A Million’s the New Benjamin.
What if you could turn that Benjamin in your wallet into a million-dollar nest egg? What difference would it make in your life? For a child, the question isn’t all that conceptual. Thanks to the power of compound interest, growing a hundred-dollar bill into a million-dollar fortune is a real possibility. But it requires some patience, self-control, and strategic investment. Plus, it could actually be necessary.
How is that? Well, currency depreciates over time as the cost of goods and services redeemable for our currency increases. It’s called inflation, and it’s why every story from our grandparents seems to carry the same price tag: a nickel.
Let’s look at what $1,000,000 bought 50 years ago. The year was 1969…
A gallon of gas cost 32 cents.
A new car would set you back just $2,000.
And a house could be yours for just $40,000.
Now just imagine if that same inflation applies to the next 50 years. An iPhone that today costs $1000 would cost $3437 in 2069. A meal at a nice restaurant could total $650. And a house? You better hope you have several million sitting around.
Perhaps you’re starting to see why it’s so important to not just make money, but to save it. And to not just save it, but to grow it. Such are the habits required of any aspiring young millionaire.
The steps aren’t rocket science, but they do require sacrificing short term satisfaction for long term gain. And some specific pointers don’t hurt. But we know that parenting presents enough challenges without throwing “turn my kid into a millionaire” into the equation. That’s why we developed a course based on our best-selling book for teens titled How to Turn $100 into $1,000,000. The course covers topics like making, saving, and growing money, and uses video content from our Emmy Award-winning series, Biz Kid$. It’s fun, engaging, and could even prove profitable for your Biz Kid at heart.