Give a person a fish
and you feed him for a day.
Teach a person to fish
and you feed him for a lifetime.
Lao Tzu Father of Taoism
TEEN Millionaire:
Mentor Support
You can help your teen achieve his or her financial independence by becoming a Millionaire Mentor.
It’s easy...
The Millionaire Mentor Role:
Becoming financially independent requires support from peers through opportunities such as the Teen Millionaire Club. (And Clubs require adult sponsors.) But Teens also require individual support from a trusted adult—the teen’s Millionaire Mentor.
The Millionaire Mentor helps a teen along the road to financial freedom in a number of ways. For example, teens may need:
- Help opening a discount brokerage account and an IRA;
- Trustworthy advice on types of mutual funds to use (see the Teen Millionaire: Investing page of this website.)
- Support with introductions as they identify and pursue opportunities to earn money to save.
And teens can always use motivation and encouragement from those they trust and respect.
How does a Mentor become a Millionaire Mentor?
After attending a TEEN Millionaire seminar or reading the TEEN Millionaire Planner, the teen will approach a prospective Millionaire Mentor and :
- Explain his or her reason for wanting to become a millionaire;
- Review his TEEN Millionaire Planner with the prospective mentor; and,
- Formally ask the prospective mentor to become his Millionaire Mentor, to coach and encourage the Teen Millionaire as he implements the commitments that the teen has made to himself.
After the Millionaire Mentor accepts, the Teen Millionaire will present the Millionaire Mentor Certificate. Please frame and hang the Teen Millionaire Mentor certificate in your home office as a reminder to you and your Teen Millionaire of your support for the Teen Millionaire’s work toward financial freedom.
Note: Parents/grandparents don't be bashful. If your teen doesn't come to you, go to your teen and give him a copy of the TEEN Millionaire Planner. Offer to discuss whether he or she wants to become a millionaire. Tell your teen that you are willing to help. Tell them what you would have done (and why) if you had known this at their age.
What about 1 to 12-year olds...
...AND Young Adults?
The earlier a person starts to become a millionaire (to buy their economic freedom), the cheaper it is.
As the following table demonstrates if a parent or grandparent invests just $1 per day when the baby is one year old, the new baby will have $1 million at age 65. And when the baby becomes older and eventually assumes the saving, s/he will never have to save more than $365/year to have a million dollars. If saving starts later in life at age 25, the 25-year old only needs to save $8.10/day, or $2,960/year. But a 45-year old has to save $53.55/day or $19,546/year.
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NOTE: The following amounts are FIXED FOR LIFE if invested at 9% p.a.
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Age at which Saving Begins
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Daily Savings
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Monthly Savings
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Annual Savings
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1
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$1.00
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$30.25
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$363
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5
|
$1.30
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$39.30
|
$471
|
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10
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$2.20
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$66
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$793
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15
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$3.36
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$101
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$1,227
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16
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$3.67
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$110
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$1,340
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17
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$4.05
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$122
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$1,478
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18
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$4.37
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$131
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$1,595
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19
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$4.75
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$143
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$1,734
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20
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$5.21
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$156
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$1,901
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25
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$8.10
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$243
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$2,960
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30
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$12.70
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$371
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$4,635
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35
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$20.10
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$603
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$7,336
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40
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$32.35
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$970
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$11,806
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45
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$53.55
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$1,607
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$19,546
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50
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$93.31
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$2,800
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$34,058
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55
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$180.32
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$5,410
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$65,820
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Why a Parent or Grandparent should MATCH
or DOUBLE UP with a second million:
Other than motivating your Teen Millionaire, there is another reason that a parent/grandparent may want to help a teen.
FACTS:
1. By 2016 the US federal debt will be $20+ trillion with deficits as far as the eye can see. (Not including unfunded social security and Obamacare or state and local debt and unfunded public pension plans.) This debt was incurred and spent by our generation(s) and means: (1) that the under 25 generation (about 105 million people) will have to repay this debt plus interest through higher taxes or inflation, and (2) to the extent that higher taxes and inflation take money from them, they have lost economic choice (freedom) because of the debt created by our generation's choices.
2. When the $20 trillion is personalized, it looks like this: 105 million people under age 25 will inherit debt of $190,500 per person. ($20 trillion/105 million). Since 50% of people do not pay federal income taxes, that means each taxpayer under 25 now, will inherit $381,000 of debt ($190,500 x 2). If each under age 25 taxpayer eventually marries, that means each couple inherits $762,000 of federal debt from us.
3. If parents or grandparents match the amount that the TEEN Millionaire saves, then by age 65, the TEEN Millionaire will have $2 million. The million started by the parents/grandparents replaces the $762,000+ of economic freedom (choices) that the young couple looses through higher taxes and inflation related to our generation(s) debt. (Obviously at some point the "teen" will have to take over the payments on the second million, but It will be a lot cheaper because the parent/grandparent started the second million. Later in life, an inheritance from parents/grandparents may help with the remaining monthly saving for the second million.)
BOTTOM LINE:
Is Your Child/Grandchild's Freedom worth a Latte a Day from Your Pocket?
By matching a Teen Millionaire's savings
you replace the financial freedom that our generation took from them.
THANK YOU for serving as your Teen’s Millionaire Mentor.