Sharon Lechter – Master Your Money or It will Master You | DO 82

Freedom Possible

Freedom PossibleMatt is joined by Sharon Lechter, Co-author of Rich Dad Poor Dad, CPA, entrepreneur, international speaker, and proud Mother and Grandmother.  Mrs. Lechter is also a national spokesperson for the AICPA for financial literacy, a former member of the first President’s Advisory Council on Financial Literacy, founder of Pay Your Family First and YOUTHpreneur. Her latest books released in cooperation with the Napoleon Hill Foundation include, Three Feet from Gold and Outwitting the Devil.  She has also released an award winning money and life reality board game, ThriveTime for Teens.

As we’ve previously mentioned, achieving financial freedom is your responsibility to your family.  Similarly, it is also your responsibility to teach your children financial literacy and how to become masters of their own money.  For all the parents (and future parents) out there, this episode can’t be missed!

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5 Important Lessons from This Episode:

1 By the age of 4 or 5, most American children already begin building an entitlement mentality.  This is because they already understand the spending power of money, but usually haven’t been taught the earning power of money.
2 So many college students get themselves into credit card debt, and Sharon has an interesting perspective as to why.  Your kids have seen you swipe your card for years and years, but it is unlikely you’ve involved them in the process of paying it off every month.  Be sure to teach your children both sides of the equation.
3 All people will become either masters of money or slaves to it.  It is the responsibility of the parent to ensure their children learn to master their money by teaching financial literacy.
4 Many people will never invest in real estate, even though they have heard how beneficial it can be to long-term wealth, because of fear.  To jump this hurdle, join your local real estate investor clubs (or join one online) and you’ll notice how many successful investors are conquering daily what you’ve been afraid to take on.
5 Sharon suggests playing her game ThriveTime for Teens with your children and using it as a tool for teaching financial literacy.  The game offers a safe and neutral environment to learn important lessons, without the emotion of discussing your personal family finances.

 

What You’ll Learn:

  • Why you should involve your children in paying credit card bills.
  • How to prevent your child from developing an entitlement mentality.
  • How to use a trip to McDonalds as a financial learning experience.
  • What you should be certain your child understands before graduating high school.
  • Where parents can educate themselves about finances before teaching their children.
  • Why you should speak with your children about the recession and how it has or hasn’t impacted your family.
  • How to get your kids motivated to save money.
  • Why the world’s wealthiest people hold their money in real estate.
  • How to overcome your fear of investing in real estate.
  • The reason Sharon is contributing to a new version of Think and Grow Rich specifically for women.
  • How to approach financial literacy without emotions involved.
  • How learning through financial games increase retention levels.

 

Resources Mentioned in this Podcast:

 

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