WILL YOUR CHILD BE RICH OR POOR? 15 POVERTY HABITS PARENTS TEACH THEIR CHILDREN - part 1 of 2

Tom Corley/ Michael Yardney's Commentary

When I travel the country speaking to high school and college students about exactly what they need to do to become financially successful in life I always begin my presentation by asking three questions:

“How many want to be financially successful in life?”

“How many think they will be financially successful in life?”

Almost every time I ask the first two questions every hand rises in the air.

Then I ask the magic third question:

“How many have taken a course in school on how to be financially successful in life?”

Not one hand rises in the air, ever.

Clearly every student wants to be successful and thinks they will be successful but none have been taught by their parents or their school system how to be financially successful in life.

Not only are there no courses on basic financial success principles but there are no structured courses teaching basic financial literacy.

WE ARE RAISING OUR CHILDREN TO BE FINANCIALLY ILLITERATE AND TO FAIL IN LIFE

Is it any wonder that most Americans live paycheck to paycheck?

That most Americans accumulate more debt than assets?

That many Americans lose their homes when they lose their job?

Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt?

What’s worse is what our children are being taught by their parents, the school system, politicians and the media.

They are teaching our children that the wealthy are corrupt, greedy, have too much wealth and that this wealth needs to be redistributed.

What kind of a message do you think that sends to America’s future generation?

It is teaching them that seeking financial success by pursuing the American Dreams is a bad thing.

The Occupy Wall Street movement was a manifestation of this “wealth is bad and needs to be redistributed “mindset. .

HERE ARE SOME STATISTICS FROM MY FIVE-YEAR STUDY ON THE DAILY HABITS THAT SEPARATE THE WEALTHY FROM THE POOR

1.    72% of the wealthy know their credit score vs. 5% of the poor

2.    6% of the wealthy play the lottery vs. 77% of the poor

3.    80% of the wealthy are focused on at least one goal vs. 12% of the poor

4.    62% of the wealthy floss their teeth every day vs. 16% of the poor

5.    21% of the wealthy are overweight by 30 pounds or more vs. 66% of the poor

6.    63% of the wealthy spend less than 1 hour per day on recreational Internet use vs. 26% of the poor

7.    83% of the wealthy attend/attended back to school night for their kids vs. 13% of the poor

8.    29% of the wealthy had one or more children who made the honor roll vs. 4% of the poor

9.    63% of wealthy listen to audio books during their commute vs. 5% of the poor

10.  67% of the wealthy watch 1 hour or less of T.V. per day vs 23% of the poor

11.  9% of the wealthy watch reality T.V. shows vs. 78% of the poor

12.  73% of the wealthy were taught the 80/20 rule vs. 5% of the poor (live off 80% save 20%)

13.  79% of the wealthy network 5 hours or more per month vs. 16% of the poor

14.  8% of the wealthy believe wealth comes from random good luck vs. 79% of the poor

15.  79% of the wealthy believe they are responsible for their financial condition vs. 18% of the poor
To be continued...

Source:

http://propertyupdate.com.au/will-child-rich-poor-15-poverty-habits-parents-teach-children/