Teaching your kids financial responsibility

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donner

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If it's so factually wrong how'd he get that house and pay cash for it? Or is is that bogus too? Just because his method(s) don't fit you doesn't mean they don't have merit. It's simply common sense that once was taught in home economics class at the middle school level. Your ideology is just :screwy:

I admit freely that i don't know much about the guy, but from what i have seen and what has been discussed, i don't think that his success has to be attributed to the method he professes. It could just be that he is a good salesmen, regardless of whether his product is valid or not. Not to mention the fact that he could have other investments/ financial interests that pay well, but are outside of his 'method'.

Correlation does not imply causation
 

71buickfreak

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I believe that credit is a good tool to have at your disposal. Just like a gun, if used properly, it will reward you, if used poorly, it can ruin your life.

My kids have to earn money through chores to buy stuff. the younger two have yet to really grasp that concept. My oldest son (14 in august) started apprenticing in my shop this summer and his siblings are jealous of all the money he has (20hrs week, 5/hour). My oldest has savings account and has already told us that his money is in there to help pay for college. He said it is time for him to start thinking about those things. That is all him, he is a cheapo like his dad. Both of my boys save, while my daughter likes to spend. She wants to enjoy the money she has. That is more like my mom and my sisters.

I have become a firm believer in nature over nurture. You can teach some things, but people are pre-disposed to certain behaviors. My children have taught me that.
 

Shadowrider

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I admit freely that i don't know much about the guy, but from what i have seen and what has been discussed, i don't think that his success has to be attributed to the method he professes. It could just be that he is a good salesmen, regardless of whether his product is valid or not. Not to mention the fact that he could have other investments/ financial interests that pay well, but are outside of his 'method'.

Correlation does not imply causation

Could be. But he makes no bones about it, that the principles he teaches are what got in on the road to where he is. He doesn't teach anything that didn't used to be commonly known by EVERYBODY either, he worked his way out of bankruptcy with them. I think he's just developed his own unique style of teaching it. He initially made the bulk of his money in real estate, but I'm sure his financial "products" and radio show are what really shot him up there, but he was a millionaire before those.
 

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