Every parent should teach their children the following financial lessons if they want them to be successful:
β’ Theyβre not entitled to anything
Rich teach their kids that there is a burden of performance or they will lose everything.
They teach them the importance of growing wealth.
Their success is determined not by their parents' money, but by their own hard work and actions.
Rich teach their kids that there is a burden of performance or they will lose everything.
They teach them the importance of growing wealth.
Their success is determined not by their parents' money, but by their own hard work and actions.
β’ Money is a tool and itβs a good thing
The poor see money as an evil thing and use it poorly.
Rich people view money as a tool to navigate life and build wealth.
Money is used for
β’ Stocks
β’ Real estate
β’ Mutual funds
Assets create income, which buys financial freedom.
The poor see money as an evil thing and use it poorly.
Rich people view money as a tool to navigate life and build wealth.
Money is used for
β’ Stocks
β’ Real estate
β’ Mutual funds
Assets create income, which buys financial freedom.
β’ Assets vs Liabilities
Assets are what you own.
Liabilities are what you owe.
Poor people do not realize that liabilities cost them money and don't generate revenue.
Wealthy people invest in assets that produce more income.
All paths to wealth pass through assets.
Assets are what you own.
Liabilities are what you owe.
Poor people do not realize that liabilities cost them money and don't generate revenue.
Wealthy people invest in assets that produce more income.
All paths to wealth pass through assets.
β’ Networking
Successful people teach their kids how to socialize.
Their kids
β’ Make friends
β’ Become more sociable
β’ Get more opportunities
As they grow older, they surround themselves with a good social circle and use their connections to their advantage.
Successful people teach their kids how to socialize.
Their kids
β’ Make friends
β’ Become more sociable
β’ Get more opportunities
As they grow older, they surround themselves with a good social circle and use their connections to their advantage.
β’ Use good debt, avoid bad debt
Rich people teach their kids how to borrow to increase their income and net worth.
On the other hand, poor people's children are taught how to borrow and spend money on material possessions and a lavish lifestyle.
Rich people teach their kids how to borrow to increase their income and net worth.
On the other hand, poor people's children are taught how to borrow and spend money on material possessions and a lavish lifestyle.
β’ 80% of results come from 20% of the effort
Wealthy parents teach the Pareto principle. 80% of the work is done with 20% of the effort.
They tell their kids to focus on certain activities to make them successful.
The rest needs to be removed or delegated.
Wealthy parents teach the Pareto principle. 80% of the work is done with 20% of the effort.
They tell their kids to focus on certain activities to make them successful.
The rest needs to be removed or delegated.
β’ Solving a problem is how you can get rich
The tried-and-true way to get rich is by solving a problem and monetizing it.
People will pay for their problems to be fixed.
The bigger the problem, the more money you can earn.
The tried-and-true way to get rich is by solving a problem and monetizing it.
People will pay for their problems to be fixed.
The bigger the problem, the more money you can earn.
β’ Knowledge is worth more than any sum of money
The wealthy understand the value of investing in themselves.
The more valuable you are, the more you will be successful.
Money becomes a byproduct of the value that you provide.
The wealthy understand the value of investing in themselves.
The more valuable you are, the more you will be successful.
Money becomes a byproduct of the value that you provide.
β’ Money is not a bad thing
Money does not make anyone a good or bad person.
It just amplifies who you really are.
Money can solve problems, but it could also bring more.
Money is a tool to use for the good of the community and the world.
Money does not make anyone a good or bad person.
It just amplifies who you really are.
Money can solve problems, but it could also bring more.
Money is a tool to use for the good of the community and the world.
β’ Stop expecting immediate results
Wealth is made over time. Instant gratification does not lead to success.
Successful people think long-term with 5-, 10-, and 20-year plans.
They value things that will make them successful over short-term pleasures.
Wealth is made over time. Instant gratification does not lead to success.
Successful people think long-term with 5-, 10-, and 20-year plans.
They value things that will make them successful over short-term pleasures.
β’ Live below your means
Poor people focus on expenses.
Lowering expenses and not increasing income will not build wealth.
You see a big difference when you increase your income and invest in assets.
This is where compounding takes over.
Poor people focus on expenses.
Lowering expenses and not increasing income will not build wealth.
You see a big difference when you increase your income and invest in assets.
This is where compounding takes over.
β’ Crease passive income
Poor people exchange time for money and spend it.
Wealthy people exchange money for time by investing in assets.
The money will work hard for you and generate revenues.
Financial freedom means creating passive income that sustains your lifestyle.
Poor people exchange time for money and spend it.
Wealthy people exchange money for time by investing in assets.
The money will work hard for you and generate revenues.
Financial freedom means creating passive income that sustains your lifestyle.
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I write about
β’ Personal Finance
β’ Investing
β’ Wealth
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I write about
β’ Personal Finance
β’ Investing
β’ Wealth
Follow me @AccentInvesting for more tips.
Subscribe to receive a free guide on the top 5 ETFs to hold for life: bit.ly
Investing in index funds is the simplest way to build wealth.
Start your investing journey today: zlappo.com
Start your investing journey today: zlappo.com
Investing in index funds is the simplest way to build wealth.
Start your investing journey today: accentinvesting.gumroad.com
Start your investing journey today: accentinvesting.gumroad.com
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