Teach Your Kids The Right Way With Their Finances!

By Lynn Levitt
Finance 4 Females

So many of our generation (aka 48 years plus!) did not learn the right way to manage finances and how to create wealth or even just some extra income the right way.  Creating more money for the yourself and your family is easy once you know how.

Whether you are buying a million-dollar home, an investment property, or helping your kids get into their first home, there are some very simple steps you can do to teach them how to set themselves up from an early age.

Firstly, you need to teach them about setting goals and taking action.  This is far more than just writing a few things down on a piece of paper or cutting out a few pictures.  And there is no way your kids will do it unless they can see you yourself have done it or are attempting to do it! I definitely find through my goal setting workshops that most kids are motivated by money.  This is a great thing.  I also find they’re motivated to do more for our earth and those less fortunate, than any other groups I have witnessed over the last 15 years.

So, let’s say you had a goal to save an extra $5000 this year.  How could you do this and what would it take for this to happen?  The first thing you need to do is have a look at your expenses and what you definitely can’t live without.  Then scrutinise what you are wasting money on, things you don’t really need, and set up an account and transfer this amount into this account each week.  The golden rule is you are not allowed to touch it.

Small increments of change create long lasting habits.  These habits form the basis of confidence and resilience so that when a big juicy get rich scheme is waived in front of you, you will be less likely to take that financial risk for a quick gain, as you have good habits that are producing results.

Now what can you do to earn extra income?  Can you Airbnb a room in the house just once night week?  For most homes that could mean $100 per week x 52 there’s your $5200!  Now of course you have to take out say 10% for costs etc, but really what hard work did you have to do to create this extra income?  Do you run a part time business after hours?  Can you consult, lecture, coach, mentor, train after hours to add an extra couple of hundred to your savings each week?

Do that whilst your children are young and before they are 18 you would have saved a deposit for them for their first home.  There is nothing more satisfying than being able to watch your children financially secure themselves through your guidance.

People often believe that with money, they have to do it in big ways, multiple properties, large earnings, big sales etc etc.  However, what creates wealth and money flow is constant funnelling of small amounts into an area which you are wishing to grow.  Once you have done this, and it does take time, then you can decide on what investments you would like to help grow your money even more.

It’s always great to give as we all know, this is why I love money so much, I love sharing it with my kids and family!

About Lynn Levitt – Finance 4 Females

Lynn brings years of business and customer service experience to Formula 1. During her Travel career, she established Flight Centre’s U.K. Head Office before moving to New York for a joint venture with British Airways. Even taking time out to have children, she ran her own home based Corporate Travel business turning over $1m a year. She returned to corporate as Head of Communication & Culture at ABC Learning Centres before most recently being in education and training roles in the financial services industry. Lynn is highly recognised for her ability to reach out to customers and proactively address their needs.”

In addition to her Diploma of Financial Services (Mortgage Broking), Lynn also holds a Diploma of Business, Diploma of Management and Cert IV in Workplace Training & Assessment.

· Lynn has brought and sold over 15 properties since the age of 26 and invested both large and small amounts in the share market.

· Her passion is assisting single mums, professional women and many others to get ahead and not be fearful of money through education and hand holding!

· She regularly speaks in the community at Surf Clubs and Schools to teach children and teens how to be financially savvy the ‘new’ way but with some ‘old fashioned’ principles.