[custom_adv] Imagine being given everything you could ever want from a young age. The best education, holidays and homes, then told you never really need to work because your family has more than enough money. A dreamy scenario for some. But there is normally a side effect: wealth robs children of motivation. The more money that is given to children from a young age, the less passion and motivation they have, say wealth advisors. Her work often involves meeting with these disenfranchised children and trying to find their purpose and vision. "Each individual needs a purpose, a reason to get up in the morning". [custom_adv] Wealthy means they have money saved. This money generates them money so they can cover a lot of their expenses and have security that if their circumstances change they won’t be in financial trouble. The good thing about wanting them to become wealthy is that they get to define what wealthy means to them. There is no expectation that they have to earn a certain amount of money (although I do want them to be able to afford to move out when they are in their 20’s!). [custom_adv] All these things meant Wealthy Wallaby had more money coming in and therefore as she had paid down her debts, she had built up her savings. These savings were now her source of earnings for early retirement. Rich Raccoon started to think about whether he could do the same. Unfortunately, whilst he had lots of nice material things, he still had a large mortgage, lots of credit card debt and, no money saved in the bank. There was no way he could retire for a long time. [custom_adv] Help your kids to realise this and start showing them how to build wealth as soon as possible. Remember, the key to building wealth is having great money habits which are mostly formed by the age of 7. That’s not to say that if your kids are already over 7, you can’t start educating them now! Rich vs Wealthy is a key theme in my new children's book, Grandpa's Fortune Fables, which is coming out in October. Make sure you subscribe below to receive updates on the book. Add your description here. [custom_adv]
