Episode Details

Do you have children or are you planning to have children? How about grandchildren?

If so, this episode is for you. 

Even if you haven't got children, you'll get some great money lessons from this episode. 

Today we'll share seven tips to make sure your children grow up rich. 

And it's not just about money. We're talking about tips that will help children find success in all areas of life. 

So how do you go about creating a rich child? Here are some of the things we discuss: 

Reading to Learn 

Tom Corley found that 88% of the rich folks in his study spent 30 minutes or more every day reading to learn, whether it was about money, how to succeed in their industry, self-help, biographies of successful people and history.  

Cultivating relationships:  

You want to associate with those people that typically upbeat, optimistic, enthusiastic, positive types. If you're not in a circle that meets those criteria, volunteering at a community nonprofit is a good way to find them.  

Exercising:  

Because exercise improves brain performance by increasing the amount of oxygen and helping the health of the neurons, people who exercise think faster and have better memories—which make you more competitive in the workplace. 

Managing anger: 

 It's normal to feel anger and frustration, but how you express it can make or break your success. 

Exploring talents: 

When kids are little, they get to do a lot of activities such as art, music, theater, and sports. But as they get older, they focus on just one or two. But that's a mistake. Exposing kids to numerous activities helps them explore their talents 

Keeping an abundance mindset:  

Of all the habits, this is the most significant that plays out in every aspect of our lives. Our brains are wired to emulate our parents from the start. 

Dream-setting: 

Dream-setting is a process. It's visualizing what your ideal life would be. The self-made millionaires in his study would map out what their dreams are at least 10 years into the future, and then build goals around the dream to make it a reality. 

Some of our favourite quotes from the show: 

"Being rich is about wealth in all facets of life." –Michael Yardney

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