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

Tom Corley/ Michael Yardney's Commentary

The fact is the poor are poor because they have too many Poverty Habits and too few Rich Habits.

Poor parents teach their children the Poverty Habits and wealthy parents teach their children the Rich Habits.

We don’t have a wealth gap in this country we have a parent gap.

We don’t have income inequality, we have parent inequality.

PARENTS AND OUR SCHOOLS NEED TO WORK TOGETHER TO INSTILL GOOD DAILY SUCCESS HABITS AS FOLLOWS:

·         Limit T.V., social media and cell phone use to no more than one hour a day.

·         Require that children to read one to two educational books a month.

·         Require children to aerobically exercise 20 – 30 minutes a day.

·         Limit junk food to no more than 300 calories a day.

·         Require that children set monthly, annual and 5-year goals.

·         Require working age children to work or volunteer at least ten hours a week.

·         Require that children save at least 25% of their earnings or gifts they receive.

·         Teach children the importance of relationship building by requiring them to call friends, family, teachers, coaches etc. on their birthdays and to send thank you cards for gifts or help they received from anyone.

·         Reassure children that mistakes are good not bad. Children need to understand that the very foundation of success in life is built on learning from our mistakes.

·         Punish children when they lose their tempers so they understand the importance of controlling this very costly emotion.

·         Teach children that seeking financial success in life is good and is a worthwhile goal. Children need to learn what the American Dream is (or living in Australia, the "lucky country") and that it is something to be pursued in life.

·         Children need to learn how to manage money. Open up a checking account or savings account for children and force them to use their savings to buy the things they want. They need to learn that they are not entitled to things like cell phones, computers, fashionable clothes, flat screen T.V.s etc.

·         Require children to participate in at least two non-sports-related extracurricular activities at school or outside of school.

·         Parents and children need to set aside at least an hour a day to talk to one another. Not on Facebook, or on the cell phone, but face to face. The only quality time is quantity time

·         Teach children how to manage their time. They should be required to create daily “to do” lists and these lists need to be monitored by parents.
The goal should be to accomplish at least 70% of their tasks on their daily “to do” list.

WEALTHY PEOPLE DO CERTAIN THINGS EVERY SINGLE DAY THAT SETS THEM APART FROM EVERYONE ELSE IN LIFE

Wealthy people have good daily success habits that they learned from their parents.

These daily habits are the real reason for the wealth gap in our country and the real reason why the rich get richer.

Unless we teach our children good daily success habits, and level the playing field, the rich will continue to get richer and the poor will continue to get poorer.

Source:

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

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/

Warren Buffett's Top 10 rules for success

You are incredibly lucky if you find your passion in life.
Encourage your children to do that, too.

3 Steps To Raising A Happy Child

by David Kanegis

Youngsters and adolescents face a daily barrage of challenges to their sense of self worth, well-being and perception of just where they fit into the scheme of things. There are more unhappy and suffering children than adults think... and yours just might be one of them.

Want to raise a physically and emotionally healthy child? It doesn't happen by magic. It takes planning, your self-awareness, spousal communication and a host of other actions.

Empower Your Child

Whatever the age, or whether you're a parent or grandparent you have the ability (and in my humble opinion) the responsibility to create an environment in which your child is encouraged to experiment, challenged to take chances and respected for choices they make.

This doesn't mean letting your child run free, doing whatever they feel like and misbehaving without suffering consequences.

It does represent looking for activities and methods of communication that put your child in the driver's seat. Creating challenges no matter the outcome is healthy for children. It's how they learn to deal with both success and failure.

My elementary students were comprised largely of children at risk. Many suffered from highly dysfunctional home conditions, academic difficulties and a host of emotional ills. I made it a point within the first week of school to identify one strength unique to each child... and then reinforce it.

Both children and adults handle adversity better when they have had positive experiences in their lives. It's much easier to handle failure when your frame of reference is a positive one.

Bottom Line # 1:

Make An Empowerment Plan - Create opportunities for your youngster to develop feelings of self-confidence, importance and worthiness. Let them know you value them and their opinions!

Communicate With Your Child

I don't mean simply listen as they tell you about their school day. Chances are if you ask how school was (a question so many kids hate) all you'll get is the word "fine."

Talking to your child about what they should be doing, driving them to activities, reminding them of dinner time, *nagging about homework, lecturing about keeping their room clean... all these are important components of parenting but do not constitute enlightened communication that shows interest, teaches, demonstrates love and as mentioned earlier empowers them.

* A note about homework nagging. Just my opinion... it's not very helpful and creates on-going stress and hassles that can derail the best laid plans. It's my belief that there are a variety of reasons kids procrastinate doing homework. In fact, it's an area where open discussions, probing questions and close listening will provide you with lots of useful input. Yelling and punishments may get it completed, but make for more stress than it's worth.

Worse case (particularly for children who have the ability but lack the inclination) they'll receive bad grades and at some point self correct. I'm sure there are readers that may not agree and please feel free to comment below.

Bottom Line #2:

Create A Communication Protocol - Give thought about how you interact with your child, your tone of voice, how well you listen, the value you give to what's important to them, creating opportunities that allow and encourage self expression and any way you can demonstrate that you are always available to them no matter what!

Generate A Stress Free Atmosphere

OK. This one may seem a bit idealistic. However once again it's a matter of introspection and becoming aware of what transpires in the home on a daily basis. Whether there's both a Mom and Dad or it's a single family household you can manage the environment you create.

Is it easy? No. When a marriage is intact, there's often an incredible amount of inconsequential bickering. Do yourself and your child a favor... become aware and look at ways to help create a harmonious environment.

If you are a single parent you're probably running on empty! Perhaps you're a soccer mom. You can't change the fact that your spouse isn't providing enough or any child support, doesn't arrive on time to pick your up your child on the weekend, don't have any support with discipline, feel stretched at all ends and to top it off have no social life.

As a single Dad you may harbor tremendous resentment that you get so little time to spend with your child. Custody laws are changing but generally tend to favor Mothers. Disagreements over how to raise your child can be a constant source of tension.

These are all real and valid stressors. It's not easy to react to frustrations with your child in a stress free way. But the truth is, with thought and planning you can channel your reactions to stress, reduce the level of it you communicate to your child, create a more relaxed environment... and ultimately make daily living enjoyable and healthy for all.

Bottom Line #3:

Be aware of the impact of the stress you are under. This is different than experiencing being stressed. In a way it's a bit like mindfulness... let yourself experience the stress and the feelings that go along with it. However, look for ways you can mediate the feelings and make a concerted effort to create a family environment that celebrates moments of peacefulness, harmony and relaxation.

A tool I used as a teacher and now when coaching families is what I call "Quiet Time." This is different from the valuable quality family time that many share. It's a period during the late afternoon or evening when every family member spends "alone time" doing whatever relaxes them the most. There's no communication with or expectations of one another. You'll be amazed at how cathartic and stress reducing this can be.

One special reminder...read to the little ones every night. It's relaxing and proven to help them in reading and language development. Don't be afraid to use character voices and act a bit silly. Your child will love it!

Naturally there are many more than three ways you can help your child. Yet if you take nothing else away from this article let it be that creating a healthy home atmosphere doesn't just happen spontaneously.. It takes planning. Make the time. It's worth it!

Your Daily Quote - Your Children

Don't worry that children never listen to you; worry that they are always watching you.

Robert Fulghum