Kids Making Money ? What is the next move?
By: Carmen Deleon | Posted: 09th December 2009
Parents you ultimately got your kids making money and you are thinking what's the next step in the process? The general public spend their lives working for money without ever understanding how it is possible to get their money working for them. I want to give you as parents some benefits which will come from teaching your youngsters how it is possible to get their money working for them.
What does it mean to have your money working for you? That basically means when money you have earned goes out and starts to make some money for you without you having to do any additional work. Good idea but why should I teach my children this.
the 1st reason is because it is what financially responsible elders do. This is the sole way to sustain wealth so teaching your children this price can be creating wealth for generations.
The second reason is that although money is actually an unlimited resource, time is not. The majority exchange time for money. Think about your children earning money. After 3 hours they have made $30. They are not getting paid. In this eventuality there are two paths to earn more money, work more hours or increase your hourly wage. There truly are a limited number of hours you can work in a day and most roles have ceilings on how much money you can make. This is not how wealth is built. True wealth building doesn't exchange time for money, but money for money. If I have an investment that earns a 5% return, that means that 24 hours per day, 365 days a year my money is making money, whether I work or not, that is how wealth is built.
When you have done this then you can grow into more assertive vehicles like stocks, IRA's or other retirement vehicles.
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Tags: 365 days, parents, making money, how much money, youngsters, earning money, elders, stocks, creating wealth, wealth building, generations, money work, ira, ceilings, eventuality, hourly wage