The Money Podcast Should You Lend Money to Family? Money Dilemmas & Sales Advice with Kane Baron
In this episode, Rob continues his conversation with one of his top salespeople, Kane Baron. They discuss the dos and don'ts of lending money to family and friends, reveal the secrets to investing in watches and cars, and share valuable lessons on raising financially savvy kids!
KEY TAKEAWAYS
- Lending money to family and friends can be risky; only do it if you're prepared to lose the money or the relationship. Consider giving the money as a gift instead.
- When investing in watches and cars, look for limited editions, good heritage, and scarcity to ensure the best returns.
- Teach your kids about money early on, as schools often fail to provide adequate financial education. Encourage them to start a company and learn how to manage their finances wisely.
- Cash is a liability, not an asset, as it depreciates in value over time. Invest in assets that produce income and protect your wealth from inflation.
- Centralised digital currencies could lead to a lack of competition and a social credit system, which may stifle creativity and reward laziness. Decentralised digital currencies offer more freedom and choice.
- If you become wealthy, be wise with your money. Consider being generous, but also know when to say no to protect your relationships and financial well-being.
BEST MOMENTS
"If you're going to lend money to friends and family, if you don't want to lose the money and you want to make a return, you have to get a first charge on their property. Which means you have to be prepared to repossess the ass of your mum or dad if they don't pay you back."
"The thing that will teach kids about money is struggle with money. You can teach them about money like I do."
"Money loves speed. Money always moves at its fastest. So that's why people exchange money instantly online now. That's why you like the tap of your Apple Pay because it's super fast. It's convenient and easy to store and not easy to thieve."
"I do loads of stuff like that, and I don't ever tell anyone about that. So I like to make myself proud every day."
VALUABLE RESOURCES
bit.ly/Robsupporter
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979
See omnystudio.com/listener for privacy information.