Mont Wealth & Mandy Money: The 6 steps to achieve financial freedom with your kids!

 

Rob:

"Too often we hear, 'How will my kids ever afford a home?' My name is Rob, founder of Monwealth Advisors, and today, we’ll explain a six-step process for achieving financial freedom for our children."

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Barbara:

"And I’m Barbara, founder of Mandy Money. We help young Australians feel empowered about their financial future. In this workshop, I’ll share practical tips for parents to help guide their kids on the path to financial freedom."

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Rob:

"Step 1: From the day they're born, deposit $100 into an account or investment vehicle that generates an 8% return annually. This is also a great time for you as parents to reflect on your own money story—your habits, behaviors, and mindsets—and think about what you want to pass on to your kids."

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Barbara:

"Exactly. In the first few years, focus on soft exposure to money beliefs that lay a foundation: patience, delayed gratification, and seeing how effort compounds over time. These will benefit your child not just financially but in every aspect of life."

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Rob:

"Step 2: Parents and grandparents sacrifice two coffees a week, contributing $10 into that account, which comes out to $520 a year. By age 5, that adds up to $33,000."

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Barbara:

"While this is happening, continue fostering positive habits with your child—teaching them about the value of money in simple, everyday situations like shopping or talking about discounts."

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Rob:

"Step 3: Now increase the savings—sacrifice three coffees a week, roughly $800 annually. By the time they’re 10 years old, they could have $88,000 in their account."

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Barbara:

"By middle school, start introducing more technical aspects like saving, budgeting, and investing. Let them see the rewards of financial discipline and link it to their future plans and dreams."

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Rob:

"When they turn 15, encourage them to get a part-time job. Ask them to contribute 10% of their earnings, on top of the coffees you're sacrificing, all the way through to high school graduation."

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Barbara:

"This is a critical stage to teach budgeting, taxes, and money management. Exposing them to real-life concepts now will make things easier when they face these challenges after school."

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Rob:

"Step 4: By 19, ask them to contribute more as they earn more. $2,500 annually could lead to $32,000 in savings by age 20."

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Barbara:

"At this stage, your role shifts to a support and accountability partner. Help them weigh their choices and focus on long-term goals like buying a home or starting a business."

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Rob:

"Step 5: As they enter the workforce full-time around age 25, encourage them to contribute 10% of their salary. By age 30, they could have saved $150,000."

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Barbara:

"Lastly, don’t forget to celebrate their success. They’ve not only saved a significant amount but also developed lifelong financial habits."

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Rob & Barbara:

"For those with kids aged 15-25, we’re launching a new book packed with everything young Aussies need to know about managing their money. Pre-order via the link below!"

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Rob:

"Thank you for joining us!"

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Barbara:

"If you have any questions or comments, feel free to reach out at Barbara at Mandy Money dot com."

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