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Five books on money that will help you turn your child into a

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millionaire. Book number one. My dad came home once with a big wad of

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cash. He dropped it on the table and he said, hey, guess how much money's in

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there? My day back then, there was no easy way to invest

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in stocks. There was no fun apps like there are now, which I'll share with you in a

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second. To help your children become millionaires early is Sales

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is how you make money. Sales, sales, sales, sales, sales.

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And sales in most families is a dirty word. What are the five steps

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I'm gonna teach you right now to then teach your children or

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do with your kids for them to literally become a

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millionaire? I'm Lloyd James Ross, seven figure investor and entrepreneur

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and I've helped thousands of business owners and professionals turn financial

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stress into success. If you're stuck in old money habits, overwhelmed

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by investing or unsure where to start, this is for you. I'll

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give you the mindset and strategies to take control, grow

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your wealth and achieve financial freedom. It's time to make

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your money work for you. You watch your kid grow up and

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a thought crosses your mind. Will they struggle with money

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like most people? You want to have financial security to

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avoid paycheck to paycheck traps, but no

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one ever taught you how to build wealth young.

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And you look around, some kids inherit businesses, investment portfolios,

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and financial headstart, while others spend decades trying

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to figure it all out on their own. The difference, their

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parents set them up early. Most people assume

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you have to earn millions to raise a millionaire. But the truth is,

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it's not about how much you make, it's how much you

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use your time to compound your skills and money. The

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wealthy plant the seeds early, investing in assets,

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setting up tax free accounts, teaching their kids about how money actually works.

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Meanwhile, the average parent tells their kids to save money, but

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never really showing them how to make it or grow it

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because they don't know themselves. They send them to school where they

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learn how to do algebra and history, but nothing about investing

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money or wealth creation. So the kids repeat the cycle starting

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from zero instead of leveraging what time and smart

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investing they could have, right? So here are

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eight ways You

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can educate your children about money. But stick around because after

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this, I'm going to show you exactly how you can make them a millionaire in five

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simple steps starting today. All right, so let's go through the

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eight ways of actually helping your kids learn about money. All

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right. Way number one, you've got to talk about it. You

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can't make it a taboo topic. I remember one time at our place, my

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dad came home once with a big wad of cash. He dropped it

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on the table and he said, hey, guess how much money's in there? And

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he may have sold one of our cars or something like that, but he took

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it in and he showed us it by dropping it in front of us. And we kept saying,

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oh, I bet there's a million dollars there. We're only kids. It's this

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or that or that. And it was like 12,000 bucks. But it was

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like money was there and it was okay to talk about it. And

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he would often ask me on walk, you know, what do you what do you want to be when you grow up? Who do you

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want to become? And so I would say things like a big hotel manager

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of a chain is like, yeah, that's awesome. We knew about money. It was

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not a taboo topic. And it was talked about a lot. So the first step

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is to really talk about it, bring up to the surface. It's

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totally it's much better to talk about it than hide it.

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Because money is a skill, and if you don't talk about the skill, you

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won't get better at it. So I do remember, you know, most people grow up in households where

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they say, money doesn't grow on trees, money is the root of all evil, money doesn't buy

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happiness. Where in my house, it was like, my dad used to say to me when I was growing

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up, you know, money makes you handsome. It's not the only

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thing, but it's way out there with oxygen, and some funny quips like that. So, you

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know, money was always on topic, and it was never off topic. It

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wasn't in our faces by all accounts, and it wasn't like the be all and end all, but

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it just definitely wasn't taboo, all right? The second way to help your child

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learn about money is of course, them reading books on

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money. You don't read the books on money. then

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they're not gonna read the books on money because children will do 100% of

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what you don't do and 50% of what you do do. So if you're reading

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books, there's at least a chance they're gonna say, hey, what's that book about? Or

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if they don't listen to you, which is probably common, give the book

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to a neighbor or give the book to someone else they respect and

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they'll listen to and then let them give them the book. So it's not you,

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okay? It's called the neighbor principle. A kid will listen to their neighbor before

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they listen to you, right? So get the neighbor to give

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them the book instead of you giving the book on money. Some of the cool money

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books that I read early, I mean, I learned about money from a grade

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11 English teacher, Mr. Barber. I talk about it in that book there. He actually

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was the one that told me about books like Rich Dad Poor

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Dad, Richest Man in Babylon. I was in grade 10 or grade 11 English

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class and he said, gentlemen, When you leave school, make sure

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you read these two books. And what's really awesome about that

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is the co-author of Rich Dad Poor Dad, Sharon Lecter, has endorsed our

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brand new book, Become Time Rich. And so that's super exciting. So

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thinking about school when I learned about the book she wrote, and now

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she's endorsing this book here. It's been this awesome journey, but I

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wouldn't have got there if I didn't learn about it for my grade. 11 English

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teacher, Mr. Barber, so if you can be Mr. Barber or get someone to

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be Mr. Barber for them that will really help them learn because there's

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no other way to do it. They're not going to teach you in school, okay? So maybe give

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them my podcast link. Send them to my YouTube channel so they can learn from

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me. I'd love to pass this wisdom on to them if they're not going to listen to you,

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all right? So way number three to help kids learn about money

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is much like kids, we learn the same way, but definitely at

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their age they learn it a lot faster if they play games. Games

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are the most effective way for the brain to learn. So, I remember

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growing up, my dad and mom would always play, well,

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my mom didn't like to play as much, but my dad loved to play. It was Monopoly, right?

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And my mom used to always say, well, your father just goes and gets Mayfair and Parkland and

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lands on it and everyone goes broke, except for him. So,

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he used to love playing Monopoly. He was always the one to beat. And playing

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those games early was fun because it made accumulating wealth fun.

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And so you can play Monopoly, but also what you can do is you

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can go and grab the board game Cashflow. And the

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story behind that game is Robert Kiyosaki, he actually developed

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the board game Cashflow after being a coach for a program called Money & You.

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And he developed the game and it wasn't selling. The game wasn't selling.

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So what they thought was, well, we've got to write a book like a brochure to

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sell the board game. So they wrote this little brochure called Rich

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Dad Poor Dad. And so that book was actually a brochure for the board

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game. And so Sharon Lecter wrote that with Robert, and

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that book has become the number one best selling book around money, but it was the

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game that made a difference. So if you can get the board game, you

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can go to Amazon to type in cash flow board game, you'd

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be able to buy it there I think it's 80 $90 get it. And when you

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get it, you can actually add an app on your phone called the cash flow app.

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And you literally use your app with other people

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to play the game. And I've played with my niece and nephew. And

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the whole idea of the game is to get out of the rat race. So when we play with my

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niece and nephew, my wife and I play it, they're learning how

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to manage money with investments and buying assets and

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getting out of the rat race and using money, they're learning without them even knowing because

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it is a fun game to get out of the rat race. So that's a more progressive game

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than monopoly for them to play. But it doesn't mean you got to play board

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games to learn you can play games with them without a

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board game in place. So for example, you can play a game with like who can make

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the most money this week, you can play games with them, let's save, let's

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see who can save the most this week. And you can kind of keep score and

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make things fun for them when it comes to money. You can also get

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them doing things when it comes to money. So like instead of you going

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and using the card to buy things, get them to go to the checkout to buy

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things. and get them to start playing game of

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money. Like even if you're gonna give them tasks to do at home to earn their

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pocket money, show them that if they could do

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the task themselves, they earn the money, but if they outsource it to

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their younger sibling, they can make money without doing anything. And that's

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teaching in the art of business. There's a ton of games that you can go

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and play. And if you type into chat GPT, some fun games to play with kids, it'll

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give you a raft of ones you can play with them, okay? Now, way

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number four to help your children become millionaires early

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is sales is how you make money. Sales makes

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the world go round. Sales, sales, sales, sales, sales. And

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sales in most families is a dirty word. If you're in a job, a nine to

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five job, guess where your wage come from? Someone made

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a sale in your company. people turn their nose up at it like sales.

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I'm like, well, you wouldn't be paid if it wasn't for sales. So one

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of the most effective things you can do is go door to door and sell stuff.

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I know it's uncomfortable for you as much as it is for them. But this will show them

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what it's like to actually sell stuff. So in school, they'll get chocolates to

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raise money, they'll have a walkathon, they got to sell tickets. lean

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into that with them and go door to door and start selling things and

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start to help them understand the art of rejection, the

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art of perseverance and celebrate with them

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when they do make a sale. So they have a very positive relationship

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with making money. And they have a great relationship with getting rejected

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too. Because if they can have a great relationship with no and with yes, you're

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gonna develop an entrepreneur in them. And entrepreneurship is really how

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you can start making them wealthy from a young age. A friend of mine, he

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used to a guy I went to school with, he would go to the local

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markets and he would sell phones that he was so shorts there. He would

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sell pants there. And he was frightened to do it in the beginning and he went and did

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it and he sucked at it and he failed at it. But he kept going back kept going back.

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And eventually he built a built a company called Culture

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Kings and he recently sold it for $600 million. And if you go back

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on our episodes, you'll listen to the interview I did with him at Simon Beard,

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go listen, but he started out doing basic things in the markets as a kid. And

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you look at the value of that over time. It's incredible, right? So

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way number five and how you can turn your kid into a millionaire is get

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them earning, get them spending and get them giving the three things with

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money that brings joy, earning it, spending it and giving it. Now, how

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do you do that? Well, you can set up some things for them to earn their pocket money. But

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you can also teach them how to sell things themselves. I remember when I was a kid, we

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went to there was a boot sale once we have to have boot sales before the internet. And

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I remember going around the house and just finding all these old toys only about nine

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at the time, and finding all these old toys that I never used

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anymore. So we went around we got all the toys together.

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We went to the boot sale and my mom said, Hey, you can sell the toys. So

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I started selling the toys. And I remember I literally, I was

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negotiating with some of the buyers on

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the toy transactions. Like it was 10 bucks, five bucks, eight

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bucks. And I remember they tried to negotiate and

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I said, no, no deal. And so they said, okay, and they paid. I'm like, wow,

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I won the negotiation. So like at a really young age, I was getting these

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little did I know I was learning some of these skills on how to negotiate. And

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my mom probably knew that was happening, but I didn't. And so

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just the subconscious patterns that you develop in them by doing that is amazing.

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So I remember saving up from selling my toys, $324. I know it was that

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much because I went out and bought a Super Nintendo. So then I learned how to make

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the money, but then I learned how to spend the money on stuff I wanted to spend it

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on. And I still remember my ability to make the money, even though it was selling old

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toys and then buying something else. My dad said to me, you know that Super

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Nintendo was $324. And I looked up to him smugly and said, yeah,

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I know I bought it with my own money. And I remember he's

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like, I don't know where to go with that. The go giver sells more and the person

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that sells more makes more. And so giving is a big part of actually developing

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wealth. And you look at all the people who are rich in the world,

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they actually gave the most value to society and that's how they develop wealth in the first

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place. So you have to help them give, not just give money,

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that's one way of doing it, but give their time as well, because

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that's also more valuable than their money. So who are they giving their time to?

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Who are they serving? My mom every year would go to St. Vincent's and

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she would collect and run this team of all these people

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bringing all this food for people who are doing it tough during Christmas.

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So my siblings and I would go to the church, St. Vincent's, with her on the weekend, and

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my wife, and we'd go around. and we pack all these bags full

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of food in the bags and then we would when the people would

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come we'd give it to them and so that was giving our time rather

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than money to them because it's what they really needed the most and it was just those things that

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you learn about how to give and it always weirdly someone

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said to me once it comes back threefold I was like yeah right it does but it does so

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if you give a lot you'll get a lot and so teaching them how to give is important as

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teaching how to earn and spend Just quickly, if you're ready to take control of

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your finances but feel stuck on where to start, I have a

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solution. My book, Money Buys Happiness, simplifies investing

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and wealth building with practical steps to help you achieve financial peace.

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Get your copy via the link in the show notes and let's get your money working for

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you. Now back to the episode. Then number six. Six,

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you have to get them investing early or understanding the

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process of investing. And in my day, my

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day back then, there was no easy way to invest in stocks. There

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was no fun apps like there are now, which we'll share with you in a second. But there

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was like, there was really no way of really understanding investing. But

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I do remember when I was about 10 or 11 or

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12, my dad would take me to the real estate auctions. And he

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would sit me down and I would watch these real estate auctions take place like the Ray White

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real estate auction. So I'd sit there and listen as people bid on

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and bought houses. And that was probably as close as I could see

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to learning how to invest plus playing Monopoly, and so forth, but

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I really didn't have the tools that young kids have

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these days, what you can do now you can go and add a simple app

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on your phone can add a micro investing app like spaceship or

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raise or acorns depending where you live or money box in the UK, and

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you can simply add one of those little apps, you can start with a little as $1. and

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you can literally open up a child account called Raise for

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Kids. You can open up an account for them. You can put the money in, you run the account,

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but you can show them specifically, hey, your money tree's growing because you

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put a little bit of money in here. Congratulations, it's gonna grow. And just by

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showing them those simple concepts, they can actually learn how money grows

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over time because you're literally showing them from an app. I mean, that's amazing you

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can even do that on your phone these days, right? So, that's

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number six. Number seven, get them hanging out with wealthy people,

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right? Because you become the five people you

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hang around the most. So, if you don't know wealthy people,

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start to get to know them. If nothing else, for your children to be able to hang out

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with people who talk about wealth. Robert Kiyosaki talks about his book, Rich Dad Poor

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Dad. He used to hang around his rich dad with his rich dad's son. And he would learn

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things by being around them. And a friend of mine once said, you know what Lloyd, success

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is like a virus. You just have to hang out with people sometimes to catch it.

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And thankfully, when I was younger, my parents understood this.

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And my dad would, you know, we went to certain schools that allowed me to have conversations

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with other kids about money. But also, as I grew up, I was attracted

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to people who were successful. So I would like to hang out with them more

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and more and more. hang out with my dad's friends who,

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you know, were successful. And I avoided, most importantly, hanging

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out with people who weren't successful, not just with money, but in life. And

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so if you can, as a parent, just make sure your children are hanging around people

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who are highly successful, they will also catch the success like

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a virus, and they will start to mimic and learn and

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model some of those behaviors at a young age. And if you don't know where to start with that,

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get a mentor, pay for proximity or earn your way to proximity somehow,

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someway, but get your children close to you. to them as well. And

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number eight, you got to teach them that time is more valuable

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than money. What I mean by that is teach your children to

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actually value their time rather than just value

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money. How? Well, rather than give them pocket money, perhaps incentivize

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them to build a skill set and incentivize that with pocket money instead

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of just giving them money for a task. You don't want to turn them into a task monkey.

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You want to turn them into an entrepreneur and a business owner. So say things

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like, if you do this, I'll give you this and negotiate with them and

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teach them to do a lot of their own things because they can leverage chat

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GPT, YouTube and other technologies that are available to

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them today to be able to earn money without a lot of time. They

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weren't available previously. So help them

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leverage some of these technologies now so they can earn more by

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doing less. And in which case you teach them how to delegate how

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to deploy their capital to make more of it and how to systemize things

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to be able to create a lot more time which I talk about in my new

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book that's coming up. become time rich, which is gonna show you exactly what

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to do with that. So now we come to the crunch. What are the

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five steps I'm gonna teach you right now to then teach your

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children or do with your kids for them to literally become

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a millionaire, right? This is a tangible step-by-step process

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to over $2 million. So in effect, you're teaching them

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how to become multimillionaires. Are you ready? All right,

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buckle up, because we're gonna get into it. Step number one, get ready.

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I know you can't wind the clock back, but At their birth, I

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know, I know, they've already been born, I get it. But at

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their birth can teach them this to teach their children this. At

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their birth, invest $1,000 into

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a simple index fund. Okay, that's the first step $1,000 into

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a simple index fund, right? Step number two, Then

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continue to invest $100 a month, which, think about it,

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it's $25 a week. It's like, just change how, you

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know, having a large coffee instead of a small coffee. Like, it's not that

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much. $100 a month, invest in the same

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index fund until the age of 21. Okay, I know that's

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a long time, 21 years, but if you just put $100 away each

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month into that index fund, considering it's gonna compound at,

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say, on average, 10% a year, then step number three is

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by 21, They'll have 109,000 invested, okay?

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You want to put in 109,000, but the investment portfolio would be

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worth about 109,000, okay? That's step number three. Now, step

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number four is really complex. Oh my God, I don't know how you're gonna get through this. Are you

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ready? Do nothing. Let

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it grow. Just leave it there. You don't have

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to do anything anymore. It should be called three steps because you've done the three steps. You're done.

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The next step is to do nothing. Sit on your butt. Let it grow. Be

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patient. This is a step because a lot of people can't be patient. They

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need to tinker with it and touch it. You don't have to do anything with it. Just leave it.

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Step number five, buy 50. Your

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child is 50. Right? You've only invested $100 a

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month for the first 21 years of their life starting with $1,000. That's all

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you've done. That's it. You haven't added anything more. You

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let the 109,000 compound until they're 50. And

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now it should grow to about $2.6 million. Now

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granted, I know, I know what you're saying. But Lloyd,

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inflation, it's not gonna be worth the same when they're 52.6 million. So

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what? It's still better than nothing, which is what they're gonna get if

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you don't help them do this or understand this. It's better to

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have 2.6 million in unadjusted inflation money than

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nothing. Even if it's worth 800 grand or a million,

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it's better than nothing. Wouldn't you love it if your parents had a million bucks

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for you at 50? I bet you would. That'll help you buy a house, invest

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more, travel more. This is so simple to do, a

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thousand bucks. Add in 100 each month, stop at

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21, let it grow. Imagine if every single family did that. Imagine if

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they did that with their kids. And if you're too late to the party, teach them

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how to teach their children how to do this. I know for certain.

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that we're going to do this with our kids. I know for certain. So when they're

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born, boom, boom, boom, boom, boom, boom, boom, boom, boom. I know what you're thinking. But

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if you do this for them and give them the money, they're not going to learn anything. And you're absolutely

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right. But what if you could do both? What if you could show them what you're doing

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and teach the principles at the same time, so that when they hit 21, they can

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continue compounding so they can continue to

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add the $100 a month that you did, because you've taught them the principles and

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you've given them a bit of a head start, a bit of a leg up, what's wrong with that? And then

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that money will compound into millions and millions and

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millions of dollars. So why can't you do a little bit of both? It's better

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than you taking the money and spending it somewhere else. Why not show them how to

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do it and do it with them? Of course, you don't want to just gift them money

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because we all know what happens there. They become sport brats. But you also

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don't want to do nothing. All right, because life's going to be harder

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for them and harder for them because property is more expensive, inflation's up,

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wages haven't caught up. I promise you the next generation is going to have a lot tougher

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when it comes to financial wealth creation. So why not just help them

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do both? Give them a little bit, teach them along the way and let them

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teach their children and so forth and break the financial curse that

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may or may not be on your family after the last few generations. Okay,

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so hopefully that makes sense. Go forward, do both, teach

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them and do with them. And that's how you can turn your child into a

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multi Now, I'll be able to do another YouTube episode in

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50 years and tell you how this went. But I'll be 91 then and

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I'll still do it. Mark my words, I'll be here. So you better subscribe because

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we've got a lot to come. Okay, so if you haven't yet, hit the subscribe button,

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go check out our other videos on YouTube, check out our Spotify podcast, leave

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a comment below, which step are you at? Or which way

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resonates with you the most? Leave it in the comments. I'll come and talk to you then and I'll see you

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in the next episode. Thanks for listening to Money Grows on Trees. If you enjoyed

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the episode, leave a five-star review on Apple Podcasts and Spotify

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and subscribe to us on YouTube so you never miss an episode. And

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if you're serious about building wealth, make sure to check out the links in the show

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notes and follow me on all social media platforms, at