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June 3 - June 26, 2024
Dad used to say seeds are a lot like dollars. You can eat the seeds or sow them. But when you would see what seeds turned into… ten-foot-high corn… you don’t want to waste them.
If you cannot increase your compensation significantly, become wealthy some other way. Do it defensively.
They assume that by focusing their energy on generating high incomes, they will automatically become affluent.
It’s much easier in America to earn a lot than it is to accumulate wealth.
such an environment has more drawbacks than does self-sufficiency, even if that means accepting a less affluent lifestyle.
Economic outpatient care will “get the youngsters going” and then won’t be needed anymore.
Adults who sit around waiting for the next dose of economic outpatient care typically are not very productive.
the more wealth parents accumulate, the more economically disciplined their adult children are likely to be.
Cash gifts earmarked for consumption dampen one’s initiative and productivity.
The sales executive is fully self-sustaining today. Why? Because he and his family do not receive economic outpatient care earmarked for consumption.
Gift receivers in only two of the ten occupational groups have higher levels of wealth than nonreceivers.
Gift receivers frequently are underachievers in generating income.
gift receivers are significantly more likely to be credit-oriented.
Each was the product of a disciplined home life.
Whatever your income, always live below your means.
Households headed by teachers who receive cash gifts from their parents have, on average, 185 percent of the net worth and 92 percent of the annual household income of those in the same occupational and age category who do not receive cash gifts.
He spends first. He saves and invests what is left over.
You strengthen the strong child and weaken the weak.
The more dollars adult children receive, the fewer dollars they accumulate, while those who are given fewer dollars accumulate more.
This ultimate form of subsidy goes beyond economic outpatient care—call it economic inpatient care.
How is it possible that a person who is almost completely insulated from financial risk has four times more fears than the typical affluent business owner?
It’s those who don’t concern themselves with other people’s money, who are more concerned about succeeding than about how much is in someone else’s estate.
Webster’s defines courage as “mental or moral strength to resist opposition, danger, or hardship.” It implies firmness of mind and will in the face of danger or extreme difficulty.
women employed in professional occupations in 1995 earned only 49.2 percent of what men in professional occupations earned.
Male adult children, by the way, are more than twice as likely to live at home than female adult children.
What do UAWs such as Mr. Andrews tend to emphasize in telling us about themselves? Their income, consumption habits, and status artifacts. PAWs speak of their achievements,
They have their own lives to live…. I’m not worried about paying for their futures…. Nor are they. We don’t discuss it. But there will be a large sum…. Plenty, I’m sure, left over after I pass away.
If you are wealthy and want your children to become happy and independent adults, minimize discussions and behavior that center on the topic of receiving other people’s money.
Never tell children that their parents are wealthy.
No matter how wealthy you are, teach your children discipline and frugality.
Simply stated, they taught by example.
There must be congruency between what parents tell their children to do and what we as parents do. Kids are very perceptive in pointing out inconsistencies.
What were some of the rules Dr. North’s twelve-year-old daughter listed on the poster? ♦ Be tough… life is. In other words, there is no promise of a rose garden. ♦ Never say “poor me”… [or] feel sorry for yourself. ♦ Don’t walk on the back of your shoes…. Waste not, want not. In other words, don’t abuse your belongings. They will last longer. ♦ Close the front door…. Don’t waste your parents’ money letting the heat out. ♦ Always put things back where they belong. ♦ Flush. ♦ Say “yes” to those who need help before they ask.
Assure that your children won’t realize you’re affluent until after they have established a mature, disciplined, and adult lifestyle and profession.
Minimize discussions of the items that each child and grandchild will inherit or receive as gifts.
Never give cash or other significant gifts to your adult children as part of a negotiation strategy.
Stay out of your adult children’s family matters.
Don’t try to compete with your children.
Always remember that your children are individuals.
Emphasize your children’s achievements, no matter how small, not their or your symbols of success. Teach your children to achieve, not just to consume.
Money should not be wasted… no matter how much I earn.
Tell your children that there are a lot of things more valuable than money. Good health, longevity, happiness, a loving family, self-reliance, fine friends… if you [have] five, you’re a rich man…. Reputation, respect, integrity, honesty, and a history of achievements!
You can’t hide from adversity.
The affluent, especially the self-made affluent, are frugal and price-sensitive concerning many consumer products and services. But they are not nearly as price-sensitive when it comes to purchasing investment advice and services, accounting services, tax advice, legal services, medical and dental care for themselves and family members, educational products, and homes.
But just because you’re in a profitable industry does not guarantee that your business will be highly productive.
This is like those sons of ours and perhaps yours who thought they would make the varsity basketball team because they bought a pair of Air Jordan shoes. A label does not make a varsity player.
Many successful business owners have told us that they enjoy “short periods of rough times” in their chosen industries because they weed out much of the competition.
Often dull-normal industries don’t attract a great deal of competition, and demand for their offerings is not usually subject to rapid downturns.
But business owners have a set of beliefs that helps them reduce their risk or at least their perceived risk: ♦ I’m in control of my own destiny. ♦ Risk is working for a ruthless employer. ♦ I can solve any problem. ♦ The only way to become a CEO is to own the company. ♦ There are no limits on the amount of income I can make. ♦ I get stronger and wiser every day by facing risk and adversity.
Courage is behaving in a way that conjures up fear.
