Finance

10 Parenting Tips to Help Grow a Millionaire

Ilon Musk, Larry Page, Mark Zuckerberg, Oprah Winfrey – the world is full of stories about how today’s billionaires started from scratch and achieved incredible success. Which parent does not want, deep down, that his child will become one of the strengths of this world. The main question is how to raise an obviously successful person.

We at Happy Worthy Life have shoveled the entire Internet in search of an answer to it. There is no single recipe. But there is something that can be done for any child right now.

1. Talking with children about money is possible and necessary

10 Parenting Tips to Help Grow a Millionaire
© Mary Poppins Returns / Walt Disney Pictures  

This is not a taboo subject. From an early age, the child must understand where the money comes from, why they are needed and how they can be earned.

  • In the store we pay attention to prices. The child will be happy to become an active participant in the process, if he tells you how much this or that product costs, selects something from the list and, in the meantime, understands why, for example, pasta for 300 rubles can be left on a shelf in a supermarket, and similar ones for 80 rubles buy.
  • We explain what mom and dad do at work, why they go there and what salary is.
  • Feel free to discuss big purchases and travels at dinner from a financial point of view.

2. Send your child shopping

10 Parenting Tips to Help Grow a Millionaire
© Home Alone / Twentieth Century Fox  

It is not necessary to let him go alone to the store. You can stand nearby and watch. Younger students easily cope with such tasks. And those who still cannot read can certainly be helped.

  • The child has a list, purpose and money.
  • The task is to choose products, not to be distracted by temptations, to calculate how much money is needed, to pay at the checkout.
  • Of course, it’s better to start with less. You can send a child for shopping for the whole family for a week only if loved ones are morally ready to break chocolates for 7 days in a row.

This method of financial education is practiced in Montessori schools around the world. Attendants go to the store to buy products for classmates – for example, fruit for lunch or ingredients for future baking.

For parents, this is a great non-intervention training. Try not to prompt or correct. Ideal experience – obtained independently.

3. Play financial games

  • “Monopoly” and “Cash Flow” are fascinating tables, after which any participant will easily understand what investments, assets, liabilities and taxes are.
  • With younger children, you can regularly play in the “bank”, “store”, “family” and any other games that give an idea of how the financial world works.
  • Museums of professions will help bring these types of games to a new level. There you can “work” as a cashier, collector, manager at the bank, “earn” and “spend” local money.

4. Theory of 3 piggy banks – the first step to financial planning

10 Parenting Tips to Help Grow a Millionaire
© Sesame Street  

The idea is promoted in their books by Robert Kiyosaki (“Rich Dad, Poor Dad”) and Mark Allen (“Millionaire Course). You need to start 3 or 4 piggy banks. Their purpose can be chosen to your taste, for example:

  • Accumulation. Gradually, you can accumulate a tangible amount for a dream. It is believed that the ability to save is a good prevention of loans in the future.
  • Spending Not every adult knows how to wait, and even more so it is difficult for children to do it. Let the kid understand how nice it is to treat yourself out of pocket money.
  • Investments. Children do not have many opportunities for creating assets, but you can get a plastic card with the possibility of calculating interest.
  • Charity – such a piggy bank is needed to teach a child not only to receive, but also to give. For example, you can feed a homeless kitten or participate in volunteer programs.

The child himself decides what to spend (or save) his money on.

If this method is close to you, you can give your child, say, $ 3 per week, so that the piggy banks gradually fill up.

5. Under no pretext do not say “We have no money”

Some parents do this so as not to indulge the whims of the kids. The ill-fated phrase wants to fly off its tongue when you are already standing in the middle of the store, and the kid grabbed a huge toy and looks at it with an admiring look. Why can’t you do this?

  • Negative. When the phrase “We cannot afford it” sounds, the child understands: parents are dissatisfied with what they have, money causes negative emotions.
  • Passivity. The wording tells the child that you are not in control of your life. An active position is to decide whether or not to buy this or that thing, and not give the amount of money in the wallet to control you.

6. How, then, to refuse correctly

10 Parenting Tips to Help Grow a Millionaire
  • “We didn’t come to the store for this.” Here and planning, and prioritization, and parental firmness.
  • “I will remember that you like it, and when we choose a birthday present (New Year, March 8, Knowledge Day, City Day (you never know!)), We will certainly consider your wishes.”
  • “Let’s agree that we will buy gifts once a week” (for example, on weekends). This is if the request is not large-scale and it is not difficult to endure until Saturday. It is very important to learn to wait and dream, set goals (including financial) and go to them.
  • “It costs more than I planned to spend.” Also a good answer, which makes it clear that an adult plans his expenses.
  • “If you find the same thing at a better price, we will buy it.” Firstly, this approach will help the child understand that the same thing can have different prices. Secondly, it allows you to avoid making eccentric purchases. A little delay will help you see if the thing is really needed.

7. Bake one pie a week with your child

10 Parenting Tips to Help Grow a Millionaire

Nothing will give a child such a range of skills and opportunities as culinary experiments in his own kitchen with his mother. In this process, develop:

  • independence and self-confidence;
  • the ability to finish the job to the end, the ability to see the result and enjoy it;
  • ability to take risks and bear responsibility.

8. Create a unique learning environment for your child from tastes, smells and sounds.

“Motivational field” (or simply “field”) is a concept that was invented in 1951 by Kurt Levin. He studied the influence of surrounding objects on human development and life. This term is actively used in marketing. And many educators and psychologists talk about creating a special motivational field during training. For example, the psychologist Lyubov Sgonnik teaches parents to find out what their favorite tastes and smells are and to surround the child with them during training. For example, bring your favorite apple as a snack while solving a difficult task.

9. Allow the child to skip school

10 Parenting Tips to Help Grow a Millionaire

Success is achieved not by excellent students, but by flexible people who know how to learn, look for new opportunities and know where to retreat from the system. Sometimes, instead of school, it is better to spend the day in silence or, conversely, come up with a cultural program.

Absenteeism can be useful in order to:

  • Think about psychological health. Some companies are introducing this practice. For children, this can be no less important when you just need to “exhale”.
  • Stay physically strong. In order not to turn on the mechanisms of psychosomatics (when the body becomes ill to rest), it is better to skip a couple of days without any guilt.
  • Resurrect intrinsic motivation. At its core, according to scientists Edward Deci and Richard Ryan, are: competence, autonomy and contact with the teacher. Competence (“I can”) and autonomy (independence) are qualities that are not welcomed at school, and simply “wait” for the time to be found on them.
  • Show your love. The teacher and writer Dima Zitser does not get tired of reminding that for all the benefits that parents try to “inflict” on their children, they forget about the main thing – about love. And truancy, initiated by parents, is its manifestation. When a student knows that his parents are in “his team”, he can handle all the troubles.
  • Prioritize. What happens if you miss a lesson in labor or the final math test? In any freedom, responsibility arises.
  • Take risks. The ability to take a bold step is a feature of all millionaires. A worthy example is Howard Schulz. He was not afraid to open a network of coffee bars, contrary to the wishes of Starbucks management. With everything at stake, Schulz started the business from scratch. Starbucks later teamed up with his business and became one of the largest coffee chains in the world.

10. Allow yourself to be sometimes lazy parents

Perhaps when you do not go on schedule to cook breakfast or do homework with your child, new opportunities will open up for him in terms of independence and initiative. Even caring is good in moderation. The older the child, the more he can do for himself. Any first-grader can feed the cat, wash the shoes (yes, and yours, too), wash your clothes and take the dishwasher apart. Just not everyone knows that it is possible.

The secret is that independence is one of the most important components of success. And financial as well.

Bonus: a list of books on finance for children

10 Parenting Tips to Help Grow a Millionaire
© Young Sheldon / Warner Bros. Television  

Books:

What educational secrets do you use to make your child successful?

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