Passing on the right advice to your kids

The Western Weekender article by Two Red Shoes

I’m not sure if it’s a throw back to a proper European upbringing or just new Australian etiquette but Australians are both afraid of openly discussing money and finances – but conversely happy to take advice on financial matters from who we in the industry refer to as “Bob, the neighbour over the fence”. Especially if this advice confirms our fears.

You know Bob. He knows everything. And he knows someone who’s friend knows someone who’s brother tried that and lost all their money, “wont work mate, I wouldn’t do it”. A very credible source.

For many of us our financial education is limited to overhearing snippets of our parents conversations at best, and yet our incomes are of course higher than ever. With so many 20-30 year olds earning around $100,000 per annum there’s a lot of opportunity to set themselves up very well if they know what to do with it.

But who are they to learn to if we’re not comfortable sharing our education and experience?