What will you teach your kids?

**mtnman** · Feb 28th, 2008, 11:53 AM

I watched a success dvd over the weekend by Jack Canfield. He talked a bit about how children are taught not to take risks by not acting on their impulses. As they grow older, they look for people to tell them they're doing wrong, instead of just doing. This got me thinking about the lessons that will be taught to the next generation.

For the Fastlaner's, what will you teach your kids about action,fastlane mentality, and money?

**hakrjak** · Feb 28th, 2008, 12:09 PM

Mine are being taught to feel sorry for people that work so hard for a paycheck, and who lack the mental ability to think outside the box. To value a good education for the knowledge that it gives you, and not for the job that it might buy you when you're through earning it.

They're only 5 though, so it's a pretty ambitious syllabus here at my house. They're mostly into telling me how they have a "Passion for Fashion" at this age... and in the meantime while we wait to be able to comprehend such things as money and status, we play a lot of games with the talking cash register, and with babies... haha

I make sure that when they play babies though, they *OWN* the daycare center!

- Hakrjak

**Redshft** · Feb 28th, 2008, 12:19 PM

http://www.cnbc.com/id/22918135/site/14081545/

I think the biggest thing is to NOT give your children an allowance, but to make them work for it. Let them figure out ways to make their own money, whether it is walking the neighbor's dogs, a lemonade stand, etc.

Troy Dunn had a good point in an interview I saw. He said success is like a second language, if you speak it around the household, the kids will pick it up. Just like if you were to speak spanish or english around them.

**Legacy Dad** · Feb 28th, 2008, 05:33 PM

We use the 3 Jars Method and play Cashflow for Kids. My kids are actively learning how to invest in their Roth's and we discuss ideas for businesses.

For instance, my son wants to start a business to sell Italian Gelato here in the US.

We encourage calculated risk taking.

We praise their grades in school but more so we praise their creativity and ability to think outside the box.

Our children are allowed to make most of their decisions and have been since age 5. They decide on their clothes, toys, activities and then we discuss the financial pros and cons of those decisions. At age 10, we give them their first checkbook and teach them budgeting.

Our children frequently sell old toys, items, games online or to friends to make extra money.

My whole blog is dedicated to the processes of raising my children, finance is one of the tenants of our parenting.

The Millionaire Mind research (although mostly slowlane) shows the top traits of millionaires were:

Honesty-Integrity
Risk Taking
People Skills
Dealing with Adversity

We focus more emphasis on these traits than traditional schooling, sports or the arts.

Lance

**kurtyordy** · Feb 28th, 2008, 05:41 PM

Lance,
If your son brings some gelato over, I will buy some. We americans just do not know how to make great icecream like the italians.

I hate when you see an italian ice cream shop in the us, they say they sell gelato, and then it is just regular american icecream. How sad.