Terence Tobin Financial Planner
We are pleased to have "family focused" Financial Planner Terence Tobin share with us a “First” money memories.
Terence is based in Gauteng, South Africa. Welcome Terence!
About Terence
According to Terence, a fee based family focused financial planner, sums him up quite well.
He is also a husband, dad, mentor, business owner and independent financial planner.
His passion is helping his clients to be empowered and make informed financial decisions that align to their values.
Terence shares, "we must focus on what matters to clients and use their time and capital as best as possible. Helping clients reach their goals, is the highlight of what I get to do."
You can discover more about Terence Tobin, financial planner and his work at: TerenceTobin.com.
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In His Own Words - Growing Up
My mom got divorced twice whilst growing up, so I learnt quickly that disruptive change could happen anytime.
My one dad worked in a secure job, for the government. He didn’t enjoy it, but it paid okay and he was stable.
My other dad, was an entrepreneur. Always seeking opportunities, understanding business dynamics and creating an income well above the rest.
I learnt from both my dads, what worked, what didn’t, why things happened the way they did and I feel this has led me to be the business owner, father, husband and financial planner I am today.
A First Money Memory: Spend One and Save One
My first saving experience was when my dad handed me my allowance once month, I think I was about 8 years of age. He handed me two notes and said, I want to you spend one and save one.
“Dad” I asked “how do I save money?”
He replied “put it somewhere safe, so you can spend it later”.
Well that is what I did. I put one note in my wallet and one note in my sock drawer. Not quite the savings plan, I would recommend to anyone.
For me what stuck from this memory, was how my father, could not explain money to me, savings, interest rates and how to actually action his advice.
Learn to Earn a Great Income
My first job, was working at a local flea market, at a stall that sold leather jackets and accessories. I was 16 years of age, the youngest I could be to get a job, on the weekends.
This job taught me how to work with people, how to understand business dynamics, negotiation skills and earn a great income.
A Budding Entrepreneur
After my first job, I setup my own flea market stand in my final year at high school and it was exceptionally successful. I was able to understand how to allocate my resources as best as I can, have profits to buy more stock and seize opportunities. I was the envy of my class, as I was able to apply concepts we learnt in school to life, and get paid for it.
For me this sparked my interest in business, people and entrepreneurship.
Leverage - Ooops!
My first money spending boo boo, was my second job outside of high school. A colleague, who trades on the local stock market was doing really well and introduced me to something called Futures Contracts. He said this was a sure fire way to make money, using something called "leverage."
Please run far away when you hear the word "leverage." I didn’t.
I was intrigued, so I took a loan from the bank to fund my futures account. The trade didn’t go well. I lost ALL my money and had to pay off this loan for 18 months.
Do not borrow money to invest, no matter how sure fire a bet it is.
A Great Money Habit
My first great money habit came many years later. I was married and wanted to provide so much for my wife and child to be.
I promised my wife we would have our own home and also she could take off work, as many years as she wanted, to raise our children.
This led me to control my budget very well, allocate a large portion to savings to provide for my family.
Having a clearly defined goal, that meant a lot to me, made this decision an easy one and sticking to plan without excuse.
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