Have you read ‘Rich Dad, Poor Dad’ book ?
If you have not, you should. Excellent book on the habits and approach of rich vs. poor.
Major take-away is:
- The way rich people think about money is fundamentally different than the way poor and middle class people.
- They have positive attitude and approach towards money.
Unfortunate thing for most of us (at least for me), is that the book contents remain theory. This is because our attitude towards money is set in childhood and very hard to change irrespective of how much money we are earning. due to this, we live in fear.
I have vivid memory of my father talking to my mother and showing the purse (where he had hardly few coins). From that time, I was quite clear that we were poor. I have to be more nicer to people I perceive as rich, I should not talk back, can not assert etc. Little did I know that when father showed empty purse, it was only for that day. I did not know that he earns income and he could withdraw money from bank. I did not feel like asking dad whether we ran out of money. At that moment, it was so clear that family had no more money and future would be uncertain.
Looking back, I feel I could have spent money in some things / education / networking if I did not fear money.
Now I am more aware. But it could never fully replace the ‘mental wiring’ about money. With my son, I guess I am doing better. Only time will tell how he will do in life. But I am confident that he got some basics right.
If you have any thoughts on what kids should think / FEEL about money, I am all ears !