Never put all your eggs in one basket. This is true and the same can be said for not putting all your children, “you need to save”, and “saving are important”. So why is it then that we never saved enough ? or why is it that people live lifestyles that are not commensurate eith their incomes ? the reason behind this is that the concept of wealth multiplication and wealth generation in not taught as an important concept to children. We need a fresh and accurate appoach to budgeting and savings. This chapter will show the importance of setting up your budget with different savings baskets.
to truly become wealthy, children must live a wealth multiplier lifestyle. Savings are a by product of that lifestyle. Saving are not the end it self. With all the massage bombarding our children telling to spend their money, they need compelling reasons to save. Multiplying wealth to achieve goals and living for a cause are such reasons.
We have to educate our children that the reasons for budgeting and saving are to achieve their financial goals and to support their cause. They need to see the link between and tracking.
One important note here is that they must feel they are able to achieve wealth. We have to believe in them and believe in ourselves when we are modeling it.
Most people do not want to live for a better future because they don’t see that there is one possible. Build hope into your children, give them a life that is impactful throught instilling the lessons covered in the earlier chapters. Build these basic principles and mindsets first before emphasizing habits like budgeting and tracking as covered in the next two chapters.
The progresive building of money quotient into our children.
– Establish the right money habits and lifestyle
– Teach and train with the right knowledge skills to multiply their capital and savings.
– Plan strategies on how to manage and retain their wealthonce they achieve it.
To do all these things, they need to know how to live a wealth multiplier lifestyle. We need to teach our children to be clear on their lifestyle first, before moving on to create a budget.