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Q&A - Inspiring your children

Q. I have a 23-year-old son and I’d like to give him a good education in managing money and wealth building, but I don’t want to bombard him with too many complex ideas because he’d only ignore me. Do you have any ideas of how to excite a young person to get serious about money?

A. Over the years, in trying to teach both money and business coaching lessons, I’ve learnt that you have to change the person’s attitude before you can get them to replace bad habits with good ones.

Great teachers can inspire people and these people usually start with a vision – something that the student cares about. Visualisation can help. A mate of mine actually went to a Jaguar dealership and photographed himself in the car he wanted to buy one day. He pinned the photo to his wall in his workplace to remind himself every day of what he really wanted!

So talk to your son about how he sees himself in the future and hope he does not say he wants to be a hippie living on the dole! If he says a nice home, car and family with overseas holidays, you then have him.

Next, tell him some of the richest people in the world got that way by paying themselves first. If he promises to save say 10% of his pay packet and he puts it into good, safe, blue chip investments, he will ultimately live his vision.

Next week in my Yahoo! column I’ll go through some of these reliable investments. Good luck with your son. 

Published on: Wednesday, October 14, 2009

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