Can you teach your kids to be rich?

If you're like most people, chances are you spend a lot of time thinking about your money. If you're a parent, you may spend even more time thinking about your kids' money -- or, rather, how to ensure they have some when they need it.

One of the great debates of parenting is whether it's possible to instill in kids the attitudes that will help them handle money well. Can you motivate a child to put his allowance into a savings account rather than spend it at the local toy store? Can you -- and should you -- inspire a child to dream of 10,000-square-foot homes and a sparkling new Porsche?

In short, can wealth be taught?

As in most nature/nurture debates, the jury's still out on this one. But there's a lot to think and talk about. Most experts believe the desire to amass wealth is the result of a friendly mixture of genes and gumption -- wherever that comes from. In other words, a lot of it is baked into the personality early on. On the other hand, experts also believe it is possible to teach your kids behaviors that will increase their wealth -- and that it's never too early to start. Best toys for minimoguls

When kids have both the inner drive and encouragement in the right direction, get out your calculator because the sky's the limit.

"Can wealth be taught? Absolutely. Are people born with a wealthy mindset? Absolutely," says Dr. Gabriela Cora, president of the Executive Health & Wealth Institute, a corporate consultancy in Miami. "I believe someone who is born with the inner motivation to succeed -- and encounters a fertile environment that enables the potential for accumulating wealth -- will find extraordinary opportunities."

Cora has identified three key characteristics that she believes most wealthy people possess: risk-taking, creativity and perseverance. Although these traits do have a genetic component, they can also be coaxed along and brought to the forefront.

What's more, studies show that kids want to learn about money. According to Charles Schwab's annual Teens & Money survey, 89% of teens say they want to learn how to make their money grow.

Trouble is, a lot of kids aren't getting the financial coaching they need. According to the Schwab survey, fewer than one in three respondents believe their parents or guardians are making sure their teens learn the basics of smart money management. And only five states require financial education, reports the National Council on Economic Education.

"What we all need to work on together -- and, I believe, rather urgently -- is elevating economics, including personal finance, to be the fourth 'R' in education: reading, 'riting and 'rithmetic . . . and the real world," says Gary H. Stern, president of the Federal Reserve Bank of Minneapolis and chairman of the education council.

Frank McKinney echoes that sentiment. McKinney is a 43-year-old self-made millionaire who dabbles in ultra-high-end real estate for the mega-rich in Palm Beach County, Fla. He is actively teaching his 9-year-old daughter, Laura, about managing wealth. He tries to exhibit the behaviors he wants her to mimic.

"You can't tell a kid to 'Do as I say, not as I do,'" he says. McKinney feels it's crucial for kids to see parents budgeting -- both time and money -- as well as socking money away and not spending gobs of money on unnecessary items. Debt is a 4-letter word

So, for example, he maintains a "priority sheet" in order to keep his life balanced and on track. And Laura, in turn, keeps one for herself. The two are working together on the concept of risk vs. security. For instance, Laura has some McDonald's stock; together they've been discussing whether she should hang on to the stock and potentially make a lot of money or sell the stock now and invest the proceeds in a totally safe account.

The elder McKinney includes his daughter in business events. His latest project is building the most expensive "green-certified" home ever built -- a $29 million spread in Manalapan, Fla. Laura was at his side throughout the groundbreaking ceremony. She is also active in his philanthropic endeavors.

"She clearly understands my commitment: To whom much is entrusted, much will be expected," he says.

The McKinneys make sure that family plans reinforce the right priorities. On Christmas morning, they first go to church as a family; only later do they come back and open up gifts, to make sure the emphasis is on the holiday and not on the presents.

Former minister Steve Miller has tried to impart similar lessons to his seven sons, who range in age from 13 to 27.

Miller and his wife, Sheri, felt it was important to show their kids how to watch expenses. They try to set a good example by living way beneath their means.

"Just like talking to your kids about sex, I believe there should be many discussions, not just one biggie," says Miller, founder of Legacy Educational Resources, a nonprofit outside Atlanta offering information on personal money management (www.enjoyyourmoney.org).

And the Millers put their guidance into practice. Three years ago, each of their children received a $5,000 inheritance. Rather than spending the money individually, however, the entire family decided to invest in foreclosure houses. "That way everyone gets to learn a skill and you get to see your money grow," says Miller. So far, they have bought and sold five houses together. Every time they profit from the sale of a house, they go out to a steakhouse to celebrate.

The Millers have gotten used to thinking about the consequences of money decisions.

"I tell them that they can't compulsively buy all the latest fashions and get ahead financially," Miller says. "When one of my sons felt the pressure, as a sixth-grader, to purchase an outrageously expensive tennis shoe, I calmly told him that I'd pay up to $35, the price for a normal tennis shoe of good quality. If he wanted to upgrade to the 'coolest shoe,' he could pay the difference from his own money." Talking with your kids about money

Not surprisingly, his son made do with the cheaper shoe and has avoided outrageously priced designer clothes ever since.

Of course, not all of the Miller sons share their father's savvy financial instincts. Some are big savers and simply need guidance on how to manage and invest their increasing wealth; others would rather empty their pockets in one splurge. Some are ambitious; others work as little as possible -- just enough to keep food in their mouths. What this means is that Miller must coach each one separately, tailoring his financial discussions to their individual needs.

Nan Andrews Amish, a business consultant in San Francisco, believes that the best thing a parent can do is to make finances relevant to a child's world.

"Buying stocks may not make sense for many kids, but trading baseball cards or saving for that computer may," she says. "Trading on eBay may, (or) paying attention to trends in shopping may. When they're old enough, tracking paper portfolios with an incentive can build interest."

Most parents understand that they shouldn't force their own ambitions on a child. If young Jane dreams of being a letter carrier, police officer or peace broker, psychologists say, encourage her to follow her passion -- all the while teaching her the basics of money.

That's exactly what Miller did with his son Benji, now 19. Benji was never a straight-A student, but he loved cars. At 12 he began taking auto mechanics classes; by age 18 he had finished a one-year certificate in mechanics. After a few months he got a job at a shop and began making about $500 a week. Granted, it doesn't sound like a lot of money -- but he lives at home and has no expenses. His father told him that if he invested his money he could live at home rent-free.

"By 24 -- a time when most kids have debt -- he will have accumulated $140,000, and that's by being a mechanic," Miller says.

For her part, Dr. Cora believes the best thing a parent can do to teach kids about wealth is to expose them to the habits of mind that lead to success.

"Teach them to think like an entrepreneur -- to create new opportunities, rather than to just think about money," she says.

3 Ways the Rich Manage Their Money Better than You

They Focus on Net Worth, Not Salary

Your salary is only as good as your ability to continue to work. As we've seen with athletes with million-dollar-a-year salaries, you can't count on money to always be pouring in.

The real rich focus on growing their net worth. From the book:

Your net worth is:

• the difference between your assets and debts
• a full picture of where you stand financially
• the best barometer to measure your financial success

Too often, our society places value in people with high incomes and just as high expenses. Celebrities and athletes may pull in multi-millionaire dollar salaries, but if they're spending all of it, their net worth isn't increasing.

Your net worth is dependent on how much you save and invest – not on how much you spend.

Buying a BMW isn't going to make you rich. Owning a million dollar home isn't going to make you rich. Not spending all of your income each month will make you rich.

By keeping more of the money you make, the longer you'll have it to keep you rich.

They Know Where Their Money is Going

The rich treat their spending like a business: they know exactly where their money is going.

Every expense has a category, and every category gets scrutinized.

Are you dining out too much? Cut back this month. Cable bill too high? Get a discount today.

Now, the rich may pay someone to do the spending reports for them, but you don't need to. Account aggregators like Yodlee's MoneyCenter and Mint can do it for you — for free.

Start tracking your expenses today and get a grip on where your money is going.

They Treat Money as a Tool, Not the Goal

For every Scrooge McDuck, famous for diving into his pile of money, there are tons of rich people who realize money is only a tool for achieving your dreams.

Why do you think the covers of most personal finance books show people on the beach?

Having money is great, but it's what you do with it that matters. And each person's goals are different, be they traveling the world, sending your kids to college or buying a beachfront house.

Money is only as useful as what you do with it.

“Can I get rich in forex?”

This is because the purpose of investing in Forex trading is to make money.

The Daily Forex allows hundreds traders the opportunity to earn small sums and large sums, but that can be done if you receive a proper education and an internship in a demo account before entering the market with real money. This is like any job you play in life; you should be theoretically and practically prepared to achieve success.

When trading Forex we cannot help thinking all the time in money, but a good advice when you trade is to not think about money, but think objectively in the operation and not fall into the greed, the thought is good advice while trading, since if you want this to be profitable, it is best to focus on strategies rather than money. This can help to keep the objectivity of the trading.

Now let’s try to answering the question: Is it possible to become rich in Forex? The answer is: “If you can earn a lot of money” but we cannot say it will be enough for you to consider yourself “Rich” or “Millionaire”, but enough to significantly improve your quality of life. This is of course; if you obtain an adequate training to trade, so you have to take into account some important pointers:

1. Do not start trading if not familiar with the process, you may lose all your money.
2. Find out in forums, articles and videos about Forex.
3. Invest in your financial education.

If for example you want to start trading with a capital of $ 30,000 is vital that you have a full plan since it is a considerable sum. Once again we see that everything is based on the management of money, because money management is the key.

Success is not an overnight event. There is no substitute for hard work, however we can think of other scenarios such as getting rich in one or two years by opening a $ 1000, actually this may not be possible, or perhaps we think we can make $ 1,000,000 in one year beginning with $ 500, but the truth is that this cannot be, it is unrealistic, so if that were to be true, all Forex traders would be richer than Bill Gates, the world’s richest man.

Every forex trader loses trades and money in their operations; the important thing is to earn more money than you lose. Many Forex traders when they start they have the hope of winning large sums of money without losing. However if you do not have a specific plan or any previous training and strategy on money management, the goal will not meet any significant percentage of your strategy or any other.

You could easily build a base of investments in forex about $ 5000 in the first year, opening a $ 1000 of capital, thinking that the capital will be increased each time it trades and builds gradually. When capital grows, increase the lots and therefore obtain better returns than before.

In the Forex market, you can get quick profits, but losses can also be obtained immediately, so you must be careful to think only about making money, if you are not well adhere to the management strategy of planned capital you follow, than make one if you do not have a strategy, to avoid becoming bankrupt.

The Forex market is not for traders who are not disciplined and who lack knowledge of planning and money management. Nor is it good idea for a Forex trader to be an unemployed person with debts and no capital to invest, since it is a risky market where you should be aware that in hard times it can all be lost. 90% of Forex investors do not succeed due to lack of strategy and education, so to get rich in forex mentoring is necessary to take serious, disciplined and planned.

Here are some tips on how to plan properly and thus achieve the goal of getting good profits:

1. Set a limit to the pips while trading, one suggestion is to try to get at least twice what you risk per trade.
2. Set the output based on conditions presented by the market.
3. Give a daily eta to win in terms of pips. Having reached the goal ceases to trade that day.
4. If you see that the market favors, you can take your profit every certain amount of pips and come back in again to win again.
5. Do not make last minute changes to your strategy, if you start to take losses, try to recover the proposed gain for the day, and the next day try to recover what you lost yesterday.
6. Try to be at least a few hours a day, every day at work. The important thing is consistency.
7. Make a daily routine using your strategy and the months will start to see the success of your trades and profits.

In conclusion you can make money in Forex, and earn enough to improve your quality life, if you are consistent, use the appropriate strategies and money management tactics. And remember that in Forex you will not be “rich” in overnight.

The term “rich” varies from person to person and depends on the size of account with which to start trading. But to change for the better your economic status and lifestyle is a great success that few financial tools provide and that is the advantages that the Forex Market offers.