Simple Lessons to Teach Your Kids About Money

What are you doing to ensure your children will have everything it takes to be financially successful? There are some simple lessons that all parents can start teaching their kids early on that go way beyond the basics of saving money and earning an allowance.

Steve Siebold, author of the book ‘Secrets Self-Made Millionaires Teach Their Kids,’ the tennis-player-turned-professional-speaker who has interviewed more than 1,200 of the world’s wealthiest people over the last 30 years, offers tips and highlights specific actions kids should take if they want to set themselves up for financial success later on.

  • Teach your kids to dream big: The self-made rich are the biggest dreamers in the world. And parents encourage their kids to dream beyond what they think is possible. The truth is that not all their ideas are winners, but that doesn’t discourage them from thinking about it. Encourage you kids to dream about whatever it is that motivates, excites and drives them.
  • Teach your kids that wealth is nonlinear: School and most of what you learn is going to teach you to think in linear terms or in a straight line. 123. ABC. Unfortunately, the serious problems in society are rarely solved at this basic level of thought. Encourage your kids to look at things in as many different ways as possible. And in ways that other people never even consider. Teach them that linear thinking is the obvious. Nonlinear thinking is the non-obvious.  Linear thinking will make your kids a living. Nonlinear thinking will make them rich.
  • Teach your kids to maintain a sense of urgency: Teach your kids that with each passing year, time seems to accelerate, so they must operate with a sense of urgency. The masses procrastinate, stall and put-off fulfilling their commitments to the very last minute, which is often too late. Teach your kids it starts now by completing their class assignments, homework, chores, sports or music practice, and anything else they commit to in advance or at least on time.
  • Teach your kids to embrace conflict: Most people avoid conflict at all costs. They hate it. Teach your kids that constructive conflict can be a valuable learning mechanism. When smart people disagree on ideas, philosophies and strategies, new levels of understanding can be reached. Teach your kids to keep their emotions out of conflict and look at it through the eyes of logic and learning. If they do this, they’ll be able to use conflict to learn, grow, be more successful and make more money. Remember, conflict is inevitable, but combat is optional.
  • Teach your kids to fail forward: Teach your kids that success is usually built on a series of attempts and failures. Most of the world views failure as a death sentence. Instead of learning from the failure and moving forward, most people shrink back into their comfort zones and play it safe for the rest of their lives. Teach your kids that while failure isn’t fun it is the required foundation of making it big. Making mistakes and the education they will give you is to be expected and embraced.
  • Teach your kids to take responsibility: Teach your kids they are responsible for their success, fulfillment and happiness. Most people like to blame everyone and everything but themselves for their struggles. It’s never their faults because they refuse to grow up and accept the fact that they are makers of their own destinies. Teach your kids not to wait for the hero on the white horse to come riding in to save them. They are the heroes and they are 100% responsible for saving themselves.
  • Teach your kids to cocoon themselves: Teach your kids to be selective over who gains access to their inner circle. The masses see this as an elitist action successful people take to isolate themselves from others because they think they’re better. That’s simply not true. Cocooning is about protecting your consciousness from the fear and scarcity mindsets that plagues the masses. Dr. Albert Einstein said, “Consciousness is contagious,” and he couldn’t be more right. Your kids will be the average of the five people they spend the most time with.

Secrets Self-Made Millionaires Teach Their Kids‘ is comprised of 160 short chapters that parents can read with their kids. We are honored to also have Steve Siebold join us on Profit Boss® Radio in the coming weeks to talk more on this topic!