11 ways to help your kids become wealthier, according to an author who spent years studying millionaires
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- For five years, Thomas Corley studied the daily activities of 233 wealthy people and 128 people living in poverty.
- From his research, he's pinpointed specific, foundational family habits that tee children up for success as adults.
- For example, parents should encourage reading, model healthy eating, and help their kids pursue passions and interests.
- Limiting screen time and avoiding gambling were also shown to have a positive effect on a person's future wealth.
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When I travel the country speaking to high school and college students about exactly what they need to do to become financially successful in life, I like to begin my presentation by asking the same three questions: "How many want to be financially successful in life?""How many think they will be financially successful in life?"Advertisement
Almost every time I ask the first two questions, every hand rises in the air. Then I ask the magic third question:
"How many have taken a course in school on how to be financially successful in life?"Not one hand rises in the air, ever.
Clearly every student wants to be successful and thinks they will be successful, but none have been taught how. Not by their parents, and not by their teachers.Is it any wonder that most Americans live paycheck to paycheck? That most Americans accumulate more debt than assets? That many Americans lose their homes when they lose their job? Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt? Parents who are success mentors to their children teach them specific, beneficial daily habits. If done right, these habits can put their kids on autopilot for financial success as adults. Advertisement
In my five-year study, I uncovered specific foundational family habits that tee children up for success as adults.
1. They read to learn
2. They avoid gamblingAdvertisement
3. They experiment with passions
4. They eat healthy foodAdvertisement
5. They limit screen time
6. They’re involved and supportiveAdvertisement
7. They hang onto their money
8. They choose friends wiselyAdvertisement
9. They strive for a good work ethic
10. They got exerciseAdvertisement
11. They have good mentors
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