HOW TO RAISE CHILDREN TO BE A FUTURE MILLIONAIRES
By Nympha Miano-Ang
Whatever his background was, many believe that he accumulate his wealth through his diligent savings. He took care of his money and as soon as he had enough amount on bank, he’d rather put his hard earned savings to computer business.
Just like Gates, you too, as a parent can teach your own children to take good care of their money, how to earn, keep and save in an early stage so that they end up to become a millionaire too. How to spend their allowances is very important to start up.
Take a look at the Book of Troy Dunn, he explains the early method and practical way of how children can gain financial independence especially from their own allowances. It has also a guide about entrepreneurial skills that can help kids to strengthen their abilities on money handling.
It has friendly business to start up to be able to make earnings by kids. He also gives tips on how on his own success will contribute to the learning guidance while putting up business venture.Not only practical ways of earning money is important to learn by many children. The avoidance of business scams, addiction in lotteries and impulsive buying of anything should always be follow to keep him progressive until he grows. Legally putting up businesses and investment advises should constantly bears in their mind. If you would like this to happen to your own kid, Mom and Dad, here are some ways to teach your children how to take care of their own money and how to keep track on their savings, so that they will raise up to be a millionaires.
1. GET HIS INTEREST. Buy him a small piggy bank. Tell him that the coins he accumulated from his purse can be put it in. Encourage him that his coins can be safe to store and while he continuous to gain more coins, the bigger he earns later.
2. OPEN AN ACCOUNT. Make savings a habit. Whether he got money from his grandparents, aunt and uncle on his birthday or any other occasions he has to store it on his savings account.
3. ENCOURAGE HER TO MAKE IT A HABIT. Give her part time job. When the child started to habitually saves coins, encourage her to earn more bucks from lemonade sale and took his allowances to this kind of part-time job.
4. REWARD HIM to any household work he made and school work he finished, make it a regular allowance. He should learn to work on things just to be able to save money.
5. AVOID CREDITS. Teach the child not to borrow big amount of money to others if he can’t pay it back. Warn him that it is bad to have a huge credit bill, he might put into jail in the long run if he will not control the bad habit.
6. LEARN THE PRINCIPLE OF BUDGETING. If he want to buy a new CD, it doesn’t mean he will going to use his full savings to get the item. Prioritize his real need to his wants. List down his “needs” first. Teach him the rule of being wise in spending money. He should not buy thing that’s not important, not to spend money because he likes one thing.
Footnote: Troy Dunn: How you can raise your child to be a millionaire; Savings: Raising a Millionaire; www.bankrate.com/brm/news/sav; How-to-make one’s kids millionaires www.ehow.com 270889
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