One of the best pieces of financial advice I received was from my mum at
age 10... and she’s reminded me of it every year since.
We were living in Nebo, a small country town west of Mackay, when she
first gave me the advice. Working in a large city was not a desire for most
people there. My mother was a strong country woman with salt-of-the-earth
values. She was very much like all parents, wanting to see their kids
grow up and be successful for her peace of mind.
Her advice was: ‘don't spend money you don't have’.
It was good advice but I’ve certainly broken it many times over the
years! I think back to times where I was guilty of wanting life’s pleasures
without the funds being available. The new car... the extra few dinners... that
holiday that couldn’t be refused. These things all quickly turn into buyer’s
remorse when the budget doesn’t stretch that far. We all sometimes ignore good
advice but whenever I did, my mum’s voice would ring in my ears.
I am now the principal and wealth manager at Yellow Brick Road Mount Isa
and Darwin. These iconic locations are famous for several things such as Mount
Isa’s rodeo and the mines which supply metals for exports that benefit our
nation. Also Darwin is famous for diverse activities, markets and festivals
with local landmarks and national parks close by.
Working in my current role, I often think back to mum’s advice.
I am sure many of us in each generation think we know better but that’s
not always the case. It often seems easier to find a dollar plus interest to
buy something you can’t afford than taking the time to work and save for
something. But remember, Uncle Scrooge McDuck didn’t get rich by giving money
unnecessarily – bad interest like credit card debt is an overwhelming reality
for many impulsive consumers, forcing families and individuals into hardship.
So to this day, I teach that advice to my children (I sound like my
mum), discuss it with my friends and I work closely on budgeting, saving and
bad debt reduction with my clients. With some good advice and a plan, many
people don’t realise their ability to get ahead.