Preparing Your Children For Financial Success
Millions of Americans have been stunned by the speed with which their personal economies have changed with the current economic realities. This downturn gives real estate investors everywhere a golden opportunity to have genuine teaching moments with their kids by giving them solid financial literacy information and advice that can give them a jumpstart in leading a successful life.
As critical as it is to teach your kids about money, it’s also imperative that you lay the groundwork for success in life by giving them the tools and the confidence necessary to accomplish their hopes and dreams. The news is filled with lots of really scary financial topics that have adults shaking in their shoes; the problem can be even worse for your kids. Here’s an easy-to-implement blueprint for success:
Empower Your Kids to Succeed by Building Their Self-esteem – Study after study tells us that kids who feel good about themselves are more confident and that they tend to go further in life. By taking the time to spend with your kids and do fun things together you send the message to them that they have value – to you and the rest of the world. Help them to build self-confidence every chance you get. Not only will it pay off big-time now by cementing your relationship with your kids, it will pay off later in life when they need the self-confidence to know that financial decisions can be made – and that they CAN succeed in whatever endeavors they put on their “to-do” list.
Teach Them to Dream Big – Real estate investing is all about having a dream and the courage to see it through, even when the going gets tough. By instilling in your children the importance of dreaming big you’ll teach them that no mountain is too high to overcome. This will be critical to their success in life, whether they choose to follow you into real estate investing or they choose to go their own way.
Goal-setting is Great – Teach your kids from a very early age the importance of setting – and reaching goals. You can start teaching this simple concept at almost any age, but the younger they are when you get started, the better off they will be. You may have a youngster who wants to raise money for a new bicycle. While you may be tempted to take out your credit card and just pay for it, let them set a goal and then help them devise a strategy to raise the funds. They’ll learn a ton from this exercise – and no two wheels ever turned so smoothly or as fast as the wheels on a bike you’ve paid for with your own hard-earned money.
Introduce age-appropriate financial concepts – Cash is King to a real estate investor and you can begin laying the groundwork for a solid financial future by explaining the importance of letting your money work for you, instead of the other way around. What you teach your children can vary depending upon their age. For instance, you might want to teach your eight year-old how to prepare a simple budget by setting money aside on a weekly basis out of their allowance in order to save for an “expensive” item. If your child is a teenager, you can explain the importance of not relying on credit cards to finance luxuries that are beyond your means. Regardless, instill the importance of saving and giving back by teaching them to bank 10% of all cash they receive and to donate a minimum of 10% of their income to charity or your church.
Don’t be Afraid to let them fail – One of the hardest things a parent can do is stand by while their children fail. While difficult, resist the urge to “kiss it and make it better” when your kids make financial blunders. No lesson is learned as well as one that causes us some pain. While financial pain can hurt, it’s better to let your children learn these lessons at an early age when tens of thousands of dollars or their credit rating aren’t on the line. Later in life they’ll thank you for it.
These lessons can really do a lot to prepare your kids for success in life. By laying the groundwork now you’ll prepare your kids to reach for the stars and to succeed in all of their endeavors. Their financial success will help them to lead much more enjoyable, productive lives. Your enduring legacy can be that you taught them well and that they carried out your instructions to help make this world a better place!
Want your kids to learn the principles of being a successful entrepreneur for FREE? How to manage money? Invest in Real Estate? Bring them to Wealth Camps Young Entrepreneurs in Training on May 30-31, 09! Go here for the details:
http://www.wealthcampseries.com/yetclub.htm
http://www.wealthcampseries.com
Charrissa Cawley has a long standing reputation for excellence as a gifted speaker, real estate trainer and wealth coach. Her strength lies in training entrepreneurs in the areas of real estate, investing and financial literacy. Her passion is bridging the gap between learning and doing. She has helped thousands of entrepreneurs all over the world seeking financial growth by equipping them with the tools, resources and specialized knowledge to succeed. Charrissa offers accurate and proven strategies to investors of all different levels and is the founder of www.reiconferences.com, one of the fastest growing real estate investment training organizations in the US in addition to www.rewexclub.com , the top rated Real Estate Investor Community on the web today.
Blessings!
Charrissa Cawley
P.S. Want your kids to learn the principles of being a successful entrepreneur for FREE? How to manage money? Invest in Real Estate? Bring them to Wealth Camps Young Entrepreneurs in Training on May 30-31, 09! Go here for the details:
http://www.wealthcampseries.com/yetclub.htm
