Monday, November 27, 2006

This is vaguely interesting.....

How to Raise Children to Be Rich
Many of the skills and attitudes needed to become rich, if that is a value that you desire for them to have, begin to develop in childhood, along with all other lifetime skills. If you want your child to grow up to become the next Bill Gates, Warren Buffett, or Tiger Woods, or,if you just want to encourage the development of habits and skills that will help your child eventually have the ability to not only earn, but to become more responsible with money, it is never too early to start, and for you to be a good example.
Steps
Examine your own beliefs and feelings about money. Do you believe that earning an income is a privilege and challenge; a good thing that can help you achieve your dreams and goals, or do you see it as a “necessary evil” to getting through life? If your thoughts tend toward the latter, you’ll have a hard time convincing your child that building wealth is a good thing. It's difficult to instill positive financial values that will help your child achieve success if they come into conflict with your own. Carefully think about your attitudes toward money and where they came from. No matter how you feel about money, it's good goal for a parent to assist your child in growing up to be a financially responsible and secure adult.
Evaluate and address your own spending habits. If you spend more than you earn, or if you spend your money frivolously and neglect to save and invest, don't expect your child to develop these habits. If you're currently having trouble providing for your family's basic needs, and money is a constant source of stress in your household, consider looking carefully at how you are modeling spending habits and the work ethic. Identify your problem areas, and work to correct them. Develop a budget and stick to it. Start saving money and invest for retirement and college funding, even if it is in very small amounts. These steps will have benefits right now for the entire family and will set a good example for your child to follow.
Appraise your general work ethic. Hard work over time is the only way to financially succeed for most people. Are you a conscientious worker? Have you tended to change jobs often, unsatisfied with your career? If so, discuss with your child how you are determined to alter the choices you've made regarding work. A large part of thinking positively about making an income is in having a job you enjoy. If you are not happy in your work, take action and make realistic plans to get a different job. This is a valuable lesson for your child to experience. Watching you make these tough changes will have a lasting impression on your child.

4 comments:

Scott said...

Who wrote this? Is this advice fact or theory?

Sickboy said...

advice, I got it from how to.com

dad-e~O said...

sign me up for living off of my kids during my retirement

Sickboy said...

Hiya PJ, havent seen ya in a few....welcome back!