In "The Millionaire Next Door" by Thomas Stanley and William Danko that one thing that hampers the youth is what they called "Economic out patient care of children". In other words, if a parent gives a young adult money to solve a problem... the young adult has a hard time learning the lessons of money. The parents monetary gift can negate the young adults ability to learn the hard lessons of money management. Apparently the damage is so severe that children of the wealthy often cannot create wealth themselves, perhaps because of their parents good intentions. In fact the children of millionaires rarely acheive the same finacial success of their parents. This is despite the fact that the children of millionaires were more advantaged, had better educations and had a good mentor/role modelme. Obviously the lessons of LOTTO winners proves the same thing. Consistently, winners of lotteries eventuall lose their gains...because they never learned the lessons of money! The same is true of athletes or musicians who don't understand money! Their wealth evaporates almost as fast as their skills aquire it...unless the learn the lessons of money!
DOES THIS SOUND FAMILIAR! Our governments GOOD INTENTIONS may not help our economy...just the opposite. Free money is not SMART MONEY! Much of the money will be wasted, it will fall into corrupted hands...as all experts on money can accurately predict.
To me the well intention Government Economic Outpatient Care is akin to a REALTOR spending thousands on Billboards or Advertising without testing the results! You can spend $40,000 on a billboard and not get a single sale! It sounds like a great idea! Your heart is in the right place...but that money is gone forever! Only smart money rules the day!
wwwBobGuest.com
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