Archive for the ‘Wealth Literacy’ Category

ATTN: Entrepreneurs / Business Minds! The greatest wealth factor is…

tired businesswomantired business man

There is nothing more pitiful than a ready and willing mind but an incapable body.

There is a well-known quote from the philosopher Virgil that says, “The greatest wealth is health.” I also believe that health is the beginning of wealth. In other words, your health will help you create wealth.

If you are in the business of attracting, influencing, selling or leading others, how you show up, your physical appearance, speaks volumes about who you are, how you are and what you are or not capable of.

I know, people shouldn’t judge you, right? Well, here is a clue… they do!

Here is a good question to consider: If your body is the billboard of your personal development, your calling card and your personal 15-second commercial, what is it communicating? Take a good hard look in the mirror (literally) and determine if that is the message you want conveyed. I know this is pretty direct and maybe a bit harsh, but this is the reality of life. This is also why I hope you read this blog—because I am willing to tell it to you straight with no holds barred.

If you want to attract committed, dedicated, disciplined and consistent people into your business, then you have to exhibit those qualities yourself first. And like it or not, how you show up, your physical outcome, is the demonstration of those qualities in you.

So I encourage you to take your physical fitness seriously. If not for the sheer benefit of having you live longer, look younger and feel better, then because it will attract more and higher quality people into your entrepreneurial pursuits.

Source: Excerpt from Darren Hardy’s article: There is Nothing More Pitiful.  Read the whole “no-holds-barred” article here.

Darren Hardy is the publisher and editorial director of SUCCESS magazine.  Darren has been engaging and inspiring audiences with his messages of personal achievement for more than 15 years. A product of the success principles he teaches, Darren became a businessman at age 18, and by age 27 was a self-made millionaire. A successful entrepreneur for more than two decades, he has led several business ventures, including two personal-development based television networks, The People’s Network (TPN) and The Success Training Network (TSTN).

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Give Kids the Edge on Money: Igniting their Entrepreneurial Spirit

kids and managing money with the entrepreneurial spirit

  • The average high-school student thinks they will make $145,000 a year.
  • Only 34 percent of teens understand credit card fees.
  • The bankruptcy rate among 18- to 24-year-olds has increased by 96 percent over the last 10 years.

Shocking! You probably agree that we need to start teaching our kids about money. Why don’t parents teach this important subject to their kids? Could it be that they don’t want their children to know that they, too, are in financial trouble?

In this changing economic environment, it’s critical that we teach our children not only how to handle their money, but how to earn it and what the benefits of being an entrepreneur are. Teaching kids financial responsibility takes practice, but it can also be fun.

Here are ideas that can help ensure that your children become money masters, not slaves.

Have Your Kids Pay Your Bills
Our kids are with us when we spend our money—“Just charge it, Mom!”—but they are not typically with us when we are earning our money or paying the bills. Involving your kids in paying the bills is a great first step to helping them understand the living expenses we face each month and how credit cards work and their role in our lives.

Turn a Simple Trip to the Store into a Business Road Trip
The next time you are at a store or fast-food restaurant, start a conversation about all the ways the business makes money and what their expenses are. This is a great way to create a fun dialogue about what is involved in a business, from advertising to paying employees, as well as the phone and electric bills.

Let Them Work and Create for Things They Want
So often, parents just give their kids what they want. Next time they ask for something, have them write out their goal, post it around the house and discuss ways they can earn extra money to achieve that goal. Have them create a business concept for the item they want. This will ignite their entrepreneurial thinking. Ask them to think of who might help them achieve their goal, like a local business owner. You will be amazed at how creative your kids become. For instance, they may want to sell lemonade or make cookies to sell at a local store. Loan them money to buy supplies for what they want to sell, as well as flyers or signage to advertise their business, on the premise that they will pay you back from their earnings. This will show them the real process involved in starting a business. It also gives them a goal to work toward. (Want some help? Check out my step-by-step YOUTHpreneur BIZ Kit that will help you walk your child through the process.) Make sure you celebrate with them when they reach their goal! It is an incredible self-esteem builder.

Volunteer with Your Kids and Teach the Importance of Giving Back
True understanding of money often comes from helping people around you. Your children will become more aware of what they have and more thankful when they are able to help those less fortunate.

Sharon LechterSource:  Sharon Lechter –  c
o-author of the best-selling books Three Feet from Gold and Rich Dad Poor Dad. As a member of American Institute of Certified Public Accountants’ Financial Literacy Commission and the President’s Advisory Council on Financial Literacy, Sharon is dedicated to improving financial literacy across the nation. Visit to learn more about Pay Your Family First, an organization Sharon founded to teach children about money.

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Give the Gift of Financial Literacy – 10 simple tips

Financial Literacy for kids

The holidays can be an opportune time to instill financial values in children and grandchildren. Wish lists and gift shopping can help them distinguish between needs and wants. Donations and volunteering introduces them to the concept of giving.

Below are 10 tips to help teach children about financial responsibility, sharing, and the connection between money and values:

1. Be a positive role model.
Children absorb values by observing adult behavior. Set an example, and model a healthy attitude toward work, earning, spending and giving. Keep the role of money in perspective in the family and don’t use it as a means of comparing yourself to others.

2. Understand their environment.
Try to unearth the experiences your children are having with money among their own peer group. Values, attitudes and beliefs are continuously evolving, so it’s important to help your child interpret what he or she may be hearing, seeing and feeling.

3. Establish good behavior.
As soon as your children are ready, set up an age-appropriate allowance for children and a schedule for dispensing it between savings, spending and giving. For teens and college students, consider giving them an allowance to last over several months and let them have a chance to allocate it over time.

4. Talk about money.

Talk openly about money in the family. Do not treat the topic of money as taboo. A candid, honest and ongoing dialogue about money in the household can help children develop healthy attitudes and learn valuable lessons.

5. Make it fun.
Talking about money doesn’t have to feel formal or dull. Window shopping and trips to the library can teach important lessons about needs vs. wants and borrowing. Many classic board games like Monopoly, Life and Payday are springboards for basic lessons in finance.

6. Do it together.

Create a “family fund.” Saving toward a common goal, such as a vacation or donation to a charity, offers children the opportunity to get involved with conducting research, creating the budget, and more. Grandparents and relatives can be invited to join the fund too.

7. Give back to the community.
Help your children determine how they would like to contribute their time by showing them their options. Perhaps someone in your family is musically talented and can arrange a performance for people at a local hospital. Or utilize the skills of the entire family by serving at a soup kitchen or helping to build a home for a family in need.

8. Be fair.
While you may not be able to be completely consistent between children because of differences in ages, do make every effort to avoid comparing siblings or creating monetary competition in the household.

9. Accept mistakes and celebrate success.
Protecting children completely can lead to financial problems when they are adults, so allow them to make mistakes. But do set limits and make rules. Equally important is to celebrate their successes.

10. Be patient.
The results of your efforts may not be apparent until much later on in your children’s lives. Trust that you’re doing the best you can and take the setbacks in stride.

Source: Lisa Caputo and Linda Descano

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