How to Create a Wealth Ethic in Your Kids

A month or so ago, my good friend David made this post - What At Six Years Old - The Basics Of The Internet

The post is about how he has started teaching his six year old daughter about how to create and (as importantly) monetize her website. His daughter has spent her time watching her Daddy use the Internet and his six year old daughter has figured out tht Daddy makes money on the Internet. She wants in (@ six)

So he is teaching his daughter about the Internet, how to create a website and how to make money. Even if her site doesn’t make a dime think about the message. Already David is teaching his daughter the value of creating an asset that creates automatic income and as importantly he is teaching his daughter about the value of taking care of herself.

What a great advantage. David’s daughter will have over other children. Just imagine she grows up with the attitude that she has to create her own wealth, that she doesn’t have to depend on anyone, not the government, not an employer, she grows up believing from the time she was 6 that she can create her own income, her own automatic income and future wealth. What a gift to give to you child. What an unbelievable start she will have.

Kudos to David and his daughter and much success. So, here is the question, What are you teaching your children? Are you teaching them about assets and wealth or are you passing on the attitude of dependence. Are you learning more about how to invest and create business and your children are learning with you? Are you giving them the gift of freedom, the gift of financial independence? If not start her, every week I try to write about financial success, wealth creation and business creation. Subscribe to this blog and start you and your family on the road to financial success.

What are assets?

Another confusing financial term, assets. Actually assets are the building blocks of wealth. Remember, we decided to define wealth as the length of time we can maintain our lifestyle without generating income. (btw, this is not my definition, this definition came from a very famous thinker and entrepreneur Buckminster Fuller. According to Buckminster Fuller, regaining time defines wealth. I agree because you can’t buy time).

So, how do you maintain your lifestyle without having to generate income. How do you buy back your time. Well one way is to create and invest in assets that produce cash. The idea is to work once to buy or create an asset and then use the cashflow to buy your time back, effectively creating wealth.

Think bout this idea. You buy or create an asset once, and it provides you income forever. Thats how you create wealth.

Next post - How to buy assets

The Sub Prime Mortgage Mess and Black Wealth (Hoodwinked and Bamboozled)

Here we go again. Our lack of financial savvy and education is costing us billions, yes billions of dollars. Here is a quote I just read from the News Observer website

“As we spend this month celebrating the achievements of African-Americans, I’m saddened by a report that concludes that the subprime mortgage crisis has caused the largest loss of wealth in modern U.S. history for black and Latino homeowners. The erosion of wealth is staggering. Subprime borrowers of color will lose $164 billion to $213 billion because of loans taken during the past eight years”

Now I normally never use profanity but the question that needs to be asked is What the hell happened? How did we end up in this mess again. Here is another quote from the same article; “Before any of you fix your lips to place all the blame on the homeowners, consider one thing. Just remember that this loss of wealth came largely as a result of lenders and others in the mortgage industry who took advantage of people trying to achieve the American dream of homeownership.”

Again, we are taken advantage of, again in this case lenders hoodwinked us out of one of the best ways to build wealth in America. I ask again, What the hell happened?

Well if you think critically what happened again was since we don’t understand wealth we where hoodwinked, thats what happened.

So the question is How can we fix this damned problem? How can we ensure that we aren’t cheated again, taken advantage of again. How can we fix it.

We fix it with a very unpopular word. Education, specifically Financial Education and an understanding of wealth and wealth building. I am committed to learning more about building wealth and teaching what I learn. Join me.

BTW
Just to make sure everyone understands, we aren’t the only folks hoodwinked and bamboozled. There are alot of people caught in this mess. It’s just that in this country of entrepreneurship and wealth accumulation, we don’t teach anything about money, wealth or entrepreneurship in school, so most Americans are financially literate.

BTW
Thanks to everyone that sent me email regarding my daughter. She is 36 and has a great family (two kids and a great husband). She has cancer. It is hard to say those words. I am scared and sad because I haven’t always been proud of my fathering experience, but I love her and pray everyday for her recovery.

Thanks for your prayers

Announcing the BGN Ambassador Program - Learn & Earn with Every New Subscription

I am always looking to help black people earn more money. I explore every avenue to generate money and I am always looking to create an asset one time that spins off cash forever. So when I started creating BGN and subscriptions to additional content I want to grow and share the revenue. So I’ve created the Black Genius Network Ambassador program.

Here’s how it works.

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