Will Your Child be Poor or Rich?

15 Poverty Habits Parents Educate Their Children – Rich Habits Institute

Rich Habits Poor Habit Episode 45 | Can Your Child be Rich or Poor?

15 Poverty Habits Parents Educate Their Children

Tom Corley  travels the country talking to high school and college students about precisely what they need to do to become financially profitable in life he always begins his presentation by asking three questions… 

“Exactly how many want to be fiscally successful in existence?”

“How many think they’ll be financially profitable in your life?”

Virtually every time I request the first two questions each hand rises in the atmosphere.

He then asks the magic third question:

“How many have taken a class in college on how to be fiscally successful in life?”

Not 1 hand rises in the atmosphere , ever.

Certainly every student would like to succeed and believes they’ll be successful but none have been educated by their own parents or their college system how to be fiscally successful in existence.

Not merely are there no courses on basic financial success fundamentals but there aren’t any structured courses teaching basic financial literacy.

We’re raising our kids to be financially illiterate and to neglect in life.

Is it any wonder that many Americans live paycheck to paycheck?  

That most Americans collect more money than assets?

That many Americans shed their homes when they shed their job?

Is it any wonder that many Americans can’t afford college for their kids and student loan is now the greatest type of debt?

What is worse is what our kids are being educated by their own parents, the college system, politicians and the social networking.

They are teaching our kids the wealthy are corrupt, covetous, have an excessive amount of prosperity and this prosperity needs to be redistributed.

What type of a message do you think that sends to America’s future generation?

It is instructing them that seeking financial success is really a bad and bad thing.

Here are a few statistics out of his five-year study on the daily habits that distinguish the wealthy from the bad?

  1. 6% of those wealthy play the lottery 77 percent of the poor.
  2. 80% of those wealthy are focused on at least one goal vs. 12% of the bad.
  3. 62% of those wealthy floss their teeth daily vs. 16 percent of the bad.
  4. 21% of those wealthy are overweight by 30 pounds or more vs. 66% of the poor.
  5. 63 percent of those wealthy spend less than one hour every day on recreational Internet use. 74 percent of those poor spend more than an hour every day in the Internet.
  6. 83% of the wealthy attend back to school night to their kids vs. 13 percent of the bad.
  7. 29% of those wealthy had more kids who made the honor roll vs. 4% of the bad.
  8. 63 percent of wealthy hear audio books within their commute vs. 5 percent of the poor.
  9. 67 percent of their rich watch less than one hour of TV every day vs 23% of the bad.
  10. 9% of the rich watch reality TV shows vs. 78% of the bad.
  11. 73 percent of those wealthy were educated the 80/20 rule vs. 5 percent of the poor (live off 80% save 20 percent).
  12. 79 percent of the wealthy system 5 hours or more . 16 percent of the poor.
  13. 8 percent of those wealthy think prosperity comes from arbitrary great luck vs. 79 percent of the bad.
  14. 79 percent of those wealthy believe they are liable to their financial conditions. 82% of the bad feel that they’re victims and not responsible for their poverty.

The truth is that the poor are poor because they have too many Poverty Habits and too few Loaded Habits.

The top parents teach their kids good habits that result in success and the worst parents teach their kids bad habits that result in poverty.

We don’t have a wealth gap in this nation we’ve got a parent gap.

We don’t have revenue inequality, we’ve got parent inequality.

Our colleges will need to work together to instill good daily success habits.

They need to be teaching kids particular Loaded Habits that result in success.

Here are a few examples:

  • Limit TV, social networking, video games and mobile phone use to no longer than 1 hour each day.
  • Require that kids read only one non-fiction book a week and write a 1 page summary of what they discovered to their parents to assess.  
  • Require kids to aerobically exercise 20 — 30 minutes each day.
  • Limit junk food to no longer than 300 calories each day.
  • Teach kids to fantasy and to pursue their own dreams. Have them write a script in their ideal, future life.
  • Require that kids set yearly, yearly and long-term goals.
  • Require working age kids to work or volunteer at least ten hours each week.
  • Require that kids save at least 25 percent of their earnings or the monetary gifts they receive.
  • Teach kids the importance of calling familymembers, friends, teachers, coaches, etc, in their own birthday
  • Teach kids the importance of calling familymembers, friends, teachers, coaches, etc. when anything good or bad happens in their own lives. Examples include deaths, births, awards, illnesses, etc..
  • Teach kids to send thank you cards to individuals who aided them in any way.  
  • Reassure children that errors are great and not bad. Kids will need to understand that the cornerstone of success is determined by the lessons we all learn from our errors.
  • Discipline kids when they lose their temper in order that they understand the outcome of not restraining this exact expensive emotion. Anger is the most pricey emotion. It gets people fired, raped and destroys connections.
  • Teach kids the pursuit of financial success is a fantastic thing.
  • Kids will need to learn to control money. Open a checking account or savings account for kids and force them to use their own savings to buy the things they desire. This teaches kids that they are not eligible for anything. It teaches them they have to work for the things they want in life, like mobile phones, computers, and fashionable clothes, video games, etc..  
  • Require kids to take part in at least one non-sports-related extracurricular class at school or out of college.
  • Toddlers and kids will need to set aside at least an hour per day to speak to one another. On Facebook, not on the mobile phone, however, face to face. The only excellent time is amount time.
  • Teach kids how to control their time. Teach them how to create a daily “to do” list. They can put their own “to-do” set in their bedroom door so parents can check it each day.

Clearly, it’s not possible to stick to each Rich Habit recommendation I recorded above.

From my research, I learned that it takes is two or one Loaded Habits to fully transform a lifetime.

The reading custom, by itself, can set your kids up for career success.

The savings habit, by itself, can set your children up to be financially independent. The exercise habit, by itself, can set your kids up for a long, healthful life.

The joyful birthday or life event calls, in their own, may set your kids up to forge strong relationships. Pick two habits to teach you kids and keep on top of these for six months. Following six months the habits should adhere.