Question from Wealth Club member: What is the best way to pass wealth building to the next generation?
Answer: The most impactful place for a wealth-conducive mindset to be fostered is in the home. Parents can find tons of fun activities to do with their kids to foster creativity, entrepreneurship, and financial discipline.
One of the best things that can be done is avoid at all costs from allowing the consumerism of the culture to penetrate kids' lives.
The lust for "things" is the ultimate wealth destroyer; but something really cool about this is it's also the best opportunity.
According to recent research, the average American household "wastes" around $500 /month on things that are completely inconsequential. Now that may not sound like a lot of money, but that same $500 /month saved over 30 years at 15% is just shy of $3m. There's no reason not to show them these things.
Second, we must do our best to teach them that although there's much suffering in the world, from poverty to starvation; there's actually lots of abundance out there too for those whom are tenacious.
Tenacity is one of the greatest skills we could teach the next generation - and sadly, from what I've seen; that isn't exactly getting much emphasis.
Since the next generation is inundated with distractions and technology, it implies a necessity to engage that generation via the technology their immersed in; to engage on these topics.
J. Patrick Nichols