Comments on: Rich Dad. Rich Kid?

By: how to become debt free

how to become debt free — Tue, 15 Mar 2011 23:34:36 +0000

[...]
Rich Dad. Rich Kid?-
7million7years [...]

By: Adrian

Adrian — Sun, 16 Aug 2009 00:16:27 +0000

@ Jerel – I came from a middle-class family that acted like it was upper-middle-class, so our issues (hence, part of the basis from which I write) are not necessarily the same as yours … thanks for sharing you perspective which I am sure will reach readers whom I am unable to reach!

By: Jerel Edmonds

Jerel Edmonds — Fri, 14 Aug 2009 16:24:51 +0000

I come from a large, struggling family. When I was 16, there was no access to a car, no contributions, nothing. I was forced to look for a job, but didn’t find one because I really wasn’t interested. When 17 came, my parents showed a considerably different attitude in my driving interests. As far as education, every responsibility is in my hands, I have no real aide from parents. I’ve learned that you must get there on your own and if it’s harder along the way, then you’re more disciplined for it.

By: Steve

Steve — Mon, 27 Apr 2009 02:47:27 +0000

I plan to and have provided for my children , but would never buy them a car. as a child growing up, i rarely even got to drive the family car, and never would my parents buy my car. its a learning experience every child should have. I would add 1 more item to this. I cannot see allowing a child to have a credit card(as many parents do) this is foolish.(in my own opinion)

By: The lament of the trust fund baby … « How to Make 7 Million in 7 Years™

Mon, 23 Mar 2009 09:19:23 +0000

[...] Investing, millionaire, money, Rich, Saving, Starting Out, wealth It seems that my Rich Dad. Rich Kid? post struck a bit of a chord with some of our readers; the post was essentially questioning whether [...]

By: Diane

Diane — Sat, 14 Mar 2009 03:20:42 +0000

I married a man who was the son of rich parents and rich grandparents. He didn’t have a lot of motivation, but I liked the fact he was not a workaholic. Divorced now, I do not know how his parents and grandparents’ trust funds have fared, both with the economy and with is father’s aging (a topic for another post, Adrian? How to help the aging parent who’s used to controlling the funds but perhaps has lost his cognitive ability and no one has recognized that decisions are impaired? But I digress…)

Recently, he has mentioned to me that the boys are not going to be able to go to school (college) if he himself is not able to continue to work (health problems, I assume, given his past). Which means he’s been freely spending the child support and not saving it to support their future education, and possibly that he has psychologically relied on his grandparents’ and parents’ trust funds as a cushion for his own old age (and his sons’ getting into college). I am not sure how you can prevent that kind of thinking when one is used to the parents’ being there to help out whenever.

By: Jason @ MyMoneyMinute

Jason @ MyMoneyMinute — Fri, 13 Mar 2009 20:14:10 +0000

I don’t have kids yet, but this is a great reminder of how our kids need premeditated financial education. I’m definitely with you on teaching kids responsibility. Rich or not, kids should learn the value of work.

By: Rick Francis

Rick Francis — Fri, 13 Mar 2009 19:41:51 +0000

I really liked this Money article on financial incentives for kids:
http://money.cnn.com/2009/03/09/pf/bribe_kid.moneymag/index.htm?section=money_latest

It recommends tying $ you give to them to their performance for a third party such as an employer. It’s an interesting idea. I had planned to give them a “matching” Roth IRA contribution for my kids once they were old enough make their own income, so that I have a hands on way of teaching them how to invest in stocks.

I could see paying for insurance for long enough to insure that the kids to learn to drive safely (borrowing a family car) but if they want their own car they can pay for it themselves.

-Rick Francis

By: Scott

Scott — Fri, 13 Mar 2009 16:42:53 +0000

Yeah I agree with your methods Adrian. We actually, however, have already told Quinton well in advance that if he wants a car, he must save up and purchase his own and pay for his own gas. We’ll provide insurance coverage, but if he gets traffic tickets, he pays any ‘increase’ in the insurance premiums.

I could never for the life of me understand why parents purchase their kids vehicles. I just feel that moves like that does kids the greatest disservice by not allowing them to earn, learn to pay cash and achieve financial goals.

Passing down a good financial education and the ability to go out and get what you want in life is what will make you give all of your wealth to charity when you pass on, because your kids will be wealthier than you when they get older!

By: Moneymonk

Moneymonk — Fri, 13 Mar 2009 15:48:32 +0000

I saving now for the college education of my 3 yr old, however, I expect my child to still work while in school.

But what I will give most to my child, is good financial resources, books, tools, and knowledge of how to create income streams and invest in stocks.

Passing on knowledge is the best investment