Secrets Self-Made Millionaires Teach Their Kids
I recently read the book, Secrets Self-Made Millionaires Teach Their Kids. I thought this must be a magical book, full of quick ways to get rich! I couldn’t wait to dive in and soak up all the knowledge. I also wondered, ‘why didn’t anyone tell me there were secrets to getting rich when I was younger…?’
Well there is always time to learn and implement as quickly as I can to get rich…right? At first, I felt overwhelmed by the length; how can I finish this book by the end of the week? I learned that it isn’t meant to be a quick read but more of a ‘read, learn, think about it, put it into action, and see the results’ kind of book. Each chapter is only 2 pages long and focuses on one key concept.
The first chapter goes right into it: Rich People Rule the World. Well duh! It explains that the rich people employ the most people, so they pump money back into the economy. They also take on HUGE financial risks to cater to our needs as a society. While the wealthy do run the world, that doesn’t make them bad. In fact, most of them take action for the right reasons! At the end of each chapter is a quote, an action step, a critical thinking question, and millionaire resources for additional learning and support.
The book was written to bring your children into the conversation about money and building wealth. You are meant to read it with your kids, discuss the concepts, and how they can apply it to their whole lives, even while they’re still in school. I figured it was too late for me, yet too soon for my 1 year-old. In reality, I learned so much about my own money mindset, how to change it, and find a bigger purpose in my life. It got me thinking an entirely new way, and now I find myself on a path to continue my personal growth, which will only help my business growth too.
The first chapter’s quote is “The best way to help the financially struggling is not to become one of them.” I tell a lot of the women I work with to focus on themselves first because if they fall, everyone around them falls! Let’s face it, women, we are the backbone of the companies we work for, the businesses we build, and the families we support. If we can’t take care of ourselves financially, there is no one to support the people we help. Focus on yourself to help others.
Here are a just a few lessons from the book I want to share.
1. “Failure is simply the opportunity to begin again, this time more intelligently.”How will you try again? Maybe you will welcome help the next time? When I transformed my business, I failed a ton, I learned a lot, and kept trying again with a different strategy. This is how we need to approach everything in life, with our money or our families. In a recent conversation with my good friend and new mom, I mentioned that we can’t fail if we always care. She felt as if she was failing her new baby and her family, that she couldn’t keep it all together ALL THE TIME. Wow could I relate! I told her that as long as she cares, she will find a way to make it work. When we fail we must remember why we tried in the first place. If I had failed in my business and given up, I wouldn’t have been able to help as many women as I do now. I would have failed myself and them. Remembering your “why” during the toughest moments will help.
2. “Manage your money and manage the money manager.”I LOVE the quote at the end of it, too: “Be aware of the little expenses. A small leak can sink a great ship.” – Ben Franklin. We overspend to fill an emotional gap in our lives. No object can actually make you happy or feel fulfilled. Take a good look at how you manage your money: how much you make, save, and spend. Are you managing your finances with a purpose? Some women express that have no idea why their money is invested the way it is, what they spend every month, and what their goal is for their money. First we must gain clarity over what we want for our money. Then, assign a purpose to each dollar you make, spend, and save. You’ll soon be on your way to better money management! It’s that simple. Note that I said simple, not easy. It’s hard work, and it’s what I focus on in my Money Makeover Program. I help you add structure, stability, and purpose to your money, which in return gives you financial security, stability, and freedom.
3. “Pay the price of success or regret”. There are always tradeoffs and sacrifices; and when it comes to your money, that’s called the opportunity cost. “The price tag of regret will pick and pull at you for the rest of your life, so you need to avoid it at all costs.” Make a list of the choices you made in the past that have gotten you to where you are now. Make a new list of the choices you have TODAY to get you to your goals. Regret is one of my biggest fears, and I’m constantly trying to improve myself, so I won’t look back in 10 years thinking…what if????
What about you? How can you invest in yourself today, so you won’t look back thinking…what if???
Opinions are those of the author and not necessarily those of RJFS or Raymond James.