Learn how to raise your child to become a billionaire
There are certain things that you can do when raising your child if you want them to find success later in life, according to this billionaire.
Edgar “Injap” Sia II, 26, is one of the richest people in the Philippines. He was the youngest billionaire in Forbes Asia’s list of wealthiest in 2016, according to the Independent. He founded Mang Inasal, a barbecue fast food restaurant chain in the Philippines, that he sold for billions.
In his new book, “Life Principles”, he offered his insight on the style of parenting that will set children up for success.
loading...
1. Be a role model for your kid
Injap said that his entrepreneurial spirit was nurtured by watching his parents doing everything on their own. He noted: “As a second-generation descendant of immigrants, my parents struggled, but they instilled in my siblings and me the value of hard work and integrity. We saw how their dedication helped build their business brick by brick, and I saw how their day-to-day dealings shaped the way it grew.”
2. Give your kid responsibilities
When he worked at his parents’ grocery store as a kid, from the age of eight, Injap’s business skills were soon applauded by his family. One of kid tasks was selling bags of sweets and sugar. Whenever they had to seal a repacked bag, they used a candle – until Injap came up with an idea. “Upon my suggestion, we started to use an electric sealer for the plastic bags – it was a small change (and it was perhaps less fun than working with a candle), but that little tweak improved our work,” Injap wrote.
3. The first steps to wealth are hard work and effort
“My parents didn’t start out rich,” Injap said. “When they were beginning to raise a family, and for many years afterwards, they had to work very hard for whatever they had.” Having a humble upbringing, Injap learned the value of hard work and was constantly inspired by his parents. Later in life, he took the work ethic of his parents, when he started Mang Inasal. “We had little sleep all throughout the startup years. We had zero long vacations for many years,” Injap added.
4. Teach your kid values that will keep him grounded through life
Becoming a billionaire at only 33 can be overwhelming, but Injap was raised in such a way that he managed to control everything. “Having that sum of money in front of you, at 33, can make or break you,” he said. “It’s an acid test of your personality, your character, your sense of self. I thank the values that our parents have instilled in us, their children, that made me able to stay whole and grounded.”
Loading...