{"id":22594,"date":"2018-09-12T08:04:57","date_gmt":"2018-09-11T22:04:57","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=22594"},"modified":"2018-09-12T08:04:57","modified_gmt":"2018-09-11T22:04:57","slug":"test-news-article","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/test-news-article\/","title":{"rendered":"Test News Article"},"content":{"rendered":"

Would you believe that two in three Aussie\u2019s believe their parents should make sacrifices for their children\u2019s financial future?\u00a0\u00a0 There is a shift happening and it is that parents are moving in with the kids.\u00a0\u00a0Vanessa Stoykov<\/strong>\u00a0explains.<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin Turner:\u00a0<\/strong>Well, would you believe that two in three Aussie\u2019s believe their parents should make sacrifices for their children\u2019s financial future? Well, I say maybe the kids are going to make some sacrifices themselves. But let\u2019s deal with this seriously. This is the subject of some research that was commissioned by\u00a0 money expert and author of the book, The Breakfast Club For 40 Somethings. Vanessa Stoykov. Vanessa, thank you very much for your time.<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Thanks for having me.<\/p>\n

Kevin Turner:\u00a0<\/strong>Do you get that reaction sometimes maybe the kid should be sacrificing a bit more themselves. Are they expecting too much?<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Oh look, it\u2019s been a funny reaction to this piece of research. Actually I\u2019ve had a range of reactions from indignation and horror to well kind of makes sense because kids probably are never going to be able to afford their own house now.<\/p>\n

Kevin Turner:\u00a0<\/strong>Okay. Well let\u2019s dig into what the results showed. Was there a dominant a group of individuals, either male or female or age group that sort of had this sentiment?<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Yeah. Look the highest age group that really wanted their parents to sacrifice were 18 to 25 year olds and I think that\u2019s cool. It\u2019s a bit of backlash. And that was wanting their parents to sacrifice things like nice fancy cars and overseas holidays and dinners out to save for them. So it really is a juggle to think how much do you give to yourself and how much do you enjoy life and how much do you put away so that they\u2019ve got a chance to make more of their life too.<\/p>\n

Kevin Turner:\u00a0<\/strong>Interesting part of this, and I think unless I\u2019ve read this incorrectly, but the second highest group that had that sentiment was 65 plus year olds. Is that right?<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Yeah, it is. That\u2019s exactly right. And what that tells me is the baby boomers know that they\u2019ve made most of their wealth off property and free university education and a good medicare system and a good pension system, but most of them can see it coming that it won\u2019t be that case for when their kids get to their age.<\/p>\n

Kevin Turner:\u00a0<\/strong>Doesn\u2019t it come down to education? I think one of the pillars that you talk about in creating wealth is that the lessons you learn from your parents and some of the lessons we can teach our kids is how to save, how to invest wisely.<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Exactly. Well, it\u2019s all about education, isn\u2019t it? And if kids see that there\u2019s a purpose behind saving and a purpose behind investing. Then they\u2019re more likely to do it. But in the economy of, I want it now. If kids think that they want because other people have got it. It becomes very hard for them to understand. Putting away for later makes Sense.<\/p>\n

Kevin Turner:\u00a0<\/strong>Well I know from my own experience we had to sacrifice a lot to get the wealth that we have today. I\u2019m just wondering why we should continue to have to sacrifice.<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Well this is right. I mean my father was an immigrant who came here with literally the clothes on his back. And then he worked in a coal mine to make sure his three kids got to university. So he sacrificed a lot to get us to where we are. And my husband and I are always thinking about how much we\u2019re going to sacrifice for our three boys.<\/p>\n

Kevin Turner:\u00a0<\/strong>Yeah, I mean we\u2019re prepared to sacrifice, we\u2019re prepared to support them and we have done. But you wonder how far that needs to go. How do you go about \u2026 What are your suggestions for having these conversations with the kids?<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>I think it starts around the dinner table. I think money is a real taboo in our society and no one really wants to talk about it. So having conversations around the dinner table, even things around debts, around the evil of credit cards, around paying certain things in cash when you can afford them. And starting those conversations young and having it to be an open conversation rather than we don\u2019t talk about money at the dinner table really helps because that gets them to understand right from wrong and which way to go.<\/p>\n

Kevin Turner:\u00a0<\/strong>The five pillars that I briefly mentioned, the time, desire, action, belief and focus. Does any one of those stand out as a stumbling block that you can see with people more than others?<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Desire is a big one. I just walked out of the shopping mall, just then and we worship in the mall nowadays. So wanting thing is a massive stumbling block in our society, because the consumption of things rather than the investment of things drives people into debt. And one in six Australians are in more debt on credit cards than they\u2019ll ever pay back according to an asset report that just came out. One in six people have more debt than they can pay back. That\u2019s outrageous.<\/p>\n

Kevin Turner:\u00a0<\/strong>That requires a bit of focus, isn\u2019t it? I mean, you\u2019ve got to be determined to cut back on that debt and if you really focus on it, it\u2019s not too hard to do, to be quite frank.<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Well, it\u2019s just, it\u2019s persistence, isn\u2019t it? That\u2019s why I wrote this book, The Breakfast Club 40 Somethings because I tried to use fiction and storytelling to show the effects in people\u2019s lives of the decisions they made over the years. Because it\u2019s very hard for people to see 20 years out what could happen if they don\u2019t prepare now. But if you can read stories about other people and how it turned out, you can kind of go, \u201cyou know what, I actually want to be a bit more prepared than that. I didn\u2019t want to have to work till I\u2019m 75 because I can\u2019t afford to retire.\u201d<\/p>\n

Kevin Turner:\u00a0<\/strong>Making that commitment and having a plan too. I think in helping the kids, I think we can sort of demonstrate what they should be doing by example as opposed to just words.<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>I agree. Well, that\u2019s do as I say, not as I do. That doesn\u2019t really work as a parenting role, unfortunately.<\/p>\n

Kevin Turner:\u00a0<\/strong>Great Book. It\u2019s called The Breakfast Club For 40 Somethings. I\u2019ve been talking to the author. It\u2019s available at all major bookstores as well as Big W. it\u2019ll set you back $25.95, but it\u2019s a great investment. Vanessa thank you so much for your time. It\u2019s a pleasure talking to you and I look forward to having you in the show again more regularly.<\/p>\n

Vanessa Stoykov:\u00a0<\/strong>Wonderful. Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

Would you believe that two in three Aussie\u2019s believe their parents should make sacrifices for their children\u2019s financial future?\u00a0\u00a0 There is a shift happening and it is that parents are moving in with the kids.\u00a0\u00a0Vanessa Stoykov\u00a0explains. 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