When I think back to being a kid, I do not have very positive memories about money. I recall my parents fighting about it, getting divorced over it several times, having to move because of it, losing family vehicles because of it, and having to do generally unhealthy and unsafe things all because of money. Now it was not money’s fault. It was simply the belief system and mindset my family had with money growing up. The belief is that money was scarce and hard to come by and so we lived that way. However around the age of 10 I started working with my dad in his painting business and learning how to earn money, but I was not taught how to keep it and turn it into wealth. I want to talk to you about how to make wealth a family priority. Click here if it already is a priority and you are ready to work with me on putting a plan in place now.
1. Be transparent about money. I only caught glimpses of how my family handled money as a kid and they were always ugly glimpses. Why? Because money was taboo. It wasn’t talked about until something went wrong and there was a fight. So I would overhear the yelling and negative conversations surrounding the topic of money. If you have kids, they know about money and they are observing how you use it. Create an open dialogue with your family about what money does, how you earn it, where it goes, and what you intend to create with it. In fact, I recommend having a weekly discussion about money with your family.
2. Put role models in place. First, be a role model. Do the very best you can with what you have and keep creating more. Secondly, point out who is winning with money that your family would like to model. This should be someone who knows how to make it, keep it, multiply it, and use wealth to build an abundant and prosperous life. Have your kids spend time around those who are winning (you need to spend time with those who are winning as well, which works out perfect!)
3. Create opportunities to earn income by contributing. Do NOT give your kids allowance. Give them commission for high value jobs. Now certain things are cause and effect. If they don’t make their bed, that is their choice and they must deal with sleeping in a nasty bed. Don’t pay them to make the bed. Pay them to do things like cutting wood for the fireplace, helping with dinner, and other tasks that you perform that would be beneficial to have them perform. And make it voluntary. Additionally, find successful people who have businesses that would be willing to invest in your kids by having them come in and help with tasks. This handles the role model thing and the income thing.
4. When income is earned set up a success account. The biggest two mistakes I see families make with their kids is #1 putting their money into a college account and #2 letting them keep it for spending money. Identify a goal that costs a lot of money, and teach your kids to save 65% of everything they make. 25% for “taxes” and 40% for savings. This will build the habit of how to be smart with income. When they achieve the target, celebrate and reward them by giving their “taxes” back for the achievement of a worthy target.
5. Think big always. Dream about what you want to do, where you want to live, where you want to travel, etc. I remember I hated dinner time growing up because we would either be silent at the dinner table or we would talk about chores, school, news, or other small minded topics that I had no interest in. Talk about wealth, abundance, and prosperity. Have big conversations.
I believe the average American family is under-performing compared to their potential. We should earn more, we should save more, we should invest more, we should give more, and we should live more. We don’t because we have abandoned our goals, we have the wrong education, no accountability, and we our circle of friends is the same way. I have a program called Wealth DynamX University. It is a Wealth Creation program that helps you set goals, put a plan in place, work with a coach, get daily education about wealth creation, and mastermind with a community of big thinkers. I want to work with you on this program. If you have an interest in changing the legacy of your family, click here to schedule a free call.
Own Your Potential,
Jerry Fetta believes everyone has the God-given right to own their potential. Most of us don’t because we spend 40 hours per week serving the 40 year to life sentence, trading our precious time for worthless paper called money.
We live on an economic planet and time and money do need to be exchanged. But it doesn’t need to be your time or your money. Jerry teaches his clients to secure income producing assets that make the time and money exchange for you so you can buy your freedom back and live a life of abundance and prosperity. To get there we must know how to make money, how to keep it, and how to multiply it.
Jerry provides coaching, education, accountability, and community to help you build wealth. Join the Wealth DynamX coaching program, get educated on Wealth DynamX University, and begin networking with the Wealth DynamX Mastermind Group today.