My kids are only 8 & 9 but will be millionaires by 30 – I won’t hand it to them on a plate, they’ll learn by hard work
MANY of us can only dream of living a lifestyle of lavish yachts and private planes, with winning the lottery our only glimmer of hope.
But Jessica Crane, 36, has told how she’s determined to make that a reality for her two children, Harley, 8, and Hunter, 9, by ensuring they become millionaires by the time they’re 30.
As a child, the mum-of-two’s greatest lesson was that hard work was the best way to escape poverty and violence.
Today, the Bristol local and self-made millionaire, is determined for her kids to follow her example and make millions from a young age.
“Growing up on a troubled estate in Ward End, Birmingham, I saw first-hand how men abused women not just physically and emotionally, but financially too,” she says.
“I want my children to have drive and financial freedom.
“I’d like to see them become ISA millionaires by the time they reach their 30s.”
At 12, Jessica convinced a local hair salon to take her on as an apprentice.
She worked her way up to salon manager, moved into training, then set up a coaching business which is now global, with a multi-million revenue.
I’d like to see them become ISA millionaires by the time they reach their 30s
Jessica Crane
She also runs a thriving property company and has made her young children shareholders – as part of her long-term strategy for success.
“In time, they will become company directors and manage the property assets, which will produce income and increase in value,” explains Jessica, who also shares her money-saving advice on her Instagram page.
“This income can be used as a salary or towards pension contributions to further compound – that’s how to get money making more money.
“They have ISAs, which I contribute to, but I want to instil in them the value of hard work, ambition and grit.
“I’ve already got them working on house renovations where I can, knocking down walls, removing wallpaper and helping with tip runs.”
Jessica even has a plan in place to help them learn money skills, set goals and delay instant gratification.
“I pay them to do chores, then give them the choice of spending or paying into the Bank of Mum and Dad, which pays 10% interest,” she explains.
“That gives an insight into compound and sacrificing the short term for long-term gain.”
Jessica goes on to say that she’s working to instil positive financial habits and a strong work ethic in her children from a young age.
To help them learn money skills, I pay them to do chores, then give them the choice of spending or paying into the Bank of Mum and Dad, which pays 10% interest
Jessica Crane
“We have a chart of chores in the kitchen, such as dishwasher loading/emptying and recycling – and they get 50p for each one they do,” she continues.
“Hunter, my son, gets up super early to complete his tasks, but my daughter Harley is reluctant to wake up, so she is usually a little short on pay day, which is at the end of the month.
“Hunter always opts for saving and earning, while Harley needs a little encouragement and is more likely to rack up IOUs.”
The amount Jessica invests in their future varies from month to month.
If she’s purchasing a property, it could be over £100k, though given their age, she doesn’t “overly share” details of the fortune they will one day inherit.
Jessica's good advice for parents wanting to build wealth to be passed down
- For children to develop a good money mindset, help them to analyse their spend/save behaviour. Encourage them to set their own goals.
For example, Harley wants to save £100 this year, so when we’re out shopping and she asks for something, I like to test how much she actually wants it. If she thinks she’s using her own money, she suddenly won’t want it so much. Hunter, meanwhile, always spends on football boots, which he sees as a sound investment, given he wears them seven days a week”.
- Check you’re getting the best return on their savings. Would an ISA be better? Studies show that compound interest over the past 20-30 years has turned some millennials into ISA millionaires. Get kids to consider putting their Christmas and birthday money into savings accounts and ISAs. Teach them how to budget and know that anything’s possible if you’re willing to do the work.
- The truth is, it’s a tragedy that children don’t learn about money, mortgages, debt, interest, compound, etc in school. Find fun resources to teach them at home. Most importantly, you are their role model – set the example you want them to follow.
“Neither my husband nor I will inherit any significant sum, which is a driving factor,” the self-made millionaire explains.
“We have everything in place with wills, insurance, life cover etc – but I never want my two to take their foot off the pedal by waiting for their inheritance to come their way.”
Despite working to instil financial literacy in her children from a young age, Jessica stresses the importance of allowing children to be children too.
“My son loves football and plays in his academy practically seven days a week,” she adds.
“My daughter loves everything girly and we give her ample opportunity to play.
“They’re aware of everything we’re doing and are learning important financial skills, but it’s just a small part of their lives.”
