Dad how do I become Rich?
WOW! Where did that come from?
OK, I shouldn’t be surprised, I have been talking to him about the subject of money for some time now. But being a child he jumps straight from saving and making money to – Dad how do I become Rich? If it were only that easy son, if only.
Dad how do I become Rich
First: Let’s get something straight – first we need a plan. You need to know what to do with your money. In the case of my son and teaching children about money I started off with what to do with your dollar. It is a simple modified plan I learned from Jim Rohn’s.
Second and probably more importantly – you have to start making money. Surprise! No not really but I had to mention it. In the case of most children, they make money (depending on age) through allowance, gifts and a part-time job (odd jobs, babysitting and etc.).
(* Why did I mention having a plan before you make money? Because everything requires a plan beforehand. Leaving your planning efforts for later only means you will never get to it. My favorite quote: A failure to plan is a plan to fail.)
Third: Learn through experience. The best way to learn is by doing and life is filled with opportunities – to learn. Children learn by doing, so the best way to teach about money is by involving children in the process. Teaching Kids About Money: An Age-by-Age Guide is an interesting helpful guide how to teach children at different age levels about money as well as how to involve them in the process.
Dave Ramsey also has an interesting guide.
Show opportunity cost. That’s just another way of saying, “If you buy this video game, then you won’t have the money to buy that pair of shoes.” At this age, your kids should be able to weigh decisions and realize that each decision has a consequence. 9 Ways to Teach Your Kids About Money – Dave Ramsey
Fourth: It’s for life. This is not the kind of thing that takes longer than a day, a week and may take a lifetime to master. In our society today we want things to happen now and we forget that somethings require a lifetime of work. A recent example I gave my son was the one of Kevuntez King. King is a young man who raised enough money, by selling newspapers for five years, in order to pay for his college tuition (Teach Children Money).
Dad how do I become Rich
So why do I entertain this question? Well, because I teach my children that money is not evil – being poor is evil. Yes that is what I said. While many worry that I am teaching my children to be greedy. I spend my time trying to teach them to be hard working. To work smarter not harder. To be wise with your life, time and money. And if you have, make sure to share. Why entertain my sons question “Dad how do I become Rich?” Because in order to give you have to have something to give. I will leave you with this one last thought.
The bible, teaches that if a man (person) wants to be a bishop (leader) in the church. He (person) must have his house in order. This means that before you want to help others and give to others – make sure your spouse and your children are well taken care of. How can you lead? How can you give? When your children are hungry and in need. When your spouse lacks basic necessities. In essence – give out of your abundance. Now we can argue about the term “abundance” and how we have so much more than poor countries. But all I am saying is. If you have more than enough to take care of your own, you can then be truly available to give to others in need.
So when my son asked me – Dad how do I become Rich? I know it is not about greed. Because I know my children. They talk about giving, sharing, about becoming engineers and often speak of taking care of Mom and Dad when we are old.