If your children learn this one simple practice, their lifelong financial picture will dramatically change. You can train your child out of bondage and into freedom. It’s simple, but powerful.
Use this plan for every dollar that comes into your child’s possession:
- The first 10% goes to the Lord. All of the money (and everything else) is His already. We acknowledge that by giving Him the firstfruits.
- Of the 90% that remains, half is set aside for long term investment. The only time that it is used is to bring a return.
- The other half of the 90% is available for discretionary spending. Use it as he/she wants.
You will be amazed at how much money is accumulated, because you will be amazed at how much money flows through the hands of your children.
You will be amazed at the discipline and appreciation for money that will come into the life of your child.
This simple formula has transformed the futures of our children:
- Our eldest son owned his own general contracting business by age eighteen, including tools, a trailer, truck, and the truck to move them.
- Our eldest daughter entered marriage with a sizable account that helped to sustain them in the opening days of marriage.
- Our second son owned, sold, and held money on three mobile homes, and is currently preparing to sell an investment house from which he will double his investment – he is 24.
- Our other daughters have become excellent bookkeepers and competent business managers with the money that has moved through their hands.
- Our 16 year old son currently has several thousand dollars invested in foreign currency, owns 2 businesses, has been a partner in trash container business (in which he doubled his money in 2 years), and plans to own a mobile home park by age 20.
- Our eleven year old son has accumulated over $2000.00 of investment money and likewise is investing in foreign currency. He and his older brother work together in a printing and binding business.
I offer these statistics not to brag, but to give you vision. What could your children be doing? Where could they end up? Is it possible to equip them by the end of high school so that they have “tools in their toolbox”, instead of heads buried in electronics, dvd’s, and games. Give them hope. Give them vision. Give them a plan… It is as simple as 1, 2, 3.