It is the desire of parents to have children that are proud of their heritage. Also, it is their great delight to pass on their legacies to their offspring, as a way of sustaining that which their parents are known for, long after they have gone.
These expectations cut across social backgrounds, mindsets, and financial statuses. In other words, both the rich and poor believe in continuity through their children, and there is no ideal method to instill the process than through teaching, regular instruction, or demonstration.
What one knows and is practicing, one can easily pass on to his children. In this blog post, we’ll be sharing with you, 10 Things The Rich Teach their Children that the Poor Don‘t.
- The Rich make their children know about money and the best way it can be gotten
While the poor unconsciously teach their children to be ignorant of money and how it works by keeping it a secret from them, the rich do all they can to expose their kids to the basics of money making by starting early enough to teach about it, down to explaining the importance of money and its worth.
The rich do not take pains to impact their children about money just for them to be money-conscious to the point of wanting to get rich by doing illegitimate businesses; their aim is to open the eyes of their children to the value of using their skills, talents, and knowledge to solve people’s problems and, by so doing, would earn money by working hard on providing sustainable solutions.
The rich let their children know that the best way to stay rich is to find an area of interest, offer value, and get paid in exchange for the services they provide. The poor only talk about money when they are already in debt and need to let their children know that it’s time for them to start managing everything.
- The Rich teach their children the importance of having successful people as friends and allies
It is said that birds of a feather flock together. No one else hammers on the need for a close association with one’s kind, like the rich.
It is wired in them that it takes the rubbing together of like minds to be closer to one’s goals and aspirations.
They did it and achieved success. In turn, their children are taught to get close to people that are like them, or even better than them, in order to increase their levels of reasoning.
The rich kids are encouraged to attend functions where successful people are in attendance; to read books written by the successfully wealthy; to join the networks and social groups they belong to, and also to be able to experiment with the knowledge they have been able to gain from successful people.
The poor don’t want to be associated with the rich unless there are gifts to be received. Therefore, they pass on a negative idea to their children that successful people are to be avoided since their source of wealth is mysterious.
- The Rich teach their children to buy assets
An asset is a money-yielding property. A liability is a money-consuming property. The difference between an asset and a liability is clear to the rich, but unknown to the poor.
The poor are fixated on the idea of getting money to spend on things they want, whereas the rich operate under the concept of getting money to fund what will still give them money in return. They hardly give room for spending frivolously, except if they can cater to the frivolities with their assets, which the poor do otherwise.
Bear in mind that having money doesn’t necessarily make one rich. It is the financial knowledge and the power of mindset that distinguish the poor from the rich. So, in teaching their children, the rich tell them what they know works.
The rich make it known that building on assets in order to generate money to get what is needful and to fund luxury items is much more important than winning millions in lottery and spending all extravagantly.
- Rich people teach their children that success is a product of diligence
The rich are not forgetful. They are always in the consciousness that they never had a glamorous outing in their journey to getting wealthy.
In order to reproduce their kind, they repeatedly teach their children that the same rough path awaits them if they must be successful.
A lot of sacrifices will be made, including on-time and certain personal enjoyments in order to be rich. More mental work is encouraged by the rich, especially since it is necessary to think about long-term ventures. The poor fantasize about getting rich overnight and do not hesitate to let their children know that.
- The Rich teach their children the power of meaningful focus
Out there in the world, many challenges abound. It is a battle for survival without owing anyone an apology. The rich make it a point of duty to input the desire for the right focus on valuable interests and goals in their children.
Without paying mindful attention to their path to success, the possibilities of getting carried away are very many, especially through trivial issues.
The poor are not aware of the power of focusing meaningfully and so cannot let their children know that it is easy to start well, but difficult to finish well without focus.
- The rich teach their children good habits that lead to success
Waking up early, having your quiet time, reading more books on successful people than on entertainment news, saving in the piggy bank…Those are a few of the habits rich people model and teach their children, which will help them be successful in life.
Other lifestyles for success border on their relationship with people and with themselves. They teach them self-confidence, respect, willingness to learn, and time management habits. The poor resign themselves to fate by having no definite habit that can make them successful.
- The Rich teach their children to invest
Because they have been successful at investing, the rich know it is much better to make more wealth by investing their money in their areas of interest and passion than by spending it.
This they teach their children. Investing in the area of one’s interest and passion includes going to school to study, learning a skill, buying stocks, building on an already existing skill, etc.
- The Rich teach their children to take money as a means to an end, and not the end itself
Whereas the poor think that all their problems would be solved when money comes, the rich think that money doesn’t solve every problem.
The mindset of the poor toward money quickly puts them in trouble once they stumble onto a large sum. They find themselves tumbling back to square one and in more debt than they were in before the money. Some of them hoard money and end up keeping it some place where it would lose its value with time.
The rich teach their children to put more interest in creating a business of providing solutions to problems, and of helping other people realize their dreams. Money acquired is just an additional achievement, and not the end itself.
- The Rich encourage their children to make more money
Rather than running away from expenses, the rich make more money. They concentrate more on making more money and through multiple streams of income than on being worried that there are expenses to be made.
The poor focus more on cutting down on expenses than on increasing their affinity toward wealth-making.
- The Rich teach their children to make money work for them
To be rich means to be free to do anything with money, as long as it is not against the law. The rich teach their children that it is not all about physical exertion as much as it is about being able to work smart and let money do the work.
It all lies in ideas, communication, and working with the right people. When they are all grounded, much money can flow in passively, even with little effort committed.
In conclusion, what the rich do is very simple; they simply teach their kids what they know that others don’t know. If you were born to poor parents, that’s not a bad thing, but you must understand that most things your parents taught you about money are probably wrong.
We advise you to form the habit of reading good books written by rich and successful people. This way, you’ll become a student of the rich and eventually become rich.