My first lesson in finance

“Spend within your means and protect what you have"

I grew up in Sydney when interest rates were at record highs of over 17% and many families experienced financial hardships. My close friends had to sell their home after their father lost his job and could no longer make the mortgage repayments. My family also struggled financially during this time and there were many sacrifices made to get through the tough times.

The experience taught me not to take anything for granted and to value what I have. I learnt that money can come and go very quickly. I was motivated from a young age to work hard and started working part-time while I was studying. Though I often gave into my weakness of shopping, I tried to make sure they were good investments!

Reflecting on this, I think that it’s important to make sound investment decisions that will help you grow your wealth. Spend within your means and protect what you have against unforeseen circumstances. Living in the moment can be great but having financial peace of mind for you and your family is more rewarding.