Learning about money does not start in schools. Most children learn about money for the first time at home and by their parents.
But what the parents teaches differentiates the one who will eventually get rich, successful and be able to manage money effectively and from the poor who couldn’t manage money and be successful . All successful parents or those who have achieved financial freedom teach their children about money from a very young age because they know how important money is and how it works in our society.
Here are what the rich teach their children about money that the poor does not.
RICH PARENTS TEACH THEIR KIDS HOW IMPORTANT MONEY IS ÷ The rich does not fail to tell their kids how money can give them a quality life regardless of the fact if they believe or not. Money gives a quality amount of freedom .It is the amount of money you have determines the quality of life you live, the place you live, the food you eat, the school you attend, the places you visit and even gives you the ability to help another.
#2 The rich teach them the difference between assets and liabilities. The most quality concepts of building money is to understand the difference between the two and they advice to use assets more. Firstly, what is the difference between the two. Assets brings money to your bank account why liabilities does the opposite, it takes away money from your bank account. Develop more in assets, invest in cash flow investments . The rich use their assets to buy luxury unlike the poor that takes out from their bank to buy luxurious things. As Robert Rikosaki states ” Looking good but going no where”.
#3 The rich teach their kids how to manage their money÷ They teach their kids about this through carrying them along as they plan and manage the house hold expenses. They familiarize their kids on the reality of having living expenses which helps them as they grow up to become an adult.
#4 They teach them different ways to earn money. Many rich people allow their children to get job, the customer service jobs via this they know the price one pays to get money. You can give your time for money, have money work for you, provides a system that gives you money, assets that generate money. This prevents them to be stuck in a place trying to make money. Poor people only knows one way to make money which is giving their time to make money.
#5 They teach them how to develop productive habits ÷ The rich knows that it is not what you do that makes you wealthy but what you do consistently. The rich Carry their plans consistently . The best way to get such habits is to to be able to do it naturally. They start now to build it up in their children knowing fully well that this is one of the best skills they can have. Modifying the habits which is extremely powerful for the child in longterm success.
#6 No one owes you anything. This fact is very important for the intelligent rich people. The sense of entitlement can affect the child in the future. They teach them to go out and earn their success. Most intelligent rich men believe that their children should have to find it their own way.
#7 Social and influence skills. This words seems as if it does not have anything in connection to finance but in the business world its very important. The ability to create influence with people around you creates sense of leadership. And this helps the child to understand the emotions, motivations, and skills earlier in life. When a child have a good sense of communication skills and socialization, it opens more opportunities, makes them more influential and strong leaders.
#8They teach them about delayed gratification(patience). They educate them on the importance of applying Micro speed and macro patience meaning to apply micro speed in hard work then the macro patience is to wait for the manifestation of the hard work. That their hard work will pay and the hard work will worth it.
#9 The rich understand the fact that there is always more money. The rich knows that there are lot of money out there and there is no limitation, you can earn as much as you desire. There are are more money. Your job is to go and get it. Everyone have money for what they want and need, simply give them what they need and want and have the money. The best way to make money is to help people, meet their needs and wants. The rich understand that you generates money via the amount of value you provide.
#10 The rich understand the fact that they don’t know everything. They come in group to learn and know things. They spend time with people that know what they do not know so that they can improve their own. That is why they seek for mentorship, counselling, coaching.