The importance of Teaching your children how to invest and thrive for the future.
Generational wealth is that which is past from generation to generation, most of us probably weren’t lucky enough to be taught the importance of putting your money to work for you instead of working for your money.
probably because many of us were born into family’s without much money in the first place.
our parents could not teach us what they did not know which is financial literacy.
It’s something that seems to have a distant air of “that’s only for the rich to teach their children” some sort of fantasy we all shrug off like it’s something that’s not realistic for the rest of us??
I have to ask…..what’s the plan then?
Wait for a few million to drop on your lap and then start to learn how to manage your money?
Stats show in cases where this does happen, (which is statistically rare) like the lottery, (essentially just luck) the probability is so small it’s barely worth buying a ticket other than to try your luck.
Lottery winners are majority broke again within five years. so how much time did the winner spend learning to be financially literate after the money landed on their lap? None!
The point is, if you ever have a hope of building your wealth to be anything meaningful and then maybe one day pass it on to your children, you’d best start learning how to make your money work for you now, not later…..so don’t put it off any longer.
It doesn’t matter if you can barely scrape together $500 in savings over a few months, even $500 is enough to make a start.
Speaking from personal experience that’s all I had when I made my first investment some years back, over time with self education and direction it will grow…..and grow….and grow.
The first step in learning to be financially literate is to take action!
If nothing changes in the way you operate your day to day life then nothing changes in your financial life either, I’m not talking about massive changes or commitments just small incremental efforts that over time add up to something and have a positive impact.
If you like the idea of putting your money to work for you instead of working for your money and want to start investing then start by investing in your own savings.
Add at least something every week or month until you have at least a few hundred dollars, then invest that and repeat the same process over and over, this action alone will compound over time into a decent nest egg.
To be continued in part two.