Are You Grooming Your Child To Be Financially Successful?

By Thomas C. Corley

Every child wants to be successful and thinks they will be successful but none have been taught by their parents or their school system how to be financially successful in life. Not only are there no courses on basic financial success principles but there are no structured courses teaching basic financial literacy. We are raising our children to be financially illiterate and to fail in life. Is it any wonder that most parents live paycheck to paycheck, accumulate more debt than assets and lose all the comfort when they lose their job?

The fact is the poor are poor because they have too many poverty habits and too few rich habits. Poor parents teach their children the poverty habits and wealthy parents teach their children the rich habits. We don’t have a wealth gap but a parent gap. We don’t have income inequality, we have parent inequality.

Parents and our schools need to work together to instill good daily success habits as follows:

• Limit T.V., social media and cell phone use to no more than one hour a day.

• Require that children read one to two educational books a month.

• Require children to aerobically exercise 20 – 30 minutes a day.

• Limit junk food to no more than 300 calories a day.

• Require that children set monthly, annual and 5-year goals.

• Require working age children to work or volunteer at least ten hours a week.

• Require that children save at least 25% of their earnings or gifts they receive.

• Teach children the importance of relationship building by requiring them to call friends, family, teachers, coaches etc. on their birthdays and to send thank you cards for gifts or help they received from anyone.

• Reassure children that mistakes are good not bad. Children need to understand that the very foundation of success in life is built on learning from our mistakes.

• Punish children when they lose their tempers so they understand the importance of controlling this very costly emotion.

• Teach children that seeking financial success in life is good and is a worthwhile goal. Children need to learn what the American Dream is and that it is something to be pursued in life.

• Children need to learn how to manage money. Open up a checking account or savings account for children and force them to use their savings to buy the things they want. They need to learn that they are not entitled to things like cell phones, computers, fashionable clothes, flat screen T.V.s etc.

• Require children to participate in at least two non-sports-related extracurricular activities at school or outside of school.

• Parents and children need to set aside at least an hour a day to talk to one another. Not on Facebook, or on the cell phone, but face to face. The only quality time is quantity time

• Teach children how to manage their time. They should be required to create daily “to do” lists and these lists need to be monitored by parents. The goal should be to accomplish at least 70% of their tasks on their daily “to do” list.

Wealthy people do certain things every single day that sets them apart from everyone else in life. Wealthy people have good daily success habits that they learned from their parents. These daily habits are the real reason for the wealth gap and why the rich get richer. Unless we teach our children good daily success habits, and level the playing field, the rich will continue to get richer and the poor will continue to get poorer.

Who agrees with him?

Source: richhabits.net