My first piece of
memorable financial advice came from the great investors and motivational
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.
am a Branch Principal and Wealth Manager with Yellow Brick Road Brighton in
Adelaide, and I still haven’t forgotten that advice.