-employed to make sure they have researched the industry, taken steps to contact a financial advisor and accountant, and also to speak to as many people as possible currently in the industry.

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