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Will Your Child be Rich or Poor?

Hey guys.  Someone who I respect greatly and is a major Father figure in my life sent this article to me today.  It was one of the most eye opening things I’ve ever read.  I’m posting a bit of it below and the link for the full article.  The subject really caught me by surprise but the more I read it inspired me to be even more intentional with my kids.  Let’s all strive to not only give them the love and support, as only a Dad can, but also give them the necessary tools to ensure success as they get older.  Would love to hear your feedback…this is the #DadLife

– Marc

Full article at: http://richhabits.net/will-your-child-be-rich-or-poor/ by Thomas C. Corley

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 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.

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