Do you want your kids to grow up to be entrepreneurs? Really, really successful entrepreneurs? Maybe even billionaires? Well, no matter what it isn’t likely, but oddly enough it is more likely than hitting the jackpot on a lottery ticket. For example the odds of a random ticket winning the Powerball lottery are one in 175 million. Meanwhile at least 1% of the US population is worth more than $1 million. Even discounting those who inherited wealth or won it or got it some other way than through their own efforts, that means you are far, far more likely (more then 100,000 times more likely and even as much as one million times more likely) to make that money on your own.
So how do you go about setting your kids up from the beginning to give them the start they need to be the next Elon Musk or Oprah Winfrey? Ken Rutkowski has four surprisingly obvious tips in this Business Rockstars Minute. Watch the whole thing for the full story but here’s a teaser – one of the tips is no allowance. That’s right…no allowance. Watch below for the rest.
This is one in a continuing series of Business Rockstars Minute videos presented by Ken Rutkowski. They cover a range of small business topics, especially for entrepreneurs, and give you a real quick start on the topic and are a great point for jumping off. We recommend that you check out their daily live shows over at Business Rockstars as well. But most importantly, please let us know what you think in the comments. We want your feedback on how you like these and on future topics.