Broke parents raise broke kids.
Here are some of the lessons that rich parents teach their children, but poor parents do not:
Here are some of the lessons that rich parents teach their children, but poor parents do not:
β’ Assets vs Liabilities
Assets = what you own.
Liabilities = what you owe.
Poor people do not realize that liabilities cost them money and don't generate revenues.
Wealthy people invest in assets that produce more income.
All paths to wealth pass through assets.
Assets = what you own.
Liabilities = what you owe.
Poor people do not realize that liabilities cost them money and don't generate revenues.
Wealthy people invest in assets that produce more income.
All paths to wealth pass through assets.
β’ Theyβre not entitled to anything
Rich parents teach their kids that there is a performance burden or they could lose everything.
They show them the importance of growing wealth.
Their success does not depend on their parent's money but on their hard work and actions.
Rich parents teach their kids that there is a performance burden or they could lose everything.
They show them the importance of growing wealth.
Their success does not depend on their parent's money but on their hard work and actions.
β’ Money is a tool and itβs a good thing
Poor people see money as an evil thing and use it poorly.
The rich view money as a tool to navigate life and build wealth.
They use the money to buy:
- Stocks
- Real estate
Assets generate more income, which buys financial freedom.
Poor people see money as an evil thing and use it poorly.
The rich view money as a tool to navigate life and build wealth.
They use the money to buy:
- Stocks
- Real estate
Assets generate more income, which buys financial freedom.
β’ Networking
Successful people teach their kids how to socialize.
Their kids:
- Make friends
- Become more sociable
- Get more opportunities
As they become adults, they surround themselves with high-income social circles and leverage connections to their advantage.
Successful people teach their kids how to socialize.
Their kids:
- Make friends
- Become more sociable
- Get more opportunities
As they become adults, they surround themselves with high-income social circles and leverage connections to their advantage.
β’ Use good debt; avoid bad debt
The rich know that bad debt makes you poor, while good debt makes you rich.
Poor borrow to
- Spend on cars, phones, trips, and luxuries.
Rich borrow to
- Produce more income
- Increase net worth.
Debt is used as leverage.
The rich know that bad debt makes you poor, while good debt makes you rich.
Poor borrow to
- Spend on cars, phones, trips, and luxuries.
Rich borrow to
- Produce more income
- Increase net worth.
Debt is used as leverage.
β’ Solving a problem is how you can get rich
The tried-and-true way to get rich is by solving a problem & 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 & monetizing it.
People will pay for their problems to be fixed.
The bigger the problem, the more money you can earn.
β’ Money does not make you a better person
Money does not make a person good or bad.
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 a person good or bad.
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 a success rather than 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 a success rather than short-term pleasures.
β’ Increase income instead of lowering expenses
Poor people focus on expenses.
Lowering expenses and not increasing income will not build wealth.
You see a big difference when you increase 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 income and invest in assets.
This is where compounding takes over.
β’ Have money work for you
Poor people exchange time for money and spend it.
Wealthy people exchange money for time by investing in assets.
Money will work hard for you and generate more revenues.
Poor people exchange time for money and spend it.
Wealthy people exchange money for time by investing in assets.
Money will work hard for you and generate more revenues.
β’ Start a side hustle/business to make a passive income.
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It helps you:
β’ Build a business
β’ Earn $100/day
Here's how:
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β’ Follow the step-by-step instructions
Grab your copy here:
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Thank you for reading!
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Thank you for reading!
I hope this thread was able to add 1% value to your life ππ»
If you want to see similar content then:
β Like and retweet the first tweet
β Follow me @Ninja__Wisdom
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