Part 2: How to Raise a Millionaire

Remember to join me as I interview Ann Morgan this Friday, July 13th. at 10:00am PST as she discusses her book and parenting philosophy at ‘Heart-Centered Life’ BlogTalkRadio.   

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HTRM Part 2: Next, you might be asking yourself, “What are the skills my child needs to develop to be able to manage their business?”

Believe it or not, the skills will come naturally. As they begin their business, they will naturally have to practice five key skills.

 Marketing and Sales       
Accounting   
Execution   
Customer Service   
Follow-up

 As they work their business, these skills will continue to crop up and your kids will develop an aptitude for each of them. The hardest part is letting them learn them. I’ll give you an example.

 After they pick a business, they will develop a flyer and a ‘sales pitch’. When they see a neighbor (prospective customer) you’ll nudge them to give their pitch. They will stumble, get tongue tied and maybe even a little embarrassed, and you will do nothing!  Hey, you helicopter parents, I am talking to you!  Yes you–you will do nothing! 

Occasionally you’ll give them a key word to help them along, but you will let them learn on their own. When they are done–out of ear shot of the neighbor–you will do nothing but praise!!! You are their cheerleader. You won’t correct them, you’ll just praise them! 

 “Wow, you did great. I know you stumbled a bit, but you did great!  I am so proud of you!!! I know you’ll get even better each time you practice.”

The key here is to remember two things: first, you are in a marathon, not a race. This is not a class with a paper due at the end of the week. This is a life skill you are teaching and it can’t be done in a day. Second is to remember you are transitioning yourself from the “don’t do this, don’t do that” parent to a Trusted Advisor. You are becoming the positive parent of possibilities.

 You are offering (note the word here) suggestions and guidance. Think of yourself as a mentor and cheerleader. As you become more adapt at being a Trusted Advisor, you’ll become your kid’s “go to” person for advice and counsel. Note: You are not the Trusted Dictator, so suggest and cheer, rather than demand and instruct.

 If you ask me–what is the most important thing a parent can teach their child to lead him/her to financial success? I’ll tell you–teaching our kids they are capable of anything they put their minds to is critical. Life is full of setbacks. They can happen one after another and we have to teach our kids how to be resilient–how to bounce back. Did you know, the average millionaire has lost and made their fortune 2-3 times? Wow. I want my son to have that kind of self-esteem, don’t you?

I want Jack to be whatever he wants to be. Whether it is working for someone else or running his own business. The kind of confidence it takes to get the job, run the business, comeback from a layoff is all the same. Self-esteem doesn’t know if you work at a fast food restaurant or if you are the CEO of a multi-million dollar company. Self confidence and self-esteem are fostered deep inside our kids–by us!

The simple fact is fostering a “millionaire” qualities and an entrepreneurial spirit in our kids will raise their self-esteem and confidence.

Jack has learned many more things in this venture than just those I have listed. Our relationship has grown even stronger. We have enjoyed doing something productive together rather than something we have to do–like homework. I get just as excited as he does when he gets a new customer. We work together on his business. I am out there with him, helping drag cans in or out or teaching him how to use the weed whacker so he can provide an extra service for his customers, and it is a positive experience for both of us.

When you start this venture with your kids, I am confident you will find a completely new set of benefits I have not even mentioned.

Mother Teresa said, “I am a little pencil in the hand of a writing God who is sending a love letter to the world.” If that is the case, then we–parents–are a pen in the hand of our children as they compose the wishes and dreams of their lives. What we do and say is written in ink. How and what we teach our kids is hard to erase. It takes a lot to overcome the impressions we parents leave on the souls of our children. I–for one–want the impressions I leave on Jack’s soul to be the most positive and inspirational messages possible.

I want Jack to “Dream It”, “Believe It”, “Love It”, “Work It”, “Own It”, and “Give It” with all the positive and uplifting energy he can muster!

Ann Morgan James is an author, speaker and Jack’s mom. Ann’s book How to Raise a Millionaire gives parents a no-nonsense approach, innovative ideas and techniques to parenting that will help you increase confidence and grow bully-proof self esteem in your kid.  Ann has one passion which drives her to overcome any bump in the road life throws her way; she is determined to teach her son Jack how to live the life of his dreams.

Thanks Ann for this great article!  I can’t wait to start implementing your ideas with my own twins!

Post your comments below.  Here’s to living a ‘Heart-Centered Life’!

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