Parker's Money Talks debut: A kid's take on wealth

I faced my dread and discovered financial gems!

Parker Mayberry pictured in downtown Chicago on Aug. 18, 2023. | Photo by Darnell Mayberry

Hello, Money Talks Family! This is Parker coming from Chicago 🏙️!

You probably thought you were going to see my dad. Am I right?

It’s been a while since I contributed to a Money Talks column. But this is different. This is my FIRST COLUMN!!

So I’m going to tell you about “Rich Dad Poor Dad.” But before I start, let me tell you why I’m doing this.

I dreaded it, by the way. But now I’m glad I took on the challenge.

My dad assigned this to me, and I have finally completed the task! My dad has said a few things about the book, but this is my report!

First of all, you must know that I did not want to read the book at all. Let’s make that clear. I did not choose this. My dad did. But it was very educational.

It took me a long time to read the book and finish this project — probably about 16 months. As much as I don’t want to admit it, I actually got into the book around Chapter 5. But, honestly, I was more excited about finishing the book.

I think I was assigned this report because it’s good for me and will open opportunities for me.

There’s also a benefit for me because I will know how to navigate the world at a young age (11) and will have a greater chance to be prepared and not be in the rat race (Yes. I know I sound like my dad).

I’m glad I read the book because I will be able to have assets that will help me become “a financial beast” as my dad would say.

Here are five key takeaways from the book.

1. Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets. We all know or have seen those people who have nice cars and lots of expensive jewelry. Often, those people are in the middle class. They try to show everyone that they’re “rich” and they don’t realize that the rich don’t show off. It’s funny when I think about it this way because people can appear rich, but they aren’t.

2. People are often driven by fear and greed. It means people make decisions because they’re afraid or greedy. Everyone can learn this because a lot of people spend their time waking up, going to work and paying the bills. Then they wonder, ‘Why can’t I afford this?’ The reason is that our emotions can either push us to pursue greatness or hold us hostage. It all depends on what we decide to do with them. But what’s crazy is the thought never crosses some people’s minds. 🧠

3. Pay yourself first: The power of self-discipline. The book doesn’t suggest not to pay your bills, but to pay them after you pay yourself first, and THEN pay taxes. I know that’s kind of weird, but I think of it like this: It’s Friday, and you get your paycheck: $1,700.09. Woohoo!!
   
   You go into the house 🏡. You get your phone📱. You buy a few assets 📈 that will generate you more money 💵. Then you pay for rent, groceries, etc. Make cents. Get it? 😜

4. If you want to get richer, think big. That sounds like straight-forward logic, but people don’t seem to really apply it. And sometimes, they just take shortcuts. That route seems to be very popular. Often, in the real world, it’s not the smart who get ahead, but the bold. That’s also something that seems easy, but it feels like only the minority of people do that. I hope more people will think big. Thinking big is really helpful because it allows you to see possibilities that you haven’t seen before. In other words: spend more time thinking.

5. There is some truth that “You can’t teach an old dog new tricks.” I agree because it’s hard to teach adults, with all their experience, more wisdom. Some are too stubborn to learn that there are other ways to learn “tricks.” Also, we are all humans so we sometimes “touch the stove” and learn things the hard way; we want to learn easy but don’t want to listen to the wisdom of others. Sometimes we are all the same but very unique at the same time!

Those are five things I learned.

I hope you enjoyed my first column!

I have learned a lot more about money. I hope you did too!