Local author publishes book to help parents ‘make your kids millionaires’
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SOUTH LAKE TAHOE, Calif. — Financial expert and New York Times best-selling author Loral Langemeier has dedicated the last 25 years of her life to helping ordinary people become millionaires by teaching them wealth-building skills in the real world.
She is CEO and Founder of Live Out Loud, Inc., a multinational organization in which she created. She has a three-to-five-year strategy that she says helps generate millions for the “average Jill and Joe.” Its goal is to focus on the skills and talents of everyday people and inspire them to earn money doing what they love.
Langemeier has now set his sights on children in his new book, “Make Your Kids Millionaires”, launched in May this year.
In the book, parents will learn how to interest their children financially, so that there is open and honest communication between parent and child on the subject of money. Parents will find the book packed with activities and exercises that will help them focus conversations with their children about money specific to their child’s age range, from birth to 21.
Langemeier says his goal in writing the book is to bring the conversation about money and responsible conversation about financial affairs into your home.
“It’s the parents who miss the conversation, and so they don’t know how to bring it into the house. My kids were both 4 years old when they started their first business,” Langemeier said.
His son, Logan’s first business was a smoothie stand, and his daughter, Tristin, made paper wallets that could hold hundreds of bills.
Langemeier says, “Involve your kids in things. Never say that in your home: “You can’t afford it.” Replace that with, “Well, how can we afford it?” ” What can we do?'”
The first part of Langemeier’s new book, “Make Your Kids Millionaires,” shows parents how to help their children gain financial literacy by teaching them the basics. The second part of the book is divided into chapters based on age, with sections within each chapter that cover different financial topics such as setting up a bank account, good debt versus bad debt, and what are balance sheets and income statements.
Langemeier says kids like to make money, so parents should ask them what their financial goals are and then steer them toward achieving those goals. She says to show them how to write a check and balance their checking accounts. Show them how to use a credit card properly so they don’t rack up credit card debt in their 20s and 30s.
“If you own a business, you should employ your children from birth. Get your kids involved in the business,” Langemeier said.
From an early age of her children, Langemeier took them on business trips with her. She said they would work on the booth at seminars and talks she gave.
Langemeier believes that parents can raise very responsible, consequence-oriented children by giving them the tools at the right age.
“It has to be led by a parent or guardian,” she says.
For more information on Langemeier and his Millionaire Maker books, visit his website http://www.lorallangemeier.com. His books are available for purchase online or at Barnes and Noble stores.
