Posted by Tommy Runfola | June 30, 2017
Have you ever wondered why wealth just seems to naturally flow from one generation to another in some families? The reason is that a wealth mindset has been created and when children are raised in the mindset they reap the same financial benefits as their parents.
BEGIN WITH YOURSELF
- It all begins in your mind first. It doesn’t matter if you are a single parent, a grandparent, or part of a two parenting household. If you don’t have the right mindset, you can’t pass it on.
- Read the life stories of successful, wealthy people. Take notes on how/why they succeeded.
- Be thankful. Appreciating what you already have is a vital foundation to success.
- Become a student of life. Learn about life and money. Read books, take classes, volunteer, and stay active.
- Care for your mind and body. Take time to meditate and exercise. They are both vital components to success.
SPREAD THE MINDSET
- Spend time with your family. There is no substitute for involving your children directly. Just like some families seem to enjoy generation after generation of wealth, other families have it for one, maybe two generations and then it all dries up. Ask family members and I bet you’ll hear how one generation barely saw their affluent parents.
- Discuss business at the dinner table. Talk about decisions you made and outcomes you saw. Be careful not to overdo it or to go above your children’s ability to understand.
- Help other family members create a plan for success just like you have. There is no one else in the world more qualified than you to do this.
- Appreciate your children for who they are and help them become who they want to be, not who you want them to be in life. There’s no faster way to lose a child’s interest than to make him/her think that having a wealth mindset means not being true to themselves. Never forget you are sharing a mindset, not a pre-determined life.
- Be joyful. If the experience isn’t fun, why would your children or grandchildren want any part of it? You should be enjoying your own life and that is contagious. If you’re not, then you need to ask why.