Parents: Here are some steps you can take to make your kid a millionaire according to the experts.
First: Start them young. Deborah Cox is a wealth advisor who says parents are good about teaching kids how to ride a bike, but horrible at teaching them about money! So from an early age, you should talk to your kids about setting a budget to pay for candy, movies and clothes. In fact, Cox says if you wait until college to talk to your kids about money, they’ll be calling you for loans the rest of their lives.
The second way to help kids be millionaires: Ban the credit cards. According to Forbes magazine, the average balance on credit cards these days is $8,000, and when you factor in interest, the average person making minimum payments will end up paying $60,000 in interest during their lifetime! In other words: Your kids will never get rich if they’re always carrying debt.
One more way to make your kid a millionaire: Think twice about advanced degrees. Experts say even if they help your kid earn a higher salary, advanced college degrees tend to leave people more in debt and working shorter careers. As an example: The average doctor’s salary is more than double what a plumber makes, but because the doctor spends 11 more years in school, making no money while racking up debt, their actual career earnings work out to almost the same as a plumber.