I don’t know about you, but my children must not be poor, they must not struggle.
It doesn’t matter if you were poor or you struggled to get to where you are now, there is no problem but if you are passing that legacy to your wards, then there is a problem because at the end of the day, it wouldn’t be just your family’s problem but the society.
How do we not pass that struggle mentality to our wards?
It’s by being deliberate.
Being the model first for ourselves, then to our children.
As a parent, you have to have a wealth mindset, (which itself connotes a lot of things – desire, knowledge, hard work, saving, investing, financial literacy, networks, abundance mindset, modesty, consistent practices, selflessness, discretion, wisdom, and so on) before you can pass it on to your children.
But about passing a wealth mindset to a child from the standpoint of a parent that already has it, it shouldn’t be difficult, but it has to be deliberate, and it’s in stages.
First, model wealth practices for your toddler child.
As the child grows further, start showing the child how to save, attaching goals to it (see attached picture).
When the child begins to read, guide towards reading books on wealth like ”The Richest Man In Babylon”, ”Wealth Beyond Your Lifetime In Simple Steps https://bit.ly/2KvyDPw, ” and related basic wealth mindset books, and watching educative and informative programs.
Then, at a time, take the child to the place of your business, work, etc to create a mental picture.
Introduce the child to your investment managers, get them involved.
This way, you don’t just pass money to them, you also pass on the ability to perpetuate the wealth.