One of the best life skills we can teach our children is that of personal money management. I don't mean just teaching them to balance a check book and pay bills on time. I mean how to invest money wisely and creating wealth even when the economy is already down and headed for a future crash. I'm talking about how to make money when no method of investing seems reliable or safe especially when done the traditional way.
Take investing in real estate, for example. The real estate industry has imploded, yet there are investors killing it in real estate because they are working off of advice from financial experts who have proven track records in their own personal money management as well as the predictions they publicly make.
Before you even attempt to teach your children how to effectively invest money as they reach an age when they will start working part-time, you need to know how to wisely invest yourself. More importantly, you need to know how the ultra-wealthy are investing and how you can get access to the information they are privy to.
Most of us fit into the "common hard-working" American category, but that doesn't mean we can't learn how to create substantial wealth regardless of what the economy's daily or yearly mood swings are. What is important to know is that a good comprehensive education in personal money management isn't going to come from the traditional investment resources that the generation before us used or even the investment strategies that are being taught in our educational systems today.
Why not? Because what is considered typical Wall Street strategies actually run counter intuitive to what the real experts are teaching to the uber wealthy. They understand how money really works; they forecast future economic trends; and they understand the current economic situation. What they teach is to essentially forget what you think you know about investing and take off your "Wall Street" blinders.
One of the best personal money management tips is to start following some of the leading financial minds and learning all you can about how you can protect and grow your assets in the unstable economic climate we are currently in. Experts such as Kip Herriage and his Vertical Research Advisory (VRA) investment newsletter and Gerald Celente, author of Trends Journal, the leading trends research source for the past 30 years.
So back to what we started with...if you really want to teach your children about how to create lasting wealth irregardless of what the economy is doing, educate yourself first and get your own finances in order. Personal money management is not an option anymore in this day and age; it's the only way to survive the coming crash.
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