In Honour of Father’s Day: 12 Wealth Generating Tips for Your Children

Father’s Day is about celebrating dads around the world and showering them with love and attention. It’s also a good time to appreciate the experience and advice imparted by fathers and passed through generations. In honour of Father’s Day, we reached out to the dads in our wealth management team to share financial advice that they feel is important to share with children.

“Don’t spend all your birthday money on things you don’t need. Rather spend some, give some to charity and save the rest so you have money for something special that you want further down the line.”

– Anthony Palmer, Group Commercial Director

“Don’t hide behind ‘money doesn’t grow on trees’. Be open about the household budget, especially when things are tight. Given the choice between a new bike or feeding the family, even the youngest kids understand the correct decision to be made.”

– Fred Van Niekerk, General Manager: Carrick International

“Start investing as young as you can by buying some shares and trading. Getting in the game will help you learn and understand the markets. You can start and build your portfolio with as little as R100 a month. There is so much information out there and free courses you can take to learn how to trade.”

– Courtney Chase, Regional Manager: Cape Town

“Money doesn’t determine how happy you are going to be, it simply gives you choices. It’s what you do with those choices that make the difference.”

– Paul Mitchell, General Manager: South Africa

“Your children will follow what you do, not what you say. Make sure that you always set a good example when managing your money. If they see you saving, they will save and if they see you wasting, they will waste.”

– Sion Gelgor, Private Wealth Manager: Cape Town

“Explain compound interest (earning interest on interest). A simple example of this is saving R500 per month – after 10 years you will have over R100k.”

– Anthony Palmer, Group Commercial Director

“Always save for a rainy day as you never know what tomorrow will bring. Be prepared for any obstacles you may have to face.”

– Dimitri di Paulo, Private Wealth Manager: Durban

“Start saving as young as possible. It is never too early to start.”

– Paul de Waal, Private Wealth Manager: Cape Town

“Make sure you save on a monthly basis, no matter the amount, and always live within your means.”

– Ben Seymour Brown, Regional Manager: Durban

“Always be responsible with money. Do not be wasteful and always be considerate that others survive with far less.”

– Twape Mtila – Regional Manager, Malawi

“Don’t spend more than what you earn. If you can’t afford it, don’t borrow, save up for it.”

– Ben de Kock, Regional Manager – Pretoria

“Encourage your children to use a clear jar for their savings. This will help them to see their money grow when they save every month.”

– Chris Anderson, Private Wealth Manager: Cape Town

Too many clients admit they wish they had listened to the advice passed down from their parents and it’s only as we get older that we understand the wisdom that comes with experience. It’s never too early to start teaching children how to budget and spend responsibly. Make this Father’s Day the day you gift your children with valuable life lessons.

To those celebrating Father’s Day, we wish you a special day spent with your loved ones.