What do rich children like

5 Secrets About Money Rich People Teach Their Children

In his book "Secrets Self-Made Millionaires Teach Their Kids", the American author Steve Siebolds reveals insider tips that - he says - will help children develop good money habits - and ultimately make them rich.

Siebold spoke to more than 1,200 millionaires and divided their advice into 160 short chapters for parents to read with their children. In addition to general tips such as “practice speaking”, “being curious” and “treating people well”, Siebold emphasizes specific measures that parents and children should take if they want to be financially successful later on. Siebold often teaches children examples from his own life. For example, how to turn failures into victories, how to think creatively and how to deal with criticism.

Here are five of his best tips:

1. Follows Wall Street and Main Street

Siebold instructs readers to keep a close eye on what's going on in markets of all sizes by reading the Wall Street Journal as well as communicating regularly with shopkeepers in their cities.

“Keep an eye on the big picture and the local picture,” says Siebold. "We should really be scouring everything for opportunities because they are everywhere."

2. You don't get rich overnight

Siebold prevents people from believing that the results will be immediately visible: "Everything will take time," he says. "It's going to take a lot of time and real work, and it's not going to be something that happens overnight."

In other words, selling LuLaRoe on Facebook or selling SugarBearHair vitamins on Instagram can make you quick money, but real, long-term financial stability is a conscious process.

3. Play rich sports

Siebold said young athletes who play golf, tennis, or other sports preferred by powerful people have better networking opportunities than those who are more likely to participate in activities like basketball or baseball, which are often popular with the general public.

"This gets under some people's skin and I understand why, but those are the facts," he says. “These sports are dominated by wealthy families, so the connections they can make in these sports are substantial. The idea is not to force children into sports they don't like, but rather to expose them to those sports in terms of connections. "

Think about it: Business is done on golf courses, not soccer fields. When you're on the same team (in the truest sense of the word) with rich people, you are preparing for success.

4. Write “vision letters”

You've heard of a vision board before, haven't you? Siebold suggests something similar with a long-term planning exercise in which children write a letter to a friend pretending that it is the future and that they have achieved all of their goals. It motivates the kids to work hard by giving them a taste of what it feels like when they're done.

“We want to test their emotions,” says Siebold, adding that big purchases are especially attractive because of the good feelings they create: “The premise is that people don't really have things like the big house, the fancy car or want that particular job because of the thing, they want it because of the way they think it's going to make them feel. "

5. Choose a laughing path

The children should take the time to relax and laugh - this makes them more open to creativity and new experiences. Siebold relaxes personally by watching Will Ferrell films and Bob Hope clips.

Also read: "11 Signs That You Will Be Rich Later, Even If It Doesn't Feel Like It"

"Relieve stress, have more fun and enjoy the process, because it's not just about becoming a self-made millionaire - it's the journey to get there. It's the way there, ”added Siebold. "If it's not fun, you won't enjoy it that much."