What are the top 5 things parents should know about financial planning?
- Set financial goals and stick with them!
- Advice is invaluable, so don't be afraid to speak to a professional about your situation.
- Cashflow budgeting will keep your spending in check and will allow you to identify your spending patterns.
- Tax can be complicated so talk to an accountant to make sure you're making the most out of your money.
- Know what kind of benefits and deductions you're eligible for. It can save you big money in the long run.
How can parents train their kids to be financially wise?
Kids usually mimic the spending habits of their parents, and because money is such a hot household topic, kids become aware of finances at a very early age. The piggy bank is a tried and true method because it teaches young ones the importance of saving. It also reinforces discipline and the value of a dollar.
What are 10 tips for creating family wealth?
- Set a budget and stick to it.
- Pay off debt such as car loans and credit card bills as quickly as possible. Items that depreciate in value are considered bad debt, so you want to get rid of it as quickly as possible.
- Put extra money into your home loan. The faster you pay your mortgage, the better off you'll be. Put any bonuses, tax refunds and unexpected money right back into your loan.
- Consolidate your loans so you're not paying extra interest.
- Write down all your monthly expenses and cut back where you can. Putting it in writing can be quite confronting, and it might make you more accountable.
- Invest in advice. Financial planning is an investment in your future and the money you'll save will far exceed the cost.
- Open a high interest savings account and deposit any extra money into it. Many banks have kids accounts with no fees and great rates.
- If you have more than $1000 in cash, consider a term deposit, which offer excellent rates for a fixed term.
- Don't have lazy money - if there's extra cash in the wallet, put it to good use!
- Stay active and healthy. Wealth is worth nothing if you can't enjoy it!
What are some creative ideas to help families save on everyday expenses?
- Rather than driving to work every day, try carpooling, walking to work or taking public transport.
- A $3 cup of coffee five days a week, 52 weeks a year is $780! The little things add up, so consider packing a thermos and bringing your lunch from home.
- Leave the credit cards at home. Carrying cards will enable you to spend frivolously. Just take the cash you need.
What do you think is the most important lesson that parents can teach their children about money?
That it doesn't grow on trees, and that you have to work hard to get it! Honestly, the value of a dollar is bar none the most important lesson for children to learn.
What advice do you offer families for getting finance for a new home?
Talk to a professional who can assess your current financial situation and put you on the right path towards achieving your goals. The most important part of getting a loan is showing your ability to repay, so establishing consistent savings strategies is crucial to get the process going.
What is your role with the Sydney Roosters?
I'm on the Board of Directors.
What type of music do you enjoy listening to?
All types, depending on how I'm feeling.
How will the USA financial crisis affect Australian families?
The financial crisis in Europe and the US debt situation could translate to a credit squeeze as the big investors pull back on European government bonds, creating a liquidity crisis. It could mean a reduction in business and residential lending which would mean the Reserve Bank of Australia would have to reduce official interest rates to encourage economic activity.
We hear you have 4 sons what advice do you give families for raising sons?
All kids have unique personalities, so allow them to be different. Consistency is a virtue, so once you've made a decision, stick to your guns.
What inspired you to set up the Yellow Brick Road?
Success is a journey and one that requires advice and support along the way. Yellow Brick Road was created with one goal - to offer every Australian access to quality financial advice. Every person deserves to understand how to make their money work for them, which is the foundation of our business. Yellow Brick Road represents the path we all take toward achieving goals for our financial future.
About Mark Bouris
Mark Bouris is an Australian businessman who is best known as the founder of two iconic businesses; Wizard Home Loans and Yellow Brick Road Wealth Management.
Wizard Home Loans was founded by Mark Bouris in 1996 and was sold to GE Money in 2004.
In 2007 he founded and is the Executive Chairman of the financial services company, Yellow Brick Road Wealth Management that offers a range of financial services and advice.
Mark is a respected and prominent member of the community and the media. In 2004 he was appointed Adjunct Professor by the University of NSW. He is a board member of the Sydney Roosters, and has hosted the Channel 9 program 'The Apprentice Australia'.
He is a published author - his books are 'Wealth Wizard' and 'The Yellow Brick
Road to Your Financial Security'.
Mark Bouris is a compassionate, articulate speaker and media presenter with a wealth of business and personal wisdom. He shares his expertise and experience on a variety of topics including business success, entrepreneurship, life balance, and financial and financial issues.
Like most Australians, Mark comes from mixed ethnic heritage - his father is Greek and his mother is Irish. He credits his parents with instilling in him the discipline and values that would propel him from the working-class Sydney suburb of Punchbowl to the boardroom of the largest companies in the world.
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Get Ahead Kids® Sep/Oct 2011
The Yellow Brick Road to Your Financial Security
Mark Bouris has written a book that is easy to read and in simple language on his approach to investing for wealth, security and retirement.
He informs us that for wealth creation you need to invest in property, superannuation and a portfolio of shares. Mark also weaves in invaluable advice about health, family life and financial planning.
For parents, Mark offers an invaluable guide for raising healthy and happy children. He also provides useful advice for making kids financially accountable and responsible.
256 Pages (Paperback)
Allen & Unwin
02 8425 0100