Writer and billionaire Steve Siebold has spent a long time interviewing more than 1,200 billionaires and millionaires about what they teach kids about success in financial matters.
In his latest book, Secrets Self-Made Millionaires Teach Their Kids, he reveals the answer to that question. Apparently, the sooner a person makes his son think like a rich person, the better they are in the future.
Here, 14 things the billionaire taught his son.
1. Success Not Free
Being rich and successful takes a fight. Children must remember being financially independent requires a lifelong struggle. There will be sacrifices to time, such as bedtime and relaxation, to be able to get extraordinary things.
"It will not be beautiful and fun. When your friends are having fun, but you are working, "said Siebold as quoted by CNBC.
2. Troubleshoot
The rich know that money comes from ideas and problem solving. Siebold said children should be aware if they want to be rich, solve problems.
"If you want to become richer, solve a bigger problem," he wrote.
3. Sure
Rich people have high expectations. Siebold wrote almost every rich man he interviewed for 30 years said the man was expecting to get rich. He writes also, tell the child not to be afraid to expect high.
"Your expec- tion will speed up the process and make you consistent," Siebold wrote.
4. Being Around Successful People
Who you are with will be influential. Siebold writes, reminding the child that having rich friends is important.
"The influence on the level of consciousness about everything that concerns their possessions dramatically broadens the way children think," said Siebold.
5. Love Jobs
A person's career will be very influential on the perspective of life, so choose careers carefully.
"It's hard to invest time and energy for a profession that bores you or gives you little meaning regardless of financial talk," Siebold said.
Suggesting the child to wake up every morning in the spirit to go to work is a formula for riches, emotional satisfaction, and life satisfaction.
6. Money Finish Almost All Problems
The rich do not hesitate to admit that money solves almost the whole problem. Siebold says, telling your child that being a person does not necessarily make you happy, but rich will solve 90% of life problems.
"If you have a problem, and can delete it by writing a check, it means there is no problem. Earn money by solving the problem, and you'll be rich enough to get your trouble off, "Siebold wrote.
7. Investment
"The rich are investors, not spenders," said Siebold. Remind your child by investing now, in order to have it tomorrow.
Being a successful investor requires understanding and interest. "If you like to play guitar, maybe you can learn old guitar stocks. If you like to dissect stocks, you can study the stock market.
8. Smart Set Up Spending
How big a person's salary is, it is difficult to be rich if not disciplined. "Big expenses can destroy you," Siebold said.
Remind the child not to spend more money than the ability because it can make them spin between possess and have no money.
9. Worthy of Being Rich
Tell the children they deserve to be rich. It became the grip of many rich people. Siebold says most people think, get rich just for the lucky few.
"Believe me, when you're rich, you'll realize that you deserve it," Siebold wrote.
10. Money and Chances Are Limited
In the end if getting money is only based on solving the problem, the number of problems itself is infinite, therefore the ability of someone to earn money is not limited.
"Do not believe the general view that money is a rare thing. In fact, no. The rare ones are people with solutions that others want, that's what it takes to understand, "Siebold says.
11. Choose Prosperity Compared to Entertainment
Rich people spend time differently from ordinary people. Siebold says, "Most people spend time, when others invest in time."
The child should be reminded that when time is spent on fun, he will have trouble financially.
12. Focus On Revenue
The fastest way to get rich is to earn some income. Expand the upper view when thinking of earnings.
"The total focus on money will take someone to do anything to get it, so I do not recommend it," Siebold said.
Better, determine the right things with talents and interests, then associate with existing issues. That way people are willing to spend money for you to solve and trouble and do it until successful.
13. Rich People Are Not Always Smart
It's wrong to think rich people are smarter than most people. According to Siebold, most of them are no more shining than most others.
Remind the child, "You do not have to be a genius, get rich takes less intellectual, but more focus on how to get rich."
14. Rich Giving Freedom
Again, rich does not necessarily give happiness. Siebold warned, but offered rich freedom. It gives an opportunity to live wherever a person wants, to do whatever he wants, and to be what they want.
The child must understand that the rich give the power to make their own rules, as long as they do not break the rules or harm others.
"Maybe rich does not make you richer, but it definitely gives you the freedom you need," Siebold wrote.
