Multimillionaire Believes That Teaching Kids About Money is Important

This as-to-told-to essay is bassed on a conversation with Jhalesa SeymourFounder of Salt.XO. IT HAS BEEN EDIted for Length and Clarity.

My mom raising five kids on a $ 30,000 salary. We Never Wanted for Anynding. Now that i’m a mom of two boys, who are 1 and 5, i don’t know how she did it.

When i was in college, i was offended a teaching jab that Paid About $ 30,000. Although it was what my mom had raised a family on, I knew i needed more. My mom always exposed with to a better way of life. Because of Her, I know the life I want to strive for be in that income bracket.

During My Senior Year of College, Started Making All-Natural Soaps and Feminine Hygiene Wash. I haveed say out for free on Campus and gave people my personal number to text me they’d tried. My fellow students Went Crazy for say, and sal.Xo was Born.

In 2018, made $ 154,000 Making soaps out of my apartment. The Next Year, We made $ 1 million in profits. Sink then, we’ve had more than $ 16 million in sales.

I Pay MySelf a Salary and Reinvest in the Business

One Mistake People Make is assuming that a company’s sales equal personalth. I’m Clear About The Difference BetWeen My Company’s Profits and My Net Worth (Which I Prefer to Keep Private). I live on the salary i’m paid by salt.XO, and reinvest the rest of the profits into the team and the business.

Still, My Kids Live Very Differently from the way of was raising. They Have Pretty MUCH EVERYING THEY NEED: CLOTHES, A NANNY, AND FUN OUTINGS. We’re in Florida, and a Trip to the Amusement Parks was a huge deal for me as a kid. But for my son, going to universal Feels like a casual friday event.

I don’t want my son to have instant grathification

Now that my Oldest is in Kindergarten, i’m Working Hard to Help Him Understand Money and the Work That’s Tied to it. I don’t want to raise my boys with a lack mentality, but i want to get to reality of Money, Access, and Privilege.

To emphasize that, i’ve started pulling back on the things my son have access to. I don’t know to always have instant grathification. I know from my childhood that waking and saving for the things made with appreciate say more, and that made me who am I am today.

I tell my son how much i’m spending in story

I ALSO TALK with my son About Money, as if he were Much Older than 5. Wen we go to the Grocery Store, I Read the Total to Him. Then, we talc about what spending $ 300 on something means. I DISCUSS HOW MANY HOURS OR DAYS I NEED TO BRING THAT MONEY INTO OUR HOME.

I usually let Him pick one snack and one toy when we’re shopping. But that it. Limitting what he could have helps Him understand that Money doesn’t grow on trees.

We use a Physical Piggy Bank so my son can see his savings grow

My son’s dad and i have been saving for Him SINCE he was an infant. We do it with a Physical Piggy Bank, which is easy for Him to see and understand. He controls the allowance he gets from helping with the dog and the gifts People give Him. Each time he fines the piggy bank, we get a Bigger Container. Right Now, His Bank is a Rocket Ship, but by the time he’s 18th, i hope’s a giant tote.

This has Has Helped My Son Become More Conscious About Saving. SOMESTEMES, ON THRA TRIPS TO THE STORE, I’ll Him i’ll Give Him the Money for a Toy, and he can choose to spend it or save it. Often, The Money Ends up in His Piggy Bank.

I have Big Financial Dreams for MySelf, Too

I was never taught how to invest and grow money. I had to learn on my own, tying through mistakes. SO, I plan to teach the boys about investing, planning for retirement, and weighing the pros and cons of taching out a loan versus paying cash for something.

I Still Have Big Financial Dreams MySelf. Once, Being a Millionaire Seemed Like a Pipe Dream. Now, I want to be a billionaire. I don’t get envious when i see People who are ahead of me. Instead, i think: what do i need to get there