Some of the wealthiest people in Australia have revealed the financial advice they give their kids.
The high-flying Aussies shared their secrets as part of The AFR Rich List 2024, an annual survey of the 200 wealthiest people in the country.
A common theme among the lessons Rich Listers teach their children was that they should always remain down to earth despite their parents’ massive wealth.
The wealthy Aussies 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 who was valued at $790million on The AFR Rich List, told the publication that he taught his kids to remain humble and polite.
Mr Denny said his kids received only the bare minimum amount in pocket money, but could earn more by doing chores.
He also expected them to save some of their cash, which he said was a good habit to prepare them for potential hard times.
Tony Denny (pictured) said his kids received the bare minimum in pocket money, and could earn more if they did chores
Ian Malouf (pictured with his family) was the founder of waste management business Dial-a-Dump and 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 when they were young.
Mr Cowin, worth $4.9billion, said working at Hungry Jack’s gave them an appreciation of the value of money and a sense of discipline.
‘They’ve had the benefit of coming from parents who led a relatively conservative lifestyle, with the focus on funds going into building a business rather than spending on luxury,’ he said.
Mark Carnegie, an investment banker and cryptocurrency evangelist, said his kids ‘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 risks never being able to buy a house,’ he said.
Hungry Jack’s founder Jack Cowin (pictured) said his children worked at the fast-food chain when they were young
Wes Maas, a former NRL player and founder of Maas Group Holdings, was worth $814million, according to the AFR.
Mr Maas said he doesn’t plan to give his children everything.
His advice was that they should remain hungry like he was, as 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 $989million.
He warned his children to be very mindful of who they deal with in the business world and who they surround themselves with.
Former NRL Rabbitohs player Wes Maas (pictured left) said his kids should remain as hungry as he was
Ian Malouf, the founder of waste management business Dial-a-Dump, was valued at $1.15billion.
‘I tell my kids, my money is not your freedom, and they get that. Make your own thing, because then you’re proud of it,’ he said.
Mr Malouf reminded his children there were many people who prefer not to work and this opened up opportunities for those who do.