Because of this, I believe it's important to emphasize several lessons for my daughter that I won't emphasize in the same way to my son. (I should say, I want to teach my son these things too so that he has a greater respect for women generally and a future wife in particular).
This is a letter that I've written to her. Lest you accuse me of having favorites, I'll write one for my son too. And other children in the future.
Dear Shirley, Embrace Rising Opportunity Costs
Shirley, Do not be afraid of developing valuable marketplace skills. Work to understand career and entrepreneurial advancement. This will certainly raise your opportunity cost of dropping out of the workplace if you choose to do so, but you should not artificially stunt your economic value. I hope that you develop tremendous marketplace value in your lifetime.
Dollars measure price not value
If you face a situation where you're giving up a lot of dollars to gain something of even greater value, feel free to do it. When you were a baby, I stopped working a six figure job because Dad and I deemed that it was more valuable for me to stay home with kids.
You don't have to make the same choices that I made, but you should factor in your own sense of value when you make big decisions.
Marry a man with excellent character
I hope beyond all hope that you grow up to be a woman of excellent character. It's something that we pray for every night. We also pray that if you get married that you'll marry someone with excellent character.
You might think that I've gone a little off base in this letter. That I'm supposed to be writing about wealth lessons. But I am writing about wealth lessons. A good name is worth more than great riches. The value always exceeds the price tag.
I don't want you to date underearners, but character is more important.
Gain the skills to be the Chief Investment Officer in your life
In the world that I'm writing, investment salespeople (especially real estate agents) talk down to women and stroke mens egos. I want you to have the skills that you need to the chief investment officer in your life. If you get married, I want your husband to look at you in the middle of sales pitch and say, "What do you think?"
Invest for the long term, and prepare your heart and your character for becoming too rich one day.
Your response to failure matters
Shirley, the formula for wealth is simple.
Wealth= (Income- Expenses)*(Rate of Return)^(Time)
However, life is not simple. It's full of unplanned twists and turns. You will fail. Failure indicates nothing. It is your response to failure that matters the most.
I love you Shirley!