Our boys are good boys and we are very proud of them and love them to death. But they still worry me that they may not be Financially Free in the future because of their lack of Action towards Money and Education. Like is hard and even harder if you don’t have money. We constantly tell them they need to live with the Consequences of their Choices they make.
In Robert Kiyosaki book called “Retire Young Retire Rich” he said that “Alan Greenspan, chairman of the Federal Reserve Board, recently said on television, “We need to start teaching financial literacy in our schools” We need to start teaching our kids to take care of themselves financially, rather than teaching them to expect the government or company they work for to take care of them after they retire.” Robert wrote “The Leverage of Your Actions. There is an overused story about three birds sitting on a fence. The question is, “If two birds decide to fly away, how many birds are left?” The answer is, “Three birds are left.” The lesson is, just because you decide to do something does not mean you will do what you decide to do. In the real world less than 5 percent of the U.S. population is rich because 95 percent of the population may want to be rich but only 5 percent takes any action.”
We hope our boys will be the 5% that take action towards their Financial Freedom Goals and their Education. But currently they are sitting back thinking others will come to them and teach them. They think they just need to know the basics to get by in life. They are not showing any extra drive to be that 5%.
For instance, our oldest Son that dropped out of the Navy signed up for College and we pushed him hard to get a job and sign up for College. Currently at his job he just does the basics and not trying to add value to himself by learning more about the company. He started his schooling but is only in class for one to two hours a day and doesn’t try to learning stuff on his own. He says that school will teach him all he needs to know. So, his free time is spent playing Xbox or on the phone with his girlfriend. We told him starting in October he has to start paying Rent so he better start taking some Action in his life to be more productive.
Our youngest one seems to be following in his brother’s footsteps also. He is on his Xbox or phone most of his free time. He does the basics he needs to do to just get by in High School and isn’t trying to study and get good grades. We have given him tons of ways to make money around the neighborhood or on-line but he chooses to ignore them and just keep getting by.
Consequences both boys could face is being in that 95% of the population that just gets by. The 95% that gets by probably have just an average income, has debt and has little saved for Retirement. They may end up working till there bodies won’t let them anymore. They have to be able to live with there choices they are making. What choices are you making towards your Financial Freedom and Education?
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
When we talk to our boys about Choices and Consequences, we talk to them about balance. They need to give up something to make room for more time to attain Financial Freedom. For instance, if they spend 42 hours a week on Xbox and none on attaining their Financial Freedom goals maybe they could give up some time on Xbox and put that towards their Financial Freedom goals? Maybe they could play Xbox just one hour a day and the other 5 hours they used to play Xbox they could spend on improving themselves.
Same could go for anyone. If you aren’t happy with your life and want to change a certain area then you are the only one that can take action to do it. For instance, if you are in debt and spend foolishly you need to be the one to control your own spending. You need to take the action.
We teach the boys that if they aren’t attaining their Financial Freedom goals or on track to then maybe they can do the following things;
- Set a Budget and live with in it. Control their spending.
- Invest their Money. If they don’t have the Education then to work with a Financial Planner.
- If they don’t have a good stream of Income, they could work on creating other streams of Income that don’t require them to do it physically in the future so when their body is broken and can’t work at a job.
- They could get a second job to make more money. I worked two jobs most of my life till I retired early.
- Simplify their life to live on less money so they have more to Invest for their future. Get rid of unneeded expenses if they don’t have it in their budget or in debt. Like Xbox gold, Net Flix and more.
- Find friends that are into Investing for their future and not into Debt problems. Surround them selves with positive people and join Investing and business clubs.
- Continue to get Education to make themselves more valuable in the work force and to improve their Financial Education.
- Take care of their bodies. If they don’t, they could have some huge expenses later in life. Since I hit age 50 it seems like more and more keep breaking down on my body and costing me in Medical bills to get better.
We hope the boys will take Action to improve themselves and their lives. If they don’t, they will need to live with the Consequences of their poor Choices.
When I worked for Financial Health as a second job, we helped people get on a budget and get out of debt. Some people told me they were afraid to open the main box because more bills may be inside. Others said they were afraid to answer the phone because it could be a bill collector calling. Some were afraid to answer their front door because it may be a bill collector. They were stressed out and had no plans to ever retire. Some were still working in their 60’s, 70’s and even 80’s. Ughhhhh
We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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Sources and Resources from Podcast (Available in Show Notes)
- Retire Young Retire Rich Book by Robert Kiyosaki with Sharon L. Liechter CPA. Xviii page xix