.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.”

.Surprising Secrets of The Cheapskates Next Door

Written by GUEST AUTHOR| Published: 28 July 2010 – Updated: 29 August 2020

This is a guest post from Jeff Yeager, author of the newly-published The Cheapskate Next Door. Yeager calls himself the Ultimate Cheapskate — and his wife agrees. Yeager is also a contributor at Wise Bread and on the Early Retirement forums.

The Cheapskate Next Door“Sure, we could afford to spend more, but why would we? It wouldn't make us any happier.” — Those are the words I've spent the last two-and-a-half years traveling the country to hear. It's a simple but rare statement, given that nearly half of all Americans say that they literally live paycheck-to-paycheck and have little if any savings.

How can some people live not only within their means, but substantially below their means — even when their incomes are often less than the national average? And here's the biggest question of all: How can some of those same people insist that they're happier — joyous, really — because of their thrift and frugality?

.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.

.18 Favorite Financial Rules Of Thumb (and some useful money guidelines)

By J.D. Roth

Financial Rules of ThumbAfter twelve years of reading and writing about money, I’ve come to love financial rules of thumb.

Financial rules of thumb provide helpful shortcuts for making quick calculations and decisions. You don’t always have time (or want to take the time) to create elaborate spreadsheets when choosing a course of action. In these cases, it’s nice to have some rough guidelines you can rely on.

You’ve probably heard of the “rule of 72”, for example. This shortcut says that if you divide 72 by a particular rate of return, you’ll get the number of years it’ll take to double your money. If your savings account yields 4%, say, it will take about 18 years for your nest egg to increase by 100%. But if you were able to earn 12% on your investment, that money would double in six years.

Like all rules of thumb, the rule of 72 isn’t precise. It doesn’t give an exact answer but a ballpark figure. Financial rules of thumb don’t always hold true. But they’re true enough for us to make loose plans based on them.

.10 Questions to Ask Yourself As An Aspiring Millionaire

Most accomplished individuals and millionaires often find the best way to navigate to success is by questioning the status quo. This isn’t just about asking numerous, random questions or simply being contradictory. This will only waste time and energy, which are valuable assets that could be better served elsewhere in your business and life.

Instead, remember the key to success is knowing the right questions to ask. These are instrumental in developing positive daily habits that reinforce your goals and objectives.

.What’s Your Whetstone?

By Thomas C. Corley

“Give me six hours to cut down a tree, and I will spend the first four hours sharpening my axe.” – Abraham Lincoln

What sharpens your axe?

It’s an important question because it gets to the core of what is required in order to become rich and successful.

I have spent over a decade studying self-made millionaires. The one common denominator they all seemed to have were daily habits or daily routines that enabled them to sharpen their axe by consistent daily self-improvement.

Most of that improvement was related to their business, careers or vocation. But many of those self-improvement habits also included keeping fit and healthy and little secrets they deployed to build relationships with other rich , successful people.

.The Underrated Skill You Really Need to Succeed

Three Billionaires Reveal the Underrated Skill You Really Need to Succeed (and It’s Not Intelligence)

By Brooke Nelson

And you don't need an expensive degree to learn it either. Turns out, your mom was totally wrong. There IS a secret to success! So forget everything you’ve been told about meditation, exercise, or productivity. The real answer is way simpler than you originally thought.

According to billionaires Bill Gates, Richard Branson, and Warren Buffett, there’s just one essential skill you need to be successful: communication.

That’s it! Easy, right?

This-is-the-One-Crucial-Skill-You-Need-to-be-Successful,-According-to-Three-Billionaires

.Private Banking Versus Wealth Management

By Julia Hawley

Private banking and wealth management are terms that overlap. However, the financial services offered through private banking and through wealth management differ slightly.

Wealth management is a broader category that involves dealing with the optimization of a client's portfolio, taking into account his aversion to, or comfort with, risk, and investing financial assets according to his plans and goals. Wealth management can be practiced on a portfolio of any size (though, as the name implies, it's geared toward the well-off: There must be some money to manage in the first place).

Private banking, by comparison, typically refers to an envelope solution for high-net-worth-individuals (HNWIs) wherein a public or private financial institution employs staff members to offer high-net-worth clients personalized care and management of their finances.

.The “Real” Advantage Of Being Wealthy

By Mr. Tako

There’s a myth being propagated about the wealthy (mostly by movies, social media, and television) and it goes a little something like this:

When you become wealthy you can buy whatever you want, and you won’t need to work anymore. Life is one big vacation — filled with trips to the Bahamas, fancy sports cars, mansions, luxury hotels, and nice restaurants.

Maybe you’ve seen or heard this myth before. It’s pretty common. The emphasis is on the spending. Those mental images about being wealthy are what I call wealth porn. It’s the plastic-fantastic version of wealth made to look sexy and appealing. It’s also mostly fake. As the Millionaire Next Door teaches us, the vast majority of millionaires actually live pretty humble lifestyles. They live pretty much like everyone else.

.My Mama Always Told Me – You Better Have Your Own Money

MadMoney Monster

Warning: This post recounts a tale of hardcore MOM advice from yesteryear.

Moms, they’re funny creatures, aren’t they? They lecture us about not getting enough sleep, they threaten to not babysit when we ignore them for too long, they give us constant unsolicited advice on parenting, marriage, and cooking. And yet, no one in the world loves us more.

Recently, I’ve been thinking about all of the advice my mom gave me as I was growing up. Looking back on it, that advice certainly did shape my thoughts and the way in which I operate in this world. Today, I’m going to share a piece of pillar advice I heard from my mom over and over again – “Always have your own money!”