One of the easiest ways to be rich is to have rich parents. However, many a trust-fund kid has blown their fortune because they never learned how to appreciate money or how to make their money work for them.
Savvy self-made millionaires who are also good parents know that the best thing they can do for their children other than leaving them a generous inheritance is to teach them the skills they’ll need to become financially independent. So, what are the secrets self-made millionaires teach their kids and could you teach these lessons to your kids too?
10 Secrets Self-Made Millionaires Teach Their Kids
10.Learn that the best things come over time
According to Business Insider, Siebold says that long-term financial stability takes time. It’s possible to make fast cash but instant gratification isn’t going to help you keep that money.
9. The world doesn’t owe you
Siebold writes in HuffPost that nobody is entitled to anything. The opposite of feeling entitled is self-reliance, which is a trait you need to instill in your kids. He says that the more you show self-reliance, the more people will actually want to help you.
8. Expect to be rich
For his book, Siebold interviewed hundreds of millionaires and billionaires and says that almost every one of them expected to be rich. You don’t need forever either but can be rich in your 20s or 30s. In fact, there are many women who became CEO before 30, taking one step closer to becoming rich.
7. Write vision letters
On Business Insider, Siebold suggests you teach your children to write down their vision. They can do this by writing letters to a friend pretending it’s some time in the future and they’ve reached their goals. The idea is that they need to imagine what it will feel like since this will motivate them.
6. Learn how to think
Writing on HuffPost, Siebold says that instead of learning what to think, potential millionaires learn how to think. This involves thinking big and thinking for yourself, following your own path no matter what others may think about it.
5. Play rich people’s sports
According to Business Insider, Siebold says that playing sport is a great way to network. However, to network with powerful people, you need to play the sports that rich people tend to play. Of course, we don’t all have access to playing polo but anyone can learn how to play golf or tennis.
4. Make friends with rich people
Siebold says that it matters who you spend time with. Hanging out with rich people, such as the richest families in the world, will expose you to the kind of mindset where you’re more aware of health-related matters.
3. Getting rich takes work
On News.com.au, Siebold says that getting rich takes work. You’ll be giving up leisure time and sleep in the process, so you’ll have to be prepared to make the sacrifice. However, there’s no reason to feel sorry for yourself when you’re burning the midnight oil to build something great: there are plenty of sleep-deprived jobs where you won’t get rich in the process.
2. Watch the markets
Business Insider quotes Siebold as saying that opportunities are everywhere. To find these opportunities, you need to watch the stock markets for the big picture. You also need to pay attention to what’s happening locally, for instance by chatting to store owners.
1. You deserve to be rich
Steve Siebold is the expert in this area. He writes that you shouldn’t think you need to be born rich, be unusually talented or attend the best schools – such as the most expensive private schools in Canada – to be rich. If you solve enough problems and serve enough people in a free market economy, you deserve to be rich.