Learn how to teach kids the habits of wealthy people. Pay yourself first, shift mindsets, and master the 24-hour rule for success
Most people think that becoming wealthy is about being born into a wealthy family, earning a big salary, or even coming down to plain luck.
But building wealth is actually all about the quiet, daily habits, choices and mindsets wealthy people make that put them (and keep them) on the path to wealth.
(Pssst. It’s just some of the things we’ve learnt reading The Millionaire Next Door by Thomas J. Stanley and William D. Danko over the years.)
To raise mini millionaires, we need to move beyond just counting cash and start shaping the way they think and act.
It’s about building a foundation of discipline and resourcefulness that become wealthy habits that last a lifetime.
Flip the script from: I can't afford it to how can I afford it?
Having a fixed mindset about something, oftentimes channels our brains into one way of thinking, ultimately shutting it down. A resourceful mindset on the other hand, treats every want, need, or desire as a problem to be solved.
That’s what having a growth mindset is all about. It’s about sparking one's desire to grow and improve, which causes us to be motivated, ultimately producing a desired result.
So when your mini millionaire wants a new gadget, don't just say it's too expensive. Give them an opportunity to brainstorm three ways they could generate the value to earn it.
This mindset shift, moves them from a passive consumer to an active producer.
Takeaway: Trade limitations for solutions to activate their inner problem-solver.
Wealth isn't about how much you can spend, but rather how much you can keep.
For many people, when money lands in their accounts (usually on payday), they spend first (understandable, since there are bills to pay, accounts to settle, and food to purchase).
But then they tend to only get around saving what’s left. And the longer one delays that, the less there is to put away.
Wealthy people do the opposite. They pay themselves first by putting money away in savings.
Teach your mini millionaire to take a wealth tax off the top of every gift, pocket money, or payment for a chore, and put it away in savings before they even think about how they’re going to be spending it.
By making saving an automated first step rather than an afterthought, you're hardwiring saving as a first step.
Takeaway: Make saving the first thing they pay every single time they receive money.
Patience is the ultimate profit multiplier.
Impulse is the enemy of healthy spending. (Sometimes their spending really is just a question of trying to keep up with the Joneses/Jouberts/Jonas Brothers.)
That’s why introducing a 24-hour cooling off period for any purchase over a small set amount (perhaps R100 or R200).
And if your mini millionaire still wants the item after a full day of reflection, they can go ahead and buy it.
Often, the need evaporates once the initial dopamine hit fades, teaching them to master their emotions before their money.
Delayed gratification is a powerful tool, and after more than 4 decades of research, it’s surfaced as one of the most accurate indicators for future success.
Takeaway: Use time as a filter to separate fleeting wants from true value.
Real millionaires don't look flashy; they typically drive normal cars and live in average neighbourhoods.
In this week’s free resource, we give some really practical tips on things to look out for, so you mini millionaire can distinguish between Flashy Freddy and Steady Sarah, and figure out which of the two they’d like to be in the future.
Ultimately, wealth is defined not by what you spend, but by how much you manage to keep.
