Australia’s richest people reveal the money lessons that they teach their kids
Some of Australia’s richest people have revealed the financial advice they give their children.
The high-flying Aussies shared their secrets as part of The 2024 AFR Rich Listan annual survey of the 200 richest people in the country.
A common theme in the lessons Rich Listers teach their children is that they should always keep their feet on the ground, despite their parents’ enormous wealth.
Wealthy Australians also expected their children to work hard, appreciate the value of money and not let it change them.
Tony Denny, a former used car salesman valued at $790 million on the AFR Rich List, told the publication he taught his children to remain humble and polite.
Mr Denny said his children received only the bare minimum in pocket money, but could earn more by doing odd jobs.
He also expected them to save some of their money, which he said was a good practice to prepare them for possible hard times.
Tony Denny (pictured) said his children were given the bare minimum in pocket money, and could earn more if they did odd jobs
Ian Malouf (pictured with his family) was the founder of waste management company Dial-a-Dump and was valued at $1.15 billion
Jack Cowin, the founder of Hungry Jack’s and major shareholder of Domino’s Pizza, said his four children worked at the burger franchise at a young age.
Mr Cowin, worth $4.9 billion, said working at Hungry Jack’s gave them the value of money and a sense of discipline.
“They have had the advantage of coming from parents who led relatively conservative lifestyles, with an emphasis on money going towards building a business rather than luxury,” he said.
Mark Carnegie, an investment banker and cryptocurrency evangelist, said his children “got the memo” that he wanted them to work and study.
“I don’t want a situation where one of the kids says, I want to do social impact work in Africa, and then runs the risk of never being able to buy a house,” he said.
Hungry Jack founder Jack Cowin (pictured) said his children worked in the fast food chain when they were young
Wes Maas, a former NRL player and founder of Maas Group Holdings, was worth $814 million, according to the AFR.
Mr. Maas said he does not intend to give his children everything.
His advice was that they should continue to go hungry like him because this would lead to a greater sense of achievement in their lives.
Robert Whyte, a professional investor and confidante of the late Kerry Packer, was valued at $989 million.
He warned his children to pay close attention to who they deal with and surround themselves with in the business world.
Former NRL Rabbitohs player Wes Maas (pictured left) said his kids needed to stay as hungry as he was
Ian Malouf, the founder of waste management company Dial-a-Dump, was valued at $1.15 billion.
‘I tell my children: my money is not your freedom, and they understand that. Make your own thing because then you’ll be proud of it,” he said.
Mr Malouf reminded his children that there are many people who prefer not to work and this opened up opportunities for those who do.