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Rich Habits, Poor Habits Episode 2| Super Parents Raise Kids Who Become the 1%

Ever wonder where the Rich learned their Rich Habits?

In Tom Corley’s 5 year Rich Habits research he uncovered one overriding fact: Parents are responsible for poverty, the wealth gap and income inequality.

Not Wall Street, not the economy, not the 1%, not government policies, not your life’s circumstances – Parents!

Watch as we chat and learn more:

Some data from Tom’s study

  • Super Parents make their kids read every day for self-education. Thirty minutes or more of self-education reading was the minimum.
  • Super Parents enroll their kids in mentoring groups such as: The Boys or Girls Club, Boy Scouts or Girl Scouts, Big Brother or Big Sister. 
  • Super Parents withhold 50% or more of any money their children receive and put this money into savings.
  • Super Parents review their kids homework. They become their child’s Accountability Partner.
  • Super Parents limit the consumption of T.V., use of Internet and video game playtime to one hour or less every day.
  • Super Parents make their kids exercise aerobically for 30 minutes, four days a week.
  • Super Parents punish their kids for losing their temper.
  • Super Parents punish their kids for saying inappropriate things.
  • Super Parents attend every Parent-Teacher conference. Ever wonder where the Rich learned their Rich Habits
  • Super Parents instill in their children individual responsibility for their life circumstances. Excuses or blaming others for life’s circumstances were not allowed.
  • Super Parents instill in their kids a positive mental outlook. They embrace the American Dream, positivity and embolden their kids with a sense that life has unlimited opportunity, irrespective of current circumstances. Consequently, their kids are positive, optimistic and enthusiastic about life.
  • Super Parents teach their kids the importance of goal-setting, creating a vision for their life and pursing their dreams.
  • Super Parents teach their kids that they create their own good luck in life.
  • Super Parents continuously expose their kids to different activities in order to help them uncover hidden talents and passions.
  • Super Parents are loving, caring mentors to their children. They provide a foundation for success that gives their kids a head start in life. Consequently, their kids enter the adult world with confidence and an optimistic mindset, both of which are critical to success
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Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Rich Habits, Poor Habits Episode 2| Super Parents Raise Kids Who Become the 1%' have 6 comments

  1. Avatar for Property Update

    July 23, 2016 @ 11:06 am Patrick Lanzon

    Got a lot of confirmations out of this blog Michael, thank you. I have shared the message with my children and they hopefully will take on board some of the lessons in their own lives.

    Cheers
    Patrick

    Reply

  2. Avatar for Property Update

    July 23, 2016 @ 5:31 pm NOEL

    HI Michael

    I’m trying to instill the virtues of planning for my two sons, i’ve explained how important it is for them to seriously consider property
    investment as soon as they have a substantial deposit, and consider regional as i have to start with.
    My eldest only 21 and the youngest completing his HSC shortly, get in at any early age as practicable will pay rewards later.
    I value your imput and information.

    Reply

    • Avatar for Property Update

      July 23, 2016 @ 5:51 pm Michael Yardney

      Noel

      we are the are the most significant mentors for our children and shape them in so many ways – not just about money

      Reply

  3. Avatar for Property Update

    July 24, 2016 @ 9:14 am Sonia

    Hello well we started investing very early in our marriage we were 25 and 27 we could rent free for two yrs (stayed at nans house) so we brought our first home and rented it out for first two yrs and used that to boost our repayments and get ahead. My father was into investing and renovating houses so I guess I got that from him. We have two daughters who grew up with us dragging them to houses every weekend and school holidays renovating rental houses but we have one daughter who has embraced saving money and buying investments and has very good saving ethics and the other has gone complete opposite has no money still lives at home and lives week to week. She was always the one to complain about helping at the rental houses and was never motivated at school like the other daughter. She is what I would call a flower child all about having a great time and things will all work out. So how did we get daughters so different if they were brought up the same way.

    Reply

    • Avatar for Property Update

      July 24, 2016 @ 10:18 pm Michael Yardney

      Interesting isn’t it?
      I’ve red about identical twin studies and there seems no doubt that there is a genetic component to our success and happiness and portion of it is formed by environment

      Reply


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