Money Advice Guide

I know a couple of men who are the same age (mid twenties), about the same intelligence and, for the most part, are equally good looking. One is a businessman with a rapidly growing marketing company grossing about $500,000.00 per year. The other works a routine job making enough money to live from hand to mouth. There is one difference between the two menone comes from a wealthy family and the other comes from a lower income family. Can you guess which comes from which? I have talked to both of these gentlemen and discovered there was a very important factor that played a role in both their lives. One got financial training at an early age and the other did not.

I asked the successful guy how he had gotten so focused in business and his answer was interesting; he told me his father took him to the bank to open a savings account when he was around ten years old. When he started making money-cutting lawns, delivering papers and other jobs, his dad coached him and under that influence most all the money went into the savings account. He had a keen sense of understanding about saving money in an interest bearing account. He had a budget. When he was 18 he opened a checking account in his name. He was writing and managing a checking account at 18 years old. At 18, he had already been an entrepreneur with 8 years experience generating income, handling money, saving and spending money on (and within) his budget. He went on to college to get a degree in international finance, worked for a major corporation for a couple of years and now he has his own business. The other guy doesn’t have a college education and is just now getting around to setting up a checking account.

I bring this to your attention for a couple of reasons. First, wealthy people tend to groom wealthy children because the kids are taught to respect and manage money at a very early age. Whereas lower income people tend to ignore this issue and subsequently tend to raise lower income children. Obviously, wealthy people have advantages over lower income people like money to send their kids to colleges, etc. but that’s not the point. The point is in the trainingthe orientation to the banks, teaching kids wise money management, basic economics, how businesses work, about real estate and so on. Key word: Knowledge. I think all parents will do well by their children to teach and show them, at an early age, everything they know about basic banking, how to set up a savings account, how to budget their money, how checking accounts work, etc. My advice is to make sure you introduce your kids to basic economics at an early age. Don’t assume they will learn on their own or at school. High schools tend to fail miserably at teaching kids the “street smarts” needed to function intelligently in business, real estate and finance.

I don’t think a college education is critical to make and manage money. Indeed, there are many millionaires in the country that don’t have a formal education. What is critical is teaching kids a high work ethic and how to manage money. If you need to get this information for yourself or your family, I strongly suggest you do so (the public library is free) because “You pay once for knowledge but the cost of ignorance can last a lifetime. “

Copyright © 2006
James W. Hart, IV
All Rights reserved

NAME: James W. Hart, IV
TITLE: Author/CEO Smart Books Publishing
WEB SITE: http://www.smart67.com
EMAIL: talktosmartbooks@smart67.com
PRODUCT: Consumer Books, Kits & Special E-Reports in the areas of Real Estate & Business. Smart Books Publishing Web Site is a Pay Pal-Secured Seller/Secured Credit Card merchant. (Ebay User Number jim12302)
MEDIA INTERVIEW AVAILABILITY: Yes. Call For Bookings (419)-636-7210.
BIO: Mr. Hart, consumer advocate and CEO of Smart Books Publishing, previously licensed in the sale of real estate in the state of Ohio, has been directly involved in the origination of residential and commercial mortgage financing. Hart is an honorably discharged veteran of the U.S. Army, graduate of the University of Toledo. He is a member of the National Panel of Consumer Arbitrators and the Council of Better Business Bureaus, Inc. Mr. Hart has appeared on a number of radio and TV stations throughout the U.S. including WJR-AM, WWWE-AM, WHUR-FM, WRC-AM, WLW-AM, WTVN-AM, WSPD-AM, KDKA-AM, KBGS-AM and CNBC-TV and many others Hart is an experienced and dynamic media guest.

Tags: economics, education, finance, information, kids, learning, money, savings, training, Wealtheconomics, education, finance, information, kids, learning, money, savings, training, Wealth

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Having been in the advertising, marketing and creative line for some time now, I suddenly saw how much ‘parenting’ and ‘advertising’ had in common when I watched my son eat all the vegetables on his plate after a painful lecture from me. He ate it with a sullen face and fear flashed in his eyes because I threatened eternal hunger. I know, I knowspare me the lecture.

When it occurred to me, I felt that all those past behavior and tactics that I’ve used and employed were all wrong. You see, this is the conclusion we can draw when looking at advertising and marketing and parenting.

In Advertising and Marketing, you’re always trying to get people to believe you, your company and have faith and trust in your products or services. You’re trying to use tactics, imageries, words to lure your customers into your dock instead of the competitors’.

In Parenting, you’re trying to get your children to behave in a way that you believe he or she should - the way that you think is best for him or her. You’re trying to induce good behavior and habits.

In advertising and marketing, there are two methods we can usethe Push method and the Pull method.

The Push method is the very crude method of selling and marketing. That’s like PUSHING something into someone’s mouth, yes, imagine that. Essentially, what the Push method is all about is using a very aggressive and upfront method of promoting a service or product. Just like the insurance salesman who comes to your door and refuses to go away!

With the Pull method, we’re trying to achieve the same thing but with a different method. You’re enticing them, teasing them, make them think and decide. You’re luring them and telling them that they SHOULD think about it. You’re pulling at them using very subtle hints and methodologies. You’re not in their face but you’re trying to get into their minds and their hearts. This is what the Pull method (the gist of it, anyway) all about.

In parenting, you don’t have to guess which method works better.but yes, the Pull method. Like the insurance salesman at your door, if you are using an aggressive method of trying to get your children to behave, you might have to accept the fact that every day could be a battle. Your children may fight you because of the way the lessons are being taught. On the other hand, if you use the pull method, they might end up thinking that they made the decision all by themselves!

So, the next time you want to pick up the cane or raise your voice, think of the insurance salesman at the door who refuses to go away!

Marsha Maung is a freelance graphic designer and copy writer who works from her home in Selangor, Malaysia. She loves nothing more than blowing bubbles in the park with her 2 kids, Joshua and Jared. She designs apparel and premium items at http://www.allmomstuff.com and is the author of “Raising little magicians”, and the popular “The Lance in freelancing”. More information can be found at http://www.marshamaung.com

Tags: children, Family, father, Home, kids, learning, Listening, mother, parent, parenting, teachingchildren, Family, father, Home, kids, learning, Listening, mother, parent, parenting, teaching

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