How to raise rich kids without raising entitled kids
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I grew up in a financially insecure home. I don't want them to know the same struggles and pain that I had, but I also don't want to be handing them life on a silver platter. So how do I find that balance? What is rich in your eyes now? To be rich means you have choices and freedom and opportunity. We'll get them involved in all the discussions. Like, what do you think of these tiles? My son, who's 10, he's like, well, how much are they? And I said, they're $40 a square metre and it's 18 square metres. And he was like, hold on. He gets out his pen and paper and he works it out. And he was like, whoa, that's going to be X amount of dollars. My other daughter then chimes in and she said, well, what if you're only tiled like our other bathroom?
It's only got half tiles and you paint the rest. Does that mean it's cheaper? And I was like, so
impressed. They're going to be on the block when they're older. Yes. When do you think we should be introducing pocket money, if at all? What are your tips around that?
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Sarah, welcome to the podcast. Thank you for having me. So excited to be here. I feel like we've been trying to get this episode off the ground for so long.
Yes, it's a tale of the eastern seaboard of Australia.
I've
just missed connections, but we're finally connected, which is
awesome. I'm so excited to do this episode because we are talking all about how to raise rich kids, which is something that plays on my mind. Not so much the rich part, but how I might be stuffing them up. But I know heaps of our audience also, this is one of the major questions and goals that when we start talking to people, goals that they have about how do they set their kids up and what age should they be doing what. So I'm very excited to get into this episode. But first of all, let's quickly talk about the book. How did it come about?
Yeah, I mean, I've always wanted, or for a number of years, I've wanted to write something that is helpful for parents and for kids. And I deliberately pitched it with a slightly provocative title because I think when we think of rich, when you think of rich people, rich kids, rich people, anything, it can create your own belief system there will come out and it can create your own idea of what that means. And sometimes it's a bit negative. And I have had some really interesting conversations since the book came out of like, well, I don't want my kids to be rich
and
things like that. So I deliberately wanted it to be a bit provocative to get people thinking about their attitudes with money and what they want to pass on to their kids and what they would like to kibosh because that's, Our biggest relationship with money and our biggest lessons come from what we grow up with in the home. And at the moment, it's a little bit of a luck of the draw. If you're lucky enough to grow up in a family that understands money and budgeting and teaches you good habits, then you've got this leg up for life that other people don't have. And I... I've got three kids myself and I grew up in a financially insecure home, which made me as a teenager and a young person become a financial hoarder because I knew
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