My Grandmother was a woman you could never forget and she gave me one of the most memorable pieces of financial advice I’ve received.
She told me when I was 15 and staying with her on school holidays that I should: ‘marry a man who has no vices, is at least 3-5 years older than you and has a good steady job, like one in a bank’!
She was a very feisty woman, who was a saver and wealth builder. She married a man who was about five years older than her who held a secure job at a well-respected insurance company. With four kids and a single income, she ran a tight ship ensuring that all children were fed, clothed and educated, albeit economically.
My grandmother also saved and lent money out with interest to small businesses and others in the community. She used the income to invest in real estate and gold. She was also big on eating healthily and exercise, never straying from her 5am yoga workouts.
She lived a very dignified life until her death whilst in her late sixties and was very well respected by the community, her children and grandchildren.
Today I am the financial adviser with Yellow Brick Road Toongabbie based in the rapidly developing Western Sydney suburbs and I still haven't forgotten that advice.
Besides seemingly having subliminally followed her own advice to a tee (with the exception of advocating who one should marry), I do share some of the principles that my grandmother practiced without any formal higher education, such as saving, economising and investing.
In this day and age, the core of this advice from a woman who would have been close to a 100 had she been a living today, is quite significant and rings true in regards to the foundations required for wealth creation right from building a comfortable life for one's family and retirement right through to leaving a legacy.
These legacy my grandmother left is on I’ll never forget and I’ll often share the principles she taught me with my family and clients.