#myfinancialadvice time

18th Apr, 2016 | Local News

In this article:
Time is your best friend when accumulating long-term wealth.

Phillip Segaert

“As for time, all men have it in abundance”… Time is your best friend when accumulating long-term wealth.

When I was about 14 or 15 years old, a family friend handed me a book which was to change my life and put me on the path of pursuing a career in financial management.
Well, today I am a wealth manager with Yellow Brick Road Erina based on the beautiful Central Coast, and I still haven’t forgotten the teachings of that book.

I wasn’t much of a reader in my younger years, and I can remember, thinking when a family friend gifted the book “The richest man in Babylon” by George S Clason to me, “yeah, thanks”. It was most likely followed with a ubiquitous teenage eye roll.

However, this friend was my family’s ‘rich friend’ and I admired him greatly; so I decided to read it. Wow! Every word resonated with me, it was filled with so many simple ideas woven together in a series of little stories, set in ancient Babylon. I can remember reading it cover to cover many times, over a number of years!

Many of our modern financial ‘wisdoms’ are represented in that book. Simple strategies that have become the cornerstone of the money values and wealth strategies I’ve incorporated into my life; including advice about paying yourself 10 per cent of your gross earnings, controlling your expenditure, seeking profitable investments, investing only with those who have proven their experience and protecting your assets through insurance.

Even as a young man, I remember thinking at the time, ‘This all seems so simple? There must be more to this? Why isn’t everyone doing this?’ The fact is that many people never learn these simple steadfast wealth building tools, it’s not taught in schools and in many families, as was the case with mine, money is a taboo subject.
As a father of five children, three now adults and two still in their teens; I recognise the importance of instilling these values in all my children, early in life. As with all wealth building strategies, the sooner you begin to implement them, the greater the rewards are over time.

The book says: “As for time, all men have it in abundance.” Time is your best friend when accumulating long-term wealth. It’s the best advice I gained from that book and now I share it with my family, friends and clients. My youngest son just started his first job, and as a congratulatory gift I gave him a copy, which he is currently reading. Start them early, and teach your kids to value their financial futures.

The book is a great, easy read, I highly recommend it! Pop into our office, and pick up a copy for yourself.

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