7 Actions Parents Should Execute For Their Kids’ Financial Futures
Action 4: Introduce your kids to wealthy people.
Not everybody knows many wealthy people, but you probably know at least one; get your kids around them. Some people feel out of place around wealthy people; I don’t. I was inspired by wealthy individuals at a young age, thanks to my father…
My Father’s Side Gig Set Me Up For Success
My father had a side business that serviced many wealthy and educated individuals. I remember every job — I went on with my father — offered me more exposure to magnificent homes, luxurious decor, unique and grand artwork, and showerheads I had never seen in my life (I even saw the fanciest urinal to date). The jobs also exposed me to new ideas, knowledge, and intellectual conversations with wealthy people.
Yes, the stuff was attractive, but what was even more attractive was how quickly we earned $100–$200+/hour (over a decade ago); working full-time at this rate would equate to close to quarter-million dollars. Earning this kind of money so quickly and fast at such a young age exposed me to higher levels of thinking. On top of this, I observed how easy it was for our customers to write the check.
Looking back, I ponder how minuscule the amount of money we received was compared to these people’s wealth. My father's jobs inspired me to think differently about money.
I would never be able to work for meager wages unconsciously and be satisfied.
I knew from this point that you attract the amount of money that aligns with your level of thinking. You don’t have to become obsessed with nice stuff. Still, it’s critical to distinguish between a wealthy lifestyle, a middle-class lifestyle, and a poverty-driven lifestyle.
The benefit of introducing your kids to wealthy people:
1: Expose your kids to higher levels of thinking.
2: Introduce your kids to wealth, so they can be comfortable around it and accumulate it. You only do as well as you know you can.
Action 5: Model healthy financial behavior.
At some point, the mask comes off, and your kids will know the truth: whether you’re good with money or bad with money. Here’s how to model healthy financial behavior to your kids:
- Live below your means.
- Maintain an emergency fund.
- Don’t depend on your kids for money.
- Maintain solid financial boundaries.
- Have more than one stream of income.
- Don’t use the words: “We can’t afford that.”
- Consistently invest in your financial future (e.g., retirement).
- Educate yourself on personal finance so that you can teach your kids.
- Have open conversations about money; never shun the conversation.
- Encourage your kids to earn money instead of bumming you all the time.
The benefit of modeling healthy financial behavior:
1: Help end the generational curse of financial ignorance across the globe by showing and teaching your children how to handle money properly.
2. If your children do better than you, hopefully, their children will do better than them, and so on.