Dec 9, 2014
Financial Planning is--and should be--fully integrated with every aspect of life. Often, there are non-financial ways of hitting financial goals that are more efficient than just simply "buying the solution."
Helping your children develop their talent is one such area of focus. If you can launch a young man or woman with real, useful skills that have an economic value in the marketplace and which are aligned with their individual personality and interests, they will be far ahead of many of their peers.
This early start can launch the magical cycle of compounding earlier which can have a lifetime impact.
Consider the impact of an early start:
- If a 16-year-old can learn to earn and invest $100 per month through developing and marketing their talent, they could accumulate a nest egg at 66 of $1,746,876.07. (50 years of investing, $100/mo each month, 10% interest compounded monthly, starting with $0.)
- If a 22-year-old begins when they graduate college, they will wind up with $955,649.56 at age 66. (44 years of investing, $100/mo each month, 10% interest compounded monthly, starting with $0)
My guest is Jonathan Harris and he writes at the website www.10kToTalent.com. He is the father of 8 children and is a both a learner and an expert at developing talent in children.
Enjoy the interview!
Joshua
Links:
- Jonathan's website: 10kToTalent.com
- Jonathan's guides on helping children discover talent
- Jonathan's 13-year-old son's website: Scarab Coder
- Jonathan's 17-year-old son's website: Redding Drone