10 Life Lessons For Kids That Rich Parents Teach Them And The Poor Don’t
Today we’re talking about 10 life lessons rich parents teach their kids and the poor don’t. Basically, this is not to categorize anyone. This post is to showcase the two different kinds of mentality that we all have faced at some point in life. These life lessons for kids will help them to understand life in a better way and help them to make good decisions.
Today we’re taking a look at the differences in parenting. Employed by the rich in order to make sure their kids get a better shot at success in the long term by knowing these life lessons for kids.
This post will benefit you no matter where you find yourself in life. Because you can still draw tremendous value. You can pass on these life lessons for kids to anyone as there is a lot to learn from this as well.
So here are the 10 life lessons for kids rich parents teach their children and the poor don’t.
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10 Life Lessons For Kids And Teens To Understand The Life Reality
Let’s start with the amazing and very interesting life lessons for kids and teens. Understand them and try to adhere to them to lead a better and successful life.
#1. Understanding How Money Works:
While the poor remain financially illiterate. This might sound basic to some of you but there aren’t many people who ask themselves how do people make money. Why am I being paid this much money by my employer? What factors determine my salary or revenue? How do taxes work? Can that be optimized? What needs to happen to improve my finances? Rich parents usually make it a priority to discuss the value and importance of money in their household as soon as possible.
This familiarizes kids from a young age with the concept of value in exchange for services provided. They’re introduced to the household expenses and put in real-life situations.
On the other side, the poor never talk about money at home. It’s always a secret how much money their parents earn. Or how the money is spent in the household. Children get to know about this issue only when their parents start arguing. And thus the whole thing leads to a negative impact. That doesn’t give a proper understanding of the real-life situations. Another most important life lessons for kids.
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#2. The difference between an asset and a liability:
The poor never know what’s a good purchase and what’s a bad purchase. That’s how you stay poor.
The poor people never realize what is liability. For example, both the car you drive to the grocery store and the house you live in are liabilities they do not generate any revenue for you. But demand money to keep running. Same goes with your new iPhone, fancy clothes, your flat-screen TV, and everything else you purchase without thinking. While the rich focus all of their time and money on acquiring more assets. Buying an apartment that generates rent. Writing a book that generates revenue. Once it’s completed, purchasing a part of a business that’s doing ok and more.
But hey… Most to rich people have fancy cars and fancy houses isn’t that against what you’re saying yes they do own luxuries but please pay very close attention because this is extremely important
“The Assets Pay For The Luxuries”
Rich people buy luxuries logically. I want a fancy new car then figure out how to buy two apartments and use the rent from them to pay for leasing the car. That way when you get rid of the car you still have money coming. This is a crucial difference in behaviour when money starts coming in. Focus on buying assets instead of spending it.
#3. They Are Not Entitled To Anything:
The rich people know that the world can take away everything. If they don’t perform well. While on the other hand, the poor always look for someone else to take care of them. Having the status of a wealthy family definitely has its advantages. You have access to better tools, better resources and you don’t have to worry about basic needs. But you also open yourself up to new threats that poor people don’t have to worry about. There’s a lot more to lose if you’re not careful. So the pressure is always on.
It’s really important for the wealthy to teach their children that despite them getting ahead. Start in life the journey ahead is just as long and they need to remain focused on growth. Not just maintaining the pace. Whether or not they’ll be successful in life depends on their own actions. And daddy’s money can go so far family’s fortunes. Where children feel entitled. They usually crumble in the third generation.
First, there’s someone who’s eager and works incredibly hard to build an empire. Second, their children grow as a sense. That all they need to do is maintain the wealth. Lastly, the third generation has lost its hunger feels entitled to success without work or sacrifice and usually spends it all stupidly. Amazing Life Lessons for kids. Amazing life lessons for kids.
#4. How To Be Sociable And Connect With Other People:– Life Lessons For Kids
You would think that more people Should realize this factor. How important it is to be able to have a pleasant conversation with other successful people. Socialize their kids before the age of four. Not even kidding. Here’s why. If your child gets socialized that early other kids will want to play with them. If they behave well with other kids, other parents will want to take care of them when they play with their own children.
This has a massive snowball effect throughout life. If people like you and like being around you this builds up and opens the door up for you. That otherwise wouldn’t. Teachers will treat you better, you’ll get access to better job opportunities, you’ll make better friends. So there’s an entire tree of benefits that grows from early socialization. Most Important life lessons for kids.
#5. Stop Expecting Immediate Results And Avoid Magical Thinking:– Life Lessons For Kids
We’re so caught up in this instant environment. We want to watch a movie Netflix, you want to eat, drive-through or order in. But most people don’t realize that wealth and happiness don’t fall into this instant category. Poor people expect to get rich quick to win great money. They have abnormal expectations that their lives will magically become better.
The irony is that even if they somehow got their hands on a lot of money they’re not educated enough to know how to use it. And eventually resulting in just blowing it off. All rich parents make a priority to teach their kids to play the long term game. Long term thinking is one of the most differentiating characteristics of the rich.
Something really interesting we discovered is how much progress you can make if you think about life in large batches of time say 5, 10, or 20 years.
#6. How To Create Daily Habits That On The Long Run Give Them Incredible Advantages:
One of the most valuable skills you can teach your child is how to create a habit for themselves. Habits are amazing and once you realize how valuable they can be. Your life changes. It takes exactly 21 days to make a new habit. And once you push through that 21-day limit. You’re off to the races. That habit becomes a part of you.
Don’t read enough. Transform reading time into a habit. You want to get fit. But never have the motivation to go to the gym and workout. Just make a habit out of it. And the same goes for work. If you make it a habit to organize your workflow large portions of your day open up for new things. The rich use the power of habit to get ahead in life. While the poor nurture toxic habits. Which lead their lives to ruin the power of habit.
Habit is a tool that magnifies what you feed it. The rich always choose money creating actions as their daily regular habits. While the poor pick negative routines. Be careful what type of habits you instill in your child. These can create the most valuable life lessons for teens.
“Children Learn From What You Do Not From What You Teach Them To Do”
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#7. Money Is A Tool And It’s A Good Thing:– Life Lessons For Kids
How many times have you heard people say money is the root of all evil. Plenty! Huh, all right. Think back to the person you heard saying it. How successful were they? How happy were they in their lives? Poor people blame their misfortunes for the lack of money. Later attribute an element of negativity to the concept of money. This is because even when they get the money it leads to more problems. Which they don’t know how to tackle. The rich do the exact opposite.
They understand that money is merely a tool that you use to navigate your life. It’s just pieces of paper and plastic with drawings on them. Which we exchange for material value. Nothing more nothing less. Stop taking money so damn personal and use it for what it was created. For exchange it to make your life better. It’s very similar to scissors. You can cut hair with them or you can stab yourself in the eye.
#8. Increase Income Instead Of Lowering Expenses:
Another most valuable lessons a parent can teach their child is how to generate more money effectively. This might sound peculiar to some of you but it’s the truth. The difference is in the approach and the knowledge you use to back up that effort. The smarter you are from a financial perspective. The least amount of effort you have to deploy into the real world. That’s why Wall Street brokers earn so much more than miners.
Who between these two do you think deploys the most effort. Poor people are always focused on lowering expenses as much as possible to the point that life almost isn’t worth living. Do you think the rich care about buying a five-dollar coffee from Starbucks or not? Or spending $30 on a movie. Instead the wealthy put all their attention into increasing the amount of money flowing in.
If you radically increase your income there’s always going to be large amounts of cash leftover at the end of the month. Poor people teach their kids to lower expenses while rich people focus on increasing their income.
#9. Knowledge Is More Valuable Than Money In The Long Run:– Life lessons for kids
There’s another quote that we kept hearing a lot when we were getting started. And it took a while to fully comprehend the true implications it had. It goes like this-
invest in yourself it pays the best dividends
sounds easy right. But it has very little to do. As going to school or reading books. The world rewards people who are valuable. Because valuable people can create value for others. And in exchange for that value, they can get whatever they want. The concept of becoming a valuable person is not taught to their children by the poor. Even just a few of the wealthy bring it up when their child is growing.
There are many ways to become valuable from filling a position in the company to creating a product or service. That people use in showcasing their talent to the entire world. The more valuable you are, the richer you’ll become.
The only way to become more valuable is through the increase of knowledge skill level and time. Learn how to be better and then practice being better at it for long enough that you start to see noticeable differences. It takes 10,000 hours to master anything. That’s why the rich have their children try a bunch of activities to get a head start on that number of hours. One of the best life lessons for kids.
#10. Don’t Work For Money Have Money Work For You:– Life lessons For Kids
This is the centerpiece of how to get rich. You can read as many books as you’d like to go to seminars classes, get an MBA whatever you want it’s all based on this.
“Poor people exchange their time for money than spend it the rich use the money they get to create more money”
There are big differences in the approach to finance. These two classes of people employ. Otherwise, there’s no point. While the rich are always looking for ways to add the smallest drop in the bucket of passive income they can find. Because it’s not about the amount. As much as it is about freeing up your time.
You can start a business these days with less than $100. If you know what you’re doing. Or even for free as long as you’re willing to put in the time. As soon as you generate enough revenue. Use that money to pay for someone to do the things you used to do. keep that business running. As you focus on growing and other things. The concept of passive income and understanding how to use the money to generate more money is the foundation of any wealth-building strategy.
Whenever anyone new asks us what’s the first book anyone should read if they want to be rich we always answer with “Rich Dad Poor Dad” by Robert Kiyosaki. It’s an amazing book that can change your actions and beliefs. When we were starting out you’ll find it translated into every language out there. If you haven’t read it we strongly urge you to pick it up as soon as possible. This can lead to learning the most important life lessons for kids.
So dear readers, these were the most important life lessons for kids. These can help you to have a very successful life at earliest. As the approach towards every situation will change and and though your life. If you loved this post, drop a comment in the comment section below.