This post is part of a Yakezie blog swap; you can read my take on the same topic over at Debt Eye.
In order to raise a millionaire child, we’ll have to first take a step back to see what the common traits are for millionaires. We can’t overlook the importance of personal finance when it comes to teaching kids at a young age. I had an interesting discussion with another personal finance blogger regarding whether personal finance should be taught at home or in the schools. We both came to the conclusion that teaching personal finance at home is more important because it involves more real life lessons.
Keith Cameron Smith wrote a book called, “The Top 10 Distinctions Between Millionaires and the Middle Class.” I’ll outline some of my favorite traits and ideas on how you can instill some of these qualities to your children.
- Millionaires Embrace Change – Teaching your kids that change can lead to greater things in life is important. You can’t always live within your box. When your children are about to go to college, encourage them to explore out of state institutions. You’ll never know who you’ll meet and the opportunities that can come with it.
- Millionaires believe they must be generous – I’m sure everyone’s heard the saying, “Treat people as if you wanted to be treated.” Not only is this a millionaire trait, it’s just as important as building relationships and friends. Just like the Yakezie network promotes selflessly helping others, many bloggers in the community made tons of connections. Your generosity can go a long way, you’ll never know if that person will become the next Zuckerberg.
- Millionaires think long-term – Goal setting is important to every aspect of life. Whether your kids want to buy a new game console or buy a new bike, have them plan out their goals by giving them allowance money for each milestone. Teaching them about thinking in the long term prepares them to make wise decisions.
- Millionaires talk about ideas- Children are known for coming up with crazy and outlandish ideas. Whenever this happens, ask them empowering questions that makes them brainstorm. For example, if they say, “Wouldn’t it be cool to be the President of the United States”, why not ask them how they would do it, what changes they would make, and why.
- Millionaires continually learn and grow- Always challenge your kids to embrace new activities and hobbies. Millionaires never stop to learn. They’re always challenging themselves to take new ventures and learn throughout the process.
Even if your children don’t become a millionaire by following these rules, these are great qualities that you want your children to have. Again, don’t overlook the importance of personal finance and teaching them how to save at a young age. Teach them how to budget and spend less than they earn, this is a sure shot way of making sure they never end up knee deep in debt!
Author Bio: Kevin is one of the co-founders of DebtEye and the author of DebtEye’s blog. He is a certified credit counselor and helps people find the optimal way to get out of debt.
{ 6 comments… read them below or add one }
Great post! I have picked up some great tips to enforce on the babes left at home! Lovin’ your new blog! Great work!
I like the talking about ideas point. It’s a brain function that needs to be exercised and encouraged, or it will atrophy.
Good points. Love your take!
I think these are some great points. We’re tyring to instill these in our daughter. The one that I identify with the most is the one about ideas. My daughter wants to be a mermaid (seriously). Instead of dismissing it, we talk to her about how to make it happen. But encouraging her ideas instead of stomping on them, we’re building confidence as well…something else millionaires have.
Great point. You are right that most people are quick to shoot down kids’ ideas; instead creativity should be encouraged.
Very good blog swap post. Short and sweet, yet loaded with tons of great advice. Linking within my millionaire roundup post later today.
{ 1 trackback }