Teaching Your Kids to be Millionaires

 

As we’ve gone through this month discussing financial literacy for kids, I’ve been amazed at the responses.  We’ve had a lot of people share their own “wins” with their kids and family, and I really appreciate it. 

The best one came from Chris G. last week. 

His youngest son is, like many twelve year olds, fascinated with YouTube, TikTok, and video games, and is always telling his dad about this or that person who is a “millionaire” on social media. 

Now – and I know Chris won’t mind me saying this – he knows a little bit about social media and marketing, and he also recognizes that most of those “influencers” don’t have it quite as good as it seems.  He decided to teach his boy a basic lesson, and I’m including a bit of his email here…

“Basically, I’d gotten tired of Junior’s constant worship of all these fake folks on social media discussing how much money they made – and, to me at least, wasted.  The bigger point I wanted to make was that it doesn’t take much to make a million dollars IF you break it down into manageable chunks.   

So I broke it down for him in his own language…

‘If you want to be a millionaire, you need to sell one million dollar product to one person.   Or you can sell ten people a one hundred-thousand dollar product.  Or one hundred thousand people a ten dollar product.

After that, I looked at my son and asked him, do you know enough about something – maybe a video game – to charge ten dollars to teach someone how to do that?’

He nodded his head quickly and he practically began spewing out all sorts of facts about Minecraft, Titanfall 2, and a seemingly never-ending list of all types of games and hacks and finally, after a few minutes, I put my hand up and simply smiled.

‘Then you have the knowledge to become a millionaire.  The rest is just learning how to make a system that allows you to teach people those lessons easily.’”

As we’ve talked this month about how to share and teach financial literacy to our kids, I’d have to say the far bigger purpose for me was to inspire and help you to show your kids they can learn about and manage their money without the mistakes we so often made. 

I don’t know if I accomplished that, but I hope it’s helped to open some conversations within your won family about how we can all approach money a little differently and – when we get right down to it – we all the chance to make as much as we want. 

Have a great week-

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