Raise children with self-control Teach them how money works Help them find their education success
Science shows children with self-control grow into wealthier adults. Parents, it is your job to instil selfcontrol in your young ones. You also need to avoid raising a lilylivered narcissist who believes they are owed something by life. As young people who can’t afford homes are finding, the rest of the country doesn’t feel it owes them an affordable home. Raising unspoilt children is eminently doable, so I’ll say 10/10.
I’ve met people who bankrupted themselves to buy, or rent in the ‘‘right’’ school zone, or who spent their retirement savings capacity on private schooling. The message is clear though: Children must succeed in education as in our merciless economy the leastskilled work for peanuts on insecure contracts. To have any chance of owning a home, children must be helped by their parents to achieve, whether to become a skilled tradie, or higher education-trained professional. Takes time, and a lot of effort. I’ll
‘‘In our merciless economy the leastskilled work for peanuts on insecure contracts.’’
KEEP THE STUDENT DEBT DOWN:
We dangle massive loans in front of 17 year-olds and expect them to make rational decisions. It’s like we ‘‘grown-ups’’ all think we were models of financial rectitude at 17! The result is over 100,000 loans in default. Calling the borrowers traitors, idiots, or bludgers isn’t helping. Parents, it is imperative your children are ready to make the student loan decision. By 17, they must be imbued with the financial facts of life. Student loans must be kept small. That means studying from home, so you need to raise children you can bear to be around, and who can stand living with you. Optimistically, I’m going for 6/10.
And now the biggie. Parents, you may have thought it was tough enough to
save the vast sums needed for your own retirement. Well, you now need, it seems, $50,000-$100,000 to help each of your children into a home. For many new parents the chance of that is 0/10. This is an absurd pressure for young parents to feel. We need a housing market where ordinary hardworking people can buy homes.
At least if parents manage the first three, their children will be in a position to make their way in the world when/if housing sanity returns, or movesomewhere more affordable.