Response to an article about raising money smart kids.

What are you teaching your kids about money?

– One thing missing in the article is teaching your kids the differences between assets and liabilities. That seems to be a huge issue for those who stay in poverty. Most people in poverty have no vision for their long-term future. Life is about today and this week. They waste money on a car (liability) they can barely afford, and rent an apartment (another liability). *Many middle income people make similar mistakes.
– For those of you believe¬†that gender, race, primal past, etc are a “barrier” to success. I humbly disagree. Of course racism and sexism exist, and many companies are reluctant to hire ex-cons. Those biases can slow down your race to success, but not prevent you from crossing the success finish line. Many use that as an excuse to rationalize their lack of success. Call your local college admissions and ask if they have scholarships exclusively for minorities, and women. Many exist. Some hurdles for our grandparents are now a helping hand. We all have hurdles to pass. Few in the US have barriers preventing them from improving their financial wellbeing.
– More and more large companies have quotas for minorities and females. White males who are qualified for a job are passed over for unqualified minorities. I can give you stories from various companies.
– Look up “set-asides” on your computer. You will find that the federal government has programs and MONEY for small, minority/female owned businesses that are not available to white male owned businesses. Same for other municipalities.
– You can make excuses, or make money. Not both. It’s a lot easier to make excuses then it is to make significant changes in ones life. Significant change comes from significant change in direction. Taking responsibility for where you are in life is a huge step n the right direction.
– Want extra money? Start your own business. MLMs don’t care what color you are, what gender you are, or if you graduated college or high school. If you can network, like Corley mentions, then you can be successful at network marketing. Believe it or not, some don’t involve products or inventory.
– Mow lawns, wash windows, clean homes, paint homes, provide in home care, etc. Then, hire others to help, and before long, you will just manage those you taught to mow lawns, wash windows, etc. That is another business principle that too few people learn, “leverage”.

 

© Richard Dalton 2018

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