Improving your financial literacy and developing better saving, spending and investing skill sets are critical at any age. However, the vast majority of Americans don’t learn about personal finance in school. This lack of education can carry through to adulthood and perhaps result in your kids lacking in the same way.
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Famed author and money expert Robert Kiyosaki wants to help change this. He explains how, through education and the right choices, you can get rich as a kid.
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Quick Take: The Education You Get Matters
It may be time to put down the video games and enhance your screen time by studying how to improve your finances. Here are three types of education critical to becoming wealthy as a child:
Academic education: This includes everything you learn in grade school, like reading, writing, math and other subjects. Having at least a basic academic education is a crucial starting point for anyone in modern society.
Professional education: This includes the skills you learn at a job or through higher education. Whether it’s learning to interact with customers in a retail environment, managing clients or collaborating with colleagues, getting a professional education is key to wealth accumulation.
Financial education: This is arguably the most important type of education you’ll need to get rich as a kid and stay rich as an adult. Most kids aren’t taught about how to manage money by their parents, and this isn’t a standard type of education in school. It’s crucial to seek out financial knowledge so you can build yourself up from a young age.
After you get these three types of education, here are tips from Kiyosaki you’ll want to follow to get rich as a kid.
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Choose Your Friends Wisely
The people you surround yourself with can (and ultimately do) influence your decisions in life. If you spend time with people who are opposed to money, investing and business matters, chances are you’ll become averse yourself. Without focusing on these matters, you certainly can’t become wealthy.
Additionally, it’s also important to choose friends based on what you can learn from them. Avoid people who have a negative financial mindset, those who are always in debt and complaining about money. Instead, focus your time and energy on cultivating relationships with business people, investors and those who are not afraid to take risks to get ahead.
Don’t Get Influenced by ‘Poor’ Advice
Be sure not to listen to poor or frightened people when it comes to financial advice. These types of people are always skeptical of your business ideas, very risk-averse and are motivation killers. You’re a product of your environment and you want to be sure that your environment is contributing to your financial success.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: How To Get Rich as a Kid, According To ‘Rich Dad’ Robert Kiyosaki
