A Letter to Parents

Dear Mum and Dad …

No not really, but that’s probably how I’d start it if this was a letter to them.

This letter is to all parents, and to the children too, because we’re all … someone’s kids.

This one is a hard one to write. Why? Because I don’t have kids. And that makes it hard for me to relate to parents. I tip my cap to you all, because I like time to myself. I’m pretty self centered too. Honestly I don’t really see myself as paternal material. But anyway.

But unlike a parent who has the responsibility of looking after their children—I’m a son and husband and that means that I get to write this from the other side of the relationship

So to all the parents out there regardless of whether you’re a grandparent, or simply a parent I make this plea to you.

Look after yourselves.

Medically, Nutritionally, Physically, Mentally, Academically, Emotionally and for the love of god … Financially. 

Why do I make this plea?

Because I don’t have kids. And that means that I have no safety net.

Yes … I just called and kind of … branded your family as your safety net.

Don’t worry I can hear you typing your hate mail right now.

But just recently I’ve started to take notice of this a lot more. And the numbers are here to prove it.

The days of going to school, getting a job, and living out your golden years are as good as over.

Really?

Big call right?

Actually not really.

You see retirement is changing. It’s not something that I’m looking forward to and it definitely won’t be for twenty-somethings today.

If you’re mid thirties or forties now, your parents hopefully would have had the chance to buy and own their own home. You see in 1980 the average house price was just a measly $40,000 and the income / mortgage ratio was about 3 to 1. Affordable right?

Today the average house price in Melbourne is in the $800,000 region and the income / mortgage ratio is now approaching 10 to 1. To simply put down a deposit you would need 4 of your parents houses.

So … if you don’t have that up your sleeve, you won’t even get a house to retire in.

End state?

Young parents now not only have to raise kids, but they have to do this on top of a monthly rent, in a cycle that can continue forever.

So to the parents … for the love of all that is holy … for the good of your family, put yourself first and take care of yourselves, because if you don’t it’ll be your family that ends up looking after you.

Today you’ll be looking after kids and a rental payment.

Tomorrow your kids, will be looking after their kids, a rental payment and they’ll be looking after you.

Next time you fly pay attention to the safety brief. Before you look after your kids … put your oxygen mask on first. Look after yourself first, so that you can let your children live the lives you dreamt of for them.

On the 25th of July 8:00pm Melbourne time, I’ll be revealing the Secrets of the Rich and why looking after yourself first is the best gift you can give to your family.

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p.s.

Mum … Dad if you’re reading this I don’t want anything for Christmas, just please look after yourselves and stay that way.

#retirement #wealth #financialindependence #personalfinance

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