Apparently, they don’t know how money works.
The other day I listened to a podcast by Marie Forleo with Shark Tank investor Daymond John.
They talked about his new book “Little Daymond Learns to Earn”.
With this book, the entrepreneur and dad of three girls wants…
to encourage parents to teach their kids simple principles about money.
By teaching your kids about earning, spending, and investing wisely, you’re giving them a priceless gift that will last a lifetime.
In the interview, he shared that 65% of lotto winners and athletes are bankrupt three years after winning the lottery or leaving the league.
Apparently, their parents didn’t teach them how money works.
John shared that as an adult you have to be disciplined when it comes to money.
Most people tend to spend money on what they would like to have but do not have to have.
It’s really important to distinguish between needs and wants.