Today we celebrate ‘Be a Millionaire Day’! The origins of this day may be unknown, but the day honors the desire to enjoy the freedom and power associated with being financially secure.
We all want to raise our children to be self-sustaining and happy people and give them a chance at a life we didn’t have. We teach them how to save money, how to make the right decision, how to be a decent people etc. but wouldn’t it be nice if we could teach them how to be a future millionaire?
Of course that the most important thing is to raise a happy child, but if it’s possible, why wouldn’t we do the best we can to set up their minds to become future millionaire.
Here are some ideas on how to raise a future millionaire!
Teach Them Dream Big
Future millionaire is a person who think big and trying hard to accomplish things that everyone else says are impossible. Henry Ford wanted to bring cars to the middle-class people and he created one of the biggest businesses of his time. Thomas Edison dreamed of using electricity to light cities. Dream big!
Make Them Aware of Life’s Options
If you look at all the people who are grossing a million or more in salary per year, chances are you will find people who have taken something they love and built an empire. Who knows, your son’s fascination with crafting guitars can turn into a multi-million dollar business. Or your daughter’s love for designing clothes could set her up for life. Take away the mystery of the steps to attain this and they will be well on their way.
Invest In The Proper Education
Conventional education will bring about conventional minds. Let your children explore the world. Expanding the borders will expand their minds; allow ideas to come with new opportunities. It’s one thing to send them to a good school or make them get good grades but it’s another thing to have them really understand it. A trip to Africa to see lions will teach them about wildlife and could very well turn into a conservation project as well as other opportunities that will no doubt net profits. I believe that traveling through the world should be the best education for everybody. It’s only when you see the big picture you will be able to fully understand how everything ties together.
Teach Them To Love Work
There is no doubt you have to love what you do to be successful at it. Teach your kids that working doesn’t have to be a chore. If Bill Gates hated what he did, he wouldn’t have been one of the richest people in the world.
Teach them that if they want something in life they need to work for it.
Teach them the difference between working hard and working smart.
Bill Gates began programming at least a few hours a day every day when he was around 12 years old. Warren Buffett began with paper routes and vending machines when he was just big enough to ride a bike. Carlos Slim’s dad started him out running the family’s businesses around 14 years old. By the time he was 30, he was already a multi-millionaire. Zuckerberg has a similar story. Bezos has a similar story. Elon Musk…. you get it.
Teach Them The Value of Money
When Elon Musk was in college, he tried to live on $1 a day. All the Rockefeller children had to keep accounts of their daily spending. Many people don’t teach their kids the value of money, and even worse, some instill even negative habits and negative views of money in their kids! The combination of thrift and hard work at an early age is what separates the wealthy from those who have to borrow money.
Become financially literate.
Make sure you know all these things before you try to teach them to become a future millionaire. Before you can teach them how to be rich, your must know how to get rich. Read books about investing and concepts about finance such as profit, asset, liability, equity, coupon, cost of capital, etc. You don’t have to become the next Warren Buffett, but you should be familiar with some basics.
No matter what kind of life we had, we can teach our kids to have a better one. Showing them how to succeed is the one gift we can give them that they will cherish for a lifetime. Becoming a future millionaire isn’t a difficult task if you know what to do. Well, they don’t even need to become a future millionaire, but these steps will help them to succeed (and maybe even become a future millionare!