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.