John, funny you mention children and compound interest, That is something I drummed into my 4 kids as soon as they had a grasp of maths.Last week my elder daughter, now a mother of 2 little ones, reminded me of the way I used to drum into them,discipline and how to make money work for you, and thanked me for it.You do not have to be a miser to accumulate wealth, discipline and patience is all that is required.I have an accountant friend (who thankfully will not read this post), who was a partner in a very well known accounting firm, who had to borrow money from this retired father-in-law who had worked for the old SAR, hard to believe but true.One saved the other spent, had to be seen in a Merc, kids had to go to the best private schools etc. The good thing about teaching your kids about money from an early age, is that you can spend their inhertance without feeling guilty as they will have the simple secret of creating their own wealth.
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