What’s It All Worth?: The Value of Money
by Gerry Bailey, Felicia Law ()
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Posted: Saturday, February 10, 2007 at 2:56 pm by Sylvhania
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A must read for anyone interested in wealth building, economics. Written for ages 9-12, yet very sage advice. Parents, read and learn.
Posted: February 10, 2007 at 3:40 pm by Sylvhania
- Half the world's population (3 billion people) live on less than $2 a day
- What does it really mean to be rich or poor? Wealth and standard of living are relative.
- Live simply. Don't let money dominate your life.
- Quick history lessons: Croesus of Lydia, Bauer/Rothschild
- About getting rich quick, rags to riches
- Take risks and try out new ideas
- Famous, wealthy people who didn't succeed on the first try. Try, try again.
- Set aside money to invest consistently every month. Start this good habit early.
- Hoarding money on a large scale can hurt the economy (by taking currency out of circulation)
- Setup a trust in a tax haven
- Poverty exists everywhere; slave labor still exists in the world.
- Unemployment is damaging to the economy as a whole
- Work to live or live to work?
- Working at something that has purpose is an essential human need
- Two out of three lottery winners lose or spend their winnings within 5 years
- If you have wealth, don't flaunt it. (Wealth is a target for theft, lawsuits.)
- Credit IS debt
- Redistribution of wealth
- Three quarters of the poorest countries are in Africa
- Global warming will affect poorer countries more than wealthy ones
- Fair trade
- Charities: UNICEF, Red Cross, Oxfam, Save the Children, World Wildlife Fund, Amnesty International
- Happiness is more important than wealth, e.g. King Midas
