18/04/2024
💥 3 Lessons I learned from my years working in Retail Banking 🏦
1) Plan for your retirement now! Don’t wait until your about to retire. 🤔
2) You don’t have to be rich to invest in property, but to be rich you have to invest in property. 🏠
3) Don’t invest in the bank, invest IN the bank. 📈
It never ceases to amaze me how many people put off planning for retirement until they are almost retired. It’s like saying “I’m going to run a marathon, but I won’t start training until the week before the race...” 🏃
I lost count of how many people I served in my days working in banks, that were just about to retire (or some just retired) and they would come in and say, “I thought I better speak to someone about my Superannuation and other retirement planning needs!”
🤦♂️ Doh, you don’t think you perhaps should have thought of that before now? I shouldn’t be surprised because on the flip side of this equation, whenever we would raise the idea of retirement planning with a customer, 99% of people would answer with “I’ll worry about that when I'm closer to retirement...”
One of the interesting parts of working in a retail bank is you see people from all walks of life. An observation that I made very early was, people that retired with only their primary home paid off, retired comfortably, but certainly were not living the lifestyle that they thought they would be. People retiring with their home and just 1 investment property paid off (or close to paid off) certainly had a much better standard of living in retirement. Those few that managed to have more than 1 investment property paid off by retirement, certainly were living the lifestyle in retirement that I reckon most of us dream for. ✈️ 🏝️ 🛳️
Rich people don’t invest their money in the bank in a savings account. They are more likely to invest their money in the bank by buying shares in that bank (or other companies shares). Money in a bank account is great security and is needed for flexibility and peace of mind. But once you have enough to give you that peace of mind, your money is generally better served used to invest in shares or similar financial investments. 📈
Please don’t take any of this as Financial Advice, but I am happy if you take it as a kick up the ass to get your act together and sort your finances out! 🙏
Much love X