Family Life, Feature Story

8 Tips to Teach Your Kids Financial Success

Over the summer, Michala (now 17) started working a part-time job. She recently switched jobs to a different retailer because the employer is offering a higher pay rate and more working hours. Michala is SO excited about her new job because (1) she LOVES the company and (2) she wants to start making more money.

Financial success and money management is an on-going conversation we have with our teens. We’re always talking to them about career and college goals and also money management. We also share with them lessons we have learned from our own failures and successes.

Michala is excited because she landed a new, better paying job this holiday season!

Travis and I want our teens to understand that although having a part-time job is a great accomplishment, they need to always reach higher and think about their future.

What about you? Have you discussed with your children the importance of saving money or how to obtain financial success? Finance author and entrepreneur Steve Siebold shared with Good Life Detroit eight tips parents can teach their children about financial success.

8 TIPS TO TEACH YOUR CHILDREN FINANCIAL SUCCESS

1. 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– not all of their ideas are winners, but that doesn’t discourage them from thinking about it. Encourage your children to dream about whatever it is that motivates, excite, and drives them!

2. Teach your kids to build a healthy relationship with money. Unfortunately, most people see money through the eyes of fear and scarcity. The wealthy teach their children to look at money as a positive force in their lives and to see it through the eyes of freedom, possibility, abundance, and opportunity.

teach kids financial success
“The wealthy teach their children to look at money as a positive force in their lives and to see it through the eyes of freedom, possibility, abundance, and opportunity.”

3. Teach your kids that wealth is nonlinear. Most of what you learn is going to teach you to think in linear terms or in a straight line. 123. ABC. Unfortunately, serious problems in society are rarely solved at this basic level of thought.

Encourage your children to look at things in as many different ways as possible, and in ways that other people have never even considered. Teach them that linear thinking is obvious. Nonlinear thinking is the nonobvious.  Linear thinking will make your kids a living. Nonlinear thinking will make them rich.

4. 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.

You can encourage your children to start now with their everyday tasks such as completing class assignments, homework, chores in a timely manner.

teach kids financial success
Financial success and money management is an on-going conversation we have with our teens. We’re always talking to them about career and college goals and also money management. (Photo credit: Good Life Detroit)

5. Teach your kids to embrace conflict. Most people avoid conflict at all costs. They hate it. Teach your children that constructive conflict can be a valuable learning mechanism.

When professionals disagree on ideas, philosophies, and strategies, new levels of understanding can be reached. Encourage your children to keep their emotions out of conflict and look at it through the eyes of logic and learning.

If they do this, then 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.

6. Teach your kids to fail forward. Teach your children 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.

Let your kids know that failure isn’t fun, but it is the required foundation of making it big. Making mistakes and the education they will give you is to be expected and should be embraced.

teach kids financial success
Michala is excited to work at her new job! She has big academic and career goals.

7. Teach your kids to take responsibility. Teach your children 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 the makers of their own destinies.

Teach your children 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.

8. 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 of mindsets that plague the masses. Dr. Albert Einstein said, “Consciousness is contagious,” and he couldn’t be more right. Your children will be the average of the five people they spend the most time with.

Thank you, Steve!

About Steve Siebold

Steve Siebold teach kids financial success
Steve Siebold is an author, professional speaker, entrepreneur, and self-made millionaire. Photo credit: Steve Siebold

Steve Siebold is the author of the new book How Money Works: Stop Being a Sucker. He is a self-made millionaire and his work has been featured on The Today Show, Good Morning America, and CNN World News just to name a few! Steve has interviewed more than 1,300 of the world’s wealthiest people over the last 35 years. Visit Steve’s website here for the latest updates on his work.

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