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Teaching Your Kids To Be Millionaires

Joel Brown (Founder of Addicted2Success.com)

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Kids Money


We want our kids to learn money doesn’t grow on trees, that if they lose another pair of school shoes they are not easily replaced and that if they save some of their earnings their money will grow and give them increased wealth for their future.

From the time your child utters “Da-Da” and takes his/her first clumsy steps, you can start teaching them some important lessons that will put them on the fast track to millionaire status. Here are a few tips to help you on your quest in raising a millionaire.

 

Baby, say hello to money:

Find out what your children want to buy. Then help them think about ways they can earn pocket money and save for the item: toys and games if they are young, books, movies or a special event if they are older. When you’re paying the cashier at the grocery store, explain that you are giving the store money in exchange for the items in your cart.

Once your kid is a preteen, show them how you balance the checkbook, pay the bills and deposit checks at the bank. Once they are in high school, talk to them about your investments and check your superannuation statement together. Your kiddo may not fully understand all the specifics right now, but these exercises could plant those first financial seeds.

Let them breathe:

Do you think Bill Gates’ parents ever told him to stop daydreaming about that silly computer mess he was always jabbering about at the dinner table? Probably not. The most successful entrepreneurs started off as super-creative, free-thinking kids – and most of them needed the support and encouragement of their parents to hit the big time.

Research shows that most children start to exhibit entrepreneurial traits, including risk-taking, problem-solving abilities and a powerful drive to succeed, at a very young age. Unfortunately, many of these kids lose that capitalist spirit by the time they graduate from high school. That is why you have to stay on and encourage them to excel in what they are good at and are most happy in.

Encourage their strong suits:

Don’t try to fit a square peg in a round hole. In other words, your kids will never reach millionaire status if you force them to be something they are not. That’s why it’s important to pinpoint your child’s forte and focus on that.

Figure out your child’s strongest talent and which activities make them happiest. After all, if the passion isn’t there, they’ll never stick with it.

Eye on the prize:

If you want your little one to be the next Oprah, make her work for that weekly pocket money. Don’t just hand over that wad of cash because she’s your little angel. If you follow that route, your kid will never learn the skills to pay the bills.

Just ask Troy Dunn, father of seven and author of Young Bucks: How to Raise a Future Millionaire. He says parents of would-be millionaires should follow the “dollar-and-a-dream” approach. In other words, if your preteen claims she’ll just die if she doesn’t get those Justin Bieber tickets, don’t immediately hand them over – make her work for it. Tell her if she really wants to see that mop-topped tween idol in concert, she’d better get busy mowing the lawn, scrubbing the toilets and bathing Chino.

Encourage your children to stay on track by offering to add to their savings if they achieve a particular savings goal.

Give them a head start

Want to give your son or daughter a financial head start on their path to millionaire-hood? If you’ve got the cash, you may consider making a small monthly contribution to a savings account in their name. When it comes to investment accounts, the sooner you start investing, the bigger the nest egg grows. If your childs first savings experience is good they will be more likely to repeat it. So just think of what would happen if you started investing in your child’s future from the day of her birth.

Here’s an example: if you contributed $100 a month from the day your child is born until her 18th birthday, her savings account will mushroom to a cool $1 million by the time she’s 65 (assuming a 7% average annual growth). Assuming an 8% growth rate, you would only need to contribute $56 a month. Not too shabby.

Move Over, Mark Zuckerberg

If you make all the right moves, you may just be the proud parent of the next J.K. Rowling or Donald Trump (with much better hair, of course). With a little bit of encouragement, lots of love and plenty of financial advice, you can put your kid on the road to riches.

 

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances.I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

Success Advice

10 Tips to Deal With Negativity While Starting a Business

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There are ups and downs in business but fearing failures can stop you from taking your first step towards excellence. With pandemic on tow, aspiring entrepreneurs feel a little stuck when ideating a business prospect. Here, we give you some actionable tips to deal with negativity while starting a business, even during situations like a pandemic. We also took the liberty to throw in some amazing book recommendations that’ll help you enjoy the process of being positive and achieving your business goals.

10 Tips to deal with negativity while starting a business in a pandemic

1. Get a mentor

The first thing to do as a new business owner is to find the right kind of mentor. That person could be someone in your industry or in general who you look up to. The guidance must be apt for your business, and it should be a mutual responsibility of sharing knowledge. 

2. Two big R’s – Routine and Refresh

Made a mess of something? Try to reboot the situation and make it work. Take a break once in a while and refresh yourself if you feel stuck or your ideas feel mundane. Plan a routine and stick to them – both personal and professional. Having a routine can increase productivity and engage in more activities apart from your pre-planned schedule. 

3. Inculcate problem-solving mentality

Do not panic once you are thrown a problem. Arrange a meeting with the respective party, listen to both sides of the stories, and make a decision that is more realistic and feasible. 

4. Hire half and half

Whenever you hire someone for your business. Make sure that half of the people contradict your ideas, and the other half have the same mindset as yours. The people who contradict can bring in more valuable points and their perspective might take the discussion to a whole new level.  Don’t take too much time finding the perfect one. Hire an apt person who can have the right attitude. 

5. Network, Network, and Network

Find like-minded people and mingle with them. Be more sportive in the learning process. Listen more and talk less – if you are a beginner. You can only be a constructive person who gives input to someone if you have listened to everyone’s point of view. If you feel down, your network might have something to uplift your mood and change your perspective on something. 

“Negativity, in general, is one of the things that holds people back, and you have to see what’s holding you back to get away from it.” – Lucy Dacus

6. Tech-savvy personnel

Learn a thing or two about the latest technology that you implement in your organization. Since the world revolves around technology, make sure your administrative authority knows as well.  

7. Don’t schedule a meeting, that could have been an email

Yes! I said it. Having unnecessary meetings will weaken the purpose of having a constructive discussion. Having back-to-back meetings drains the team members and yourself too. Always have a 10 to 15 minutes break between each meeting to feel refreshed and give your 100%. 

8. Have a pros and cons list

Always, I mean always have a pros and cons list. Let’s say one of your team members pitch an idea to improve the marketing strategies starting next month. Jot down the pros and cons before approving or rejecting it point-blank. It’s a systematic way of making a decision. 

9. Track your finances

Even if you have a team of accountants and auditors, make sure that you are present (both mentally and physically) – learn if you are not aware of it. Trusting your employees is a must, but not overseeing the records is a mistake that should be avoided. 

10. Remember your “why?”

At some point in your hectic schedule or not having ME time can get to you. During those tough times – ask yourself – “Why am I doing this?”. If you can answer this question with a valid explanation, you’ll feel energized. Because “A purpose drives you”. 

5 Best books to read to be more positive as an entrepreneur

Reading always puts me into perspective. Therefore, I took some liberty to give a sample of positivity and determination through words. 

These are the 5 books that’ll guide you to be a more positive and successful entrepreneur. 

  1. Attitude is everything by Jeff Keller – The decisions you make, the routine you set for yourself, and the affirmations you say to yourself every day are going to make a huge difference. If you feel tired, hopeless, and quitting – then this book is for you to boost you up!
  2. Mindset: The new psychology of success by Carol Dweck – You do what you think. In this book, the author talks about two mindsets: The growth mindset and the fixed mindset and what they’ll do to you respectively. She helps you recognize your mindset and change it for the better. 
  3. Innovator’s Dilemma by Clayton Christensen – This book is about technology uprisings all over the world and businesses that adopted and implemented technology in their firm. The author teaches you that just because your competitors and others are adopting something into their businesses doesn’t mean that you have to as well. Make an informed decision. 
  4. As A Man Thinketh by James Allen – This book specifically is about the power of thought and how it shapes your life into a more meaningful and fulfilling one.
  5. The Power of Now by Eckhart Tolle – The author talks about how people always keep thinking about what the future holds but then forget to live and enjoy the present. And also helps us understand how to make decisions more efficiently based on the present. 

Working towards inner balance requires consistency and perseverance. So does hard and smart work. Being negative is a part of our lives. It’s important to channel it appropriately and make things happen despite the roller coaster ride that is our lives. Hope you overcome your fears and negativity to shine bigger and brighter. Cheers! 

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Success Advice

Defining Your Own Success: A Step by Step Guide

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Everyone wants success in their lives, but success can be defined in so many different ways that it can sometimes seem daunting. In this blog post, you will learn how to make success easier for yourself by defining what success means to you. (more…)

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Success Advice

5 Characteristics of Athletes You Need for Business Success

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Michigan State basketball coach, Tom Izzo, wrote “Players play. Tough players win.” I would add to that, “It’s tough to win.”I think if you, as a leader, are looking to build an organization that is successful – that wins – you first have to accept that it will be tough. There are no shortcuts to success. In my 44 years of coaching, I was fortunate to coach a lot of tough players. I believe the toughness I have seen in athletes corresponds well to any organization or business. (more…)

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5 Changes in Your Habits That Will Help You Thrive

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We’ve all found ourselves at the bottom at least once in our lives. We thought that everything’s ruined and there’s no going back. The truth is – there’s always going back. Moreover, it takes one to fall many times and feel like everything’s ruined to succeed in life. (more…)

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