What email address or phone number would you like to use to sign in to Docs.com?
If you already have an account that you use with Office or other Microsoft services, enter it here.
Or sign in with:
Signing in allows you to download and like content, which the author will be aware of.
Embed code for: What are good ways to prepare my kids to become billionaires
Select a size
What are good ways to prepare my kids to become billionaires?
https://www.quora.com/profile/Aukse-Zilenaite-1 Aukse Zilenaite, business consultant, recruiter, social media, community management, e-commerc...
1. Metacognition can safe your life and make you a resilient influencer.Monitor your behaviour, become the best option of yourself. Not to go into details, but only through metacogntion I managed to discover the cause behind my illness I suffered long time. Metacognition allowed me to fight the wrong advice and not to give up. If you master metacognition, you become your coach. I am a strong believer that if a kid learns to understand himself - he can master a universe. Metacognition is powerful if applied as an influence tool too. Personal example, when I was writing my the LSE Masters dissertation on extraction industry in fragile states (I know..why would I do that? my excuse- it was 5 years ago.lol), I went to interview Sacha Backes at the World Bank IFC. My question to the officer was –what are the risks of evoking boundaries by participatory monitoring and evaluation (PM&E) in fragile states in extraction industry? Ethnically dense communities participate in monitoring the extraction project, and the process itself encourages thinking about their territory boundaries. Project self-converts into a metacognition tool for communities, that becomes a nuclear bomb. In short, my research conclusion involved words trigger andchanging patterns and sub-divisions. Finally, the most powerful mentalists and influencers use/ impose metacognition in order to identify how their target’s mind justifies itself too. After that it is a piece of cake, to make the target do or think whatever mentalist chooses to. John Locke wrote understanding- “takes no notice of itself: and it requires art and pains to set it at a distance and make it its own object..... It is really worth to go through those pains and arts! 2. Put learning, teaching and crowdsourcing at the center of your life and your company‘s culture. I still keep 2012 November Forbes edition on my desk. (blush) Why? Simply, because it has a quote by Salman Khan: „There are much more productive ways of learning than sitting in lectures“. Make your goal to learn something new every day. Use new desruptive educational technologies and resources, utilise power of crowdsourcing. It can give you ideas and tools to develop new technologies, services and products. Cherish your company with open innovation apps. If the image of lazy and unmotivated faces comes up, then you also need to read about community building tools like getsatisfaction and gaming principles. To effectively present your business, develop partnerships and assign tasks, learn to teach. My best decision in life was to take an Eglish teaching course in Rome, Italy. It was insanely challenging course. Especially when the practical test was to each two students – a priest and a lady with a very short skirt. Teaching can reverse your understanding about communication and finally see how people become fragile when they need to learn. That helps enourmously in the management of company, pitching for investors, and negotiating on partnerships. 3. Education and graduation does not equal job. When I was a child I was taught that if I got education, if I only sat at home quietly, and brought amazing grades, I would get a good job, career and live happily. I graduated from the best school in country, went to an amazing Aston University, later to the LSE - and after 10,000 applications didn't manage to get a decent job. Economy and political scene will affect your life, one way or another. Always be prepared not to be part of the system, but create new system, create job and meaning in your life. Your diploma is not you. It is just a piece of paper. You are much more than that. You are not even a book, but a library. Just visit it and learn. 4. Lying language. Master it. Learn body language and speech patterns. If you are going to manage company, employ people - without ability to read people – you are lost. The first lesson will be listen and if you are in doubt – know how to test. People will lie, will try to manipulate you. Sometimes they will win, sometimes your guardian angel or friend or circumstances will save you. However, you are a warrior in a field and need to defend yourself. Do not hesitate to get rid of liars, lying is a virus, it destroys integrity. From the beginning state clear your busines ethics and principles. Once you start making exceptions on the basic pillars of company ethos, organisation walls will start cracking. Strong character puts intelligence to use. Always be the strong character, especially in front of liars and manipulators. 5. Try 10,000 before that bulb gives you and others light. You need to be in business in order to learn business. To come from 10,000 to 2-3 times use effective mind tools and from the beggining identify not just a goal, but exactly Why you want to achieve this goal and why exactly by the deadline you stated. Goal itself – like to earn 1 million or have your own business does not act as motivation. Rightly structured and stated motivation gives you energy to work without energy drink if e. g. you know that you need that 1 million to save a life by the end of summer. 6. Planning is the most important stage. Not procrastination (even though secretly all of us, wants to hear that). Everyone needs to have powerful planning skills. We all need to learn how to convert a goal and project into micro-tasks and manage deadlines. Balanced optimism is a key here. We sometimes need to push ourselves and people we manage with deadlines, but at the same time – put right timing for the task, so that we can celebrate meeting deadlines as often as possible. 7. Your company as your life depends on partnerships. Learn to be positively toxic connector to others and you will end up in pricess partnerships. When people ask me what is real guerrila marketing, I tell them it only happens when powerful partnerships manifest and toxic reaction to it emerges. Master partnerships, especially timing for them. 8. Be supportive and generous. When you are supportive, you learn about people, their mistakes, journeys, options they have or had - it also becomes your knowledge pool. If you ask someone, and let them talk - in their story can be a hidden gem. I remember, working in a gym while job hunting and you would be surprised how much people tell to the receptionist of gym. In 3 months, I ended up consulting hair stylist, cake decoration startup founder, health technology specialist, accountant on how to recruit people, how to manage business budget, how to choose timing, how to manage their energy levels. I enjoyed it and never asked anything in return, because I got smiles and....knowledge- that is priceless. 9. Team/ Community. Know the difference. Make the first the second one. I look at a team, the same as I look at community. To be extremely honest, I hate word team. It somehow makes me think, that if it is a team – it will not be appreacited, creativity blocked, authentic identities and roles lost. Team is too technical term to act as a creative engine in the 21st century. Community on the other hand screams- engagement, creation, growth, cause, source, innovation. Treat your company as community and you will always manifest loyalty too. 10. Learn about social and/or green causes, NGOs, social enterprises, cultures and politics. It provides inspiration to identify problems, conflicts, construct solutions, see patterns and risks. History always repeates itself, no matter how much humanity is rying to learn from it. Grab the best lessons and make it yours. If you develop a business, involve that cause into the business model. Read civic media. It will motivate you, your team, build brand image. Do not be a blind billionaire. Blind billionaires are never sustainable and...boring.
https://www.quora.com/profile/Lawrence-Tam-2 Lawrence Tam, foodie, internet marketer, mechanical engineer
Quick History: I am a self-made millionaire. When I was young, I was raised in the rougher side of Houston, TX, until we moved out to the suburbs. I went to public school, then university, then had a regular job. I thought I had reached my goal when I had a job, until I started having kids. Then I realized, my financial life just wasn't about me anymore. It was about those that I loved the most; my family. How I can provide them a much "better" life. Many people assume that "all the rich care about" is running around in yachts and exploiting the poor. That's what we see on TV. But I think we are all smart enough to understand that what we see on TV and what is reality isn't exactly the same thing. Most of the time, it's not even close. Come in contact with a wealthy person in your life and most chances are when you get to know them... they got there on hard work and by helping a LOT of people (remove the drug dealers and pimps out of the equation of course) I've had countless discussions with people about money. They ask me, "When is enough, enough?" I always answer, "You ALWAYS have to be raising the bar." Why? When you have money, you have a power that is arguably one of the most powerful in human history, at least on a secular level. The money is NOT the goal, the STUFF that money gets you, is the goal. (and it's not all about you too... think influence in charity work and community impact)
Do you want better healthcare? Buy it.
Need better education for your kids? Buy your way into a better school district, or pay for it. (there is a reason for schools accepting LARGE donations)
Want a better way to spend 8-12 hours a day working for someone who could care less about you? Find a way to pay your bills and then some.
Money also saves you money and time. Buying nicer clothes and better cars last longer, need less maintenance and have a better resale value. Taking care of yourself with exercise and organic food is cheaper than spending countless hours in the hospital chronically ill or hurt. Every person who was once poor and pulled themselves up into wealth knows very well that feeling of - now what? All my bills are paid, I have more money than I need for the next six months, and I don't have to work if I don't want to. The purpose of life USED to be - work to pay bills, to work some more, to pay those bills and panic when an unexpected expense comes up. That is GONE. If you are of good character, your focus turns to helping others. You see someone starving, or see a catastrophe in a faraway land and you CAN and DO help them. What if you had more money? You pay off your house. Then? You prepay for college for your kids. And then? To the people that think that striving for money is sick and demented, open your mind to the possibility that maybe, just maybe, money does NOT corrupt people. And that money is not evil... just like guns don't kill people, people kill people with guns. That people are inherently good, and if they work hard, they can spread their legacy of love and helping fellow man to the far corners of the earth. What better place would this be if there were far less people living paycheck to paycheck, and more people that had extra time and money to help others? Going back to the original question, "What are good ways to prepare my kids to be billionaires?" Set this example: Being rich means being generous, tough, but always true to yourself and your values. Set this example: Being rich means being unpopular. A lot. Before you are rich, people will call you stupid and unrealistic. While you are climbing, people will say you won't make it. Even after you are rich, people will still hate you because you are rich. Show them it rolls right off your back. Set this example: You don't have to be a psychopath to be successful in business. Part of being rich means growing assets, investing properly and learning how money works. Like a boss. Set this example: Educate the heck out of yourself. Broaden the definition of education to include 5% classroom and 95% real life - case studies, mentors and just plain getting your hands dirty. Set this example: If you are working HARD, and I mean you are giving it everything you've got, they will see that. They will miss you, but they will understand that it takes sacrifice and hard work to reach goals. Even though people think the rich don't have it rough, they had it the hardest in the beginning. That is why it is "easier" for them later on. Though most people know that real leaders never, ever have it easier. Ever.
I am not grooming my kids to be rich. I am grooming them to be generous, successful people who know how to create, build and expand their own net worth.
Money is their slave. Money is only one part of the complex, unique human beings that they are. I am grooming them to be great parents. I am grooming them to be compassionate leaders. I am grooming them to leave the world better than they found it. At least at this point in time, money is the most powerful way for them to influence the world in beautiful ways. It is the best way for them to bring hope to so many who are despairing over bills, crime, violence and other social ills. It is my legacy to them and hopefully, it will be their legacy for far more people than I can reach in my lifetime. Prepare your kids by setting the example first.
https://www.quora.com/What-are-good-ways-to-prepare-my-kids-to-become-billionaires/answer/Lawrence-Tam-2Written 19 Jul 2014 •
https://www.quora.com/profile/Jonathan-NethertonJonathan Netherton, I studied Hayek, Keynes, Galbraith, Marx, and my weird investor aunt
I'd do the opposite of what my parents taught me. My mom was a pillar of poverty, but she always told me that while she knew no way to get out and just didn't care any more, that she knew that she was doing the whole life thing wrong, and told me to not do what she did. Now I'm on the right path. I admit readily that I don't know billionaires, but I do know plenty of millionaires, and with the exception of those that got there by being monsters or mafiosi, these are the ways they got ahead. Most of them got late starts, started their entrepreneur careers in their early 30s like I unfortunately am, but already have far more than they need or want. If you were to start them off young, like 10 or 12, you add another 30 years to their career, there's no reason they can't make it to a billion. 1. Teach them that anybody can make money, just like anybody can make wooden bird houses - there's a technique, methods, and proven strategies, and all they have to do is look and practice. Make absolutely sure they understand that there is no secret ingredient - just knowledge, technique, and a mountain of dedication. 2. Teach them that power and money are only tools, and the corruption lies in treating them as an end and not as a means. Money is power, but power doesn't corrupt, it's just that people that are corrupt are attracted to it like flies to dung. And to take advantage of the corrupt, avaricious, and malignant, for they are useful tools. They get rich, but they burn their bridges and fall. Ten digit wealth will be the result of decades, and bridges have to stay intact to traverse decades. 3. Teach them patience/delayed gratification, politeness, and persistence. Buffet didn't hit the ten digit mark until his 50s - compounding, even aggressive compounding, takes a while to get rolling that fast. No lesson will serve them better than delayed gratification, in anything they do in life. 4. Teach them service. They need context on how the other 99.99% live, it will keep them from getting petulant and instill a sense of gratefulness and opportunity. It wil lalso teach them that lasting leverage comes from capitalizing on serving the wants and needs of others. The fastest way to get blocked out of opportunities is lack of empathy, even for and amongst competitors. Things get nasty and humanity dims when empathy is pulled back and competition becomes conflict, in business or otherwise. Every business is someone else's hardship, but bank on making hardship instead of good will and doors will close. 4. Have them try to sell something in front of a store. Innoculate your children against any negative emotions associated with rejection as soon and as often as you can. They will learn to shrug off no, and be creative with getting to yes. 5. Always keep them moving and away from treats. Nothing zaps creativity, positivity, and energy like a sedentary lifestyle. Teach them to enjoy what physical activities they can, and endure what physical activities they must. Besides, they won't live to enjoy billions if their health is in the tank. 6. Make them come up with a plan and contingencies for everything. Have extra home homework to come up with business ideas and how to start them, fund them, automate them, and sell them. Entrepreneurship needs to be an instinct for them by time they get out of secondary school. 7. Make the meat of their education financial. Tax law, corporate and trust structuring, where the money is and how to access it, asset protection, and most importantly how to learn from those already making money in whatever industry they choose - the exception is those who make commission in what they do, they'll use apprentices and throw them out. Not all, but I haven't heard of a single good experience in my lending club. 8. Teach them acceptance. To accept the fact that they might not make it to a billion, but to never stop trying. To accept that everyone they meet may be 9. Teach them focus. The Secret exists, but it is not what people think it is: the very air around us is so pregnant with opportunity, that we live and breathe seeing only 1% of that opportunity. It's like seeing a certain car everywhere that a conversation was about - they were always there, but now you're focused on them. Teach them to wield focus, and they will never lack for opportunity. 10. Surround them with mentors and successful people. Keep them asking questions from the right people and watch them flower. This one should be done as early as possible. 11. Teach them one lesson about anger: it is a tool for focus, it can be the hardest and most effective emotion to wield correctly, and that the first one to blow up and lose it loses.
https://www.quora.com/profile/Charles-TipsCharles Tips, Venture entrepreneur
608.8k Views • Upvoted by
https://www.quora.com/profile/Stephanie-VardavasStephanie Vardavas, business lawyer and entrepreneur
Answer featured in
https://www.quora.com/profile/Charles-TipsCharles is a Most Viewed Writer in
I once had a venture capitalist (VC) tell me that I had come up with more legitimate billion-dollar concepts than anyone he'd ever known. I have friends who went from zero to billionaire status. So, I feel qualified to give you a straight answer. My answer will assume you want them to have the know-how, creativity and value systems to pull it off on their own. Plus, I raised my three sons this way. Make them aware of the full range of life options. I told my sons of a remote beach in NW Australia where the climate is magnificent and you can pull lobsters out of the surf two at a time. Build a grass shack. Find a good woman. You're set. At the other end, how did that guy build his love of crafting musical instruments into a $100M business? Take the mystery out of the steps it takes. The world abounds with opportunity to lead whatever life you want, but you have to demystify, demystify, demystify for them to be able to see what makes go businesses go. Do NOT send them to public school NOR to the prep schools that are just our public schools on steroids. If you want conventional minds, get them a conventional education. Our oldest started working professionally at age 12. He skipped high school to work. He worked at a corporate branding company in SF Media Gulch. He did at least one project a year with an itinerant filmmaker. He traveled the Maya for several months assisting a woman writing a book, lived with Maya families and interviewed children in Spanish on their beliefs about different plants and animals and the Quiche (or Yucatec or Mam) name for them. He spent two winters in Luzern captaining a dive boat mapping wrecks in the lake. He shot a documentary film in Cuba. (This was not a rich dad buying opportunities for his sons--it was opportunities they earned.) Teach a love of work. After you get rich you can coast some. Getting rich takes work. They will need to excel at physical work and have stamina. They will especially need to excel at mental work and be both flexible and tough. Teach a love of people. The only way you get rich is by serving the real needs of others. You must have an affinity for others. My household was famous for all the people who came trooping through. People I met stranded at the airport. Japanese Homestay girls. Aux pairs. Local homeless guys dropping by for a shower and a meal. Chinese physicists and Eritrean guerillas had meals with us. Our sons' friends were welcome at any time without prior arrangement. Make sure they understand that they are not above or below anyone else. Teach generosity. Those who would receive much must be able to give much. My middle son (11 or so at the time) and I walked across Embarcadero from my office to look at SF Bay. There was one sole figure there, a man in his late 40s with one entire seam of his jeans ripped open. He was playing the spoons and playing them well. We got to chatting. He'd just been let out of San Quentin Prison that morning. I told him time to celebrate. We took him up to my office for a shower, out to buy some clothes and to dinner and gave him money for a room for the night. On the way home, I pointed out to my son that the money I gave the guy was nothing compared with the time we gave him. The only real wealth is the time you have, and whenever you have a chance to use your time well for others, do it and do it fully. Giving money without time can be a way of creating distance. Teach the mental nexus. Here falls the shadow. Rational people do not become entrepreneurs. Like combat officers, one is constantly making critical decisions on partial information. One has to take steps without being able to see if there is support there. One must taste failure time and again and be inspired by it. One must be armed with a variety of rationalizations for continuing on despite doubt, buffeting, adverse opinion. Every successful new business gores someone's ox, and those people react in nasty ways. The faces you see each day are now depending on you to make payroll. Pediatric oncologists must be mentally tough to deal with the suffering of others; entrepreneurs must be superhuman to deal with the tragedies they themselves can be the authors of. Trick is, you can't teach that mental nexus if you have not lived it yourself. If you haven't, then apprentice them to someone who has. Lie, cheat and steal. I was shocked at my mother's funeral when a brother flatly stated that he'd had a difficult time in life because he'd just assumed everyone was as wonderful as she was. The world is full of assholes and swindlers and your kids will need a radar for it, and they need to suffer the consequences so that they develop an arsenal of techniques for dealing with it. They need to be superb judges of character. You can't teach good behavior by isolating them from bad behavior. There's no satisfactory example here; let's just say that April Fools was big in our house, and not just once a year. Make them teen outcasts. Correlating highly with successful entrepreneurs is unfulfilled teen years. Basically, those who are dialed in by 18 stay comfortably dialed in. This is another reason to keep them out of high school. Another high correlation is Fs. Entrepreneurs are highly results-oriented and have little patience with those as process-oriented as teachers. I've talked with VCs who confessed to being a little disappointed if they don't see an F or two on a possible CEO's college transcript. I know I had 'em. Teach numeracy. Anyone who can't do math in his head on the fly is going to have a difficult time being an entrepreneur and putting deals together. Schools don't teach this; it's a special, long-term effort. No allowances. No "Joe" jobs. Nobody ever got rich working for a living. Trading your time for money is a loser's game. An allowance just teaches a kid to lack resourcefulness--same for teen jobs. My wife and I played VC to our kids. They could ask for any amount of money they wanted but what's the plan? what's your purpose? what are alternatives? etc. etc. They learned to recognize opportunities and pitch them. [Add: If you are going to help them get job jobs, make it in sales--they won't get far without the power to persuade, and it's another thing they won't learn in school.] Get a grubstake. Fortunately, my kids went to school with the children of an immigrant couple who left the kids with relatives two straight summers while they went to live in a tent in Alaska and can salmon. They each cleared a wad of cash each summer, and after two years they had a grubstake with which to get into the start-up world. They found some scientists with a bright idea (one that everyone reading this is impacted by many times daily), started the company, got backing and they are billionaires. No grubstake. No billionaires. You can't be a capitalist without capital and the willingness to put it all at risk. Worthy. Finally, the most important thing is they must be worthy. No backing comes to those who lack abundant evident character. I have found the best way to fine-tune morality is to put it entirely on them. Each time a moral decision is called for, it's "Search your heart, son. You have to build your life around what is important to you. The only way I can help you is to tell you how I screwed up sometimes. But the sooner you learn to get in touch with your own feelings of what is right and what is wrong, the better." (But be sure to model right over wrong like crazy to them.) There is only one path to getting wealthy: exploit opportunity. The whole purpose of what I've stated above is to equip your children with the tools to spot and build on an opportunity to add value to the world. How will you know you're on the right track? The vast majority of people you meet are inert. One in ten or twelve has scalar energy--they liven up the event. One in a thousand or so has vector energy--the ability to channel effort to a purpose and pull others in their wake. The only way a human being begins to become a vector force is toFind and Embrace His or Her Passion, and that can be a bit quirky. For example, our youngest has long been the butt of family jokes for his inability to tell a story. What did his passion turn out to be? Turns out his head was too crammed full of details for each story. Once he learned to animate, his stories were incredible! You should be getting glimpses of that talent to pursue purpose with passion all along, but it doesn't mature until adult years. It is such a rare thing that schools are not at all equipped to teach it. Even the best MBA programs teach you how to go to work for that guy rather than be that guy. So, if you can pull it off, you will not only have enriched your children, you will have enriched the world. ________ ATTENTION: My youngest son, Keaton, to my surprise and delight, has commented below. His words add a nice perspective. 2/20 Plus, 10/23, Keaton at work:
http://vimeo.com/109264269Putting the "Bar" in "Frog Bar" with Keaton Tips 6/27: Need some inspiration?
http://fortune.com/2014/06/12/theranos-blood-holmes/This CEO is out for blood 7/21: More inspiration:
http://gizmodo.com/aerosol-cake-batter-is-real-now-and-nothing-will-ever-b-1607207655Aerosol Cake Batter Is Real Now and Nothing Will Ever Be the Same A bit more on my oldest: https://www.quora.com/Breaking-into-Hollywood-1/What-is-good-advice-for-teenagers-today-who-want-to-make-and-direct-movies/answer/Charles-TipsCharles Tips' answer to Breaking into Hollywood: What is good advice for teenagers today who want to make and direct movies?racy. Anyone who can't do math in his head on the fly is going to have a difficult time being an entrepreneur and putting deals together. Schools don't teach this; it's a special, long-term effort. No allowances. No "Joe" jobs. Nobody ever got rich working for a living. Trading your time for money is a loser's game. An allowance just teaches a kid to lack resourcefulness--same for teen jobs. My wife and I played VC to our kids. They could ask for any amount of money they wanted but what's the plan? what's your purpose? what are alternatives? etc. etc. They learned to recognize opportunities and pitch them. [Add: If you are going to help them get job jobs, make it in sales--they won't get far without the power to persuade, and it's another thing they won't learn in school.] Get a grubstake. Fortunately, my kids went to school with the children of an immigrant couple who left the kids with relatives two straight summers while they went to live in a tent in Alaska and can salmon. They each cleared a wad of cash each summer, and after two years they had a grubstake with which to get into the start-up world. They found some scientists with a bright idea (one that everyone reading this is impacted by many times daily), started the company, got backing and they are billionaires. No grubstake. No billionaires. You can't be a capitalist without capital and the willingness to put it all at risk. Worthy. Finally, the most important thing is they must be worthy. No backing comes to those who lack abundant evident character. I have found the best way to fine-tune morality is to put it entirely on them. Each time a moral decision is called for, it's "Search your heart, son. You have to build your life around what is important to you. The only way I can help you is to tell you how I screwed up sometimes. But the sooner you learn to get in touch with your own feelings of what is right and what is wrong, the better." (But be sure to model right over wrong like crazy to them.) There is only one path to getting wealthy: exploit opportunity. The whole purpose of what I've stated above is to equip your children with the tools to spot and build on an opportunity to add value to the world. How will you know you're on the right track? The vast majority of people you meet are inert. One in ten or twelve has scalar energy--they liven up the event. One in a thousand or so has vector energy--the ability to channel effort to a purpose and pull others in their wake. The only way a human being begins to become a vector force is toFind and Embrace His or Her Passion, and that can be a bit quirky. For example, our youngest has long been the butt of family jokes for his inability to tell a story. What did his passion turn out to be? Turns out his head was too crammed full of details for each story. Once he learned to animate, his stories were incredible! You should be getting glimpses of that talent to pursue purpose with passion all along, but it doesn't mature until adult years. It is such a rare thing that schools are not at all equipped to teach it. Even the best MBA programs teach you how to go to work for that guy rather than be that guy. So, if you can pull it off, you will not only have enriched your children, you will have enriched the world. ________ ATTENTION: My youngest son, Keaton, to my surprise and delight, has commented below. His words add a nice perspective. 2/20 Plus, 10/23, Keaton at work: