By Gina Plytas, Author of Kids Get Rich: https://www.getrichkids.com/
Kathleen Elkins' article: 14 money lessons rich parents teach their kids is based on research by Steve Siebold, 'author and self-made millionaire,' who has spent countless hours studying habits of the super wealthy. I found her article intriguing, so I decided to dig more into the topic.
Among other great tips for parents, in Steve's book: secrets self-made millionaires teach their kids, he says the wealthy "choose prosperity over entertainment. The rich use their time differently than the average person ... The masses spend their time, while the rich invest in it. " and he concludes that if you: "Spend time basking in entertainment, you will struggle your entire life financially. Invest your time creating solutions to people's problems, and you'll never lose a minute sleep worrying about how to pay the mortgage".
Learn to Invest in YOU
Simply put, spending time learning is the best investment you can make in yourself. Reading, listening to audio recordings, attending seminars and meeting with mentors (people who have already done what you want to do) are key activities that will pay back rich dividends over time.
In Bonnie Low-Kramen's article, What Do You, Bill Gates, And Oprah Winfrey All Have in Common? she states the plain truth: We all have 24 hours in each day. "As rich and powerful as they are, even Bill and Oprah only get the same 24 hours you get. The difference is what you do with that time."
What a powerful lesson to learn and teach your kids, too.
The 5-Hour Rule
So (on average) how much time should you invest in personal growth and development each week? In his article, Michael Simmons writes Bill Gates, Warren Buffet and Oprah Winfrey All Use the 5-Hour Rule. "Top business leaders and entrepreneurs spend five hours a week doing deliberate learning."
Are you using the 5-hour rule today? I'm willing to wager most of us are not. So it's true, part of what makes them different, is how they use their time.
Make the Most Of Your Time
Recently, my husband and I had a discussion with our kids about how they use their time. Being in the digital age, there are more time wasters now, than ever. Kids and adults get hooked on Twitter, SnapChat, Instagram, Facebook and other social media for hours, each week. Seriously, who hasn't spent an entire weekend on social media or binge watching a favorite series on Netflix? It's perfectly fine to dedicate some time to these fun activities, but it's critically important to put a time cap on it.
For a couple of weeks, track how much time you are spending on these activities versus time spent learning new skills and developing interests. Think about how you can reinvest this time in you, and help your kids to use their time productively, too.
Adopt a Continuous Improvement Mindset
My husband and I recently published a book KIDS GET RICH: Teaching Children the Secrets to Wealth and Success and a key concept we cover in the Spirit of Advancement strategy, is teaching kids to adopt a continuous improvement mindset. It's about going beyond what kids learn in school today, and focuses on learning the practical skills needed for life.
'You can't get ahead by doing the minimum. To be in the top percentile in any chosen field, you must always keep learning and growing. Be curious. Read books, watch videos, listen to audio recordings and seek out mentors to increase your knowledge and specialized skills. Find others who have already done what you are trying to do and learn from them. The commitment to grow and learn, can't stop--ever. Show your kids how you do this and they will be inspired by watching you.'
You are your kids greatest role model. What they hear and watch you do, influences what they say and do. Analyze how you use your time and help your kids make the most of theirs.
Kids Get Rich, want to learn more?
Kids Get Rich is a guide for parents on how to teach kids the fundamentals: developing a success mindset, personal resiliency and money management strategies to build personal wealth.