Want to train your kid to become extremely financially successful then do these.

If you want to train your kids to grow up to be financially successful then this article will be a great help to you. Parents can educate their kids about many things but when it comes to financial education, they often think the kids are too young to be taught. This article is written to help us understand how easy and relevant it is for us  to educate our kids financially from childhood

Teaching your kid to be financially successful shouldn’t be strange to any parent if they know how to approach the proven ways to be financially successful from childhood.

No one can successfully offer any form of training until they are trained themselves and hence all parents must bear in mind before they can offer a better financial education for their kids, they ought to know what being financially successful is all about.

What most parents do is to send their kids to school, give them a good education, and after completing their university education, the kids go look for a job. The school will train your child with the best education it can offer but it has no guarantee that it can raise your them to become financially successful. Some people went to school from high school to university to learn a business course but after school, they haven't even been able to set up even one successful business. Life has proven that having a formal education has nothing to do with being financially successful.

What does it mean to be financially successful 

 To be financially successful is to have financial freedom, meaning you have been able to set up a business system or investment that is making you free from the hassle of trying your whole life to get a job to survive. People who are truly financially successful make money work for them but they don’t work for money. They have set up businesses running with or without their presence on a system which will pay them money for the rest of their lives

What most parents know is not about having financial freedom but financial security, where they have to spend their whole time on a job to expect a paycheck each month. Now, this is why most parents who can afford expensive schools will do everything for their kids to attend such schools and expect the school to teach the kids how to be successful.

For kids to be trained to become extremely financially successful, it not the duty of the school they attend but the duty of the parents or guardian. The kid will have to be given a culture about money which will never leave them but they will apply it throughout their life which will surely put them ahead of their peers who never had such culture. 

Here are  few people who got financial training at an early age 

The richest man ever to be in America, John D Rockefeller sold candy and Turkey at a tender age, which built his passion for business.

Warren A Buffet got business training from childhood age by selling gum which put him ahead of his peers forever.

 Robert Kiyosaki the writer of the Rich Dad  Poor Dad book is very rich today and once testified that he got his business training at age nine from his childhood friend's Dad. I recommend the book Rich Dad Poor Dad for any parent who wants to train their kids to be financially successful.

Seven daily activities a parent can put their kids through to make them financially smart from childhood

Ta Train you kid with a skill to do a chore

A parent who wants to educate their kids to be financially successful should teach their kids how to do a chore at home, whether cleaning or washing or any easy task a child can carry out. Teaching a child how to do a chore is by way of introducing the child to the world of work.

Reward them

Have an agreement with your kid to carry out the chores you have trained him or her to do and reward them a small amount of money. Explain to them you are giving them work and you will reward them every week or month. Now the impact this will have on the child is, it will let them know from an early age that, rendering service in life can make you earn money and this will make them understand how the financial world operates from an early age. Please kindly make the money very low because it not that you are providing them with employment but rather a training.

   Teach them how to manage their income

With the parent assistance, the child should be thought how to keep a record of the money earn, also teach them how to save in a piggy bank. The child should be provided with three piggy bank and each pay received should be divided into three, which is savings, investment and self-upkeep. The savings money will be used when needed to buy or pay for something and the investment money will either be used to invest in the bank or someone’s business or start a new business. These pieces of training are not just to occupy the child but it will give the child a financial smartness culture from an early age which will cause them to practice it throughout their life

4.      Help them come up with a business plan

Come up with a business plan with them and find someone to do the business and assist the child to pay the person from his investment money. The parent will have to help with some extra money to get things done. This business shouldn’t be any big business but something to train the kid. There will be no point going to start a business the kids doesn’t know much of how it operates. it would have been the best if the child can employ other kids with him to carry out the business. But if there is no other child around the parent should assist with coming up with something to assist the child to pay the person employed

5.      Teach them accounting and record-keeping

The parent should help the child keep a record of all monies in the various categories that is, savings, investment and upkeep. If the child is too young to write, then the parent should assist the child to keep the records. This will teach the kids about accountability from an early age 

6.      Teach them to give.

Out of the savings amount, teach the child to give to the poor because it comes with a blessing to help the child in life to become a philanthropist that can bless his or her society when he grows up to become rich.

7.      Teach them the purpose of School

The word education was taken out of a Latin word educere, which means nourish to bring up from within new ideas to bless your world.  The purpose of school is not to get a good job but to use what we have learnt in school to transform our society. The child should be made to understand that, whatever field they will want to enter they should bring a change in that field by inventing new products or improving upon the existing products or services. This should be the purpose given to children for going to school rather than telling them to go to school so that they get good-paying jobs after school

No age specified in this article as to when should this training be given to the child because every child and the age they begin to be smart in learning about things around them, so that is left to the parent to determine when to start the training.

After reading this article on how to train your kids to become financially successful, please share with us, at what age will you like to begin this training with your kids.