What You Don’t Know Can Hurt…Your Kids

-by Pocahontas

I’m a teacher by trade…so let’s take it back to school for a second, ladies, shall we? Raise your hand if you were ever told any of these things growing up:

“Get a good education and a college degree.”
“Work hard and move up the ladder.”
“Save your money in the bank because investing is too risky.”
“Get a good job with benefits and a pension.”

Now do any of you whose hands are up know people have done all these things but are still struggling financially? Here’s a better question…do you think this is what the Rockerfellers or the Rothschilds are teaching their children? Since my sistahs are without question some of the most astute women in the world, obviously you can surmise the answer to that is a resounding, “No”. Granted we all believe in the value of a first-rate education, but just because you have X many degrees and/or letters after your name does that really guarantee your financial success?

As I said, my sistahs today are savvy enough to recognize that the wealthy are giving their kids something most people are not...and that is the “REAL” keys to financial freedom (after all, aren’t “they” the ones able to play golf at 9 am on weekdays while the rest of us grit our teeth through rush hour to go to a J-O-B? Clearly, they know something many of us do not.) So what IS it that they teach their kids? They tell them to own their own business so they can be in total control of their time and their income. Easier said than done, you think? Well, ask yourself this, “Can you honestly say you’d want your little one to grown up and do the job you’re currently doing?” Actually, do you own your job to be able to pass it down to your kids even if you wanted to after your retire from it like you could a business?

Truth be told, most people would rather be the boss than answer to one, but they just have no clue how to make that happen. So allow me to share a few books with you that might give your “entrepreneurial spirit” a prick. First, you may want to invest in “Rich Dad, Poor Dad” and “Cashflow Quadrant” both by Robert Kiyosaki. The former will certainly change your life and the latter will definitely shed some light on the common mistake novice entrepreneurs make in distinguishing between self-employed and business owner.

One book I will highly recommend for your children if they are in middle or high school and you want to start them off right with the rules of money is “The ABCs of Making Money 4 Teens” by Alan Lysaght & Denis Cauvier. It features many inspirational stories from teens who found success yet gives your child practical advice like how to escape credit card traps, how to reduce debt, and how to invest wisely.

Arm your children with the knowledge you may not have had at their age. After all, isn’t your goal for them to have more than you were able to? Share this quote with them and then maybe you, too, should hang it on your mirror and live by it every time that fear of failure comes creeping up to keep your from taking that step of faith, “Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that most frightens us. We ask ourselves, ‘Who am I to be brilliant, gorgeous, talented, famous or successful?’ Actually, who are you NOT to be?” ~ Nelson Mandela

Pocahontas is a licensed Financial Coach and has been in the industry since 2005. She can be reached at pfslynette@gmail.com.


Anonymous said...

This is SO important especially in this non/recession we are currently experiencing. Children need to learn how to prepare BEFORE the tough times come & they can't learn what their parents don't practice.

Anonymous said...

this is great info.....I think I need to go back to the basics and purchase “The ABCs of Making Money 4 Teens”

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