Have you ever heard the term “the rich get richer?” There’s something behind that.
Families that come into wealth and are able to hold onto it have a different attitude about money, one that they make a point to instill in generations to come. Whether you are already an affluent family, in the process of becoming one, or aspiring to do so, the ultra high net worth could teach us all a lesson about how to think about money.
NOT SO EASY
Staying rich isn’t as easy as it seems. There’s the temptation to spend unscrupulously, the pressure of being constantly preyed upon by family members, friends, and every commercial entity known to mankind, tax and legal factors, and the stress of having to manage it all.
Yet somehow the average wealthy person manages to stay wealthy. It doesn’t have everything to do with the advantages that the wealthy have over the less affluent or the inheritances they may receive.
THE GENERAL IDEAS
We’ll be elaborating on these ideas further in our conference call, but here are a few examples from Steve Siebold’s book Secrets Self Made Millionnaires Teach Their Kids (as per Glum and Siebold, 2018).
Avoid pursuit of instant gratification
Use visioning techniques to clarify your future
Make the pursuit of success and money something fun to do
Use money as a way to create freedom and opportunity
Nobody owes you anything – you have to earn it
Solve big problems that people will pay you to solve
When it comes to growing wealthy, reach your own conclusions and think for yourself
Have high expectations
LEARN HOW TO DO IT
How should you be talking to your kids about money? If you want to hear more, register here for our conference call on February 20th.
Glum, Julia. (2018, March 14). 5 Secrets Self-Made Millionaires Teach Their Kids. Money. Retrieved from http://money.com/money/5197948/5-secrets-self-made-millionaires-teach-their-kids/
Siebold, Steve. (2018, Jan 2nd). 7 Secrets Self-Made Millionaires Teach Their Kids. HuffPost. Retrieved from https://www.huffingtonpost.com/entry/7-secrets-self-made-millionaires-teach-their-kids_us_5a4baf0be4b0d86c803c799f