DR CHET SPEVENS | Finance Expert | CONTACT
I don’t usually identify as an early adopter of new things. Yet I know I was way ahead of the curve on becoming my own man through the Bank of Mum and Dad.
It’s been a good 20 years since I got Mum and Dad to buy my first investment property for me. Thankfully, they had the foresight to go through a trust fund and so it was a simple case of transferring the wealth into my name when I became of age upon the fund’s maturity.
It’s funny for me to read that nowadays there’s a growing number of adult children being gifted their inheritance from their parents. It’s even funnier to read that these inheritances are usually only a case of parents acting as guarantor on a home loan or providing a cash gift, sometimes with the expectation that the money is a loan, not a gift.
How awfully cute.
In my humble opinion, those options are nowhere near as beneficial as being gifted a sizeable trust fund filled with many different types of assets, but it’s nice to see some of the lower classes are out there having a go and getting a go.
What I would say to these new money types is that you mustn’t waste the gifts of the Bank of Mum and Dad. You must use them to become your own man.
At least that’s what I did.
As soon as I could access the cash, properties, shares and land, I updated my Instagram with a story that said I was throwing a party that evening at my Brighton estate, and noted that Mum and Dad were abroad so we could stay up late.
I placed text upon the Insta story that signalled my trust fund had matured and that I was now my own man.
What a night it was. Everyone came, and to each of them I explained how I was now my own man. It gave me such a nice feeling of respect, to see in their eyes a hunger borne of the opportunity they now saw in me. My social status was elevated, I was untouchable.
From that night onwards, I’ve always used the Bank of Mum and Dad to help others understand that I have more assets than them, which has made me the man I am today.
For the new rich going through these experiences now, I encourage you to do the same, tastefully of course. Don’t let your ego get out of control.
Stay humble, stay hungry.