Your parents influence you financially

Your parents influence you financially

My parents certainly influenced the way I think about investing and building a portfolio. They may not be aware of it but they taught me what not to do, funnily enough. My parents are the typical hard working couple who built a reasonable business only to lose the lot and have to start over again without much to show for it.

They’ve taken the route of renting because that is pretty much all they knew of growing up and are very much regretting their financial decisions. They have not hesitated sharing these thoughts with me which helped me branch out and look for the right kind of influences in my life to help me build a better financial foundation than my parents.

My wife and I are in our early thirties and we own 3 properties, have a healthy investment portfolio and regularly contribute to our superannuation funds. We have a financial plan and regularly talk about our financial goals and what we are trying to achiev e in the short, medium and long term. This has stemmed from coming from families that weren’t very well to do and who weren’t financially savvy.

I owe all of my learnings from my desire to create a better financial future for myself and all of the books, seminars and workshops I’ve attended since I started earning an income. I’m of the opinion that to achieve something worthwhile, it is best to follow in other’s footsteps to begin with until you become competent enough to run your own show.

I started off thinking becoming a medico was the best way to make money, only to realise that it doesn’t have to be medicine or broke. This realisation happened after a quick $12,000 renovation on one of our properties added $100,000 of value! Investing strategically and with patience has been the cornerstone of where we are now. Because of this new found information and passion, I took a massive turn around from my job as a medical researcher to become a financial adviser.

I found that most people are struggling with their finances and if I can make some kind of impact in others’ lives, I’d be very happy with that. It hasn’t been an easy transition from science to finance, but certainly worthwhile as it is my passion.

I am very grateful for the lessons I learnt from my parents and surrounding peers who didn’t really know what to do but follow the crowd. I learnt that following the crowd is not necessarily a bad thing so long as the crowd you’re following is one worthwhile following! Your 5 closest friends and family members influence all of your financial decisions, by understanding where they come from and whether or not they can help, one can truly start building a financial foundation that will create a lasting legacy (if this is what is important to you).

For myself, lifestyle options with my small family is what it’s all about. If I can manage to achieve all of these lifestyle goals along with building a investment portfolio over the long term, I will stay a very happy man.

– Andrew Courtney