It’s no secret that self-made millionaires know a thing or two about money. However, what may be less well-known is that they often pass down their money smarts to their kids. Many millionaires have specific secrets they teach their children to help them amass a wealth of their own one day. One such millionaire is Grant Cardone.
He teaches his kids the importance of earning and saving money and investing in the future. Another millionaire, Steve Siebold, stresses taking risks and not being afraid to fail. And Robert Kiyosaki, author of “Rich Dad Poor Dad,” encourages his kids to find a career they love and invest in themselves. So what do these and other self-made millionaires’ secrets boil down to?
10 Secrets Self-Made Millionaires Teach Their Kids
10. Learn that the best things come over time
According to Business Insider, Siebold says that in long-term financial, however, he, However, the ability 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 wealthy.
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 know 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 an excellent way to network. However, to network with powerful people, you need to play the sportsFor example, hangingmple, hangingich 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 slYYout 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 iInstead, instead, 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.