Why You Should Raise Millionaire Children Part 2
Why You Should Raise Millionaire Children Part 2
By Jerry Norton
This is Part 2 of “Why You Should Raise Millionaire Children” If you missed part 1, be sure to read it now. In Part 1, I discussed the importance of teaching our kids to have a healthy mindset about money. In Part 2, I’d like to explore 3 reasons why you as a parent should want your children to become rich and what you can do as a parent to implement wealth-building principles.
Reason #1: Lifestyle The first is an obvious one – lifestyle.
Having money gives you more choices in life. Why shouldn’t you have and do everything you want in your life? Whoever said you can’t have and do everything you want? God meant for you to have it all.
I don’t let anyone tell me or my kids that we can’t have or do something that is important to us. One of the worst things you can say to your kids is, “We can’t afford it” or “That’s too expensive” or “That costs too much money.” Saying those things reinforces that you cannot have the best things life has to offer.
Now before you yell at me, I know what you’re thinking. What if it’s true and you really can’t afford it and it really is too expensive? You might also be thinking that you want your kids to learn delayed gratification and to appreciate what they have. You also want them to understand family finances. So do I.
A few simple changes in how we phrase things can make all the difference. Rather than saying, “We can’t afford it,” say, “When we can afford it.” Instead of saying, “That’s too expensive,” replace it with, “We choose not to spend our money on that right now.”
The message we communicate is night and day to our children. One says, “Nice things cost money, which we don’t have and if you want to grow up and be like mom or dad, you need to not have money and not buy nice things too.” Ouch!
Replacing the words used in the same situation with the positive approach to money communicates that it’s ok to have and do nice things as long as the money is used wisely first. Let me give some real life examples of everyday activities that provide opportunities to teach our children to have a healthy relationship with money.
Example #1
Saturday morning you wake up to a flat tire on the car. You might say to your age-appropriate children, “Kids, the car has a flat tire. Learning how to fix it is a valuable skill in case you are ever stranded with a flat tire. It is also a skill that is easily performed once you learn how to do it.
I’d like to teach you how to do it and let you practice so you can learn this simple life skill.” While fixing the tire, you could further explain, “Kids, since this skill is easy to learn and doesn’t require a lot of training or expertise, it doesn’t cost very much to pay someone else to do it.
In fact, I know someone I can call right now that would come here, take off the tire, take it into town to get the hole plugged or patched, bring it back and put it back on the car, all for $12/hour.” To help them understand the principle you might ask, “Kids, why might it make more sense in some cases for me to hire someone to do such a simple, inexpensive task?” Help them come to the realization that you value your time more than $12/hr.
To continue reading, please go to the original article here:
https://flippingmastery.com/why-you-should-raise-millionaire-children-part-2/