7 Lessons Rich parents teach their kids (that Poor don't):
1. Money is only a tool
Rich parents discuss money with their kids.
• How to earn it?
• How to increase income?
• How to manage personal finances?
They explain why money is only a "medium of exchange"
You get paid for the "Value you deliver".
Rich parents discuss money with their kids.
• How to earn it?
• How to increase income?
• How to manage personal finances?
They explain why money is only a "medium of exchange"
You get paid for the "Value you deliver".
2. Assets vs liabilities
The poor don’t buy well.
90% of what they buy is liabilities.
Liabilities don’t make you money (directly or indirectly).
• New TVs
• New cars
• New phones
They cost money to maintain but don't generate money.
Rich focus on buying Assets.
Why?
The poor don’t buy well.
90% of what they buy is liabilities.
Liabilities don’t make you money (directly or indirectly).
• New TVs
• New cars
• New phones
They cost money to maintain but don't generate money.
Rich focus on buying Assets.
Why?
Assets make you money:
• Apartment for rental income
• Book that generates royalties
• Business that delivers cash flow
Yes, rich people have their luxuries
But their assets pay for it.
Let me explain…
Rich buy Cars:
But to save time while traveling not to flex.
• Apartment for rental income
• Book that generates royalties
• Business that delivers cash flow
Yes, rich people have their luxuries
But their assets pay for it.
Let me explain…
Rich buy Cars:
But to save time while traveling not to flex.
3. Socializing
The rich socialize with their kids at an early age (4-5 yrs).
They know Social skills are key to:
• Making better friends
• Earning the respect
• Networking
If your kid says something embarrassing
Let him…he’s only 5
AND
It's "funny" for them.
The rich socialize with their kids at an early age (4-5 yrs).
They know Social skills are key to:
• Making better friends
• Earning the respect
• Networking
If your kid says something embarrassing
Let him…he’s only 5
AND
It's "funny" for them.
4. Delayed gratification
The instant result environment is killing our patience:
• Want to watch a movie? Netflix
• Want to eat? UberEats
• Want sex? Tinder
BUT
• Wealth
• Security
• Fulfillment
aren't short-term processes.
Rich focus on the long game
You should too.
The instant result environment is killing our patience:
• Want to watch a movie? Netflix
• Want to eat? UberEats
• Want sex? Tinder
BUT
• Wealth
• Security
• Fulfillment
aren't short-term processes.
Rich focus on the long game
You should too.
How?
You should envision life in the Long term:
• 5-year vision
• 10-year vision
• 25-year vision
Stop chasing the shiny short-term objects.
Focus on playing long-term games with long-term people.
You should envision life in the Long term:
• 5-year vision
• 10-year vision
• 25-year vision
Stop chasing the shiny short-term objects.
Focus on playing long-term games with long-term people.
5. Hard work has no substitute
There’s a saying:
“Hard work beats talent”
This is true.
Struggle and hard work teach you the truth behind Success.
It keeps you Humble.
Because then you know what it takes to get what you have right now.
It isn’t an EASY task.
There’s a saying:
“Hard work beats talent”
This is true.
Struggle and hard work teach you the truth behind Success.
It keeps you Humble.
Because then you know what it takes to get what you have right now.
It isn’t an EASY task.
6. Building successful habits
Let me explain…
Habits create daily Routines.
Daily routine creates Results.
• Reading
• Journaling
• Deep work
• Working out
They teach their kids how to build better habits.
Success is the result of the choices you make every day.
Let me explain…
Habits create daily Routines.
Daily routine creates Results.
• Reading
• Journaling
• Deep work
• Working out
They teach their kids how to build better habits.
Success is the result of the choices you make every day.
7. Increasing income vs lowering expenses
This is one of the most important aspects of earning.
Saving $5 on your coffee won’t make you rich.
You must understand that “Offence is the best defense”
So...
Focus on offense = making more money
Instead of defense = saving money
This is one of the most important aspects of earning.
Saving $5 on your coffee won’t make you rich.
You must understand that “Offence is the best defense”
So...
Focus on offense = making more money
Instead of defense = saving money
Are you tired of running out of money and living paycheck to paycheck?
Want to possibly double your income so you can have more options, flexibility, and freedom in life?
DM me "INFO" and I'll send you more details.
Want to possibly double your income so you can have more options, flexibility, and freedom in life?
DM me "INFO" and I'll send you more details.
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