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#myfinancialadvice, save 10% of your pay

My first piece of memorable financial advice came from the great investors and motivational speakers Robert Kyosaki, Peter Lynch, and Warren Buffett.

I learn the lesson by reading their books and listening to audio books during my time as an engineering intern in Melbourne when I was 20. 

The lesson I remember, and continue to educate my clients on today is the concept of ‘paying yourself first’. The concept, which is also described in detail in the book “The Richest Man in Babylon” talks about putting aside 10% of your income from each payslip into a savings or investment account. The benefit of doing this is that over time each dollar earns more dollars and those dollars earn further dollars, compounding returns over time. 

The more I looked into this the more I realised that it’s such simple advice that almost none of my friends or colleagues knew about. The most basic way to make this process work is simply to start early in life and continue it for as long as possible, which ultimately allowed me to comfortably leave my old job as an engineer and transition into my new business as a mortgage broker. 

Today I am a Branch Principal and Wealth Manager with Yellow Brick Road Brighton in Adelaide, and I still haven’t forgotten that advice.

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