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RE: Most People Make This Big Mistake! - Financial Freedom Episode #4
I'm constantly telling my children, "You don't save money just to spend it later. You save money to put it to work to make more." They're still young, but they're starting to understand. You don't need to make a lot of money to save enough to make money from it either. It just takes time, and the less you spend the easier it is. The less you spend, the faster your wealth grows as well. You just need discipline.
@finnian yes! It is a little bit of discipline right now (okay well for some people a lot) but it really doesn't take that much. Even if you would want to invest in some real estate, you may need $30.000 - $40.000 to get started. That is really doable. Especially if you team up with a brother or sister, or maybe very good and trusted friend :)
What would you recommend to your children career and finances wise? I've always told them to learn economics, a trade, a professional (the trade and professional being related helps), and at least a second language. Would you add or change anything in that formula to assure their success? This is beyond the basics of saving to put wealth to work of course. Thanks in advance!
I would simply teach them my basic philosophy about financial freedom. And assure that they learn about what is of interest to them. A second language can be helpful depending on where you live. I don't really care about economics myself. Economics is based on macro levels and has little or nothing to do with personal finance. However I would teach them about money of course. :)
Most importantly I would learn them about success in their personal lives, based on their own values, not on pre-scribed values dictated by society.