How to teach your kids to grow up rich

At just six years old, Orfalea starts teaching his children the art of financial responsibility by providing them with a weekly allowance of $5.

However, this isn't your typical pocket money arrangement. Orfalea encourages his offspring to keep a detailed record of their finances, allocating $3 for spending, $1 for giving, and $1 for saving.

This simple yet effective exercise instills a sense of financial prudence, teaching them the importance of budgeting, generosity, and saving for the future.

In a society often characterized by impulsive spending, Orfalea takes a unique approach. When his children express the desire for a new toy or treat, he challenges them to dip into their allowances.

Surprisingly, this prompts many of them to reconsider their purchases and often opt to forgo them altogether, reinforcing the value of not overspending.

Paul Orfalea also draws from his mother's sage advice, which he holds dear: "My mom told me, honey, in your 20s try everything, in your 30s figure out what you do best, in your 40s make money for what you do best and try not to do much in your 50s."

This guiding principle encourages personal exploration in youth, narrows down career choices in the 30s, capitalizes on one's strengths in the 40s, and embraces a well-deserved break in the 50s.

Furthermore, Orfalea reflects on the shifting sands of perception throughout life. He notes how concerns about what others think of you in your 20s tend to fade by your 40s, and by your 60s, you come to realize that the thoughts of others about you were not as significant as they once seemed.

Reframing success in a profoundly human context, Orfalea asserts, "Success is when your children still want to be with you when they are adults." For him, amassing wealth takes a back seat to nurturing meaningful family bonds.

He underscores that having all the money in the world is inconsequential if your children never come home, emphasizing the profound importance of maintaining strong and loving relationships with one's offspring.

Paul Orfalea's enlightened approach to financial education and life guidance provides a refreshing perspective on raising children to prosper not just financially, but also emotionally and spiritually.

His wisdom continues to inspire generations to foster a balanced approach to wealth and happiness, enriching lives with invaluable lessons that transcend mere monetary success.