We're devoting a special section to business intelligence tools. These unique tools will provide ideas to help you direct your son or daughter toward a well thought-out plan designed to protect their financial assets from any economic storm. These considerations will actually help nearly anyone who puts them into practice.
The first key is actually found in the previous paragraph. "Thought" is the operative word because what we become, what we achieve, begins with our thoughts. In the call out box just below, you'll find a fundamental principle for success. The message is attributed to several people, but I think it kind of evolved over time with several contributors adding to it.
I've highlighted a few postings concerning character and habits. You can find the entire list of pages dedicated to helping young and not-so-young reach new levels in the page directory located in the left margin of every page. Look for the subsection titled "Teach Your Children Well" which is just past the nutrition and diet pages.
We've borrowed the lyrics from Graham Nash for the theme of this section. And at the end of this page, you'll find a video of Crosby, Stills and Nash performing this song from the era of my own youth.
It is my feeling that not nearly enough schools provide students with the financial literacy and understanding to make informed decisions when it comes to money. Mostly because the instructors in the classrooms came from the same system. Schools teach people to be good test takers. As long as those tests are within set criteria. If a child's talents and interests fall outside those subjects, they are often considered to be poor students.
In our list of classic books you'll find two excellent teaching tools from Robert Kiyosaki. His first book, "Rich Dad Poor Dad" is in my opinion, the very best financial literacy edition ever written. It is a must read for everyone. You'll find this button in the left margin as well.
His most recent book, "Why "A" Students Work For "C" Students And "B" Students Work For The Government" is another incredible opportunity for an amazing boost in financial acumen that will give your son or daughter, (or yourself), a huge advantage.
Value Prophet is an excellent source of information for young and not so young people. You'll find quality advice on this web site.
We all want our children to have it better than we did. We want them to avoid our mistakes and to follow the examples of our successful choices.
In this business intelligence tools section we'll present topics that encourage those innovative ideas that are so often suppressed in mainstream education. We'll offer concepts related to the free market capitalism that built this country. Entrepreneurs are the driving force of every private sector economy. And for a nation to be strong and prosperous, that private sector must be allowed to flourish, unencumbered by excessive taxation and federal bureaucracy.
Toward that end we'll discuss multiple income streams and how different types of income are taxed. Knowledge is the best business intelligence tool your child can acquire. When he knows how the government taxes and why they don't usually raise taxes on passive income, he will see opportunities.
Your offspring will recognize the tremendous opportunity in front of them to start a self-directed individual retirement account as early as possible. We'll show them some things to look for in deciding where to go with this type of investing strategy. Most people would suggest that it is more difficult when a young person is just starting out to set aside money for the future. I would ask that you question anyone in their forties or fifties with kids at home and see how easy it is for them to set aside money. It is always hard.
We'll alert your daughter and you to the enemies of our free market capitalism system. She will see why the sinister crony capitalism seeks to siphon off resources for personal gain. Most of it within the easy grasp of elected officials. Your daughter will better understand government bailouts and how they have a negative effect on all taxpayers.
Along that line she will see how an entitlement mentality coupled with tax-subsidized programs will take a huge bite out of any ordinary income they earn. We've moved away from an idea of teaching someone to fish. Instead we now want to get as many as possible hypnotized into thinking they must be given fish, because surely they are not capable of fishing for themselves. We'll encourage her to strive to be the one who grows the fish as well as teaches others to do the same. The original drawing just a few paragraphs below shows how government assistance was supposed to work and how the "entitlement" has evolved.
Becoming a trustworthy person is one of the most important business intelligence tools. It is so valuable because it is so rare. To be truly trustworthy means you can lead people to achievement levels that they could never envision on their own.
In his classic book, "The 8th Habit", Dr. Stephen Covey describes three character traits found in all people who possess genuine trustworthiness.
* Abundance Mentality
Integrity means living our lives around values and unshakable principles that direct our lives. It means we don't compromise those values for personal gain or to tear down anyone else. Dr. Covey writes "Integrity is keeping promises made to self and/or others."
Maturity is kind of a culmination of a learning process. Stephen Covey describes it as "when a person pays the price of integrity and winning the private victory over self, allowing him or her to be simultaneously courageous and kind."
Abundance mentality is that final piece which will allow your son or daughter, (or any of us), to become that leader and person of vision. It is the hardest step, but the most valuable one as well.
When you reach this step you will have a vision for the big picture. Again from "The 8th Habit", here are some powerful words. "Abundance mentality means that rather than seeing life as a competition with only one winner, you see it as a cornucopia of ever enlarging opportunity, resources and wealth. You don't compare yourself to others and are genuinely happy for their successes."
Another one of our great new classics is from Peter and Andrew Schiff. I believe "How An Economy Grows And Why It Crashes" should be part of every high school curriculum.
Knowledge is the new money. We need to arm our sons and daughters with cutting edge knowledge based on actual proven strategies, not academic theories.
One of the business intelligence tools you and your children will see in this section is a discussion on rapidly growing student loan debt. You will not find any resources on how to apply for student loans. They are all over the place. Colleges promote them left and right. And why not? They are pulling in millions of dollars from students.
But we will warn them about the massive student loan default possibilities that are choking so many college graduates. We will suggest that they work toward degrees that provide skills this global economy really needs.
Here is a link to some more great information from Dave Ramsey, another author featured in our list of classic books.
We offer these business intelligence tools to help you teach your children well to think with an entrepreneurial spirit, regardless of the direction their life takes them. They all have talents our nation desperately needs. As history has taught us, groups of innovative people always bring about positive change. The next generation will prove that again.
You can find all these pages within the page directory.