The Week in Review #21: Raising Kids to become Billionaires

Quora is one of my favorite websites. It is full of knowledge and insights that is usually inaccessible for most people. This week I stumbled across a great answer to a rather peculiar question. The question asked was whether there was a way to raise your kids to become billionaires. Every parent wants success for their children. The definition of success however varies from parent to parent. Some want their children to be happy and others push them very hard to achieve excellence. To become a billionaire it is not only a question of becoming the best in the world. Many people occupy the 1% of their respect industries and are not billionaires. Out of all the answers the highlighted one below really stood out.

The author provides a dozen points as to what he did to give his kids the best chance of becoming a billionaire. The list isn’t your usual work hard and aim to become the best. Rather it is contrarian in many ways to “good” parenting advice. The list includes not sending them to traditional schools, making them teen outcasts and making them feel worthy. I strongly recommend taking the time out to read the entire answer. In the comments his son has also responded to his father’s answer and the impact it has had on his life.

It was an inspiring read and the lessons within apply to each and everyone of us. Regardless if we become billionaires or not.

What are good ways to prepare my kids to become billionaires? The author provides 12 ways your children stand the best chance of becoming a billionaire. This isn’t your usual list of achieving success in life. Highly recommended.

Peter Thiel on what works at work Peter Thiel is the author a great book called Zero to One. He was also the first investor into facebook and founded Paypal. He is known for his contrarian way of thinking and this interview provides a great insight into his mind. The interview covers a broad array of leadership topics to what it takes to succeed today.

Skating To Where The Puck Will Be… Built Microsoft seems to be on a roll these days. Their latest operating system is getting rave reviews in beta. They have open sourced a lot of their technologies and tools. Lastly, there is a lot of hype about their foray into the virtual reality world. This article discusses the importance for business to skate to where the puck is going. Microsoft, Blackberry and a host of other companies made the mistake to ignore this during the last decade. They each paid a heavy price and now are doing their best not to repeat the same mistake.

The Metrics Every Entrepreneur Should Know by Heart If you have ever watched an episode of Shark Tank, you will know the importance of knowing your numbers. Being an entrepreneur requires one to work constantly with imperfect information. To do that effectively we need to make sure we know all the pieces of the puzzle where we know the answers. This post provides a good round up list of the metrics you should know.

Why you should make things no one will ever use This post has a lot of developer references to it. While the premise of the article applies aptly to developers, there is something we should all be able to take away from it. At it’s essence it is all about learning new skills and becoming proficient in them. When we stagnate that is when our life starts a downward spiral. We need to be constantly putting ourselves outside of our comfort zone and pushing ourselves to become better.

How to go faster Seth Godin wrote this brilliant piece of decision making. This short post talks about how we can stop dreaming and putting things into action. This is a key skill every entrepreneur needs to have.

Wishing everyone a great week ahead!