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12 Principles to Accumulating Wealth to Share with Your Kids 8 & 9 of 12

May 24, 2012

Hi friends,

If this is your first post you’re reading from me then let me loop you in real quick. I’m listing 1 0r 2 principles every post so you have time to share with your kids & maybe even process them for yourself.  Since our culture isin a share info but  keep it short mode I aim to do just that.

Principle #8 Specialize

There are two kinds of knowledge: general and specific. General knowledge is great to have  but it won’t help build wealth unless you’re playing Jeopardy.  Decide what you love and are passionate about and learn as much specialized knowledge as you can about that topic. Specialized is the way to the green.

Principle #9 Persistence & Determination

Wealth accumulation requires that no matter what obstacles show up, you keep trying. Think about the Wright Brothers and Henry Ford. You know they didn’t get it right the first few thoudans times  but they achieved success because they did NOT quit.

Finish out the week strong and have a great long weekend!

I’d love to hear your comments so post one.

Christine Douglas

Making Money Matter

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12 Principles to Accumulating Wealth to Share with your Kids 6 and 7 of 12

May 23, 2012

Hi there,

Are you ready for your next set of principles that can change your life and your child’s life, if shared early?

Principles 6 & 7 are next up

#6 Have a Definite Purpose, Be Clear on Goals 

There is a nothing more powerful than a mind that knows what it wants. Create goals that can be measured and make deadlines. The opportunities, circumstances, events and people will practically fall at your feet. If this has never happened to you, then it’s because you do not have clearly defined goals.   Your Purpose or Your Why will determine your success. If you don’t have a strong enough purpose or reason you’re doing something it won’t succeed. So think really hard about your Why/Purpose before you move ahead.

#7 Get Help

Two or more heads are definitely better than one. No one who has built a fortune has ever done it completely on their own ideas. Tap as many resources as you can think of to help you create and generate money. Read books, listen to audio tapes, get a coach, talk to experts and non experts. talk to your kids, parents, employees, etc. Ideas will start bubbling up once the conversations begins. Try it!

An example of this is when my daughter started thinking about how she could earn money this summer so she could buy a Mac computer. She asked me if I had any ideas and I said I think about it. She already has a recycling business and a cupcake business  she wants to do but she wanted  something else, computers aren’t cheap. The next week a wonderful gal who met me at a seminar asked if I could look at her business and see what I thought. Well it turned out she had a great wholesale jewelry connection and my daughter helped her Facetime with a new customers in NJ I introduced  her to and for helping her she gave her 25 pieces of jewelry  to sell. Well she is having a blast showing her friends all the bobbles and bling she has for sale.

Ask and you will receive.

Christine Douglas

Money Scholar founder Don’t forget to leave a comment. I love to hear from you.

More Building Wealth Principles to Share with your Kids- 4 & 5 of 12

May 17, 2012

As promised I’m only sharing a couple of these principles at a time so you can soak them all in.

Principle #4 Believe You Can Make Money

Beliefs are the most powerful of all kinds of thinking you can do. Belief systems have the power to create and the power to destroy you.  High achievers recognize their limiting beliefs and refuse to honor them. You should too.

Some great books that talk about this exact principle in great details are:

  • Secrets of a Millionaire Mind by T. Harv Eker
  • Think and Grow Rich by Napoleon Hill

Principle #5 Write an Organized, Potential Plan

We all know this is true so why do we refuse to do it? You wouldn’t drive across country without a map. Yet so many great ideas get lost because we don’t make a plan.

While kids are young and trying to figure out what they love to do enough to do it for the rest of their lives, ok maybe I should say for a very time, I read somewhere the average person has 7 careers in their lifetime, we need to help them with a plan. What type of lifestyle do they want to live and does the career they’re considering match with that.  If they want a house on the beach in California and a private jet they need to consider careers or businesses they can start that has the potential to earn that kind of money.  I just had this conversation with my 11 year old after her career day at school.  It’s never too early to start planting these seeds.

Make the plan an adventure or you won’t ever get it started.

Cheers to having fun creating your life’s plan.

Christine Douglas

Money Scholar

www.MoneyScholar.net

Principles to Accumulating Wealth to Teach Your Kids 2 and 3 of 12

May 10, 2012

If you didn’t read my last post I’ll forgive you and get you up to speed. I’m writing about the 12 principles we need to learn and teach our kids at an early age to accumulate wealth. A lot of the time I’m learning this right along side my kids because I was never taught about money or how to think about money.  I’ll assume if you’re reading this you weren’t taught either.

#2 Decide to Make Money

The thought impulse called ‘decision’ is the forerunner to every action you take. When you say, “I’ve decided to get married…go shopping..eat a cheeseburger for dinner” then the appropriate action follows. The longer you wait to decide to make lots of money, and make a positive impact on the world the longer it will take you to make it. Indecision leads to self-doubt which can crystallizes into fear. Our fears will stop us cold. Decide today.

#3 Desire Money

This is not rocket science but essential to point out. Those that have money want money. They don’t have weird psychological stuff going on about how money is a bad thing or people with money are greedy or selfish.  Desire is what drives people to make money. If you don’t have the desire for money, then you will stop short every time.  The underlying message I tell my kids is the money you have the more people you can help.

12 Principles to Accumulating Wealth to Teach Your Kids

May 8, 2012

I found this list awhile ago(sorry it doesn’t say where it’s from and the web address is now invalid so I can’t give credit were credit is due)  and found it to be accurate after really study it and talking with my friends who are truly wealthy. Then I was thinking about how different my kids life would be if they learned this at an early age instead of in there 40’s like me, can you say AMAZINGLY DIFFERENT! I can already hear the difference in how my kids  talk and think when it comes to what they want for their lives. They are both much bigger thinkers than I ever was at their age(8 &11 yrs old).

Since it’s too much to type in one blog post I’ll give you 1 or 2 each post so you can really let it sink in and you’ll have all 12 in a few weeks.

1. ‘Think’ in Terms of Making Money

“You must understand that your thoughts are things and they very powerful things at that. Even if the reality is you’re struggling financially, never allow thoughts of poverty to occupy your mind. Fill your life with thoughts and actions consistent with a plan to make money. ”

Something that came to mind when I read this is when parents say to their kids “I can’t afford that.” That statement makes me crazy. It sends a message of lack, not enough, etc. Sometimes that may be the case but sometimes parents just don’t chose  to spend their money on whatever the item the child may want. I encourage parents to say instead “I don’t chose to spend my money on that right now.” Help them understand how one chooses to earn and spend money is a choice and they may choose something different when they are older.

I’d love for you comment and/or share your thoughts with me.

Cheers to living a life you love!

Christine

Summer Jobs Ideas for Kids, Tweens, & Teens

April 24, 2012

Have a show in your neighborhood.

There are several great ways for kids, tweens, and teens to make money on their own. Since many minors are under aged to legally work, they can use their creativity in order to earn their own money. Making money over the summer can be fun and simple for kids of all ages.

Here are just a few ideas to consider:

Kids under 10

  • Gather your friends and make fresh lemonade or baked goods to sell.
  • Collect bottles and cans to recycle at a local recycling center in return for money. Save the environment and make money at the same time!
  • Go through your clothing, toys, etc. that is no longer being used and have a yard sale or ask your parents for help with selling on Ebay or Craigslist
  • Sell tickets for your own performance with all your friends(dance, play, talent show, etc.)

Tweens ages 10-13

  • Start a pet caretaking business. (walk, wash, feed, clean up after pets, etc.)
  • Help do yard or house work for friends, neighbors, or elderly.
  • Bring out the soap and water and have a car wash!
  • Use your creativity skills and sell your crafts (bracelets, knit scarves, cards, etc.)

Teens ages 14 and up

  • Use your academic skills and tutor those who need help.
  • Have fun with younger kids and babysit!
  • Get paid from your smartphone using these apps which reward you in cash for performing certain tasks such as taking pictures, checking in to places, and other simple, easy assignments

Remember  your job as a parent isn’t only to help your kids find a job they enjoy but also to educate them on what to do with the money once they earn it. 

Have a great summer, it’ll be here before you know it.

Christine Douglas

Financially literate kids=Financailly free adults

Money Games for Kids

April 11, 2012

Teaching kids the basic concepts of money and maintaining an awareness of finances can never start too early. Good habits can begin at a young age and help provide a head start towards a brighter future. Financial education can be taught in fun, easy ways that capture in the interest of kids. Kids love games; so finding a way to combine the two helps create awareness of important money information.

One way to approach your kids about money education is classic board games. Board games become favorite childhood memories and many of our favorites are unforgettable throughout of lives. There are several fun money games out there that allow kids to learn basic financial concepts without them even realizing it. The most famous board game of all time is Monopoly (ages 8+). The aim of the game is to have individual control over as many sectors as possible. Players try to obtain the sectors of greater value in order to earn the most money. Monopoly teaches kids the properties of buying, selling and trading, and managing their money. This game invented in the 1900’s comes in several versions. You can never go wrong with a classic that brings awareness of financial concepts.

Another money board game that has been around for years is Pay Day (ages 8+). The goal of Pay Day is to have the most cash at the end of the game or the amount of months in order to win, but players have to face bills and payments at the end of each month. Players are able to receive loans throughout the game, but they have to be cautious and make sure they stay out of debt! Pay Day teaches kids the concepts of budgeting and the dangers of borrowing money, important financial teachings for the future.

My personal favorite money board game is The Game of Life (ages 9+). The player with the most money at the end wins, but players must face numerous life decisions and events –spontaneous or expected- along the way. Life exposes kids to the importance of career choices and education. It also teaches kids that decisions one chooses early in life can have a major impact on the distant future.

Board games are a great fun way of learning financial life concepts, but online games also provide a fun, free option to grasp the attention of kids about money. A fast paced online game with great graphics developed by VISA incorporating the NFL is Financial Football (ages 11-18+).  Players get to select their teams and answer financial questions correctly in order to advance on the field. Questions allow the player’s team to move down the field and score touchdowns! (http://www.practicalmoneyskills.com/games/trainingcamp/ff/)

A great game for much younger kids is Ed’s Bank (ages 6-9). In Ed’s Bank players drop money in the piggy banks as fast as they can, trying to select the ones with the most value in order to collect the most money to buy prizes. This teaches kids the value of coins, saving, and spending.  (http://www.practicalmoneyskills.com/games/ed_bank/index.html)

The Great Piggy Bank Adventure is an online virtual board game created by Disney where kids choose their character and work toward their goal (ages 8-14). In order to reach their goal, players have to save up money to purchase items. Along the way, players answer questions and play games in order to advance on the board. The game teaches kids basic money concepts and choosing wisely where their money goes. (http://piggybank.disney.go.com/media/ap/piggybank/index.html)

By exposing kids to new, different way of learning about money, they will obtain more information and become more aware of the importance of money concepts. Games are fun, easy ways to capture kids attention. Board and online games make learning more fun and memorable.