It is time to revisit the importance of educating your children in the art of financial literacy. As with most other things in life, the secret to successful wealth creation is to start early and apply sound principles. We all know that the earlier you start your financial planning, the simpler you can keep the process and the less need there will be for complicated investment products to boost your nest egg in your later life. Most of us can become successful investors by applying only two simple principles: invest in a few good companies and hold on to them through the ups and the downs. Patience is an essential virtue in creating wealth.
Another benefit to longer-term success, is to hardwire the right behaviour at a young age. These ten ideas from Brian Feroldi can help children to obtain those crucial behavioural advantages:
