“It ain’t about how hard you’re hit, it’s about how you can get hit and keep moving forward. How much you can take and keep moving forward. Get up!” Sounds like wise words spoken by a billionaire business mogul, right? Actually, it’s a quote from Rocky Balboa, the gritty, tough-as-nails boxer portrayed by actor Sylvester Stallone in seven Rocky movies. The movie is a good example of passion, hard work, and determination. Daymond John’s book The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage references Rocky Balboa as a good inspiration as a business owner. Having desire and desperation is a competitive edge that causes creative and efficient thinking. “The same goes in business,” John writes. “When you want it, when you need it, you find a way to make good things happen. When you expect it, when you feel entitled to it, you might be headed for an ass-whupping.” Being in business isn’t just the numbers, and the product, it is at its core about the business owner. It’s about your emotional intelligence and the strength of your spirit. Life will hit you hard, but if you have a strong spirit, and understand what it takes to rebuild and learn from your mistakes, you will succeed.
It is crucial that your child has an idea of personal finance at a young age. You want them to grow up knowing how to pay their bills and understanding what it means to be in debt. Here are five ways you can teach your child about personal finance that can also be fun and memorable. The five ways are: take them grocery shopping, invite them to help organize your receipts, set a short-term savings goal, give them rewards instead of allowances, and have a discussion. When you go grocery, shopping sit down with your child and explain how much you are looking to spend and have them help you coupon clip. Make a goal for a specific dollar amount and have them go with you and help you find each item and stay within budget. After shopping have your child sit with you to organize each receipt and go over the items. Doing this process will show your child how expensive things are and at the same time show how much taxes can affect how much you spend. Sitting down with your child to set up a short-term savings goal and a “savings jar” or savings account will help them save to reach goals. I suggest looking at savings account online to show the different interest rates that competing banks will offer to get your business. If your pre-teen child doesn’t have a job instead of doing an allowance, set up a rewards allowance. Doing household chores for an allowance is preparation for a job, and shows that with work there is a result. It’ll help them develop and at the same time appreciate work instead of expecting to be taken care of. Finally having open discussions about what your child wants financially is important. I suggest to take it one step further and talk about issues over the dinner table. Let these types of discussions be as common as talking about your day. Talk about both the good and the bad, and what you plan to do next. Communication is the most important piece of not just a healthy business, work environment, but a family also.
If you need are interested in creating a budget, then contact me for a financial checkup in the contact me section.
For this week, I’ve included Michael Jordan’s Top 10 Rules For Success from Evan Carmichael’s YouTube channel.
“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.” Proverbs 28:26 MSG