Raising a Millionaire?

I recently bought the book Young Bucks: How to Raise a Future Millionaire for a great price. Since my wife is expecting, I thought it looked interesting. The book, from what I can tell, is about raising a kid with an entrepreneurial attitude. A few years ago, I would have been horrified at such a book, and my visceral reaction would have been negative, but I  have been evaluating my view of work and education lately, as I am aware of my own prospects for job advancement, and the general work situation in America.

I have started questioning the way work “works” in America right now. With a majority of Americans unhappy with their jobs, corporate greed, non-profits squeezing every last drop from their employees, and increased government hassles and regulations, a lot of people just plain aren’t happy with their current job or job prospects. Incomes and benefits are dropping. Our first inclination is usually to blame the individual job or company, so we change  jobs, but then find there isn’t much difference between faceless company A or faceless company B. The same is true of Non-Profit A and Non-Profit B. No matter where we work, it seems like we end up giving the best ideas and time we have so that somebody else benefits (whether the stockholders or institution), and we hope and pray that they give us our fair share (such as raises, benefits, etc), and don’t lay us off when the economy gets a little bad. Basically, we don’t have simple human autonomy. We move far from friends and family just to find that one perfect job, only to find it isn’t really that perfect.

Most of my friends are very frustrated with work. Perhaps it is just a little Facebook over-dramatization, but most aren’t looking for riches, but instead a job that pays fairly and gives them the autonomy to live their lives (e.g. having time with their kids, etc).

One answer to this problem is to resent business, schools, non-profits, etc, and this is the solution many people take (and that I used to take). However, I am convinced now that the answer is not resentment (which only hurts you, not the company), but starting new systems. Instead of working for a bad system, or even changing the system from within, the solution to me is to start something better and compete with the bad: Plant a new tree*. Instead of resenting the financial services sector, start a financial business that does things right and ethically. Instead of lamenting the way stores treat their employees, start a store selling something great and treat your employees right! Instead of complaining that non-profits are inefficient and always begging for money, find a creative way to increase efficiency and get more money.  One of my long-term dreams is to start an energy company that takes advantage of the “crack” in gasoline refining costs, and passes savings onto the consumer so that all the local gas stations aren’t charging the same price (how is that for real competition??). I would love to be the local supplier and station that is always 10 cents or more a gallon lower than the competition.

Ultimately, I don’t care if my child is a millionaire. I want him or her to be happy and have autonomy in life. Research shows that small-business owners are happier than average workers, even though on average, they make less money. I don’t want my child thinking that work=scraping by giving her best for somebody else. If that is what she wants to do (work quietly and happily for somebody else), then I will support that. However, I don’t want this to be the only option. He shouldn’t have to look around at adults hating their jobs and job prospects and think “that will be me someday, beaten down by the very system I am supposed to look forward to.” Whenever someone asks her what she will do when she grows up, good answers will be “in charge” and “happy.”

* – note that for some institutions, I think fixing things from inside is best, as opposed to starting something new. Religions and governments are an example where constant splitting has caused problems. There is value to unity, however not the point of virtual enslavement.

About David Bennett

David Bennett is a teacher, writer, and speaker. His articles, about topics from weight loss to popularity, receive over a million hits per year and have appeared in many publications. He writes for The Popular Teen and other sites. Follow him on LinkedIn or Twitter.