A father shares four money lessons for kids: save at least half your earnings, use a $2 chocolate test to teach spending choices, avoid advisors who don't invest in their own products, and focus on earning big in your 20s for later freedom.
I sat my kids down recently and told them 3 things about money I wish I'd learned a lot sooner. So let's get into this. The first thing I told them about money is that you need to save money. Save at least 50% of their salary or money they earn in business and put it towards growing their financial wealth. That was number 1. Number 2, chocolates are always at the kids' eye level. They would say, Dad, it's only $2. I'd say, great, here's the $2, it's yours. You now buy that chocolate. And guess what? They wouldn't buy that chocolate. They would keep the $2. And number 3, always understand that high High reward does not mean high risk. I watch a lot of people tell, oh my God, the interest rates, like, if you can get 10% or 20% or 30% on your money, the higher you go up, the higher the risk. I think the biggest risk in life is giving your money to somebody who's an investment advisor who doesn't invest in the same things they recommend you invest in, because that to me is like craziness. So always be understanding, save money, do the child thing around the chocolates, give them the money and make that money theirs, and they can then decide to spend it or not. Number 4, do what you need to do in your 20s to make a ton of money. Don't waste a whole bunch of money because then you can do whatever you like through your 30s, 40s, and 50s. Trust this helps you. Remember, financial advice from the gurus is always important. Take the advice from people that know what they're talking about.
