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Andrew Morello #myfinancialadvice

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“When I was about ten years old, my father told me: 'It’s not about how much money you make, it’s how much money you save.'"

By Andrew Morello (follow Andrew Morello on Twitter). Andrew Morello, the first Australian Apprentice and Head of Business Development at Mark Bouris’ publicly listed Yellow Brick Road Wealth Management.

My father told me: “It’s not about how much money you make, it’s how much money you save” when I was about 10 years old. I was at my dad’s service station in Moonee Ponds where he was working on a car.

My father was an uneducated immigrant who came to Australia as a young boy in the mid 1950s on a boat that arrived in Port Melbourne pier from Sicily, Italy. He was from a place called Vizzini. He was the quintessential Italian man, five foot nothing with a big moustache.

He’d work a 15 or 16 hour day and at night, when I was in bed, he'd place his cold nose on my face to say goodnight. He always smelled of petrol. Today, my father still has the service station. In fact, it he has had that business 42 years this year and he's fixing the fourth generation of people’s cars in the local area!

He took the chance to give his children as many life lessons as possible. That advice, "it’s not about how much money you make, it’s how much money you save", has been the foundation of my wealth strategy all of my life.

I learnt at a very young age not to waste money on extravagant cars and luxury items (they are a novelty, but when the novelty wears off you’re stuck with a depreciating asset). At 29 I have peace of mind I can provide for my future family.

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Esther Andersen #myfinancialadvice The best piece of financial advice I was ever given growing up was ‘you need to spend money to make money!’

Jason Akermanis #myfinanicaladvice One of the best pieces of financial advice I ever received wasn’t directly about money. It was - ‘Marry the right person. This one decision will decide 90% of your happiness or misery’

Jeff Fenech #myfinancialadvice One of the best pieces of financial advice I’ve received was from the very successful businessman Theo Onisforou. He told me when I was in my early 50’s that ‘usually when something is too good to be true, it probably is’.

Peter Berner #myfinancialadvice One of the best pieces of financial advice I received was when I was 20 years old. The advice came from Don Alford who was my first boss. He told me: ‘Buy a unit in Potts Point. They are only about $40,000. Get the loan. Be smart.’

YBR’s Scott Maclean #myfinancialadvice “Always save 10% of your earnings and put it in a savings account.”

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