I think that a lot of the things the article suggests start out as being about being a good wage earner, but also get into that "accumulating wealth" thing. I think the issue is what one considers "wealth". And in this credit card-obsessed, debt poor society, even teaching your kids how to spend wisely is a big step ahead of where most of their peers will be.
I'm absolutely amazed at how many friends I have who have kids who have NO concept of how their own financial habits are going to affect their kids. "I'm in debt now, but my kids are smart, so they'll grow up and be rich enough to support me," is NOT a good retirement plan.
Another book on this topic that I particularly liked is The Millionaire Next Door (http://www.amazon.com/Millionaire-Next-Door-Thomas-Stanley/dp/0671015206/sr=1-1/qid=1164646972/ref=pd_bbs_sr_1/104-6848227-6087960?ie=UTF8&s=books). Part of what this book covers is the difference between what we THINK of as "rich" - big cars, fancy houses, etc. - and what actual rich looks like - good investments, significant money in savings, financially prepared for retirement, etc. Reading that book was a huge part of my getting my own finances under control.
Rich Dad Poor Dad has some good ideas, but is not the end-all, be-all that the author claims it is. http://www.johntreed.com/Kiyosaki.html has nice analysis of some of its flaws.
Wow, thanks for that link. I happened to catch him on TV the other day, and was vaguely intrigued. It's nice to know I don't have to waste my time on that book!
If you are talking about the lecture he did for PBS that they keep re-running, I think its worthwhile to watch. While "all he does is re-spin old old financial axioms" they are old financial axioms because they are true. The PBS lectures stop short of explaining his re-estate scam (you have to buy the book for that). They do explain some important things about finance... including "why smart people don't all automatically get rich" which is something I really enjoyed watching.
And you can make a drinking game out of the way he gets the audience to finish his sentences.
Actually there is lots of stuff there that isn't really about getting rich. See the comments near the end/
Remember that money isn’t the end all be all to wealth. We want our children to grow up to be independent, financially successful adults, but remember that money isn’t the key to happiness.
Warnings
Even if you do everything right, giving your child every opportunity to be successful financially, they may not grow up to be "rich," but they'll have values and ethics they can be proud of. Above all, they'll be well-balanced and enjoy "working for a living."
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timeasmymeasure
no subject
Date: 2006-11-27 04:36 pm (UTC)I disagree with the WikiHow article title. More appropriately, it would be "How to raise children to be good wage earners."
Learning how to grow and accumulate wealth (i.e. "being rich") is not the same as learning how to be a good wage earner.
no subject
Date: 2006-11-27 05:04 pm (UTC)I'm absolutely amazed at how many friends I have who have kids who have NO concept of how their own financial habits are going to affect their kids. "I'm in debt now, but my kids are smart, so they'll grow up and be rich enough to support me," is NOT a good retirement plan.
Another book on this topic that I particularly liked is The Millionaire Next Door (http://www.amazon.com/Millionaire-Next-Door-Thomas-Stanley/dp/0671015206/sr=1-1/qid=1164646972/ref=pd_bbs_sr_1/104-6848227-6087960?ie=UTF8&s=books). Part of what this book covers is the difference between what we THINK of as "rich" - big cars, fancy houses, etc. - and what actual rich looks like - good investments, significant money in savings, financially prepared for retirement, etc. Reading that book was a huge part of my getting my own finances under control.
no subject
Date: 2006-11-27 06:07 pm (UTC)no subject
Date: 2006-11-28 09:24 am (UTC)no subject
Date: 2006-11-28 12:00 pm (UTC)And you can make a drinking game out of the way he gets the audience to finish his sentences.
no subject
Date: 2006-11-27 04:59 pm (UTC)Remember that money isn’t the end all be all to wealth. We want our children to grow up to be independent, financially successful adults, but remember that money isn’t the key to happiness.
Warnings
Even if you do everything right, giving your child every opportunity to be successful financially, they may not grow up to be "rich," but they'll have values and ethics they can be proud of. Above all, they'll be well-balanced and enjoy "working for a living."
no subject
Date: 2006-11-28 10:11 am (UTC)