1. Know that you may not be able to get yourself out of poverty. The goal is to set up your children or your children's children for success. New immigrants to the US do a great job at this. They work their absolute ass off while sending their kids to college.
2. Don't have more than 2 kids. The more you have, the less money you have to invest into them, but just as importantly, less time. You can't help little Johnny understand his math homework, when 4 other kids need help as well. Also, when you die, your inheritance gets split too many times to build wealth, at least at the early stages of wealth generation. When you know you will die with 10 million plus in excess, then, yeah you can have an extra kid or two. But you may need to pay for tutors in this case if your time is too split. This one is pretty easy, as you can get a vasectomy / tubes tied after your second kid.
3. In a similar vein. Don't have kids out of wedlock, and don't have kids until at least your mid to late 20s. Single parent households even have less time and money to invest in their children. Growing up without both parents also statistically leads to riskier behavior in the children as they reach their teenage years. Having kids at a later age typically lets you have children at a time where you are more financially secure in your job, and more emotionally mature as well. If you are anti abortion and get pregnant at 16, have the baby and give it up for adoption. "But it's my flesh and blood" doesn't matter if you can't support the child and can give the child to a family with a higher chance of putting your child up for success. Don't be selfish. Also, don't be ignorant. Get your daughters on birth control and talk to your sons about condoms. Don't just think they won't ever have sex until marriage. Need to be proactive on this, as it is one of the easiest things to screw up.
4. Die with more money than you inherit. Just because you got a bit of money when your grandparents died, doesn't mean you can coast on easy street for the rest of your life. Need to get your total net worth up high enough to where your kids can actually just live off the interest while also building wealth themselves.
Thank you for subscribing to my Ted Talk.
2. Don't have more than 2 kids. The more you have, the less money you have to invest into them, but just as importantly, less time. You can't help little Johnny understand his math homework, when 4 other kids need help as well. Also, when you die, your inheritance gets split too many times to build wealth, at least at the early stages of wealth generation. When you know you will die with 10 million plus in excess, then, yeah you can have an extra kid or two. But you may need to pay for tutors in this case if your time is too split. This one is pretty easy, as you can get a vasectomy / tubes tied after your second kid.
3. In a similar vein. Don't have kids out of wedlock, and don't have kids until at least your mid to late 20s. Single parent households even have less time and money to invest in their children. Growing up without both parents also statistically leads to riskier behavior in the children as they reach their teenage years. Having kids at a later age typically lets you have children at a time where you are more financially secure in your job, and more emotionally mature as well. If you are anti abortion and get pregnant at 16, have the baby and give it up for adoption. "But it's my flesh and blood" doesn't matter if you can't support the child and can give the child to a family with a higher chance of putting your child up for success. Don't be selfish. Also, don't be ignorant. Get your daughters on birth control and talk to your sons about condoms. Don't just think they won't ever have sex until marriage. Need to be proactive on this, as it is one of the easiest things to screw up.
4. Die with more money than you inherit. Just because you got a bit of money when your grandparents died, doesn't mean you can coast on easy street for the rest of your life. Need to get your total net worth up high enough to where your kids can actually just live off the interest while also building wealth themselves.
Thank you for subscribing to my Ted Talk.
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