Wealthy Families Always Teach Kids This First

When kids understand why they're saving, it's a lot easier to save. Wealthy parents teach their kids how to save and not only save, but in tax advantaged accounts like the Roth ira. With my own kids, we started to set up competitions with Roth iras, rewarding my children that saved the most in their Roth IRAs. One year at Christmas time, when we were handing out awards where I was going to match dollar for dollar, one of my kids said, hey, you were serious about that, I better start saving. It was a lot of fun. But when kids started to understand that their Roth IRA would grow tax free and become a tax free ATM in the years to come, they started to get energized and wanted to learn about investing. Learn about stocks, bonds. They wanted to learn about ETFs, mutual funds, Wall Street. They wanted to learn about cryptocurrency. We're going to talk about real estate too. And wealthy families don't just teach their kids how to make money or save money, they teach them how to keep it. One of the simplest tools is the Roth ira. Every dollar you contribute grows tax free and comes out tax free for retirement. Parents will often help their children open these accounts as soon as possible while having their kids earn income inside the family business. This allows them to take that earned income and fund these Roth IRAs at ages average. People don't even consider.