I have three kids. Two teens and one in his 20s.
I strategize about making sure they understand how money works and the importance of managing it.
As an entrepreneur with multiple sources of income, I don’t take it for granted that things can change on a dime. It has happened before.
You lose a big client. A big deal falls apart.
The six-figure payday turns into a moment of truth and you’re looking inward wondering if you have the chops to be in business.
Here are some tips to ensure your kids are prepared for the future:
Give Your Kids Book to Read –
- For Younger Kids – The Book “How to Turn $100 into $1MM” is a great place to start for kids to learn how make, save, and grow their money. Link to the book – https://amzn.to/3EkYd1C
- If your kids are older or adults, The Millionaire Next Door will teach about wealth in America. Link to the Book – https://amzn.to/3OuWfAJ
Communicate – I share my business pipeline with my kids and show them the financials. It is still a little over their head sometimes, but to talk about high-level terms like gross revenue, net income, EBITDA, or leasing versus owning helps to get the jargon into their head and start asking good questions.
Employ Your Kids – Besides getting a tax benefit, your kids can earn just under $13,000 tax-free. It also helps to create a prepping ground for understanding the difference between renting your time for money and creating wealth.
Take them to Meetings – If you are able, take your kids to your business meetings. My middle son is my ‘photographer’ when we visit commercial real estate property. Most recently, we sat with a client in the aviation space. We talked about everything from local issues to the benefits of maquiladoras in Northern Mexico.
Step away from all the rhetoric how the American Dream is ‘over.’
Give your family the tools to help them define what they want and how to get it.
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