How to raise millionaires

September 30, 2010 by  
Filed under Child Development, Family, Parenting

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Kids Are From Krypton Parents Are From Pluto Radio Series Update Sept. 23:   When I give kids 3 wishes, almost all of them include ‘a million dollars’ as one of their wishes.  And yet, about 98% of these kids do not believe they could ever make that much money.  And if they grow up believing they can’t, then chances are they won’t.  Because they won’t take the steps necessary to be truly financially successful.  Why?  It’s not part of their mindset; it’s out of their realm of possibilities.  Now, you might be thinking—“Of course it’s out of their possibilities; we’re not millionaires!”  The good news is that you don’t have to be.  Some of the key factors to helping your kids develop a millionaire mindset are to value money, have a positive attitude toward people who make a lot of money and practice saving and giving.  You are the model for the belief system your kids will develop around money.

Enjoy your kids!

TOP 5 TIPS OF THE WEEK:

1.  Show your kids that money is going in, not just going out at the ATM.
2.  Differentiate between wanting and needing.
3.  Show them you’re planning for the future.
4.  Give to others
5.  Show your kids you love them…through your words and actions.

Radio For Women

Comments

6 Responses to “How to raise millionaires”
  1. 98% – Wow! Parents ARE the base of their childrens belief systems, so I’d bet that if you asked those same parents what they wished for, having a million dollars would be at the top of their list too. I’m curious – what else is at the top of the list of things they wish for?

  2. Karla W says:

    It is amazing that we think things will just happen without purposeful and intentional effort. We all want our children to be successful…..we better put in the work and be the example if that is going to happen, huh! Good Article!

  3. NIck Kin says:

    Show your kids how to balance a checkbook, have them understand their tax responsibilities and support them in all their endeavors. Allow them to be creative and fulfill their dreams. It’s their creativity and perseverance that will allow wealth to prosper.

  4. Dr. Vicki Panaccione says:

    Thank you for these great additional suggestions. Enjoy your kids!

  5. This is interesting, as I shy away from the idea that my son would wish for a million dollars. I don’t want him to think that money is the root of happiness. On the other hand, I truly want him to have an excellent handle on his finances and make responsible money decisions–which theoretically would lead to him being worth a lot of money someday. I need to do some thinking about how to separate the wish for material things from the wish for financial success.

  6. Dr. Vicki Panaccione says:

    Thank you so much for your comments. I find that most kids will wish for a million dollars, but don’t really think they can acheive that goal. Why not? Teach them to be financially savvy and they can be very financially successful. While money is not the root of happiness, in this society it sure does help create the life to which most folks aspire. And, the more money your kids accumulate, the more generous they can be, as well. Teach them to give, along with saving and how to spend. Thanks again for sharing your thoughts. Enjoy your kids!

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