Five-time, New York Times bestselling author Loral Langemeier has been giving financial advice to adults across the country. She's currently appearing at the OffWallStreetWealth event at the New Yorker Hotel for a wealth-building event.
In an interview with PIX11 Morning News, the international wealth expert focused on ways parents can help their children understand the value of money. Most parents don't think of teaching their children financial organization as part of growing up, but these simple skills will get them off to the right track as a young adults. Naturally, the organizer needs to be fun - playful, colorful, something they would like to keep and use. Any local office supply stores have these fun type of school style organizers - no kid wants mom or dad's plain manila type organizer. Similar to how you should already be teaching your children how to keep their SCHOOL WORK ORGANIZED. Apply the same principles for MONEY ORGANIZATION. Check out her tips below and also visit www.loralgifts.com.
1) A file for CREATE INCOME - this could be money from grandma & grandpa; money from babysitting; chores, etc.
- a little notebook within this folder so they can write down and keep track of their income money - - if you have a child who already has a bank account - this is a good folder for their check book.
2) Then there should be a folder for PUT MORE MONEY IN YOUR WALLET - are they saving for a baseball bat? or a pair of ice skates? it's a good idea to teach your child the idea of delayed gratification and savings. If we give everything to our kid without teaching them delayed gratification, then - tell me what type of adults do they grow up to be?
- they can include a picture of the item they are saving up for as their inspiration and motivation.
3) EXPENSES/COST TO GOODS: All money related paperwork that is age appropriate should be kept in their file. I had one parent keep copies of what the dance was costing - so the child knew and understood the value and expense and time that went into dance. This way the parent and child both worked together to decide which recitals were important, and which ones were less important in terms of overall value.
- the child can include any ribbons or team photos in the folder as a reminder of the value exchange of the money spent.
4) Finally, a folder for CREATE A VISION - Teach a child to collect clippings of things they would like to see in their life - it can be - - places they want to visit; animals they want to meet; colleges they want to go to - it's just visual pictures from magazines or brochures - - THEN, every year in January - - teach the child to go through this folder and throw away, that which they may have out grown, and keep what they still desire.
- Teach long term by creating larger goals. Help them create dreams in this folder.
ABOUT LORAL LANGEMEIER
Speaker, New York Times Bestselling Author, CEO, Success
Loral Langemeier is living proof that it makes no difference where you start in life; anyone can have the life of his or her dreams. Loral is a money expert, sought after speaker, best selling author and President and CEO of Live Out Loud, Inc. – a wealth coaching company.
Growing up on her family’s farm in Nebraska, Loral learned the value of hard work, persistence and how to get things done even in the face of much opposition and criticism.
Loral began her career working for the Chevron Corporation right out of college. It was clear to her early on that there was more to life than cubicles and trading her time for dollars. Despite her own fears and persuasion from friends and family against it, Loral quit her job at Chevron to become an Executive Coach.
Virtually overnight, Loral quintupled her income as an Executive Coach, while working much less. With her newfound freedom of time and accumulation of wealth she founded Live Out Loud, Inc. As a single mother, Loral has since dedicated her life to helping men and women from all walks of life to become millionaires and have time to spend with their families.
Loral’s passion to help families enjoy wealth and prosperity is what has motivated her to write five best-selling books (Yes! Energy: The Equation to Do Less, Make More; The Millionaire Maker; The Millionaire Maker; The Millionaire Maker’s Guide to Wealth Cycle Investing; The Millionaire Maker’s Guide to Creating a Cash Machine for Life and Put More Cash In Your Pocket). Loral, as an author, sits with an elite few. Very few American non-fiction authors have reached number one status on the Nielsen Book Scan in Australia, let alone in the US.
Today, under Loral’s direction, Live Out Loud, Inc., is a multinational organization. Not only is Loral a business developer, she is also a key thought leader in the entrepreneurial space. As a single mother of two children, she is redefining the possibility for women to “have it all” and raise their children in an entrepreneurial and financially literate environment.
Loral is often booked out for months in advance on guest spots on CNN, CNBC, The Street TV, Fox News Channel, Fox Business Channel-America’s Nightly Scoreboard, The Dr. Phil Show and The View. She is a regular guest-host on The Circle in Australia and has been featured in articles in USA Today, The Wall Street Journal, The New York Times, Forbes Magazine and was the breakout star in the film The Secret.
Legacy is something very important to Loral. She is a frequent donor to charitable groups including, The Boys and Girls Club of America, The Lake Tahoe Bear League, An Empowered Woman Foundation, Life School and Family Resource Centers. She has developed special programs for women and children and, in 2012, raised $40,000 for the founder of the Make-A-Wish Foundation. She also runs Serve Out Loud, a program aimed at providing discounted education in financial literacy to United States Veterans.