Are you lying to your kids about money? Even parents with the best intentions in the world are usually going about teaching their kids about money the wrong way and are filling them with false information. How can you do it right?
Steve Siebold, the author of Secrets Self-Made Millionaires Teach Their kids, says if you want your kids to be financially successful when they grow up, stop telling them these 10 lies about money:
1. Stop telling your children that all rich people are crooks: The average person has been programmed from childhood to believe rich people acquire wealth through dishonesty and deceit. Teach your kids the truth, that the majority of fortunes were built through ambition, drive and vision.
2. Stop telling your children that money will stress them out: The average person would rather think about anything other than money because of the negative feelings they associate with it. Stop teaching your kids to see money as a never-ending necessary evil that must be endured as part of life. Instead, teach them that money is the great liberator that will help them purchase financial peace of mind and a life full of freedom.
3. Stop telling your kids they’ll never be wealthy: The truth is, anyone can strike it big. Don’t program your children to see money from a fear and scarcity point of view. Instead, teach them they have everything they need to make it big in this world, and it starts with seeing money for all the good things: freedom, possibility, opportunity and abundance.
4. Stop telling your kids they won’t be able to have fun if they are so focused on money: Rich people focus the majority of their attention on money-making activities they enjoy. Teach your kids if they follow their passion and spend their lives doing something they love around their talents and interests, they’ll never work a day in their lives. It is very possible to turn your hobbies into money-making activities. The rich do it all the time.
5. Stop teaching your kids they’ll lose all their friends if they become rich: If you really lose friends because you move into the biggest house on the block, the real question is: “Were they really your friends to begin with?” You’ve probably had friends you’ve known for years, and you could care less about how much money they have. Teach your kids the amount of money they have is irrelevant and if their friends have a problem with, they aren’t really their friends.
6. Stop teaching your kids that it’s noble to be poor: The masses have been misled to believe wanting more is wrong. The heart of this ideology is that you should be happy and grateful for whatever you have, and any ambition past that is pure greed. The human mind is wired to want more. Teach your kids that this drive is the engine behind every innovation in history. Ambition isn’t a sin. Ambition is a virtue.
7. Stop teaching your kids that life is fair: Life isn’t fair. It never has been and it never will be. That’s objective reality. We all wish life were a level playing field, but it’s not. Money gives you certain advantages in life, and the sooner your kids understand that, the more likely they are to want to earn more of it. Being rich won’t make them happy, but it will solve 90% of their problems. Money can even save your life.
8. Stop teaching your kids that rich people are smarter: Yes, it’s true: some rich people are very smart. However, getting rich is less about intellect and more about accumulating money. The secret to accumulating money is solving problems. While excelling in school and getting good grades is important, it won’t make your kids rich on its own. Thinking, solving problems and accumulating wealth is what kids need to focus on if they want to make more money.
9. Stop letting the outside world determine your children’s inner world. Teach your kids that confidence is attractive, but arrogance is not. When people start praising you for your success, check your ego at the door and remain humble. Teach your kids to be grateful for everything and to focus on humility, because that is how you build the foundation for a happy life full of success, fun and friendships.
10. Stop always comforting your kids: A teacher might yell at your child. Other kids might make fun of him. The point is, no matter what you do in life, people are always going to criticize, disagree and even be downright mean. Teach your kids that success and making money is a road filled with criticism and people will laugh at their ideas. In fact, when their actions are ridiculed, that’s how they’ll know they are on the right track. Help them to ignore the criticism unless it has merit and they can learn from it.
If you would be interested in setting up a call with Steve I’m happy to arrange it. Or, feel free to use his tips above with proper attribution.
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