When I travel the country speaking to high school and college students about exactly what they need to do to become financially successful in life, I like to begin my presentation by asking the same three questions: “How many want to be financially successful in life?”
“How many think they will be financially successful in life?”
Almost every time I ask the first two questions, every hand rises in the air. Then I ask the magic third question:
“How many have taken a course in school on how to be financially successful in life?”
Not one hand rises in the air, ever.
Clearly every student wants to be successful and thinks they will be successful, but none have been taught how. Not by their parents, and not by their teachers.
Is it any wonder that most Americans live paycheck to paycheck? That most Americans accumulate more debt than assets? That many Americans lose their homes when they lose their job? Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt?
Parents who are success mentors to their children teach them specific, beneficial daily habits. If done right, these habits can put their kids on autopilot for financial success as adults.
In my five-year study, I uncovered specific foundational family habits that tee children up for success as adults.