We teach our kids to read, to catch, to speak but do we teach them enough about money? Here are 11 tips we should be sharing with ourchildren right from the beginning:
1. Spend less than you earn
2. Invest the difference in long term tax-deferred investments (property)
3. Avoid buying status objects or leading a status lifestyle
4. Do not gamble or speculate on long-odds stocks
5. Understand that your parents will not give you money
6. Don’t spend tomorrow's cash today
7. Don’t compare yourselves to anyone financially
8. Don’t look to live in luxury, style, and above all, comfort
9. Being a drinker or smoker is a Million dollar cost choice
10. Buy a two year old luxury car, never a new one
11. There is an indirect relationship between the level of income an individual earns and the net wealth that one accumulates.
Source: The Millionnaire Next Door. Click here to find out more.