How to explain to Spouse or kids the path to wealth

Discussion in 'Investor Psychology & Mindset' started by justine77, 30th Dec, 2021.

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  1. justine77

    justine77 Well-Known Member

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    How do I clearly explain to spouse or kids to get them making best decisions for building property wealth
    And for getting into property market and out of rental market

    that if u buy a renovated place then u r paying alot extra for someone else to b wealthy and for someone else to have huge profit

    while if u buy the worst house in best st u can afford
    And u get in the property door
    And prices go up
    And in a few yrs u renovate
    Then u have a nice home and u earn the wealth the profit
    Otherwise u rent and rent can b Higher than the mortgage
    and who r u trying to impress with nice homes immediately but rented or not reachable? R they paying ur bills ?

    in the end when the mortgage is paid off and others r still renting yrs later u will b the one laughing

    How can I explain things like to a child
    Simply
    To get them on board
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Give them a copy of the Barefoot Investor.
     
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  3. Sackie

    Sackie Well-Known Member

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    With regards to kids, I don't try to explain much. Just live it and the kids will see and make up their own minds.

    I have a 3 year old who loves going to OFIs, renovation type shops, talking about houses etc. It rubs off on her seeing what we do and eventually as her brain develops and matures she'll very quickly be able to put 2 and 2 together to know if she does similar, she has a good chance of financial success.


    As for spouses, it's much more difficult. After some explaining most are either interested , or they're not bothered. Or somewhere in between. To try and force a spouse to rise to the same level of commitment and interest as you may have is a recipe for disaster.
     
    Last edited: 30th Dec, 2021
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  4. willair

    willair Well-Known Member Premium Member

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    A simple way would be buy your partner -- children a monopoly board game and start playing as a family..
    The other way as I was a stay at home dad from start to finish is be careful what your children see as they will follow your lead the good times the bad never give up never surrender times when everything blows up and how you handle yourself during those times..
     
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  5. Stoffo

    Stoffo Well-Known Member

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    Setting the example is what I've tried to do ;)
    It's been made easier by the kids father/family :p (renting, drinking, gamblers)
    The big things are built on little actions :D
    It's great to have FUN today, but saving a little for tomorrow is a good example o_O
    Sure the kids will make mistakes, they will stumble and in turn learn :cool:
    It takes a lifetime trying to instill morals and it still might not work out :(
     
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  6. skater

    skater Well-Known Member

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    Haha, hubby was never interested, but happily went along with it because I was. Until the day that I created a monster, that is. The light bulb went off, and I had to reign him in again.
     
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  7. justine77

    justine77 Well-Known Member

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    I love the answers
    Thank u so much !!

    it’s more to do with
    Get in property market
    Even if it’s not renovated beautifully
    Bide ur time and in 10 yrs u might have a renovated house
    Plus b mortgage debt free aBd onto ur second property

    but how many have patience to live in a house that’s not renovated ?

    it coukd b not recently re I cared but not too bad
    Or in an up and coming neighbourhood that’s a bit further from work than they r currently

    I hope it works out with everyone who needs to to b onboard
     
  8. MTR

    MTR Well-Known Member

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    I explained to my children what I did, and how it worked, they seemed interested at the time but did nothing:mad:.

    When they were ready few years down the track we started discussing strategies that may work, but I had to wait. Could not push this


    Books, then we moved onto good brokers and what debt they could service, then they were ready but no deposit. Then I got hit with the deposit

    Best thing is to play dumb and stay clear of this:p
     
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  9. TAJ

    TAJ Well-Known Member

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    I have two daughters and a son, all in their thirties and married.
    All three have different investment strategies.
    Eldest daughter and her husband are on the IP path.
    Other daughter and her husband, have no intention at this stage, of purchasing anything outside of their PPOR. They are trying to smash their mortgage, with the intent to travel extensively once the property is paid off. Not intending on having children also.
    My son and his wife are going down the business, ETF path, and have no intention of purchasing IP's, as over the years they have heard me outline the headaches associated with owning them in comparison to the ease of receiving distributions / dividends.
    I must say, I enjoy discussing their different strategies with them, as it provides some lively debate.:)
     
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  10. datto

    datto Well-Known Member

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    I think if you show them the fruits of property investing , they will soon learn.
     
  11. skater

    skater Well-Known Member

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    This! Sometimes seeing is believing.
     
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  12. Sackie

    Sackie Well-Known Member

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    I actually had the opposite done to me. At a young I was shown what a lack of financial options could lead to in life. Terrified me then and still does today.
     
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  13. datto

    datto Well-Known Member

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    Ahhh! reverse psychology.
     
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  14. datto

    datto Well-Known Member

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    Not only seeing but also feeling and hearing.

    Son: "Wow dad, this 6 litre commodore you bought sounds awesome. Where did you get the money?"

    Dad: "Property investment son and one day, if I don't write it off, it will be yours"
     
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  15. skater

    skater Well-Known Member

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    Mine is more like.

    Husband; "You want to buy another? How can we afford it?"

    Wife; "Capital growth. We can get another one as well as this one. Here's the paperwork. Press hard. Three copies." :D
     
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  16. Redwing

    Redwing Well-Known Member

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    House by the lake Option 1

    upload_2021-12-30_13-50-0.png

    House by the lake Option 2

    upload_2021-12-30_13-52-59.png
     
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  17. MB18

    MB18 Well-Known Member

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    I feel as though you have asked something like this before how can a young couple on minimal full time wage afford immediately 2 cars they need for work and ultimately a spouse or kids have to WANT to invest in property.

    Some people have no interest in investing or financial security and while thats unrelatable to many of us, there's no denying that there are far more important things to some people even if that is simple consumerism.

    To dispell a couple of myths however...
    buying renovated can be cheaper than buying unrenovated,
    and renting can be cheaper than buying (as it usually has been for my situation). The trap lies in what you do/don't do with the extra money.

    If they want to know they will ask, if they dont and you are trying to preach to them then you will only drive them further away.
     
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  18. wylie

    wylie Moderator Staff Member

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    Or mine (twice)...

    Me: "Go to the fax machine, sign the contract and fax it back please".

    Husband: "What am I signing?"

    And another time when I had to wait all day to tell hubby I'd gone for a walk with the kids, my mother, my brother's kids and the dog to see what a house went for at auction and we ended up buying it. I couldn't tell him as soon as we got home because he and some mates were putting up steel beams and I didn't want anyone to have one drop on their heads if I blurted out "I've just bought a house" mid-lift.
     
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  19. Stoffo

    Stoffo Well-Known Member

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    I haven't tried to scare or scar the kids, but over the last 8 years the example of hard work, saving , investing and "going without" V's their father's existence has really shown the growing divide between our lives !

    We: live in a very nice home with views, have more cars than licenced drivers and money in the bank (to buy them Ipads or pay for school camps and holidays)
    Their father: rents a 2br late 70's unit, drives several $2-3k cars a year until they fail and spends any extra money he has smoking/drinking/gambling (and regularly fails to pay the $23pw child support :eek:).

    Really makes setting an example so EASY :D
    (even though 1 of the 4 looks doomed to follow in dad's footsteps, if even 1 is self supporting my diligence will be worth it).
     
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  20. Sackie

    Sackie Well-Known Member

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    This just annoys me to no end. I thought child support gets automatically deducted and paid out nowadays?
     

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