{"id":4224,"date":"2015-04-29T01:00:58","date_gmt":"2015-04-28T15:00:58","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4224"},"modified":"2015-04-29T01:00:58","modified_gmt":"2015-04-28T15:00:58","slug":"9-important-money-tips-to-teach-your-children","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/9-important-money-tips-to-teach-your-children\/","title":{"rendered":"9 important money tips to teach your children"},"content":{"rendered":"

 
\n\u201eIf only I knew then what I know now…<\/em>\u201d\u00a0In today\u2019s show Michael Yardney<\/a><\/b>,\u00a0from Metropole Property Strategies, tells us the 9 important money tips to teach our children.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:<\/b>\u00a0 I wonder if you, like me, have asked yourself this question: if only I knew then what I know now, would I have done things differently?
\nI\u2019m going to ask that question right now of Michael Yardney from Metropole Property Strategies. Good day, Michael.
\nMichael:<\/b>\u00a0 Hello, Kevin.
\nKevin:<\/b>\u00a0 Have you ever asked yourself that question?
\nMichael:<\/b>\u00a0 How often have I asked myself that? There are so many things I\u2019d do differently in my personal life, in my business life, and definitely in my investment life.
\nKevin:<\/b>\u00a0 One of the great reasons why you should ask yourself that question, too, Michael, is so we can pass on so much great information to our kids, can\u2019t we?
\nMichael:<\/b>\u00a0 Yes, we can, because most of us haven\u2019t been taught how to handle money by our parents.
\nKevin:<\/b>\u00a0 Michael, what lessons should we be teaching our kids?
\nMichael:<\/b>\u00a0 Kevin, one of the first lessons is today\u2019s debt can equal tomorrow\u2019s slavery. When we\u2019re young, we tend to think in narrow, short time increments. We want immediate gratification. We don\u2019t often like delaying purchases of things we really want.
\nUnfortunately, this leads a lot of young people into a credit trap, where they borrow using high-interest rate store cards or personal loans only to pay back thousands of extra dollars of interest, owing people money for a long time, and that robs them of the ability to use their money in the future to use it more effectively like investing.
\nKevin:<\/b>\u00a0 I suppose when you\u2019re young, too, Michael, you become very blas\u00e9 about debt, don\u2019t you?
\nMichael:<\/b>\u00a0 You do. Again, there\u2019s good debt, there\u2019s necessary debt, and there\u2019s bad debt. We\u2019re really here talking about bad debt for toys. We all like our toys, Kevin \u2013 at least I know I do \u2013 but our expectation often is that we see in all these magazines that other people have got the glossy toys, the big computers, the fancy phones. Consumerism is the new black.
\nAnd the truth is positions don\u2019t make for a rich life. It\u2019s the experiences and the people, the things that money can\u2019t buy that makes us truly wealthy, Kevin.
\nKevin:<\/b>\u00a0 Michael, I think, too, sometimes when we\u2019re young, we tend not to take responsibility.
\nMichael:\u00a0 <\/b>It\u2019s everyone else\u2019s fault, Kevin. It\u2019s your boss\u2019 fault, it\u2019s the employer\u2019s fault, it\u2019s the government fault. The fact is there are no rich victims. However, unfortunately, people are too quick to blame others for perceived failures in their own lives. Yes, that is a good lesson to teach your kids \u2013 that you actually have to take responsibility for all the things that you choose to do and all the things you choose not to do, Kevin.
\nKevin:<\/b>\u00a0 Indeed, mate. What\u2019s the next one?
\nMichael:<\/b>\u00a0 Patience and waiting. In fact, it\u2019s been shown that people who have a longer time perspective and are patient are more likely to achieve things not just financially but in other areas of your life. If you know that it takes time and hard work to invest and eventually get a deposit, save up, get a deposit, buy a property, be patient, wealth is a transfer of money from the impatient to the patient, Kevin.
\nKevin:<\/b>\u00a0 Michael, what about all those lucky people, though?
\nMichael:<\/b>\u00a0 Yes, everyone else is more lucky than me. I think you and have been around long enough to know that luck\u2019s made through hard work. Many of us like to attribute the success of others to good fortune or the fact that they had rich parents or they were in the right place at the right time or they knew the right people. In fact, it\u2019s really only a small group of people who\u2019ve lucked out by winning the lottery or successfully been at the right place at the right time.
\nFind something you\u2019re passionate about, make a living doing it, and then you\u2019re much more likely to enjoy the work \u2013 it won\u2019t be hard work \u2013 and then you won\u2019t be struggling and you\u2019ll be lucky.
\nKevin:\u00a0 <\/b>How much do you need, really, though, to strive to get financially free?
\nMichael:<\/b>\u00a0 It\u2019s interesting when you look at most Australians, they\u2019re going to earn millions and millions of dollars over their lifetime. People don\u2019t believe it, but multiply your average wage by 20, 30, or 40 years of work, and you\u2019ll actually find that you\u2019re going to earn millions, but most people never save it.
\nIt\u2019s really not how much you earned, but you have to learn to spend less than you earn, save it, invest some of that, and eventually move to the point of becoming an investor. Financial freedom has nothing to do with how much money you\u2019ve earned, but on the relationship you have with money and learning financial fluency, Kevin.
\nKevin:<\/b>\u00a0 I guess the other thing, too, Michael is that you\u2019re not going to remain young forever, are you?
\nMichael:<\/b>\u00a0 No, you\u2019re not. I guess one of the ways you can look at it is you can just live for now because you don\u2019t know \u2013 the old \u201ceat, drink, and be merry, because tomorrow you die.\u201d But on the other hand, if you\u2019re young, you have time on your side, and that\u2019s one of the great things about real estate and compounding. It relies on money, but it also relies on time.\u00a0 If you start early enough and start saving and start investing, you\u2019re going to have the universe at your feet, Kevin.
\nKevin:<\/b>\u00a0 Wonderful. The bottom line, Michael?
\nMichael:<\/b>\u00a0 Wealthy people do certain things every day that sets them apart from everyone else. Wealthy people have good daily habits that they\u2019ve learned from their parents. These habits are the reasons why the wealth gap unfortunately keeps increasing in Australia. The rich keep getting richer.
\nWe\u2019re only likely to be as good as the mentors and the people who learn from, so it\u2019s important for us to teach our children good daily success habits and level the playing field. There\u2019s no reason why our children can\u2019t be amongst the wealthy people in Australia.
\nKevin:<\/b>\u00a0 Indeed, and on that note, Michael, we say thank you very much.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  \u201eIf only I knew then what I know now…\u201d\u00a0In today\u2019s show Michael Yardney,\u00a0from Metropole Property Strategies, tells us the 9 important money tips to teach our children.   Transcript: Kevin:\u00a0 I wonder if you, like me, have asked yourself this question: if only I…<\/p>\n","protected":false},"author":176692471,"featured_media":4225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[101],"class_list":["post-4224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-podcast"],"yoast_head":"\n9 important money tips to teach your children - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/9-important-money-tips-to-teach-your-children\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"9 important money tips to teach your children - 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