Real Estate Investor Magazine South Africa June/ July 2019 | Page 61
money, you need to set the example. “Be prudent with the way
you spend, because children watch what you do. Let them see
how hard you work so that they will develop the same work
ethic.
“My wife and I have raised a fiercely independent 24 year
old daughter who saves every month and has a high work
ethic. When I ask her why she works so hard ,she tells me it is
because she watched her mom and I as she was growing up. I
can’t stress the importance of love and boundaries enough, as
these two components give children the security within which
to learn the fundamentals of generating wealth.” financial-education/financial-education-programmes/on-the-
money
“In my early adult life, my parents ended up losing most of
what they had due to a bad business decision in retirement,”
says Bradley. “This made me very aware of financial security, to
the extent that I probably became slightly obsessed by it. With
the help of my wife we were able to unpack that and work to
a compromise that worked for both of us based on what we
wanted to achieve as family.” Gradidge says it is important to teach children to see banks as
a source of capital and little else. “Banks have too much power
over consumers, yet banking is a commodity. Banks also have
far bigger budgets to market their credit facilities, rather than
their investment products.
Disclosure: This information is provided to you as a resource
for informational purposes only. It is being presented without
consideration of the investment objectives, risk tolerance or
financial circumstances of any specific
investor and might not be suitable for
all investors. Past performance is not
indicative of future results. Investing
involves risk including the possible
loss of principal. This information is
not intended to, and should not, form
a primary basis for any investment
Elian Wiener
decision that you may make. Always
consult your own legal, tax or
Elian Wiener is Founder of
investment advisor before making
Wealthwoke, a community
any investment/tax/estate/financial
of people who are redefining
planning considerations or decisions.
their concept of wealth
Teach them the importance of financial
security
Help them become financially literate.
Gradidge believes it is crucial to teach children financial
concepts such as compound interest, the time value of money,
inflation and tax.
He says that too many adults have themselves not gotten to
grips with money and are not in a position to pass any advice
on to their kids around the issue. “I think you can see the
results of this in the debt statistics that we have today.”
There are a number of free financial literacy sites and
courses you can use to improve your knowledge. These are
some of the best of them:
https://www.moneyacademy.co.za
https://www.oldmutual.co.za/about-us/transformation/
Make them invest from an early age
Calitz says mutual funds are a great way to teach them how to
invest at an early age. “Start their own fund and teach them to
save 10% of their pocket money in it.”
Gradidge suggests opening a tax free savings account
in their names. “Nothing gets a person’s attention more
than seeing their name on something. I give my kids their
statements every few months.”
Teach them to have a healthy disrespect for
banks
South Africa’s Cyprus
specialists since 2008.
We have offices in Sandton,
Cape Town & Cyprus
Contact us.
www.cypriotrealty.com
a & r personal
5 r day r inspection r trip offer r a r Customised
r
For more information, contact
Jenn y Elli nas
083 448 87 34
je nny@cypriotr ealt y. com
Nothing
is
than a m more expensive
is
sed oppo
rtunity!