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The Number Two Money Lesson Parents Should Teach Kids

by Team Sammy

An excerpt from Sammy Rabbit's Corner:

Last month, I shared the number one money lesson parents should teach kids is to make saving a habit. The number two money lesson parents should teach kids is to have strong learning and earning ethics.

My father was fond of saying, “you can have anything you want if you are willing to learn and work hard to get it.” Fifty years later those words still sprint through my mind. It was a genius financial psychology. It connected education and earning. It placed responsibility on you to drive your own outcome. It was a motivation, academic, and personal finance strategy intended to inspire you to take action and do more of what you need to do, in order to get more of what you want.

Benjamin Franklin is frequently quoted as saying “an investment in knowledge always pays the best interest.” The late real estate mogul and Los Angeles Lakers owner Dr. Jerry Buss recommended if you want to get ahead work six days a week. Learning and earning are strongly correlated. College graduates can expect to out earn high school graduates by an average of sixty-six percent during their working lives. Master Degree graduates will out earn college graduates by twenty percent or more. Doctor and Professional degree graduates will out earn Master’s Degree graduates by 30% to 40%...READ MORE

This was a guest article written by Sam X Renick for Money Masters TV