Tuesday, September 4, 2018

Should You Guide Your Children To Become Millionaire?

The goal to become a millionaire follows a strict direction guide for most people. 

I’ve previously written about the 3 different levers that we may need to adhere if we want to grow our wealth exponentially to the north and they are no different when we are giving advice to our children, except for the part that they may have to study hard first, get a cert then land a good job. 

Okay, I admit my still-to-be traditional form of belief when it comes to landing a good job in our small tiny island. 

Teaching our children how to obtain that millionaire status is a dream for most parents but it could be better off teaching them the millionaire habits instead. 

Teaching good money habits to our children is a good way to start off the front foot as children are usually receptive to new ideas. 

As a society in an open economy like ours, we often don’t do enough to educate the people on money habits as banks and advertisements continue to bombard them with endless card discounts with freebies and waivers, and instalments without highlighting the consequences. As a result, we often tend to spend more than we could afford, risking the consequences we have at a later stage in regret.

Once a kid myself, my parents were strict with how we could spend with our money. 

Apart from spending on food and groceries which they are a bit slack, the rest are pretty much controlled as they want to make sure that me and my siblings were not spending on unnecessary items back then.

We were taught that for every single money that we spent, that is earned through their hard work and sweat, hence it has to be a meaningful spent in that category.

And now, we want to do the same for our kids and teach them the money habit the right way and embed this mindset since young.

This is how we try to educate our kids

With Tempting Sweets and Toys

But with limited $$$...

At the end of the day, the message that we want to put across to our kids is as parents, even though we can afford to buy things, we won't roll out the red carpets to make it a privilege for them.

They have to earn the trust through strict discipline and moderate intellect in order to focus on wealth generation in the future.

When they get to the age where they really have to think about their future and their family, we want them to be cuffed with millionaire mindset by then because that is what is worth for.

Thanks for reading.

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  1. Like this blog. Thank you so much for sharing valuable ideas To Become Millionaire . It gives us more confidence about children .Bookmarked this page, will wait for Next Post.
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  2. Great blog posted here on the share market. The information you have provided here is really very useful.

  3. Good luck in your new job. It's never easy starting afresh somewhere new, but you'll be fine. You'll be able to retire soon enough with all your dividends so never mind.