4-minute Money Ideas

  Some people say the next best thing to being personally financially successful is having rich kids. However, teaching children good financial habits can be challenging. Here’s where Tom Corley and his book Rich Kids comes in handy. This is a great resource for teaching children (of all ages) about money. The three paths to wealth There are three paths to wealth: Live below your means. If you put 20% of your monthly salary into savings, as well as save all raises and bonuses, you are setting yourself up for a safer future. This is because not only do your savings increase with compound interest, but you avoid increasing your lifestyle beyond your means. Expand your means. Find efficient ways for generating more income, such as a side job. Use both strategies together. By saving properly and increasing your earnings you can effectively build your wealth. Starting young While these paths sound like they may only apply to adults, children can - and should - acquire these habits. If you give your children an a