Is it any wonder that most Americans live paycheck to paycheck? That most Americans accumulate more debt than assets? That many Americans lose their homes when they lose their job? Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt?
Because there are no courses on basic financial success principles taught in schools and no structured courses teaching basic financial literacy. We are raising our children to be financially illiterate and to fail in life. and here is how!
Here is a list of 5 habits that separate the wealthy from the poor:
- 83% of the wealthy attend back to school night for their kids vs. 13% of the poor.
- 63% of wealthy listen to audio books during their commute vs. 5% of the poor.
- 9% of the wealthy watch reality TV shows vs. 78% of the poor.
- 79% of the wealthy believe they are responsible for their financial circumstances 82% of the poor believe they are victims and not responsible for their poverty.
- 8% of the wealthy believe wealth comes from random good luck vs. 79% of the poor.
It’s your responsibility to teach your kids the right habits. The best parents teach their children good habits that lead to success and the worst parents teach their kids bad habits that lead to poverty.
The right habits you should be teaching your child:
- Require that children read one non-fiction book a week and write a one page summary of what they learned for their parents to review.
- Limit TV, social media, video games and cell phone use to no more than one hour a day.
- Teach children to dream and to pursue their dreams. Have them write a script of their ideal, future life.
- Require that children save at least 25% of their earnings or the monetary gifts they receive.
- Require that children set monthly, annual and long-term goals.
- Children need to learn how to manage money. Open up a checking account or savings account for children and force them to use their savings to buy the things they want. This teaches children that they are not entitled to anything. It teaches them that they have to work for the things they want in life, like cell phones, computers, fashionable clothes, video games, etc.
- Teach children that the pursuit of financial success is a good thing
For more material to teach your kids about money check out the latest DebtWatchers eBook for kids “It doesn’t grow on trees” also available on AMAZON KINDLE