{"id":16897,"date":"2019-11-14T11:10:39","date_gmt":"2019-11-14T11:10:39","guid":{"rendered":"http:\/\/www.ceo-na.com\/?p=16897"},"modified":"2019-11-14T17:12:31","modified_gmt":"2019-11-14T17:12:31","slug":"what-millionaires-teach-their-kids","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/business\/management-leadership\/what-millionaires-teach-their-kids\/","title":{"rendered":"Millionaires teaching kids"},"content":{"rendered":"

Author\u00a0Steve Siebold\u00a0studied 14 lessons self-made millionaires teach their kids.<\/p>\n

<\/p>\n

By<\/strong><\/em>\u00a0Coert Engels| Article originally published\u00a0February 14, 2018<\/a><\/p>\n

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A book that discloses the collective wisdom of over 1200 millionaires and billionaires.<\/p><\/div>\n

How do you teach your kids about being self-made?<\/p>\n

In case you were wondering,\u00a0Steve Siebold, author and self-made millionaire<\/a>,\u00a0interviewed more than 1,200 millionaires and billionaires over the past 30 years and learned how these ultra-wealthy people teach their kids about financial success.<\/p>\n

Through his most recent book<\/a>, he makes a list of everything he has learned:<\/p>\n

1. Success isn\u2019t free<\/strong><\/h2>\n

It takes a lot of hard word to become successful.<\/p>\n

Becoming financially independent is not a walk in the park, in fact, there won\u2019t be much time for relaxation. If you want to be rich, you must be prepared to sacrifice your time, energy and leisure to build something great.<\/p>\n

2. Get rich solving problems<\/strong><\/h2>\n

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The top earners know that money flows from ideas and problem solving. \u201cIf you want to be rich, solve a problem,\u201d writes Siebold. \u201cIf you want to be very wealthy, solve a bigger problem.\u201d<\/p>\n

Henry Ford<\/a>\u00a0who amassed one of the world\u2019s largest fortunes, said to his kids: If you solve big problems you will receive big rewards, if you solve little problems, then you will receive little rewards.<\/p>\n

3. Expect to make it<\/strong><\/h2>\n

Most self-made people expected to become rich. The wealthiest people set high expectations. \u201cAlmost every self-made I\u2019ve interviewed over the past 30+ years has told me he expected to be rich,\u201d writes Siebold.<\/p>\n

The rich teach their children to expect to become rich at t young age, in their 20s or 30s. The point is that this kind of expectation quickens the process and keep you on track, says Siebold.<\/p>\n

4. Surround yourself with successful people<\/strong><\/h2>\n

People you hang out with has an effect on you. To become wealthy, you must learn from wealthy people.<\/p>\n

The wealthy teach their children to cultivate relationships with successful people, to learn from them by reading their books, attending their events, donating to their charities.<\/p>\n

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Working hard in a way that no one is asking for not only fails to create wealth, but actually destroys it and probably annoys people at the same time.<\/p><\/div>\n

5. Fall in love with work<\/strong><\/h2>\n

Work affects every aspect of your life, takes up a large slice of your time, so you need to choose your career path carefully.<\/p>\n

As Siebold says: \u201cIt\u2019s difficult to invest the necessary time and energy into a profession that bores you or that has little meaning beyond money. Waking up every day with excitement for going to work is a formula for financial abundance, emotional fulfillment, and life satisfaction.\u201d<\/p>\n

6. Kids: money solves most problems<\/strong><\/h2>\n

The rich understand the value of money. They realize that money won\u2019t make you happy, but they also acknowledge that money will solve most of life\u2019s problems.<\/p>\n

\u201cMake your money by solving problems, and you\u2019ll get rich enough to purchase your own problems away,\u201d Siebold writes.<\/p>\n

7. Invest<\/strong><\/h2>\n

Wealthy people are investors before they are spenders: \u201cThey invest their money today, so they\u2019ll have more tomorrow.\u201d<\/p>\n

Siebold advises to invest in what you already know: \u201cIf you like to play guitars, you might study the vintage guitar market. If you\u2019re a baseball fan, look into investing in rare baseball cards. If you like dissecting stocks, you could study the stock market.\u201d<\/p>\n

8. Spend smart<\/strong><\/h2>\n

The rich teach their children to not overextend themselves by spending unnecessarily. No matter how big your paycheck is, you won\u2019t become rich unless you\u2019re disciplined about how much you spend.<\/p>\n

\u201cExcessive spending can ruin you,\u201d warns Siebold. \u201cIt happens every day to people with millions of dollars at their disposal.\u201d<\/p>\n

9. You deserve to make it<\/strong><\/h2>\n

The wealthy are comfortable with being rich, being convince that they deserve to be rich, while most other people think getting rich is reserved for a lucky few.<\/p>\n

This idea they instill in their children as well. Siebold explains that in a free market economy, if you serve enough people and solve enough problems, you deserve to be rich.<\/p>\n

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Attempting to correctly supply solutions to other people\u2019s problems is, at its core, an act of humility.<\/p><\/div>\n

10. Money and opportunity are limitless<\/strong><\/h2>\n

Rich people have a unique relationship with money. They see money as abundant whereas the rest of the population sees it as something that is scarce.<\/p>\n

After all, \u201cIf earning money is based on solving problems, and the number of problems is infinite, then your ability to earn money is infinite,\u201d Siebold observes.<\/p>\n

11. Choose prosperity over entertainment<\/strong><\/h2>\n

One of the biggest differences between the rich and the rest of us, is our relationship to time. According to Siebold most of us spend our time while the rich invest in it.<\/p>\n

\u201cSpend your time basking in entertainment, and you will struggle your entire life financially. Invest your time creating solutions to people\u2019s problems, and you\u2019ll never lose a minutes sleep worrying about how to pay the mortgage.\u201d<\/p>\n

12. Focus on earning<\/strong><\/h2>\n

The wealthy focus on earning rather than money. If you focus on money, you might do anything to get it, but focusing on how to earn it, changes the picture completely.<\/p>\n

It\u2019s the best to figure out how your skills and interest can be applied to solve one of society\u2019s problems. In this way you will find personal fulfilment while earning an income.<\/p>\n

13. Rich people are not always smarter<\/strong><\/h2>\n

Popular belief has it that rich people are smarter than the rest of us. Not so, says Siebold. They have the same average intelligence as the average person, the difference is in their focus on accumulating wealth.<\/p>\n

14. Wealth creates freedom<\/strong><\/h2>\n

The wealthy are well aware that being rich won\u2019t make them happy, but what they also realize is that wealth buys you freedom. It allows you to live anywhere you want, do anything you want, and be anything you want to be.<\/p>\n

\u201cWealth gives you the power to make your own rules, as long as they don\u2019t break any laws or hurt any people. It may not make you any happier, but it will certainly give you the freedom you deserve.\u201d<\/p>\n

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