Some of Australia’s richest people have revealed the financial advice they give their children.
High-flying Australians shared their secrets as part of The AFR 2024 Rich Listan annual survey of the 200 richest people in the country.
A common theme among the lessons the Rich Listers taught their children was 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 AFR’s rich list, told the publication that he taught his children to be humble and polite.
Denny said her children received only the minimum amount of pocket money, but could earn more by doing household chores.
He also expected them to save some of their money, which he said was a good habit to prepare them for possible tough times.
Tony Denny (pictured) said his children received the minimum in pocket money and could earn more by doing household chores.
Ian Malouf (pictured with his family) was the founder of waste management company Dial-a-Dump and is valued at $1.15 billion.
Jack Cowin, 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.
Cowin, worth $4.9 billion, said working at Hungry Jack’s gave them an appreciation of the value of money and a sense of discipline.
“They have had the advantage of coming from parents who lived a relatively conservative lifestyle, focusing on funds going into building a business rather than spending on 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 run the risk of 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, former NRL player and founder of Maas Group Holdings, was worth $814 million, according to the AFR.
Maas said he doesn’t plan to give everything to his children.
His advice was to remain hungry like him, as this would give them a greater sense of accomplishment in their lives.
Robert Whyte, a professional investor and confidant of the late Kerry Packer, was valued at $989 million.
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 children should still be as hungry as he is.
Ian Malouf, founder of waste management company Dial-a-Dump, was valued at $1.15 billion.
‘I tell my children that my money is not their freedom, and they understand it. Do your thing, because then you’ll be proud of it,’ he said.
Malouf reminded his children that there are many people who prefer not to work and this opened opportunities for those who do.