Steps that may help you prepare your children for tomorrow. We are not saying we have all the answers, just like you, we struggle with decisions we have made. There is not a one size fits all and we all make mistakes when it comes to raising our kids, but we do the best we can with the tools we have available to us at that time.
We think kids should know before they go out on their own how to grow there wealth, not just make it. When we were young we were taught to work really hard and pay your debt, while this was great advice it was only half of the equation. Yes, we need to work hard, also should pay our financial obligations, but we always pay ourselves first. This means we write ourselves into the monthly expenses, not just hoping for leftovers.
What we have worked over the years is to teach our children to invest in their future, not to become debtors enslaved to a life they can not change. Yes, we said slave, because as financial responsibilities go up it limits or restricts prospects for the future. They may not be able to do something they love, financial obligates may exceed what their dream will afford. Also without having a safety net, they may be moving back home when bumps come up, like car repair, or you lose a job.
Our advice to our kids starting out was to save and invest when you can put 25% or more of your pay in investments just do it. Have fund ready to cover things that pop up, our son just had an issue with his car, but at the age of 19, he had the funds to fix it. Have a budget for your money, remember to pay yourself, and always know where your money is going. And finally, think before you spend, your cash is directly tied to your time, when you are looking at things to buy think, how much time will that cost me.
We hope this helps other parents, raising your children can be hard, but watching them grow up into successful productive adults is rewarding. Parents you are the ones planting the seeds for tomorrow’s future, our future leaders of industry and business.