Parents Can Make This Power Move to Make Their Kids Rich

The 7 Dollar Millionaire joins us to share 1 simple tip that will help you make your children rich. The 7 Dollar Millionaire will be joining us for a full length episode on his book (linked below) very soon!   The 7 Dollar Millionaire is the author of Happily Every After: Financial Freedom Isn't a Fairytale https://www.sevendollarmillionaire.com https://www.sevendollarmillionaire.com/happyeverafter/ https://www.goodreads.com/book/show/55402867-happy-ever-after --- Transcript   Michael: Hey everybody, my name is Michael Albaum and welcome to another episode of The Real Estate Investor. On this weekend wisdom, we have a very special guest with us, The $7 Millionaire is going to be talking to us today about some tips and tricks you can use for your young ones when they're just starting out to help them get ahead financially later in life. Let's get into it.   Michael: So, Michael, I'm curious to know, Tom, has his youngster Charlie sitting on his lap here. And so we were chatting a little bit before the recording. Are there any tips, tricks, advice recommendations you have for folks that have really young kids where maybe the book doesn't make sense for them, but things they can still do to help their kids or young ones get ahead?   The 7 Dollar Millionaire: Yeah, it's it, I wouldn't put this in the book, if I discovered it before yesterday, which literally, when I discovered it, I was so frustrated because I do this stuff. And I'm a spreadsheet geek. And I'd never done this. But I worked out just yesterday that if you put it in $7,777 into an investment account for your kids when they're born, and if it makes 7% returns during their life, they will be a millionaire by the time they turn 70.   Now 7% is just the number I pick because it's the number I use and all the other stuff I do, but the s&p 500 has made nine and a half percent returns for every 50 year period for the last 90 years. So yeah, if you put in eight grand the day they're born, that could be a huge number by the time they're 40 or 50 just life changing for a grant. So I think that's one of the things that even if the kids are too young to learn these concepts, you can put it away you can talk to them about how it's growing. You know, you can talk to them about what they can do with it you know when they can use it all that kind of stuff really powerful.   Tom: That was a great par to just kind of follow.   The 7 Dollar Millionaire: Yeah.   Michael: Yeah. So Tom, you've got no excuse now for not making Charlie a millionaire. The pressure is on!   Tom: All right, awesome.   Michael: Sorry for throwing you under the bus.     Michael: You know, it's it's so funny you say that? I think one of the best lessons my father ever taught me was for my 12th birthday, he bought me a couple shares of GMC stock. And we said every day we looked in the paper and said, Okay, this is what the value is doing. It's going up, it's going down and and learning about just financial finances from kind of that basic level, I think is so eye opening. So when you can do things to help give people in your life a leg up. I think that's that's super helpful.   The 7 Dollar Millionaire: Yeah. And so I did it totally. I mean, one of the reasons for writing this book is I have in my day job, I get to meet billionaires and families or billionaires. And one of the common things that they talk about is the fact that their parents would talk about business across the dinner table from a really young age. And the rest of us don't have that we don't have I don't have any billionaires around my dinner table from a young age. But the more we can do, the more we do it, the more chance our kids have of having that level of skill.   Michael: Yeah, I love it. And was it was it Albert Einstein who said compounding interest is the eighth wonder of the world or seventh one or the world.   The 7 Dollar Millionaire: No, he the internet said it. If you get out, get out get that one. On Snopes. There's lik