Shark Barbara Corcoran With Her Kids
Highlights
- Barbara Corcoran has great advice for financial education related topics owing to her experiences as a Shark and businesswoman.
- In an interview with Jamie Kern Lima, the Shark revealed that she was a dyslexic kid.
- Barbara revealed how her two kids work for simple jobs regardless of their mother’s fortune.
When it comes to teaching their kids about the best of finance, the first instinct of parents is to make a strategized plan that ensures success. This includes sending them to the best schools, finding the best tutors, and even scolding them during failures. Shark investor Barbara Corcoran holds a different opinion, though.
Barbara, who is best known for her successful stint as a Shark Tank judge, shared her views on how kids can build their wealth correctly. In an interview with rising entrepreneur Jamie Kern Lima, the Shark investor said that the most important thing for parents is to let their kids fail.
Making The Best Out of Failures
In order to explain her thoughts, Barbara gave a backdrop of her struggles as a dyslexic child. While talking about it to Jamie, she said that her mother always encouraged her and instilled confidence in her. Barbara’s mother repeatedly praised her for being more hardworking than others and having a great creative imagination.
When a young Barbara Corcoran faced troubles in school owing to her undiagnosed dyslexia, her mother constantly told her to focus on things that she could control. This included her ability to ability to stand strong after a failure and finding solutions to battle the same.
It was due to these recurrent failures that Barbara realized the value of working harder than others.
Developing Grit Through Failures
Going ahead in her chat with Jamie, Barbara Corcoran, who herself is the mother of two kids, commented on the trend of parents getting tutors for their wards. Barbara felt that while she knew parents’ intentions were always good, adopting this approach generally lowered the kids’ confidence.
She added that if parents do so, their children feel they are not capable enough to handle challenges alone. During this discussion, Jamie further asked the Shark investor if failures are in any way beneficial for kids. Agreeing to it, Barbara said that failures play a great role in equipping one with grit and determination.
Finding Confidence Through Independence
Continuing with her thoughts about building grit through failures, Barbara next talked about ‘independence.’ According to the Shark Tank investor, children become confident through an increase in their grit and determination. Based on the same, they do not fear trying things by themselves.
Barbara then revealed that she ‘pushed’ her children to take summer jobs for learning resilience and work ethic. While her son made cold calls for almost eight hours per day, her daughter walked dogs and cleaned dog kennels. Both of them not only earned but also learned to save some amount for the future.
Barbara said that her kids learned to save money after personally experiencing how tough it is to earn even a single dollar.
The Shark again reiterated that kids who fail and bounce back taste success quicker than ones who never navigated different situations. She also added that ‘getting a job early on’ is always better than ‘another day camp.’
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
Speak Your Mind