In the article What To Teach My Children About Credit, I introduced you to financial coach and CPA, Shannaan Dawda. One of the questions I asked Shannaan Dawda during our interview was what were the areas and/or ways of investing he felt were essential to expose our children to early on in their childhoods. His response was unexpected but made all of the sense in the world. I thought he was going to tell me something like “I think it’s a great place to start by having your children to research and buy stocks in their favorite stores” or something like that. But to my extreme pleasure, he said that he thinks the best form of investing we should teach our children is the investment of entrepreneurship.
YES! YES! YES! I love it!
He emphasized (in so many words) that along with teaching our children to budget, there’s nothing else that so readily teaches them resourcefulness, delayed gratification, investing time & money in self, discipline, money management, and how to manage others, the way entrepreneurship does. So, of course, the natural question is “Thiah…Dear…what if I am horrible at all of those things or don’t know the first thing about business to teach to my children?” Well, as you’ll hear Mr. Dawda point out in the upcoming audio book How To Raise Your Black Child To Be A Millionaire, it’s our job as parents to seek out the resources and aids our children need to facilitate objectives that we may not be able to guide them through first-hand.
So, just as we may not be so good in Math and find a tutor to help our children, we should do the same with business. This may mean taking our son or daughter to spend the day or weekend with Cousin Ray Ray or Aunt Tootie who have their own restaurants, corner store, tax service, real estate firm…etc. and letting him/her work under them to learn how to market, take orders, manage employees, create valuable customer service, keep books…etc. And upon their return, ask what their experiences were like; what did they learn; are there other areas or industries that interest them where they could see applying the things they learned; did they see areas where Ray Ray or Aunt Tootie could improve; did they think of any systems that they believe would be more efficient?
Just find a safe environment where your children can get priceless experiences like this, at least once or twice a month, and ask them these types of questions; then watch what kinds of unimaginable answers, products, and services come from them. And most importantly, encourage them to TRY whatever they come up with. Even if you think it’s the most far-fetched idea that will never and could never work, as long as they express some type of enthusiasm about it, please, please, please encourage them. We should remember that even though we have far more wisdom than they do, they come here far smarter than we were upon arrival. So, let’s prepare ourselves to be amazed by providing our children with the environments necessary for them to grow and exercise the brilliance of what’s already within them to share.
On that note, a subscriber sent me a message asking for books and clubs/organizations in which to enroll our children to help nurture them in their journeys to become millionaires. With many of our subscribers all over the globe, I’ll work on providing lists of resources in various cities, states, and regions and pass them along to you all. Please share your thoughts and any resources you have as we support each other in #RaisingBlackMillionaires. Until the weekend, be fruitful!