There is nothing accidental or serendipitous with how millionaires become successful.
When you look at millionaire success habits, there are many skills and behaviors that millionaires carefully develop and possess.
For one, they understand the importance of education and are continuously learning. Many millionaires and billionaires attended Ivy League and other elite schools.
While it’s true that Bill Gates and Mark Zuckerberg didn’t complete their degrees before starting their businesses, they did attend Harvard. Not only did they get access to a great educational environment, but they also found themselves surrounded by highly intelligent students and mentors that inspired, motivated, and helped them become highly successful.
As a parent, you hope your child is extremely successful and likely become the next Gates, Zuckerberg, or Meg Whitman.
To set your child on the right path, there are many skills and traits that you can start building and nurturing now. Doing so plants the seeds for future success.
Here are our top parenting tips on how to make sure your child is highly successful and earns $100K or more a year.
Parenting Tip #1: Teach Organizational Skills and Self-Awareness
One common skill amongst millionaires is their ability to organize their mind and schedules so that they are highly productive.
Great leaders can work and think systematically, and one way that they do this is through task prioritization.
First, they have an established routine. This relates to both a morning routine that prepares their focus and mind and also their work routine.
They even manage their email inboxes carefully and access it only three times a day!
It comes down to having strong organizational skills.
Millionaires and other successful leaders manage their days with purpose. They create to-do lists and work productively through specific blocks of time. This helps their mind focus on important tasks.
It is difficult for your child to learn organizational skills later in life if they need to break habits and routines they have followed for years. This is why you should help your child learn and develop these skills now.
When your child learns to organize their mind, they can prioritize tasks and assignments carefully.
They factor the level of importance, amount of time, and amount of effort required. Once they can do this, they learn and think more efficiently and effectively.
Your child needs to also develop self-awareness skills for them to become successful. This means that they can determine and understand their own proficiencies in order to make improvements. When they need help, they should know when to ask for it so that they can achieve self-improvement.
This may be difficult for your child initially, but it is an incredibly important skill. Great innovators, creators, and leaders have all faced failure in one shape or form.
Milton Hershey had two companies that ended in bankruptcy before he successfully founded The Hershey Company. Twelve publishing houses rejected J. K. Rowling’s Harry Potter manuscript before Bloomsbury publishing accepted it.
By possessing perseverance, your child can also work through moments of failure instead of letting it deter them.
Help your child understand how to examine their own failures and learn from mistakes. Successful and strong leaders do not suddenly possess organizational skills or self-awareness. They sharpen their skills carefully and systematically.
Parenting Tip #2: Start Building Strong Communication and Leadership Skills
There are a few different traits that your child should have to help them obtain a leadership position. After all, the higher up your child is in the workplace, the more money they will make!
First, is the ability to communicate with different individuals or groups. Your child should be able to organize the questions and style of communication required so that it resonates with who they interact with.
One way to start working on this skill is to speak with your child about how to address and communicate with others. The way that they interact with a sibling, friend, friend’s parent, teacher, or coach are all different. Help your child understand how to organize questions and comments depending on the level of formality required.
Second, is how your child interacts and empathizes with others.
An impressionable and good leader is engaging, respectful and authentic. They have compassion for those around them and try to use their success to improve the world.
This is an important business philosophy, as your child shouldn’t create or innovate with the hopes of becoming rich. They should create with the hopes of helping and improving the lives of consumers and the world around them.
It’s important that you encourage this same level of passion and humanity in your child. When they are at the top of their professional field and act with authenticity and compassion, they maintain the respect of their employees. This, in turn, keeps the business successful and flourishing.
Parenting Tip #3: Develop The Skills To Unpack and Solve Problems
To be highly successful in life, your child needs strong analytical and thinking skills.
One way to demonstrate this is their ability to think on their feet when asked questions.
That doesn’t mean that they can spew out lies or evade questions! They should be able to quickly analyze and consider the questions asked so that they can share a thoughtful and meaningful response.
Another trait that millionaires possess is an eagerness to create and innovate. They are open to trying new things and feel a sense of purpose and desire to improve problems. To do so, millionaires can think out of the box when they approach problems. They possess strong analytical and thinking skills to help them look at a problem with different lenses and at different angles.
Some students really struggle with solving critical thinking problems. They aren’t able to unpack the problem or how to utilize different strategies for solving it.
If your child is in a similar boat, then this is one skill you can work with them on now. There are many resources available, like our Thinkster Math Art of Word Problems digital workbook, to help improve problem-solving skills.
A Thinkster Math tutor is also available and ready to help your child improve their thinking skills!
Your child’s tutor customizes and develops a learning plan that focuses on specific skills your child needs to master. Our Skills Assessments help determine the exact types of problems that your child needs help with, and your child’s tutor helps work through problem-solving strategies during their coaching sessions.
Parenting Tip #4: Sit Down and Talk Finances!
There are many financial and life skills that your child may not get to learn in school. This is because courses, like personal finance, are often elective courses, and your child may not jump to sign up for them!
This is why it’s important for you to introduce budgeting and long-term planning now.
When it comes to earning $100K or more a year, investments or the stock market are a great way for your child to reach their financial goals!
For example, talk to them about debt and credit cards. In order to invest money, they need to be debt-free and spending less than they make.
Introducing your child to wealth and financial management now can help them develop smart spending, saving, and investment habits for the future.
Parenting Tip #5: Create Habits That Last a Lifetime
There are other millionaire success habits that you can begin to subtly introduce to your child.
For example, millionaires can organize and prioritize their tasks carefully by creating a daily to-do list.
As we shared earlier when talking about organization skills, this is something that you can easily start working on with your child now. They should be able to write down their daily homework assignments, projects, and activities, then prioritize and manage their time carefully around these tasks.
Another millionaire success habit that your child should develop is a thirst for knowledge. They should always be eager to learn more — whether it be through classes, reading, or audiobooks.
Instead of spending thirty minutes in front of the TV, take trips to the local library and let your child choose books that they find interesting. It’s important that your child finds books on their own – otherwise, they may feel forced and reluctant to read what you are putting in front of them. Cultivate exploration and discovery by loosening the reins and letting them choose between different genres and titles that interest them.
There are many other millionaire habits — like rising early and eating healthy — that you can work on now with your child. Check out more daily rituals of millionaires on this list.
Parenting Tip #6: You Hold the Key to Your Child’s Success!
If there’s one thing to remember, it’s that you are one of the biggest influencers to your child’s success! The role that you take inspires their growth and attitude toward education and the future. This is why it’s detrimental that you consider your parenting role carefully and provide your child with every opportunity to learn.
Ronald Ferguson, a Harvard Kennedy School faculty member, and journalist Tatsha Robertson interviewed hundreds of parents to understand what it was that influenced their child’s success.
The commonality— parenting!
In their book, “The Formula: Unlocking the Secrets to Raising Highly Successful Children,” Ferguson and Robertson dive into the eight roles that parents can take that influence and help their children become highly successful in the future.
The first role is the “early learning partner,” where a parent fosters a love for learning during a child’s first few years of life.
In a radio interview, Ferguson shares that—
Virtually every one of these families, the parent has spent a lot of time before the child started school, basically beginning from birth, interacting with the child, playing games, doing things that the child perceived as fun, but that were building a love of learning and a love of problem solving.
Check out this video for more behind the book and what the other seven parenting roles are:
All eight of the roles shared by Ferguson and Robertson instill a passion for learning. As a parent, there are many ways for you to actively participate in your child’s education – such as through educational activities, games, and homework help.
Remember to inspire your child as you begin nurturing the behaviors that lead to success.
To set your child on the track to success where they become a millionaire or earn $100K or more a year, be sure that you start building and developing:
- Organizational Skills
- Communication and Leadership Skills
- Analytical and Critical Thinking Skills
- Financial Literacy Skills
- Daily Rituals and Healthy Habits
As a parent, you have an incredibly big influence on your child’s future success! You should work on developing these skills now or get help from a tutor or coach.
A Thinkster Math tutor is ready to help your child improve their critical thinking skills and organize their mind so that they work efficiently and productively. You can read more about the different ways our tutors help with organizational skills.
The same characteristics and behaviors that millionaires possess fuel our mission and culture at Thinkster.
We are driven by our passion for learning and look to inspire our students to innovate and create in a world where we can always improve and do better.
Learn more about us and our passion for creating meaningful learning experiences for each and every one of our students.