The best investment advice I ever received came from my mother, a woman who migrated to Australia from Europe in the late 1950s. Her parents had lived through two world wars and the Great Depression.
They had lost all of their savings and only one thing kept them afloat financially: property. The real estate my grandparents owned was the saving grace that helped them to get through the carnage and regain some of that lost wealth.
So my mother long emphasised to me the importance of owning property.
I clearly remember the first time she passed this advice onto me. At the time I was 12 years old and I was at home after having just received my first paycheck for working in the family business.
Today I am a wealth manager with Yellow Brick Road Coburg based at 42 Sydney Road in the City of Moreland in Melbourne, Victoria and I still haven’t forgotten that advice.
I share this advice with all my clients and my children. I also tell that them that diversification is the key but the backbone of an investment strategy is property and the family home.
What’s the best advice anyone has ever given you?