Your sub conscious mind controls what becomes a reality in peoples’ lives. Understanding the way your mind works can empower success. Here we will challenge social conditioning to reprogram the subconscious to develop a money mindset.
Robert Kiyosaki, famously known for his book “Rich Dad Poor Dad” points out that kids need to be given a financial education and that they are unlikely to get a financial education from school!
Kiyosaki emphasises that by teaching kids to understand balance sheets, you are giving them the basis of a financial education. Balance sheets have two columns, Assets and Liabilities. Kids need to know the difference between Assets and Liabilities.
Kiyosaki’s simple definition of an asset is something that puts cash into your pocket and a liability is something that takes cash out of your pocket! Examples of assets are stocks, investment property, bonds, gold, businesses and valuable antiques. Examples of liabilities are cars, boats, houses, clothes, holidays, TVs and if you are a kid, toys.
Rich people start out by taking the money they earn from salary to buy assets. These assets put cash into their pockets. They take some of that cash to then buy liabilities. They also use some of the cash to buy more assets. Eventually their assets provide enough cash flow that they no longer need a “job”.
On the other hand, the poor and middle-class earn a salary, which they spend on liabilities with little or nothing left over to buy assets. As they go through life they buy more and more liabilities and have to work harder to earn more money to pay for them. Many will borrow money to buy more things.
When kids understand a balance sheet, they can then be encouraged to develop the habit of putting some of the money they get into buying assets before spending it all on liabilities. This habit will be the basis to them creating wealth as they grow up.
I had a good conversation with Flynn a while back. He has made a large sum of money from his Honey Enterprise and has already spent some of it on his goal, which was to buy an iPod.
Flynn has some mates who are mad keen on riding motorbikes and Flynn now has his sights set on buying one.
I explained that he could buy one, but first he must understand that a motorbike is a liability and will take money from his pocket (devalue, repairs, fuel, safety equipment etc). I then explained what Robert Kiyosaki teaches about balance sheets. Flynn took what I explained on board and as a result of our chat he now keeps three jars of money. One for gifting, one for his liability (the motorbike) and one for buying assets!
So what assets can a kid buy?
Chart showing Silver's value over the past 5 years
Well cash could be considered an asset (however, over time currencies generally devalue, so maybe it isn’t a true asset unless it is gaining a good interest from the bank!). Kids can buy collectables or small amounts of gold and silver. With their parents help they could also buy shares in companies, or put their cash into building their enterprise… as in Flynn’s case, more wholesale honey or even a bee hive of his own!
Flynn decided that he wants to buy silver. Currently its market value is about $30 an ounce and can be bought from the Perth Mint. Five years ago silver was only $9 an ounce. That’s a pretty good gain considering that the GFC was during this time! In fact, at one stage silver reached as high as $47 early last year!
Flynn is getting a Financial Education.
This conversation about silver is very relevant to my next guest I am about to introduce to you. Andrew Smith is an expert in Silver and Gold. He is a qualified mining engineer, who is involved with a company (www.orica-miningchemicals.com) selling chemicals to gold mines. He has been involved with Gold and Silver mining for many years and has an in depth knowledge of the fundamentals of gold and silver and investing in these precious metals. If you are interested in capitalizing on the precious metals’ opportunities and seeing Andrew present live in Bunbury, WA, click this link.
I was looking for conversations on Twitter about raising Enterprising Kids, when I came across a very inspirational guy called Cameron Herold. He is a very successful entrepreneur with an excellent message to parents wanting to raise kids to be entrepreneurs. He shares his own life story and makes reference to the book “Young Bucks: How to Raise a Future Millionaire” by Troy Dunn.
Cameron, now in his late forties, was once one of those kids who simply didn’t fit into the regular schooling mould. In fact, these days his hyper-activity would have had him labelled with the disorders of ADHD and Bipolar. Cameron admits that he had, and still has, these “illnesses”, and were he born into this modern world, would have been dosed up on Ritalin and given referrals to the school Psych in order to mould and conform him to expected “societal” standards at school. Cameron explains that it was these afflictions that made him what he is today… a very successful entrepreneur! He says our schools are full of potential entrepreneurs who are suppressed by behaviour programs and Ritalin.
“Bipolar is the CEO disease!”
Steve Jobs
Steve Jobs, Ted Turner and all three founders of Netscape have two things in common. They are/were successful CEOs AND they all have/had Bipolar.
Cameron says ‘Don’t medicate kids with Attention Deficit Disorders. Imagine if Steve Jobs was given Ritalin, the world wouldn’t have been blessed with the amazing advancements in the technologies of Apple!”
Cameron Herald was brought up by his parents to be an entrepreneur. He points out that schools rarely teach kids how to think like and develop the skills to be entrepreneurs. Schools condition kids to fit into jobs, not build businesses. Cameron wasn’t comfortable with school and ended up dropping out.
Being an entrepreneur is not an inherited trait, but a learned behaviour!
In America, fewer than 18% of households are headed by a self employed business owner, however, self employed business owners are four times more likely to be millionaires than those who work for others! On average entrepreneurs make at least 25% more in income than the general population. (T.Stanley Phd & W.Danko Phd in “The Millionaire Next Door”)
Entrepreneurs learn to become entrepreneurs through necessity, such as immigrants and refugees, or they learn through observation, such as Robert Kiyosaki. Very few entrepreneurs learn about these skills at school. So, if you want your kids to learn about entrepreneurship, someone in their family must teach it!
It is interesting to note that 62% of Entrepreneurs say they do not have a family member who is an entrepreneur ((North Eastern University School of Technology Entrepreneurship Oct 2006), so rely on other mentors to teach them the necessary skills.
So how do you teach kids to be successful entrepreneurs?
Cameron Herold
Cameron Herald offers many excellent suggestions. He presents an outstanding talk, that goes for about 15 minutes. If you are following our blog, then you are likely to be a parent looking to give your children opportunities and choices in life which would include providing them with the know-how to develop enterprise skills. Cameron Herald’s talk is a must see! So go make a coffee, then click this link and soak up his energy and words!
In his talk, Cameron makes reference to a book that he says has practical and age specific advice on how to access your child’s strengths and weaknesses so that you can pre-think ideas to suggest to your children on what kinds of money making opportunities they can do.
The book is called “Young Bucks How to Raise a Future Millionaire” authored by Troy Dunn.
Young Bucks: How To Raise a Future Millionaire
Troy Dunn is also a self made millionaire and successful entrepreneur. He also happens to be a father to seven kids (just like us!), so I guess he is qualified to offer guidance!
In his book he explains that the first pre-requisite is to give your child the “Gift of Want”. They must have a real reason to pursue being an entrepreneur. They must want something badly enough as this is what will give them the motivation to get started and to keep going when the going gets tough!
Dunn leads parents through a series of steps to assist their child in deciding, researching and setting up a money making business. He teaches key concepts like marketing, pricing, negotiating etc and he gives plenty of terrific “enterprise for kids” ideas.
Cameron Herold states that one can change the world as an entrepreneur! All that is needed is a single, brilliant idea.
This takes me to my next point – to be an entrepreneur, we need to change the way we think. True entrepreneurs see obstacles and turbulence in life as opportunities and in the midst of crises often create their own opportunities to solve the problem!
Cameron explains that teaching our kids skills such as leadership, tenacity, sales and attainment, help them to succeed. He says that we need to help them find the entrepreneur within themselves, and we need to make it cool! Kids who struggle at school need opportunity. His view is that we should be raising kids to be entrepreneurs, rather than lawyers! Don’t get me wrong, being a lawyer is an admirable profession, but for those children who have no desire or ability in attaining the results to be a lawyer, then entrepreneurship is even more important.
Cameron thinks parents should groom young entrepreneurs to hate the thought of getting a job! Don’t give kids pocket money as it conditions them to have/expect regular pay cheque. Rather, teach your kids to find things that need to be done around the house, then have them negotiate a fee for doing it. This teaches them to look for opportunities and to negotiate.
Teach kids habits to save. Have them use money boxes with three compartments. One for gifting, one for buying toys and one for buying assets such as money in the bank, gold or stocks.
Take opportunities to teach from real life examples in the real world. For example point out when someone is providing good customer service in a restaurant, or presents well as a salesman. Encourage your kids to sell their unwanted toys, to build inventions and to tell stories to the public.
Cameron Herold has allowed me, as a school teacher, to see kids in schools differently. I can see that there are some children who love the system and are more than happy to get a job and work for a salary, but there are an increasing number of children who don’t fit into the system, and perhaps unknowingly, are destined to be budding entrepreneurs. All they need is someone to release the “entrepreneur self” from within and then provide the opportunities for them to develop!
We need more people like Cameron Herold and Troy Dunn (Young Bucks: How to Raise a Future Millionaire) in our world. If you missed Cameron’s talk, here is the link again!
In our next post I have an invitation for those of you who live in Bunbury Western Australia!
Part of what we love about this blog is that we get to share the amazing success of young entrepreneurs with not only our readers, but our kids. As we’ve been learning on Paul Counsel’s course, and what Dale Beaumont has reiterated, is that who you “hang with” is who you become like. Now that can be a scary thought or it can be an inspiring thought, depending on your peers and the people you spend the most time with.
Luckily we have wonderful family and friends, but for us, it’s also important to include peers who have achieved success in the areas we are lacking. Some of our family and friends fulfil those needs, but a sure way of increasing self effacy in these areas for us and our kids is to mix with other successful entrepreneurs.
Dale Beaumont is one such inspiring young entrepreneur. He doesn’t see himself as that young anymore, but his success started at the tender age of 19. Prior to developing his entrepreneurial skills, Dale was an accomplished gymnast and probably what you would call an overachiever. When Dale was 19 he co-authored a book called “The World at Your Feet” which was the basis of his successful program “Tomorrow’s Youth”. Here, he taught young kids essential life skills.
Dale started his journey when he was only 19.Dale Beaumont wrote Secrets Exposed Series.
In 12 short years he has published 15 books in the “Secrets Exposed” series, built amazing relationships with other young successful entrepreneurs, business owners and “thought” leaders and has recently developed the Business Blueprint model which has amazing systems to keep you ahead of your competition in business and free your valuable time where you can concentrate on things other than work 24/7.
Dale with one of his childrenInside the Sistine Chapel
Dale is married and has two gorgeous boys, so his focus is actually on travelling with his young family to all corners of the world. He is only able to do this because he is financially free and has set amazing systems in place within his business so everything ticks along with or without him! So you could imagine how appealing that is to Trev and I!
I won’t talk about the whole workshop that myself and my good friend Sally went to in Perth, but I thought I would share some highlights with you that really stuck with me as he spoke.
Presenting at Business Blueprint
“Empty bank accounts don’t feed the people.”
“The poor can’t help the poor.”
Just these two sayings alone say it all. Some people in this world want money for money’s sake – so they can have nice things and show off to others how well they are doing. Others want money so they can have nice things, enjoy wonderful experiences, but also do good things in this world and make a difference to the lives of others. We fall into that category.
Dale supports “Hands Across the Water” project in Thailand and it was inspiring to see him obviously making a difference to the lives of many boys and girls there. He even takes other entrepreneurs there with him, so they can have more purpose in their lives and help use their money in useful ways.
New Rules of Business Seminar
The internet has changed business forever and if you don’t embrace that change, your business will get left behind. A classic example of this was the Borders Bookstore. They were a wonderful “physical” resource, but chose not to keep up with how fast the internet was growing and actually sold their software of selling books online to their competitor, who did see the potential of the internet. That competitor was Amazon……..and I think most of you will agree that it has gone from strength to strength, whilst Borders, sadly, had to close their doors.
What I loved about Dale’s seminar is that you don’t have to do it all yourself, in fact, you would be crazy to. There are ways of making your business and your life easier and Dale spells these out with the amazing systems he has in place.
Dale shared with us something he learnt when he was just starting out in business.
The Coffin or the Hourglass.
The Coffin or the Hourglass
Basically many people starting in business spend more time on taking action than they do strategising or planning where they want their business to end up. Now taking action is important, but you don’t want your business to be like a coffin, where little time is spent strategizing, heaps of time is spent taking action (but sometimes not very fruitful) and the results then speak for themselves.
The hourglass on the other hand, is all about putting the time in with the planning, strategising, and “thinking” stage. With well thought out plans in place, the action you take is more focused and the results are more fruitful.
So what would you prefer? A business with the “coffin” model or one with the “hourglass” model?
I think what has made Dale so successful in such a short amount of time is his ability to let go of the things that could be done by someone else (outsourcing), and focus on the things he needs to do to be effective within his business. Dale uses particular software to help systemize his business, so his time is leveraged and far more productive.
Office Autopilot
Office Auto Pilot... an excellent automated system
One such program is called “Office Autopilot” and has an amazing array of uses and ways of streamlining the processes that you must go through to keep your businesses ticking along nicely. I’m sure there are others programs or software, but having just purchased this particular one myself and seeing first hand how Dale uses the software to enhance productivity within his business, I am more than happy to list a few of it’s features below.
“Office Autopilot” Software allows you to split test, track and automate emails through their Email Marketing function. Order forms, memberships, subscriptions, refunds and automated card handling are all made easy with it’s Web Payment Processing system.
The Contact Database is all in one place for the history, purchases, referrals, files and notes etc. The Software covers Market Automation, Affiliate tracking, and Direct Mail Postcards (where you can personalise your business).
I love the If-Then Rule System where you can easily write extremely flexible and powerful rules to automate what happens next in your business. So basically, the system will have your rules “if this happens, send this email, if that happens, sent that email. This is such a time saving feature of the Office Autopilot.
The Software has a WordPress Integration system where you can set up a Word Press site in seconds. You can build a totally integrated membership site in minutes and add smart forms or order forms with a click of the button.
The program builds leads with drag’n’drop landing page creator and can split test pages for marketing purposes. Event Management from events, webinars to teleseminars make follow up easy and with Task Management processes and great Customer Service and Training, what more could you need.
As mentioned earlier, there are many programs out there, but this one is a good email marketing system combined with a good CRM system. Many are just one or the other.
So, how does all of this relate to Entrepreneurial Kids, you may ask. Well, for any business that our kids choose to start, using the internet will be a given, especially when they are young adults. If we want our kids to be competitive in today’s markets, we need to show them the way by taking the time ourselves to invest in “cutting edge” programs. They in turn, will follow our lead and already have the mindset that says “Get savvy! Learn…learn…learn!”
Bed time reading!
Generation Y (anyone born after 1980) are already building and creating things that will improve efficiency in their lives. Why spend time on something that takes 6 hours if you can streamline it and do it in one hour! That’s what our children are going forth into when they build their businesses.
And we agree totally. Life is not meant to be all about work. We want to work to live, not live to work……and we want our kids to get this concept too.
But in the meantime, if you are looking for an inspiring mentor and stimulating bedtime reading why not get stuck into one of Dale Beaumont’s books. Each of his books are either authored or co-authored by Dale and cost less than $10 from Amazon. His Secrets Exposed Series of books are the perfect gift for someone to kick start their entrepreneurial journey.
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When growing up I had a framed picture of a farm on my bedroom wall and I would look and think about it everyday for years. It featured a big wooden barn sitting on a grassy hill with duck ponds, sheep, a dog, tractor and kids running around.
Our Farm in summer.
The funny thing was that twenty years later Cathy and I found and bought a little farm and it was just about identical to the picture from my bedroom wall. The little farm house sat on a green grassy hill (which is rare in Western Australia with its semi arid countryside), it had a big wooden barn, sheep, ducks, a dog and a tractor. To top it off we raised most of our kids there during their early years. I had no idea until later that the very farm we owned was what I used to dream and think about as a kid.
When the movie, “The Secret” came out, I was fascinated by the featured stories of people visualizing in their minds what they wanted and then over time, having those same things arrive for them in their physical world. I guess that is exactly what happened to me… though it did take twenty years!
Kit camping on the Cocos Islands... a dream come true!Our Cocos experience!
This unique “law of the universe” came to play many times in our lives over the years. Our experience living on the Cocos Islands was a visual thought ten years before it became a reality, and traveling Canada and the US in our motor home with the family was another example of a visualization becoming a reality.
Vision Boards
Making a Vision Board is one way to build a visual picture of what you want. Cath and I have created Dream Boards and stowed them away, only to pull them out again some years later to see that several of the dream pictures can be ticked off as having been achieved… kite surfing, large aquarium, more kids, fishing boat… to note a few more examples.
Kite SurfingMy Vision Board from 2005. All these images, bar one, have become a reality.
We believe that Vision Boards help with visualizing what you want and because of that, we encourage our kids to make and display dream boards too. They think it’s all great fun!
The Problem with The Secret!
See, believe and you will conceive is the universal law that The Secret portrayed. It is amazing how your subconscious mind has so much power as to bring about reality from thoughts. The funny thing is that when I read forums with discussions about the laws of the universe I see many people being very frustrated about not being able to bring about in their physical world all the things they are visualizing and believing. They meditate, focus, make vision boards and think about what things they want in their lives, but despite all their efforts they are unable to conceive it to reality.
The Solution…
Our Money Mastery mentor says that there was an important ingredient that “The Secret” left out. He explained that whilst you need to visualize what you want, then emote it into existence, if you don’t have a persistent focus (or clear intention), then it is unlikely that what you want will easily come about in your reality.
He said, “The problem is that people have their focus elsewhere”. Like in our situation… we’re busy all week at work and when we’re home our whole attention is taken up with sorting the kids, doing the household chores and keeping up with our social life.
Our focus is drawn away from the things that we want to achieve, even though we may visualize them.
Often when people hit a rock bottom point in life, it is only then that their minds pinpoint their focus. This may be a near death experience, serious illness, break up with a partner or suddenly becoming financially bankrupt. It is only then that your conscious and subconscious minds align with an inner drive for change.
Our Subconscious Limits
The other thing that Paul (our Money Mindset mentor) explains is the “Belt” concept.
Our subconscious mind has an upper and lower limit to every aspect of our lives, including wealth, happiness, relationships, health etc. This is what we call our Comfort Zone.
Using money as an example, let’s say my subconscious is only comfortable earning $100,000 a year. That is my upper limit and if I ever exceed that by 10%, I will do something to self sabotage and bring that amount of money back to what I am comfortable receiving. Self sabotage may include spending it, losing it on the stock market, giving it away, gambling it away and so on.
So even though consciously I think I would like a million dollars, that will never happen until I have changed the upper limit of my subconscious around money. Subconscious mind is far more powerful than my conscious mind and that is why mentors such as Paul are so valuable because he helps us develop strategies to push our upper limit higher to allow more of what we want into our lives.
The same principle holds true for all areas of our lives. We may have a limit on how much happiness we are allowed to feel, so if a relationship is going along brilliantly, but we don’t think we deserve that much happiness (on a subconscious level), then we will do something to sabotage that happiness – more often than not, it involves picking a fight, creating a drama in our lives or doing something to hurt the other partner.
The same can be applied to health, relationships, weight loss, finances, anything really
The trick to mastering this law of the universe is to gradually work up to the bigger dreams by visualizing and intending for smaller dreams that will lead to the ultimate one. In other words, take smaller steps, then celebrate them once they are reality. The idea is that over time your subconscious mind will raise its upper limit to meet that of your conscious mind. When the two are aligned the physical reality will, in time, materialize.
Vision Boards for Kids
Ambers Vision Board
It took up to twenty years for dreams of mine to come about, so don’t allow a moment more to pass you or your kids by. Encourage your kids to make vision boards, teach them how to visualize and emote what they want. Establish a plan and then, most importantly, help them make it their absolute focus! If you need some help, then have a look at this book written by John Assaraf. He is an expert on the topic as he himself was a major feature in the DVD “The Secret”.
On our journey, we are finding many opportunities coming our way. Some of these opportunities involve speakers who have achieved enormous success in their chosen fields of endeavour. What makes them so inspiring though, is that whatever message they give, whatever company they work for, the principles of success are the same. One such speaker is an inspiring Californian man named Jay Bennett. He has been extremely successful in his chosen endeavour of Network Marketing.
Jay Bennett
Jay is a very fit and healthy man whose appearances can fool you into thinking he is many years younger than what he actually is. He is a walking billboard for the health and well-being industry. Jay speaks with humour and confidence and has a very good message for people who are aspiring for success.
Jay Bennett spoke for two hours and had us all captivated by his insights and passion for helping others achieve health and success. His talk was titled the “Steps to Success”. I thought that his message was very powerful and wanted to share it with our readers.
Dream
If you haven’t really thought about what your dream is then Jay suggests that is where you should start. Identify your real dreams and what you want in your life. Where do you want to be in ninety days? One year? Three years from now? Set goals.
“You have to have a dream to make a dream come true!”
Foundation for Success- ABC’s
Attitude
• Having a Great Attitude always equals Great Results.
• Focus on the solution, not the problem.
• Associate only with positive people.
• Attitude does determine success in every area of your life.
Belief
• Believe in the industry, the company, the products, and financial opportunity.
• Most important- believe in yourself.
• Believe that you are more than capable and deserve success.
• Your level of belief determines your level of success.
• Listen to motivational audios and read motivational books and go to events.
Commitment
• Success is one step at a time.
• Following through on your dreams.
• Success is a journey not a destination- commit to the journey.
• Success is a matter of hanging on when others have let go.
Jay Bennett and Family
Jay Bennett made a big deal about mixing with the right people and keeping yourself focused and motivated. The best way to do that is to regularly attend talks and seminars such as this one.
I found a video of Jay talking about this very topic. Click Here to see him share his wisdom!
In the last blog we spoke about “who it is that teaches our kids about money”. We’d like to delve a little deeper with this topic in this blog. Our intention is to build an understanding of why most of us have settled into the role of being a “worker” rather than following the “entrepreneurial” path. You will also learn a little more about what we are endeavoring to achieve as a family.
Our kids, like all kids, want to have their own money so that they can have a little independence and buy the things that they want. In our family our children sometimes receive money when it is their birthday and they also get a little pocket money.
Kaitlin, our eldest, has a part time job working at a local Brewery serving lunches and doing the kitchen work. She works hard and it pays pretty well. However, to take on a job, she loses some of her weekends and time to do her school work and have a social life. She also commits time to regular baby sitting work for some of the families in the area.
At present the money mindset of my children is much the same as ours, which is likely to be the same as most other people, and that is to earn money, spend and borrow money!
Generally most of us either have a job where we give time for a salary or we have a business where we give our time for a monetary return. Whatever the case, we are tied down and limited with what money we earn and we sacrifice our time for it. Sound familiar?
The funny thing is, that right from an early age we are conditioned to accept this to be the norm and often our minds are generally closed off to entrepreneurial ideas and opportunities. Our schools train us and prepare us for the workforce. Our parents will do the same by pointing us towards a vocation.
Adding to this, media advertising, TV, politicians, universities and our peers all guide us towards getting a job. It is all around us, well intentioned people and institutions all keeping us on the “straight and narrow” pathway of getting a job (earn!), then spending our money on things (spend!) and then borrowing money to spend on more things (borrow!).
Finance companies advertising loans
Look at the people around you and you will see this pattern repeated everywhere. People with expensive things like houses, TVs, holidays, cars, boats and caravans. Most are servicing mortgages to pay for it all. The more things they acquire during their lives the harder and longer they have to work to pay for the things. Most people can see no way out of their situation and accept that this is what is supposed to happen. The average Australian spends about $1.15 out of every dollar they earn!
The Rat Race!
In fact most of us have been conditioned to accept this money mindset which locks us into the“Rat Race!”
Now you may challenge us by saying, what’s wrong with our kids entering the workforce, what’s wrong with spending what they earn and borrowing some more! Honestly, there is nothing wrong or right about it at all. It is just what it is.
For us though, we’re looking for a new direction where we have the time to follow our passions and to be able to give freely to our family, community and world without worrying how to pay for it. Our goal is to break out of the “worker” mindset.
We seek to know how the relatively few, “financially and time free” people managed to rise above the Rat Race. We want to know what they do that is different. How do they think and what is their conditioning around money mindset!
What’s more, we wish for our kids to grow up with the mindset of an entrepreneur! It is important to us that they get a “financial education”.
A Financial Education won't come from the teacher.
From what we’ve discovered so far, is that kids need to start very early to develop their entrepreneur mindset and the skills needed to manage money and build enterprise. They need role models who can foster a different thinking and parents who encourage and look for opportunities that foster enterprise. Open discussions about money and business will help to develop a financial education for kids.
We desire for our seven children to grow up having choices. We want their pathways to be wide with opportunity! We encourage them to follow their passion and not be conditioned into the “earn, spend and borrow” mindset. We hope that they will think differently, have belief in themselves and develop the habits of people who have achieved personal and financial freedom.
We know we have a challenge ahead of us, as our kids have already been conditioned from an early age. Using Kaitlin as an example; she earns money, spends freely and already has a debt. She is studying hard to go to university with all her friends and then ultimately to get a good paying job. Once again I’ll point out that there is no right or wrong about this, only that we would like her to see that there are other ways.
It is always going to be a challenge whilst we have that same conditioning and mindset. Although striving to change our thinking, we recognise that it will take time and persistence to learn new habits and shift old belief systems. However, we are very confident that this year, is the year that we will have a break through. We have enlisted the help of a Money Mindset personal mentor, who is helping us develop a new thinking. He is there to help us transform in our thinking through our actions…. and as we do so, so will our children.
With our up coming blogs we will share his education with you.
Kiyosaki emphasises that by teaching kids to understand balance sheets, you are giving them the basis of a financial education. Balance sheets have two columns, Assets and Liabilities. Kids need to know the difference between Assets and Liabilities.
On the other hand, the poor and middle-class earn a salary, which they spend on liabilities with little or nothing left over to buy assets. As they go through life they buy more and more liabilities and have to work harder to earn more money to pay for them. Many will borrow money to buy more things.
