How to Raise a Millionaire – Continuing Your Young Adult Child’s Financial Preparation

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.

Training Kids To Be Millionaires Doesn’t Stop When They Reach 18, or 21, or 35, or….
 Some of the most critical training occurs when your child is entering adulthood. They begin to exercise their judgment to make decisions on credit, savings, investments, careers and businesses. Coming into sudden money between the ages of 18 and 25 can totally derail a young adult if they are not financially prepared to deal with it.

However, your child IS an adult. Your child will most likely NOT accept the same parent/child teaching model your family developed as it grew. You will need to find new ways to continue your adult child’s financial preparation.
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How to Raise a Millionaire – Show Your Child That You Spend Time on Finances

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.

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How to Raise a Millionaire – Developing Your Child’s Entrepreneurial Aptitude

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.

What does developing your child’s entrepreneurial aptitude have to do with raising a millionaire?

Entrepreneurs and people with their own businesses are more likely to become millionaires.

Prince and Schiff in The Middle-Class Millionaire state that the millionaires go where the money is – meaning that they put themselves consciously in the path of money – stock options, commissions, their own business, etc. Frank, in Richistan, indicated that most of the Richistan inhabitants made their money by starting their own companies and then selling them. Stanley, in The Millionaire Next Door, relays that 2/3 of the millionaires interviewed were self-employed.

If your family already has money, and you want to beat the shirtsleeves to shirtsleeves in three generations syndrome – each generation must find ways to contribute to the family’s net worth – they must be entrepreneurial.

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How to Raise a Millionaire – Child Rearing Issues Money Can Cause

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. Continue reading

How to Raise a Millionaire – What the Greatest Generation Did (Part 2)

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.

I am an elder boomer, child of the Greatest Generation. My parents didn’t know it but they were raising a future investor. Here are some of the things they showed me as I was growing up – things that helped me become what I am.

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How to Raise a Millionaire – What the Greatest Generation Did

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.

Continue reading