10 secrets about money parents should teach their children

The impact of successful parenting

For all the benefits offered by modern school systems, most people are of the mind that schools are missing some crucial aspects. And, to an extent, I have to agree with them. Schools don’t teach us anything about essential things like:

  • How to make money
  • How to succeed in life
  • How to treat each other
  • And so on

Here’s a list of 10 things that you should teach your children to help them succeed in life:

Teach your children patience

Learning how to do something takes time. Becoming a master takes both time and dedication. Sadly, for many people, mastery is not even on the table, be it due to the lack of passion, patience or just plain desire to learn. If you want your children to get anywhere in life, do your best to teach them patience.

Teach your children how to be productive

Consistency is crucial for success, and if you want your child to one day have a successful career or business of their own, you should try to teach them productivity. As we all know, business and success aren’t a one-and-done type of deal. For most of us, myself included, success only comes after long years of consistent work and dedication. Without self-discipline and productive habits, getting far in life is almost impossible for all but the luckiest of people.

Teach your children the importance of money

Whether or not you believe that money is both a requirement and guarantee for happiness, you should do your best to teach your children the importance of having money. At the end of the day, regardless of your views, money is a means to an end. A person with money will be able to do a lot more things that someone without a penny to their name. And that’s not an easy concept to convey to a child.

Teach your children to manage money

Doing what I did with Dayana, and letting your children see the nitty-gritty details of managing your household income will help them build a solid foundation. While children are young, they won’t have the concept of needing money to live. For many, things just sort of appear out of nowhere when they need them. However, we all know that’s not true. A lot of people subscribe to the notion that you shouldn’t burden your child with concepts like budgeting or income planning.

Teach your children how to earn money

Show your kids that there are many different ways of making money. Have you ever wondered why so many of the wealthy and successful people encourage their kids to look into different types of jobs? They do it because it shows them how the various ways of earning money work and highlights the differences.

Teach your children the difference between assets and liabilities

You can roughly split things into two categories — things that make you money and things that cost you money. Naturally, if you want to have an easier life in general, you’d want to focus on obtaining assets and minimising liabilities. Learn the importance of investing and teach your children how and why they should invest (link to that blog in the resource section).

Teach your children that nobody owes them anything

Children growing up in wealthy families can often develop the notion that stuff comes to them from thin air. That just because they exist, they’re entitled to owning things and having their needs met. Of course, they couldn’t be farther from the truth. As most self-made business owners can tell you, success is earned, not granted.

Teach your children social skills

Networking is vital for business success — that much is obvious to just about everyone. More importantly, however, are the social skills crucial for a happy and productive life. And, as with most of my other business-related article, this tip goes beyond the “building wealth” aspect. The more reliant we become on technology, on social media and other methods of digital communication, the more our social skills suffer.

Teach your children to always aim higher

You can always do better. No matter who you are, where you come from, or what you are doing, there is always room from improvement. And yes, with time progress slows down as you become better and better at your craft. In many areas, be it business, physical fitness, mastery of a language or skill at your job, progress begins in small steps.

Teach your children that helping others is the best way of making money

Not only does helping others feel like the right thing to do, but it also is, in essence, at the cornerstone of successfully selling a product or service. Think about it — the most successful and famous companies around the world have only got to where they are today because they’ve solved problems.

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