Entrepreneurs with children usually have the future of their little ones in mind. This is why they do everything to make their businesses succeed.
A thriving business, however, cannot assure financial freedom or a million dollars for your children. A distinct attitude and motivation to save is needed to have this.
To begin with, your business doesn't have to be huge in order to jumpstart your saving activity. A simple business will do as long as it can provide a steady flow of income. Moving forward, you will need to:
a) Establish commitment – Be committed to not spending more than what you earn. This will keep you from incurring unnecessary debts. Also, be committed to saving money regardless of the amount.
b) Triumph over short term sacrifices – Short term sacrifices may include abstinence from purchasing the latest gadgets, giving up regular out-of-the-country trips or weekly dining in pricey restaurants. For all you know, millionaires don’t buy the biggest houses or fanciest cars just to assure a bright future for their children and grandchildren.
c) Have a smart investment strategy – Before buying or paying for something, think in terms of return of investment. Ask yourself whether it is going to benefit your children in the future. Will it speed up the realization of your goal to save a million dollars for them? Insurance policies are one of the things that are worth paying for. If you’re done paying for your own policy, get a policy for each of your children.