Parents are teachers
We all know that children learn most of the things they do from home. Their role models are their parents. It is common to find a family of thief’s, politicians, doctors, teachers, singers, or a family of entrepreneurs.
Our children learn from us. Most of the time is the mother or the father who started, then the rest family follows in their footsteps.
However, it does not mean that if we are not entrepreneurs we cannot teach our children to be successful and own their own businesses. Imagine having a family of self-made millionaires! It’s a dream for every parent
Not all parents are entrepreneurs
It is easy if you are an entrepreneur to teach your children to be entrepreneurs as they will learn from you. You will be their role model and they will have firsthand experience watching you working hard and learning all the business skills from you.
However, If you are not an entrepreneur and you are a very successful executive, it will be very difficult to convince your children to start their own businesses.
They will want to be successful executives like you.
You need to work hard to convince them that owning a company pays better than a monthly check.
How do you do this when you don’t believe in entrepreneurship yourself?
Well, my advice will be, buy them business books. Explain to them that they live in a changed world. Introduce them to successful entrepreneurs to mentor them.
Tel them that employment is no longer guaranteed even if you are educated. Teaching your children entrepreneurship could be the best legacy you leave to your children
The worst advice
Giving your children the same advice your parents gave you many many years ago is the worst advice ever. The saying go to university to get a degree and get a good paying secured job is no longer relevant. Look for new ways to guide your children
Let them see the reality if you look around the richest people did not get rich because of their education. We see university graduate roaming the streets, some are working as tellers in chain supermarkets. Gone are the days where a university degree has value. The job market and the future no longer looks bright. The tradition of getting a degree and a stable secure job is just a once upon a time story we tell to our children.
Understand me, well parents, I am not saying education is not important, I am saying the world around us has changed but the advice has not changed. If we want our children to be independent and successful we have to teach them financial literacy..
The best advice
Tell them this: Get financial literacy and the knowledge of how money works. Be prepared to face the world that awaits you. Learn how to be successful and start your own business.
When is the right age to start introducing your children to financial literacy?
You can start teaching your child to be a successful entrepreneur as early as possible I would suggest when your child is able to read and write. That will be around the age of 8.
Our schools do not teach us to be entrepreneurs. You will never find this topic in any syllabus “how to start your own business” or “how to be successful”. Therefore it is your duty as a parent to prepare your children for the future they will one day create for themselves.
Teach your children about money
This is the easiest and the most beneficial topic for every Parent. Teach your children that money can be used to make more money. Change their thinking that money is only used to buy things. Let your children know the difference between wanting money and wanting to make money. Make it clear that making money involves work.
Books can be teachers too
Click here to read business books Amazon
One value that you can instill to your children is financial literacy you can do this through, games, books and TV programs. The process should be fun and enjoyable. Do not make them hate reading by being strict and forcing them to read.
I will recommend the following books for a start. These books are also good for you.
- The Young Entrepreneurs Guide To Starting And Running A Business by Steve Mario
This is a very good book, you will not regret buying. It’s an investment that you are making for your child’s future. It will teach your child how to turn their ideas into money.
- Rich Dad Poor Dad by Robert Kiyosaki
This is one of the books that created a millionaire inside me. It illustrates the mindset that makes the rich get richer and the poor getting poorer. Your child will learn how to achieve financial freedom. It is a must read for every parent and child.
- The Millionaire Next Door by Thomas J Stanley
This one teaches the difference between wealth and income
- The Parables Of The Pipe Line by Burke Hedges
Let your child learn the difference between being an employee and being an employer.
- Think And Grow Rich by Napoleon Hill
This is the no1 book on achieving success.
Go to Business Books in the Menu above or go to Amazon and Google search these titles. It’s easier to buy an EBook also called Kindle Edition as you get your book immediately.
Teach them how to recognize opportunities
Let them know that there is a lot of opportunities around them.
Whenever there is a problem let them know that solving that problem is an opportunity for business
Encourage them to identify problems and come up with the solution to solve them
Teach them how to plan
When your Child has seen a new toy that they want to buy. Tell them that you need to budget for it. Sit down with them and plan a suitable time to buy it. Do not let them get used to getting what they want at any time.
Another way is to make them do some work in exchange for a reward. This will teach them that nothing is free.
Make this fun don’t make this look like emotional abuse. Explain the importance of this and make them see the benefits. If this method is done well it will produce a wonderful result.
If not done well it will backfire and leave your child longing for his first salary to buy things he wants without planning as he now hates this horror called planning.
Teach them that failure is good.
In school failure is bad. In business failure is good. Let them know the difference. When your child has failed to sit down with them let them identify the reasons for their failure and come up with new strategies on how to pass. Teach them never to give up. Give all the good reason why failure is good. Let them understand that failure is part of life.
Teach them to give
And lastly, teach them the value of helping and giving. Once in a year let them donate their toys and clothes to charitable organizations.
Be a role model and practice what you preach, remember most children learn from home.
Good Luck in preparing your children to be a millionaire. Share with me and other Parents any other methods that can work better.