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James Comblo, the president and CEO ofFSC Wealth Advisors, has taken this responsibility to heart.
He wanted things to be different for his kids.
Growing up poor often means its easy to see work only as a way to earn money.
But this mindset can trap you in a job that doesnt offer much room forgrowth or fulfillment.
Creating value will generate rewards.
Material value problem-solving or producing goods creates financial rewards.Creating emotional valuegenerates rewards in the form of love and friendship.
The rewards, like money, will follow.
Encourage your kids to focus on creating value in everything they do.
From his childhood, Comblo knows firsthand the importance of financial discipline.
So now he impresses upon his daughters the lesson of always spending less than they earn.
Be smart with the money coming in.
Immediately split it into different categories: saving, investing, and sharing.
Start by teaching your kids the basics of budgeting.
Help them understand how to prioritize their spending.
you’re free to use age-appropriate methods, such as giving them a small allowance.
Then introduce the concept of delayed gratification by letting them save up for a big purchase.
Most people believe money is for spending, they earn money so they can purchase the things they want.
But money is not actually for spending, its for investing.
you’re free to spend the profits from those investments.
And its important because once you spend money, its gone forever.
But an investment will continue to grow and replenish your money over time.
He wants his daughters to realize that money is not just a means to buy things.
Its a tool that can be used to create more wealth.
A savings account that earns interest is an asset, while acredit card balancethat charges interest is a liability.
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