Thinking like a millionaire is the first step toward becoming one. Warren Buffet wasn’t a millionaire by age 21. But by the time he finished college, Buffett had accumulated more than $90,000 in savings measured in 2009 dollars. That’s a lot, but it’s not a million. (Wikipedia) How he accumulated that $90,000 leads me to my second of five tips on how to think like a millionaire:
Click here to read the first tip: Learn how to delay gratification.
#2 – Work and earn money
Notice I did not say “get a job.” I said “work”. Encourage your kids to start working right away. Work for someone as a start. It’s a great way to get a paid for education. But don’t stop there. Encourage them to take advantage of the opportunity to work for themselves and be an entrepreneur.
As a young kid, “Buffet went door to door selling chewing gum, Coca-Cola, or weekly magazines. For a while, he worked in his grandfather’s grocery store. While still in high school he was successful in making money by delivering newspapers, selling golfballs and stamps, and detailing cars, among other means. Filing his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle and watch on his paper route. In 1945, in his sophomore year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in the local barber shop. Within months, they owned several machines in different barber shops.” (Wiki)
Kids of any age can work and earn money. All they need is age-appropriate opportunities. For ideas on how mom and dad can help, see my blog post “Odd-jobs entrepreneur”.