Financial principles that you should teach your children to follow
02.07.2019 Share +
Wealth is something that requires time, perseverance, and patience. Welfare is a way of thinking, culture, and a set of principles, lessons and (not) written rules.
In one of his books, “ Secrets Self-Made Millionaires Teach Their Kids ”, successful entrepreneur and millionaire Steve Siebold has focused on the topic of financial education of adolescents, synthesizing lessons from over 1,200 interviews with millionaires made over a period of 30 years.
Here are some useful and interesting tips that he has presented and which you can pass on to your children:
1. Success is not free.
Getting rich does not happen overnight.(except if you win the lottery) It requires a lot of hard work, patience and sacrifices.
2. Get rich by solving problems
Successful people are successful because they offered the world something that solves problems.
3. Believe that you will succeed
In order to make a break into the market with any idea, product or service, you have to believe in yourself. Self-confidence is among the strongest motivators to move forward. Also set high goals and meet the expectations you have already created.
4. Surround yourself with successful people
Your environment is a key factor for your development. If the people around you are successful and motivated it will be easier for you to reach your goals and set new ones.
5. Love your job
Passion is always a key factor. People that enjoy and love their job are more devoted to it and receive rewards for their hard work.
Money will not be multiplied if it collects dust hidden in one place. It loves dynamics and investments with a measured risk can lead to great results.
7. Spend wisely
In order to raise capital, you must be able to manage your expenses. Reasonable spending is very important if you want financial prosperity.
8. You deserve the best
When you teach your children from an early age that they deserve the best, you are also teaching them to fight for the best. They grow up with the clear idea that it is always up to them to improve their life and situation.
9. Money and opportunities have no limit
Successful people are not satisfied with the optimal. They always find new fields to explore and opportunities for development, and it allows them to expand their business without setting limits.
10. Wealth gives you freedom
Money can open countless number of doors for you. You can count on the fingers of your hand the things that can’t be bought. That's why successful and wealthy people have much more freedom than others.