Strategic Thinking Skills for Teachers and Parents:
How to make your students (Childs) a future billionaire
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By Celine Tan of theedgemalaysia.com | The Edge – Mon, Mar 21, 2011
Your student's/childs wealth can be your financial success story. If we (teachers or parents) have failed in our quest to become a billionaire, it doesn't mean that our students/childs should too. Time is on his side and all it takes is for you to start things rolling. Here, parents and financial practitioners relate how you can put your students/childs on the billionaire's path.
First: Explain to them the purpose of making good money ( Aspiration)
We must begin with aspiration. While many teachers/parents want their student to be wealthy, one fear they all have is that the little ones may grow up to be too materialistic. “There is nothing wrong in ‘being rich'. Teach your students/kids the ‘concept' of being wealthy, which is more important than being wealthy itself,” says C T Lim, senior partner of IPPFA Sdn Bhd, a Capital Markets Services Licence holder for financial planning with the Securities Commission.
“Explain to them the purpose of making good money. For example, I always explain to my three kids that although their mother is educated and we can afford to hire a servant, she chooses to devote all her time to their needs; and for this to happen, I have be the sole breadwinner of the family.”
Tell your students that money is not evil but it is an enabler. Make it clear that money is not everything, but almost everything needs money. Once you have set the right foundation and the values are in place, it is unlikely that your students will pursue material things.
Second: Create opportunities for them to earn
A million-ringgit gift to your kids may sound impossible. But it is very much within reach, because a monthly saving and then left untouched until their retirement ages, will hit the million - ringgit mark.
But, is “giving” the right way to help your students? Research indicates that most millionaires were supported financially by their parents and ‘the more dollars adult students receive from their parents, the fewer they accumulate, while those who are given fewer dollars, accumulate more.
The plans can be tied to their academic achievements or other milestones. When you make them earn the money, the level of responsibility is far higher. This gives them a clear mindset that they have to ‘do something' to achieve the million-ringgit goal.
Third: Teach them millionaire habits
Planning financially for your students is not sufficient, you need to teach them some financial ground rules. They also need to be equipped with the skills to save and grow the money. We must instil the knowledge and money habits so that they can responsibly handle any money hand over to them.
It helps to understand the habits of millionaires and inculcate them in your students. Teach them simplicity and frugality. The focus should be how to manage money as a limited resource.
Fourth: Encourage them to follow their passion
While it is many a teacher's wish to have their students graduate with a professional degree it is important that you do not try to fit a square peg into a round hole. Don't quash their harebrained ideas because you will stunt their budding creativity.
However, it is not recommend that students throw their studies, nurture his strongest talent and encourage activities that make them happiest. After all, it is their passion that drives it. Whether it will help them arrive at being a billionaire, as most entrepreneurs will tell you, will be a combination of a multitude of factors.
Your students will never be a millionaire if we use force into something they not interested in. Help to turn it into a moneymaking idea. If they loves animals and their ambition is to be a veterinarian. “As the prospects for veterinarians are uncertain and I don't want to ‘kill' her passion, I encourage her to pursue her passion and give her suggestions on how to turn her ambition into a business. I gave her the idea of building a pet cemetery behind her future veterinarian clinic, which I feel has far greater prospects, and she likes it.”
Fifth: Getting third-party help
You may be capable of teaching your students about money. “But, can you guarantee that your students is going to learn everything that you teach?”. “Teaching your students financial literacy doesn't happen in isolation. No matter how hard you try, you cannot provide the group dynamics needed as a part of learning. They need peer pressure to compete among and measure themselves. This is where programmes like financial literacy are important.”
Sixth: Walk the talk
Students learn by imitating. Thus, it is vital that parent watch their own money habits. Educate your students on the connection between credit cards and real money. Otherwise, your students could misunderstand that the credit card is a tool to easily get things that he wants.
Seventh: Give them a good jump-start
Planning for your students education's funding is important. Every students must encourage to have a plan. Don’t wait to have a kick-start their personal savings plan until they start their career. The right amount to contribute to the saving should be based on their capacity. Start talking about the importance of saving money with your students, even when they don't have enough of it. Parents are advice not be afraid to share with them their difficulties and be transparent with 
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