I feel like I'm beating my head against a wall

K

kingchevy

Well as some of you know I run a business and I employee an apprentice and at the moment he is giving me a headache he is 18years old and a third year.

The story goes he has sold his vehicle recently for $16,000 that he owned under the proviser he was going to buy a house and he purchased a vehicle worth $5000 leaving $11,000 now it has been six months and he has the $11,000 left but no savings other than that.

Aaaannnd he wants to buy another car THAT HE DOESN'T NEED. the one he has is fine and I am going to give him a work ute to use (fairly new very neat hilux). but he can't grasp the concept of he doesnt need this new vehicle that he wants to buy it will cost $8,000.

I have been slowly talking him into buying a house but I sat down and talked to him about it tonight and he keeps on saying I am not ready to COMMIT to a mortage. Well He makes more money than a tradesman down south does as a third year working for me. So he has heaps of surplus cash and good deposit and I'm trying to explain to him that you're not making a big commitment if you rent the property out and service the rest out of you're income.

I feel like he just doesn't believe me and hell it is giving me the shits anyway thats my rant whats people's opinion am I been to hard on him??
 
kingchevy said:
Well as some of you know I run a business and I employee an apprentice and at the moment he is giving me a headache he is 18years old and a third year. ??
Click to expand...
Just ask yourself the question,what were you like at 18,plus in one years
time He will be a trademans and once he understands what money is
about and starts to work for himself things may settle down,just give him
time it's his life evereybodys different..willair..
 
Of course you are being very thoughtful in trying to help him and you are right in your plan for him. But I can't tell you the number of times I have sat down with someone and tried to talk them into buying a property because it would be so beneficial for their situation only to have them say that they are not ready or won't be able to manage it or some other reason. I have come to the conclusion that people have to come to the point of commitment in their own time. But I totally understand your frustration at not being able to understand it - I have been there.
 
You can only advice him as to what is best for him but
I wouldn't push him too much to get a mortgage.

Property investing is a bit of a gable anyway.
We all hope for the best but in reality we don't know if it all turns sour
next year and we all get burned....:eek:

You've done your bit and gave him good advice, now let him live his life.
When he is ready I am sure he will consider your advice.
Cheers
 
Simon said:
You can lead a horse to water ...
Click to expand...

You beat me to it;)

I had guys working for me for 12 years. They all earned very good money and obviously whilst working for me were exposed to all sorts of investment concepts and ideas (in this time I made millions:eek::D).

At the end of the 12 years I closed the business and retrenched them payed them each over a years salary and that's what they had to show for all the time they worked for me. Might I add this was still more than they would have received elsewhere as during the time they were employed they received yearly bonuses which in general they, at least, used to reduce their PPOR debts.

You can have all the best intentions but they have their own motivations which will simply not correlate with yours.

Cheers
 
kingchevy said:
... I feel like he just doesn't believe me ...
Click to expand...

I wonder if in the young bloke's mind, he is thinking - "Well, what's this guy got to show for it anyway....??"

It was lucky when I talked to some young ones (who were into cars), I had the use of a friend's brand new BMW, so I could say something like "Nice huh? Want to know how you can get to this in a few years?" :)

Doesn't seem to quite work the same when rocking up on a little Mazda 2.... (which incidentally is IMO a more functional and much better value car than the current BMW 320i - which decided to have a thermal warning come up in a city traffic jam, in 10 degree weather!)

Cheers,

The Y-man
 
Everything starts with an idea

He won't change because deep down in his unconscious mind, Car = Pleasure and Mortgage = Pain.

This thinking will change only when the associations between Car / Mortgage and Pain / Pleasure are swapped around under strong emotional shake up, such as Fear.

As for an 18 yo, you could try something like the Fear of Losing Face.

An example is to suggest or get him into a situation where *He Realises* the girl of his dream would look down on him for not affording his own roof.

Make sure this is not said to him directly, but he has to come up with the thinking himself. The more subtle your suggestion is, the stronger his belief will be.

Once the idea is born, his action will follow. It's all in the thinking.

Want to see how it could be done?
http://www.youtube.com/watch?v=befugtgikMg

Have a go?
;)
 
Kingchevy,

You're his boss so therefore you control what he does during working hours. Buy him a copy of Jan Somers book and tell him to read it for an hour a day (during working hours). Get him do that for 2 weeks and hopefully he will see the light, if he doesn't then at least you know you tried.
 
I tried lending the "right" books to a couple of younger women to encourage them to look at IP's and wealth creation. One read it and then went out and bought a brand new car. The other didn't read it at all, and went out and bought a plasma telly. Go figure!
 
sailor said:
I tried lending the "right" books to a couple of younger women to encourage them to look at IP's and wealth creation. One read it and then went out and bought a brand new car. The other didn't read it at all, and went out and bought a plasma telly. Go figure!
Click to expand...

So financially the one who "didnt read the book" is better off !!!!

Dave
 
Don't waste your energy trying to change someone who isn't seeking change. It is pointless and probably not even fair on them.

I know you mean well but I have tried this with people so many times. If they aren't ready then I don't bother but if they want help then I spend hours going over concepts, strategies and ideas.

Obviously I do it investor to investor as I am no financial advisor :) .
 
He's 18. Frontal lobe.

Even though it is human nature to want to save others we care about the grief we had to endure (if only we had made better decisions earlier). But 'learning' means getting knowledge and understanding through experience. Life experience is a longitudinal study on a per individual basis.

Can't expect an 18yo to know what someone else has experienced just because the elder says it is so. We all gots ta scrape a few knees.

On the downside: Doesn't want to hear it because he is young.
On the upside: There is hope because he is young. When he is ready your words will resonate.

Remember Jan's books? She didn't believe the REA early on. Paid off numerous ips fully. When she learned a different way she remembered his words all those years prior.

Truth resonates but it is all in the timing. Keep gently chipping away. Sow the seeds. Be encouraging. He will want to emulate someone positive who says there is a different way.
 
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You can't force anyone to do what they don't want to. Even if he does buy a house, in the short term it may cost him more than he expects or even go down. Who do you think he's going to blame?

Let people make their own decisions: just say that if he wants it, you're there to teach him. I have too many friends like this: keep saying property is a good idea but get cold feet when they actually start thinking about doing it.
Alex
 
I agree, let him do what he wants - its his life to live as he pleases after all. Some people are just not investors and never will be and we shouldn't try to change their nature. He knows where you are if he changes his mind.
 
Dont bother with lending him books.

As they say, You can't teach a pig to dance. Its a waste of time and just annoys the pig.
 
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