Awhile ago, I was driving and listening to Jim Rohn, one of his seminar, and this is what really blow my mind. A story that I am going to teach my kids for their future financial independance. This is how it goes,
You give your kids the money for their expenses. Whether it’s daily or weekly, you have to let them manage. But you advise them to use it wisely.
In my old days, I got a daily expense of 50 cents during the first grade. Now probably be 1 bucks daily. So, you will need to advise your kid to spend only 70% of the money. If they listen, then it’s fine. But if they ask, then this action is important.
Jim Rohn gave a good advice. Bring the kids to the poor family place. Maybe they are under the bridge, on the streets, old houses by the railway.. wherever, just show them and tell them that this is what going to happen if you spend it all away.
I told myself, wow… what an incredible simple idea that works. I am going to use it for my kids financial future.
I thought to myself, if only my father or mother had told me way early in my childhood, I would probably be financial independent now. It’s late now, but just start now, late or not… we gotta start now. Practice this simple idea now, just spend only 70% of whatever your income is.
You can save the rest of it, throw it to mutual trust or whatever, let it grow. But most important, do some charity whether it is 10% or only 5%, it will make good for your gratification. You will be happier.