Teaching Your Kids about Everyday Cashflow

By Alexi Boyd | Tuesday October 16

Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 16 October 2018

From invoicing to cash flow to bill paying, one of the many strengths (and hats) we have as small business owners is keeping on top of our business’ finances. If we do it in-house we often run our family’s finances too. Now, that can go one of two ways: we’re either sick of dealing with numbers and run away from it in ALL aspects of our lives or we’re pretty good at it and the household budget is smooth sailing.

This strength and knowledge can and should be taught to our kids - they look up to us as business owners and admire us for being in charge of our own business and inherently, the “books”. But not all of us run a teaching small business so how are we supposed to know the best way to teach our kids about money?

Joining us today is Ray Trevisan, Director at OTG Capital and an expert in getting yours and your family’s finances in order to chat about driving this tough road without hitting too many familiar speed bumps!

Welcome to the show Ray.

Topics we’ll be covering:

  • Children of just about all ages need guidance and counsel from their parents/guardians about how best to handle money.

  • The Financial Planning Association of Australia (FPA) recently released an excellent eBooklet that outlines some great tips on how to talk to children about money. https://www.moneyandlife.com.au/share-the-dream/how-to-talk-to-your-kids-about-money/

  • They’ve segmented their information to address 3 different age groups that include:

    • Children (4 to 8)

    • Tweens (9 to 12)

    • Teens (13 to 18)

  • Packed with handy hints, Ray Trevisan, who is a licensed FP and a member of the FPA, will discuss some great ways to engage in discussions with our children that makes sense and will provide a great foundation for both child and parent that will put them in good stead for their future.

  • Also ensure as parents, when your children secure part time or casual jobs, they are being correctly paid award wages with overtime and penalties per the law, and their employer is not paying under the table cash payments - why? Because they will unlikely be insured, and if your child is injured and the employer is not covered - oops!!  Don’t succumb to this type of operation - walk away to ensure wage thieves don’t prosper.

  • Similarly ensure their unpaid internships or trials are exactly that, not some scam for free labour.

To find out more go to their website: https://www.otgcapital.com.au/single-post/2018/10/03/Teach-your-children-well