Quick Summary
- Never tell children that their parents are wealthy
- No matter how wealthy you are, teach your children discipline and frugality
- Assure that your children won't realize you're rich until after they have established a mature, disciplined and adult lifestyle and profession
- Minimize discussions of the items that each child and grandchild will inherit or receive as gifts
- Never give cash or other significant gifts to your adult children as part of a negotiation strategy
- Stay out of your adult children's family matters
- Don't try to compete with your children
- Always remember that your children are individuals
- Emphasize your children's achievements, no matter how small, not their or your symbol of success.
- Tell your children that there are a lot of things more valuable than money
Hey, what's up?
A few more months before the end of the year. How are you with your goals? Almost done with it or barely there? Well, whatever it is you are aspiring for, I know you can do it. As for me, i am done with my tenth book!
If this is your first time here, one of my goals for 2013 is to read twelve books. The books that i have completed so far
- The Happiness Project
- The Secrets of the Millionaire Mind
- The Winning Attitude
- How to Work a Room
- The Coffee House Investor
- Eat That Frog!
- Awaken the Giant Within
- Fish! Omnibus
- How to Win Friends and Influence People
The Millionaire Next Door
And that my friends is my tenth book. This book was recommended by Mr. Randell during the Personal Finance for the Self-Employed seminar that I and my wife attended.The Millionaire Next Door book has a section on what parents should do and should not do. That is the summary you see above. That section got me interested because I wear two hats. I am the third son of my parents and I myself is a father to two young boys.
Key Points
Never tell children that their parents are wealthy
Why? Because if you are rich, you know that getting rich is a result of hard work and a lot of self-discipline. Rich people live a frugal live. You will not be there if hard work was absent or discipline is not there. The downside, however, is the mindset that "I will never let my children experience what I have experienced".
That my friend is setting your kid for failure. Why do you think you are successful right now? Discipline and character isn't it? Then be a good parent and make sure you don't let your children grow up without learning the same values and principles that your parents successfully implanted in you.
No matter how wealthy you are, teach your children discipline and frugality
Don't try to compete with your children (or compete with your parents)
Each to his own. Never go expect your kid to have the same achievements that you had. Don't go "when I was at your age..." Let your children discover and create their own success stories. Just be supportive.
Also, if you are better off than with your parents, don't be boastful as well. Never disrespect your parents. If you feel that your parents has lesser dreams than yours, you are exactly one of their dreams. If you have hang-ups that your parents were not able to buy you nice things or send you to a better school... that you will never let your kids experience that... Please do it in such a way that will not disrespect your parents.
Remember, if you are able to let your kids experience things your parents failed to let you experience, it is only because your parents did their best so that you will be able to exactly do that. Give your kids what they failed to give you.
Emphasize your children's achievements, no matter how small, not their or your symbol of success.
Tell your children that there are a lot of things more valuable than money
Thoughts
What do you think? If you are to write important rules to live by for a parent, what would they be? Let me know.Also, if you like this post, share away and don't forget to subscribe so you don't miss any post.
Cheers!
