If you are reading my blog, you probably want to become a millionaire or you already are one.
If you want to become one, and if you have children, you probably are trying to instill your values in your children – the values that are driving you to want to be a millionaire.
If you already are a millionaire, and if you have children, you may be wondering how you need to raise your children (or maybe your grandchildren) differently than you were raised – because they are being influenced by wealth in ways you weren’t.
To address these questions, I will be writing a series of posts (interspersed with posts on other topics) with ideas on how to raise children to be millionaires.
To see all of our How to Raise a Millionaire posts, click here.
Money Is the Last Taboo
Many parents fear that sharing their personal financial situation with their child will have a bad result. Maybe the kid will spread it all over the neighborhood! Maybe he will brag to his friends about how much money the family has. Maybe knowing that he will receive an inheritance will make him into a lazy bum.
Show Your Child That You Spend Time on Finances
Your child learns most by soaking in the actions you demonstrate. This is true of everything, including what you do with your finances. To raise a millionaire, you need to demonstrate that you do indeed spend time on your finances, but you also need to let them see, hear and participate in the time that you spend.