How to make your kids billionaires

maybe an economist could explain,

we see daily articles on how to exit the rat race and how you have to work smart not hard, no one got rich working for someone else and you must think outside the square bla blah bla h articles

so what would happen if a huge chunk of population started doing this, we still need the majoirty of people to work for minimum wage and do the day to day jobs??

will the salaries of these people shoot up because no one wants to do it?

or will we start importing people on 457 visas to do the simplest of jobs?

or would the salaries of the upper echelon of society start falling because there is so many people wanting to do it?

 

how many bowls of pho could I be as a vietnamese dong billionaire.......mmmm pho is awesome....damn the MSG though

 

Sam is just 14. I was like you. I had no life plan and still don't. I have never felt challenged or fulfilled by any job that I have held. I left school not knowing what to do with myself and just drifting into something I was good at.

Sam is different. It just comes to him naturally. He is intelligent, athletic and has an awesome sense of humor. He is just one of those freak of nature. He is driven......but nothing seems to rock his world.

 

thats great, at least he has potential and isnt going to end up smoking dope for the rest of his life living pay check to pay check even at 40s, and yes I know a few people like this

Dont let him end up like me, and a jack of all trades, at school I got straight As, not A+s, I was good at every sport, but not exceptional. Being good at everything you get told that your future is bright blah blah blah
but unless you can excel at something, you are just going to end up like everyone else, like those peop;le that were average at everything,

when you get into the real world, nobody cares if you could run 100m in 11seconds when you are in high school!

 

Have a look at dubai - mostly foreign labour there.

Doubt it'd happen here though because
- Unions ruin everything
- Australian entrepreneurial spirit is low in general
- We don't have a big resource like oil to make money on as a nation (could have happened with iron ore / gold if we weren't so short sighted)

 

Not at all.

My kids usually know exactly what they want to do with their money and are goal focused and have a plan. My youngest has been managing his own youtube channel since he was about 6. His savings usually go towards buying editing software or new headsets/recording devices. My other two children are gamers and uses their money to buy mods.

I have taught them if they want something, they better figure out how to get it. They can work for it.......if they truly want it.

 

Hilarious article.

Especially the sentence comparing entrepreneurs to pediatric oncologists - but saying that while oncologists have to mentally tough, entrepreneurs have to be superhuman!

God complex? Just a bit.

And what's with the photos?

 

As I said, he has already decided on his path. I couldn't talk him out of it. I was and am worried about high demands and expectations placed on kids in magnet programs. I have made sure that he understands what he is getting himself into and gave him an OUT option of going to his local high school instead. But he is driven. He knows what he wants and talked me into being ok with his decision. I have to respect his decision and just continue to support him the best way I can.

 

@Steven Ryan I'm referring to the overall message of the article that the end game of being rich is given the utmost importance.

 

What's the point of being a billionaire anyway?
I just don't get it. What is anyone gonna do with 1000 million dollars? This is just stupid.

Being financially literate and comfortable - sure, a great goal to have. Being that much over the top: I simply don't see the point and don't think this should be a goal at all.

I think sadly these days being successful in life is defined solely by the general population as being financially successful. This is not what life is about though IMO. Being fulfilled and living a happy life has not much to do with being financially wealthy. It sure does help when you don't need to worry about where your next meal is coming from, but past the needs for a reasonably comfortable life, talking about billions is quite ridiculous. But each to their own I guess.

 

If I give them the wool, can they make me one too?

 

The Giving Pledge :: Pledger Profiles

Positively impact others, is the answer.

 

I value my children for their wisdom and kindness and intelligence. I know they will do well in their lives if they continue to be exactly the people they are today. In my eyes, their morality is their greatest asset/wealth. They will be leaders in whatever they chose to do because they are good and strong.

Followers of the likes of Trump will forever be followers.......because they just don't get it. They are poor and angry........because they are dumb and angry because they are, plain and simple, just dumb.

 

People change and grow, especially when moving from children to adults.
I'm not even exactly the same person I was yesterday.

 

You are always still essentially the same person. No event or person can fundamentally change the person you are. You may change incrementally by life experiences and/or better defining your belief system and what you are willing to accept......but fundamentally, you can still the same person.

Maybe I'm wrong.

 

The best way to make your kids a billionaire, is to make a billion dollars yourself. Dont thrust into the kids what one cannot achieve.

 

Great read, thank you for sharing

 

I very much liked it as well...every day I see people locked into a mindset that success is for 'other people'

Mark Bouris' "The greatest innoculation against fear is self-belief'

 

You could barely even buy a decent superyacht, trillionaire is the way to go:

"It’s no secret that superyachts are, well, expensive. The world’s largest private vessel, Khalifa bin Zayed Al Nahyan’s Azzam, reaches an astounding 180 meters (590 feet) and cost $600 million to build."