Why You Should Raise Millionaire Children - Part 1
By Jerry Norton
Recently, good friend and parenting expert Nicholeen Peck invited me to be a guest on a weekly group call she conducts with parents. She asked if I’d share some ideas for teaching children about money and wealth.
As a home school father of six, entrepreneur and real estate investor, this is a topic very near and dear to me. I accepted her invitation, but was a little apprehensive as to how my message would be received. In my business I train individuals from all over the world on how to invest in real estate. Typically, the people I work with are eager to improve their financial situation — get out of debt, quit going to a job they hate, and start making money doing something they enjoy. Some are looking for a better lifestyle and others are looking for a way to speed up retirement.
Almost all want more time to pursue their goals and dreams and they realize that money plays a vital role in accomplishing them. In my training programs it is very natural and appropriate to talk about money, investing and wealth creation.
However, money and wealth are topics rarely discussed in academics or in the home. In fact, in too many homes and classrooms, money is actually demonized and demoralized, even if unintentionally. I’m amazed at how our educational system, and many of today’s parents, still cling to the Industrial Age model of: go to school, get good grades, play it safe and work for a company your whole life and someday retire with a pension and benefits. The problem with this model is it is behind the times. We now live in the Information Age with a new set of rules — rules that are being redefined more quickly than all other ages combined.
Whether you like it or not – or agree with it or not – our children need to be prepared for a future that is far different from the past.
The ideas behind succeeding in the Information Age challenge beliefs most of us have come to accept. You may be thinking, “Hey these beliefs served my parents and grandparents so why change now?” Many parents I encounter disagree with some of the ideas I present. They are dismissed as risky or radical or only available for a select few.
The fact of the matter is that opportunity exists for each of us. There are more millionaires and billionaires created everyday than ever before – despite the negative perception of the economy we see in the media. Even though I know many will turn away from these concepts, some parents will accept them, embrace them and teach them to their children, giving them a huge head start in life.
My intention in writing this is to help you, a parent, grandparent or anyone who has an influence on children to recognize the vital role you have in helping kids develop a healthy mindset about money. You can free them to grow into adulthood without the negative associations that we so often instill at an early age.
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