Teach your children these lessons that the rich teach their children (part-2)

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Continuing with part 1 of this article. we have already made some points that rich teach their child that the poor don’t in the previous article if you haven’t checked it, checked here first then read this one. This is part 2 of that article…

The only difference between rich & poor is the mindset. Since childhood, if you have been able to plant this mindset in your child, They might be ended up a different position than you do. if your child is below 13, he/she will not get it, however, it’s your job to install this mindset in them as soon as possible. With that said let’s get started

before starting with this we need to share some things.

we are not saying you should teach this lesson immediately, or when they are under 13-14 years.

our purpose of this article is to provide information that you become aware of things. Rest of it is your choice.

1. Stop expecting immediate results and avoid magical thinking, instead play the long game

We’re so caught up in this instant gratification sometimes we forget to think before doing anything; want to watch a movie: Netflix, want to eat: order on zomato, swiggy. Most people don’t realize wealth and happiness do not fall in the same category.

Poor people expect to get rich quick. To win a large sum of money or inherit property. They have this weird expectation that their lives will somehow magically become better. The irony is, even if they somehow got their hands on a lot of money, they’re not educated enough to know what to do with it and eventually blow through it all.

Rich parents make it a priority to teach their kids to play the long game. Long term thinking is one of the differentiating characteristics of the rich.

There was a specific skill called: Trading with the FUTURE, which the rich employ in order to get themselves an advantage over everyone else.

Something really interesting we discovered is how much progress you can make if you think about life in large batches of time 5-10-20 years.

There’s a really great quote from an interview Bill Gates did one where he said:

“Most people overestimate what they can do in one year and underestimate what they can do in ten years.”

The year is almost over and that new year new me bullshit will make its way into your lives. Instead of planning for the next year, why don’t you start planning your next decade? And maybe, this time you will do something about it!

2.Time is the most expensive thing in the world

“Time & flows of river never waits for anyone”

If you lose money you can gain it later by time but, if you lose time you will never be able to gain it back by money. Learning how to use it appropriately & how to make most out of it is the most valuable skill anyone can have.

For example, if you go to the grocery store every day to buy food items & save some money, it would probably cost you at least 30 min every day depending upon how far is your grocery store from your house. instead, if you take a home delivery subscription, they will provide your food item at your doorstep, meanwhile, you can focus on some extra work that will help you to earn more than which you would have saved by going to the grocery store.

The only thing rich can’t buy is time. so they teach their child at a very young ager is how to use it.

3. The sacrifices you make today will pay dividends in the future.

Many of those who are in the last quarter of their lives look back at the poor choices they’ve made, especially the time that they wasted.

It’s always easier to see where you could’ve done better when you look back to the past. Many of them agree that with just a bit more strategic plays they could’ve been in a way better position than they find themselves right now.

They all regret not reading more early on and none of them remembers any of the time wasted watching tv. If they were smarter with their time, they wouldn’t have sacrificed.

Rich people never do this mistake. They value time over everything else, cause they have used their time to get rich themselves, so they know it better than everyone else. They teach their child to look at beyond picture, from at a very young age.

4. Don’t work for money, Have money work for you!

This is the centrepiece of how to get rich. You can read as many books as you’d like, go to seminars, classes, MBAs, whatever you want, it’s all based on this.

Poor people exchange their time for money and then spend it! on the other side 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.

Most people stay poor because they believe you need large amounts of money to invest, otherwise there’s no point. The rich, are always looking for way 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 your time.

You can start a business these days with less than Rs 10,000 or 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 to keep the business running as you focus on growth and other things.

The rich teach their children, The concept of passive income and understanding how to use the money to generate more money at a very early age & it’s is the foundation of any wealth-building strategy. It is the internet age, knowledge is everywhere. There are lots of books in markets, videos on YouTube that can teach you this. you just need to find these.

5. Solving problems is the quickest way to get rich

Something the rich are quick to teach their children is the fundamental difference between getting paid and getting rich.

Let us explain: Poor people get paid to take care of something someone needs done. For example: Deliver the newspaper, food, groceries, wash the car, answer the phone and more single activity jobs. Where you basically do the same thing over and over again.

The rich never do repetitive work, because that’s easily outsourced, instead, they focus on the big problem. The bigger the problem you fix, the richer you get.

That’s how, delivering the newspaper -> became content websites, same result, less hassle.

Answering the phone -> became automated messaging – which btw, google has a new AI that will likely end the job of receptionist for good.

Let’s take some Iconic modern entrepreneurs: Bill Gates, Elon Musk, Mark Zuckerberg and Jeff Bezos. They all got super rich by solving problems for humanity and creating products and services to serve that mission.

People will pay money for you to solve their problem. Teach your children that and they’re off to the races. We are not sure how many of you know Ritesh Agarwal, founder of OYO in India. he became a billionaire in between 2 years just solving a problem.

6. Not to waste time on things that do not have value in the real world

This one is a bit controversial, cause lots of people are making money in lots of unconventional ways nowadays. but, Sorry to break it to you, but nobody sees value in your ethnic or gender studies nowadays. Same goes for majors and degrees in journalism, film and media, history or fine arts. while you can learn film editing or video editing in a simple YouTube tutorial for free.

To be honest, we feel like the entire educational system right now is pretty messed up. They’re just repeating to you some things that used to make sense a while back, with a blatant disregard for the future.

You’re basically getting in massive debt over skills that

• Do not have a direct correlation to the marketplace in which you will be performing once you graduate and
• If you’re really passionate about any of those topics and put in the time to master them, you have a better shot at making it on your own.

having said that, if you can go to the top 10% in your industry irrespective of which industry you are in. you can make a hell lot of money.

The rich never goes for this kind of education which has no or little value in marketplace. they don’t not follow the trends instead they understand it & then play it on their own.

7.the Pareto principle, 80% of the results come from 20% of the effort

Rich parents do not want their kids to be top of the class. Shocker! right?! It has to do with the 80-20 rule also known as the Pareto Principle or the Pareto Distribution, which states that 80% of the outcomes is the result of just 20% of the action. In businesses, 80% of the revenue comes from only 20% of the customers. 20% of your employees, basically do 80% of the work and so on. this applies in every aspect of your life.

This is a mathematical ratio that’s been proven to be quite accurate in almost all enterprises and in life in general.

Back to why rich parents don’t want their kids to be the first ones in class? It takes too much time and effort. To improve with the smallest deviation you would need to dramatically increase the time you put in which doesn’t leave enough for your real-life education. There’s more value to take out from experimenting in the real world than being inside and studying all night just to get 5 or 10% more on your exam.

We first discovered the 80-20 rule in Tim Ferris’s book The 4 Hour Work Week and to be honest, we’ve been leveraging that concept ever since. There’s also another book called the 80/20 principle that’s focused exclusively on this concept by Richard Koch.for better knowledge read one of those books by yourself & teach it to your children.

8. Knowledge is more valuable than money in the long run!

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? don’t confuse this with going to school or reading books & passing exams with good marks.

It has a lot more to do with increasing how valuable you are to the world. 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 thought to their children by the poor, even just a few of the wealthy bring it up when the child is growing up, but those who do see a higher probability of both success and happiness.

There are many ways to become valuable, from filling a position in a company, to creating a product or service that people use, to showcasing your talent to the entire world.

The more valuable you are, the richer you will be. 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 in order to get a head start on that number of hours.

Someone who has knowledge will always be able to generate money because he is valuable to the marketplace! & the fun facts is now knowledge is as easy as now & cheap like never before.you can easily get anything on your fingertips.

why I should gain knowledge? what is the market value of that ok follow the next point

9. Now educated people take advantage of uneducated people the same way the strong used to persecute the weak 

This is why you should gain knowledge & be educated. Throughout times & all species, we have seen hierarchy mores. The strongest lion mates with all the females, the most lips rule the pack & in the case of human strong armies took from the weak.

Time passed & the shord & shields replaced by the pen & paper. & today your ability to navigate the technology for your own benefit. Poor people are not poor because they don’t have the potential to escape poverty, they simply don’t have the education & the tools to do so. They lac the understanding  & system needed to pull a community together towards a common goal.

If you look at the most powerful people in the world. Bill gates, warren buffet, Elon mask, Richard Branson, Mark Zuckerberg, Oprah Winfrey they are not Olympic athletes. Educated create opportunity for others & life reward those who create opportunity.

10.How to sell.

Selling has a bad rep. Because most people think of it as manipulation instead of rationalized persuasion.

Everything you do in life is a form of selling. From the minute you’re born when you’re crying in order to get milk to the moment you die.

Life is about interacting with others and selling is just convincing someone of the merits of an exchange.

If you learn how to do that you have a shot at winning at life, because you’re going to have to sell a lot of people on a lot of things in your journey.

You’ll have to convince your partner to be with you, you’ll have to convince your friends to trust you and if you want to be rich, you’ll have to prove that whatever it is you are offering is worth exchanging for money.

This is the basic folks. If you’re unable to understand the fundamentals of transactions, you’re going to have a hell of a hard time trying to get rich.

The following line will forever change the way you look at money:

People will trade their money for things that they find more valuable than the money they just spent!

Take a minute to read that again and run it through your brain.

If needed, write it down and think about it.

This reasoning applies to TIME as well.

People will trade their time for money, if the money they receive is perceived as more valuable than their own time.

If you know this to your core, it will make you a great salesman, you will be able to rationalise their decision process and make the sale easier. Help me with this, because I will help you with that.

Rich are great at selling,& they teach their child to do the same thing.

Here are some FAQs.

Now we have covered 20 points, including 2 parts in this article, the question here for today is which of this skill you have in you or which you don’t let us know in the comments. & if you like this article like it & don’t forget to share it with your friends . we will make part 3 of this topic. So until next time, bye & take care!