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When I was just 14 years old I received one of the most memorable pieces of financial advice from my grandfather.
My Grandfather was an astute businessman. He understood that you need to have some sort of personal savings to make sure that you can buy the big ticket items when you’re ready such as a first home or a business. To be able to do this, he knew I’d need to have some genuine savings to put into the transaction.
I was growing up in the Western suburbs of Sydney and I remember the advice because of the way that my grandfather relayed it to me. We were spending some time together by walking the dog through Parramatta Park on a lazy Sunday before the game at Parramatta Stadium.
His advice to me was to: ‘start a savings pattern early. Try to create a budget that allows you to save at least 10 per cent of your wage, and stick to it.’
Well, today I am the Principal of Yellow Brick Road Hobart based in the lovely state of Tasmania and I still haven’t forgotten that advice.
I regularly discuss pieces of advice with all of my clients, looking to provide them with an extra level of service that comes in the form of basic financial education. This will assist them with their future plans, whether that is generating wealth, expanding their property portfolio, or paying down their existing debts.
In today’s society, it is more important than ever, to have deep robust discussions with your broker and/or adviser to make sure that during these turbulent times you don’t get knocked off course. Regular reviews of your finances should take place.
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