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How can I inspire a passion for money management?

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?

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, then you 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 per cent of his pay packet and he puts it into good, safe, blue chip investments, he will ultimately live his vision.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

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Published on: Thursday, December 16, 2010

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