The more I study the wealthy, the more I want to adopt some of their methods. The rich buy cars and houses for their children and also ensure that their children have a college education. The wealthy do this as well but also have businesses where the children will be hired and promoted within the family.
I am not rich or wealthy (trying to get there), however, I am very curious about the business aspect of their methods. My children will still probably have to work a job (earned income), however, a part-time business will help them manage some of their financial liabilities. Remember the three types of income (earned, business, investment). The kids already have some investment income. All they have to do is grow their individual portfolios. Plus they will get me and Kris’s portfolio sometime in the future.
Leaving a business is a great way for the kids to control their time, and in conjunction, their freedom. Some business ideas we are bouncing around:
Wedding venue: We have two homes with 3 acres of land each, maybe we can put that space to good use.
Small restaurant: Kris loves to make her Russian BBQ. Having a small venue on our land would be convenient and would low overhead costs. We could just open on weekends.
Real Estate: We already own 3 homes. I could foresee owning more. If the kids studied to be electricians and plumbers, we could have our own property management company.
Bed and breakfast: This would be a good way to leverage real estate that we already own, or perhaps buy more. It’s also a combination of all the other 3 ideas. Amazing.
Whatever we choose, it is exciting knowing that our family will be working together for the long haul.
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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