I look forward to meeting many of you at Podcast Movement this weekend!
On the Rich Dad Radio show, legendary entrepreneur Robert Kiyosaki said, “The worst thing you can teach your kids is to go to school and get a job.”
I wouldn’t go that far — if one of my kids wants to be a doctor they’ll need college — but as an entrepreneur, I want to teach my kids how a life of freedom leads to happiness. Entrepreneurship is one option to experience that freedom.
Today, the average college graduate will leave school with $33,000 in student loan debt. Of those graduates, only 27 percent will get a job in their major. The days of going to school and getting a great job after you graduate are over.
Student loan debt stays with many of our children for the rest of their life. Entrepreneurship can be one way to avoid that struggle. We can teach our kids how to build a business that either supports them, or generates enough income to pay for their college outright. Here are five ways to teach your children about entrepreneurship.
1. Don’t make allowance contingent on chores.
If you give your children an allowance, do it to teach them how to handle money. Giving it to them for the chores they do teaches them to trade time for dollars. Subconsciously, they’re learning that how much money they earn depends on how many hours they spend at the job. Entrepreneurs don’t buy into that argument, so why teach it to your kids when they’re young and impressionable. Teach them that income results from creating value.
2. Get them involved in your business with little tasks.
There are little tasks you can delegate to your children, pretty much whatever their age. You can have them help you with your equipment or let them write a few lines in an email you’re sending out. When they’re older, you can have them answer email. There are tasks that won’t harm or help your business that your kids can manage. They feel special, even with handling the little tasks.
3. Discuss openly why entrepreneurship is important.
Your message will fall on deaf ears until your kids understand the “why” behind what you do. Teach them that life is short and time is our most precious resource. Teach them it affects every area of their life when they spend 40-plus hours at a job, especially one that doesn’t fulfill them.
Teach them that entrepreneurship can let them live life on their terms while earning money. Teach them that it takes time to grow, but it’s well worth the effort to build something that’s yours. (more…)