How do you teach your kids to be investors?

Discussion in 'Investor Psychology & Mindset' started by mrdobalina, 17th Aug, 2015.

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  1. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Family trust.

    But you could just have in your name (and technically hold on trust for kids without a deed)
     
    RPI, 18th Aug, 2015
    #21
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  2. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    I gave the choice of the big 4 banks and explained that it was far better to own part of the bank then it was to have your money in it.
     
    RPI, 18th Aug, 2015
    #22
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  3. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    When my eldest was 8 I thought that they might not have got the value of money. So during Christmas holidays I took a job driving trucks for 2 weeks and delivering ice to servo's etc. I paid him $2 an hour. The next year I did it with his then 7 year old brother. Nothing like 12 hour plus shifts throwing 4kg bags of ice into a freezer to instill the real value of money.
     
    RPI, 18th Aug, 2015
    #23
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  4. larrylarry

    larrylarry Well-Known Member

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    I also think buying bank shares would be a good start.
     
    larrylarry, 18th Aug, 2015
    #24
  5. Sackie

    Sackie Well-Known Member

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    My kid better be able to find BMV deals with development potential by his 9th birthday or else!!:D:D
     
    Sackie, 19th Aug, 2015
    #25
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  6. chylld

    chylld Well-Known Member

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    If they already understand the concept of money, maybe CashFlow 101/202 from the Rich Dad series. I know not everyone shares the same opinion of Kiyosaki (or maybe we all do haha) but it's colourful and interactive enough to hold interest while some basic cashflow/ROI concepts are taught.
     
    chylld, 20th Aug, 2015
    #26
  7. devank

    devank Well-Known Member

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    Our 6.5 years old girl loves to play the monopoly. I bought her the Australian version.
    5 year old boy is keen to collect the money rather than getting properties :)
     
    devank, 20th Aug, 2015
    #27
  8. Steven Ryan

    Steven Ryan Well-Known Member

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    Lead by example. Osmosis is powerful.

    And:
    • Encourage/reward saving.
    • Create opportunities to earn more.
    • Encourage business endeavours (lemonade stand, selling crafts etc).
    • Give them opportunities to multiply their money.
    • Create money saving/investment habits early so they're natural and comfortable when the numbers get bigger. I think it was Jim Rohn who said to start investing 10¢ of every dollar, giving away 10¢ of every dollar early. Much easier to give 10¢ out of a dollar than $100,000 out of $1million so start the habit early.
     
    Steven Ryan, 20th Aug, 2015
    #28
  9. Big Will

    Big Will Well-Known Member

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    I think a common theme for property investing is monopoly. I loved this game as a kid and still do.

    I think I have about 10 different boards of it including their newer ones, however I still prefer the original.
     
    Big Will, 20th Aug, 2015
    #29
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  10. Sackie

    Sackie Well-Known Member

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    Sounds like he's a positive cash flow boy :D
     
    Sackie, 20th Aug, 2015
    #30
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  11. mrdobalina

    mrdobalina Well-Known Member

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    Our kids are the same. The 7 y/o loves playing monopoly. The 4 y/o loves being banker. Come to think of it, the 4 y/o probably got it figured out the best!
     
    mrdobalina, 20th Aug, 2015
    #31
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  12. devank

    devank Well-Known Member

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    Cash flow is essential at early stage but properties win the game :cool:
     
    Last edited: 20th Aug, 2015
    devank, 20th Aug, 2015
    #32
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