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The last rule is what everyone needs

Imagine this, you are going to buy essentials in the supermarket when your child begs you to buy a toy. The child might say, “All my best friends have it,” or “I never bought you a toy.”

So what would you say? Would you give up, agree to buy the toy for your child, or say you can’t afford it? Congratulations. So you are teaching your child to form a poverty mindset. I know you don’t mean it, but you are implicitly teaching them that money is out of their reach, it’s better if you have any money to stir it up because the cash flow in your family is always unstable.

The author of this article has also had such wrong behaviors. So are you curious how rich people teach their children to spend money?

1. Don’t shy away from talking about money

Rich people pay close attention to money. They talk about money, and are not ashamed of it. It is a natural and welcome aspect of their lives. They tell their children about the price of items, comparing it with other items. They let their children know what they are saving money for and how eager they are to buy it.

In addition, wealthy parents often talk to their children about making money and investing. These are not taboo topics in their family.

2. They teach their children how to manage money

Rich people are not afraid to talk about money and always know how to teach their children to manage money. They will give you pocket money. This is the money the kids have full access to. When I was little, my dad gave me pocket money, and I still remember counting the coins in the tin and looking forward to buying a tiny new item for my dollhouse.

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As I got older, I was eagerly looking forward to buying the best pair of roller skates I could possibly get. I really appreciate the toys I bought because it took me so long to get it and had to overcome temptations to finally be able to buy it.

So, when your child is old enough to count to 10, give your child some pocket money. Let them play with it, give them a chance to lose a coin and be upset about it (my son just dropped a coin in the elephant dung dump in the zoo. Now he keeps the money very carefully in the zoo. wallet). Give them an occasional indulgence, then regret it so they have a chance to save money for the things they really want.

In addition, parents should also give their children the opportunity to buy something meaningful and give it to others, enjoying the joy of generosity.

Just like that, the process of you letting them decide to some extent will give them experience and know how to manage money.

3. Teach your kids that money is limitless, go earn it

You need to stop saying things like, “We don’t have enough money to buy that,” or “You’re bankrupting me.” Admit it, most of us just say that to scare the kids, not really. So first of all, you’re a liar.

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Instead, teach your children more correctly, that money is not a finite thing. There is a lot of money in this world, we just need to think about how to make it.

If you think money is limited, you’ll never really feel comfortable earning a lot, because it’s as if you’re taking someone’s share.

But the truth is not so, when the cash flow is moving fast, there will be more money. It’s not like a cake you can only eat once. Money is limitless.

Teach your children that there is plenty of money and enough for all of us. It is important that we find a way to make money.

4. Teach your kids how to make money

Give your child the chance to experiment and get creative with making money. Let them sell their old toys at the flea market, or collect bottles to sell for junk… Show them the joys as well as the hard work of making money. These will be useful and valuable lessons, making them unable to spend money indiscriminately.

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Don’t be afraid to let your child try making money to know it’s not easy. (Illustration)

And if you teach your children how to earn money like that, in the future, if they need money, their brains will automatically think of solutions to get money instead of looking to parents to beg or borrow. .

5. Teach your kids about assets and liabilities

Rich people will teach their children that some assets make money (for example, an unused and rentable apartment), but some assets only take money from us (for example, having a pet is not enough). term). Introduce your children to these concepts from an early age, thereby helping them understand the types of costs you have to pay to maintain your properties and they will act more responsibly. .

6. Teach Your Child Patience and Postponing Needs

You’ve probably heard of the famous sponge candy experiment, in which each child was asked to sit in a room with a sponge in front of them. If they wait for an adult to return, they will be given another one.

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Studies show that children who control their urge to eat candy immediately and wait for adults to come back to get more candy have more successful careers in adulthood than children who are impatient and eat them. always the only sponge candy.

The conclusion of this experiment is that putting off your needs and controlling your desires are important skills children need to learn.

How do you do that? Let them manage their money. They will learn to give up what they don’t really want to get what they really want.

7. Teach your child to be consistent

Success is the result of acting consistently.

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I remember my English teacher used to say that if I learn 1 new word every day, my vocabulary will increase to 365 words in 1 year. If you learn 2 new words every day, 1 year this number will be 730 words. Learning 1 or 2 new words a day may sound like a small thing, but the year-round results seem impressive. That’s why I decided to learn 5 new words every day. At that time, I was in Denmark and wanted to move to Canada, where my sister lived, and knowing English would be of great benefit to me.

Going back to your parenting story, what is your child interested in? If your son learns about 1 dinosaur every day, how many will he know after 1 year? Surely the number will not be small at all.

8. Teach your child to take care of himself

Perhaps you have heard the story of a Chinese guy who finished college but still needs his mother to take care of every meal, sleep, and laundry. Later, when he became a doctoral student, he was also unable to change this lifestyle, and because the school did not allow his mother to live with him to take care of him, in the end, this young man was forced to quit. learn.

What does that mean?

If we overprotect our child, then no matter how much knowledge he can gain from humanity, if he lacks self-care skills, self-survival skills, it’s meaningless. use.

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Do you think rich people will pamper their children? No, they will make sure their kids know no one owes them anything and that no one will come to their aid. They will have to walk up on their own. In an interview with CBS news agency, former US First Lady Michelle Obama once shared that her daughters had to make their own beds and bedrooms instead of being assisted by a maid.

“That’s the first thing I tell the White House staff. I tell them not to make my daughters’ beds, because they need to learn those basics,” she stressed.

9. Teach them how to solve problems

All self-made billionaires are great problem solvers. If you want to be rich, you either have to solve one big problem, or you solve a lot of people’s problems.

Therefore, teach your children to think about problems that need to be solved, and rest assured that they will be able to become entrepreneurs or leaders and will not fall into poverty.

10. Teach your kids basic social rules

One of the most favorite books of billionaire Warren Buffett is the book How to Win Friends and Influence People by Dale Carnegie, known in Vietnam as Dac Nhan Tam.

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Buffett said that this book taught him how to behave, to be an excellent diplomat and perhaps Dale Carnegie’s strategies also helped him become one of the richest people in the world.

But of course, that’s not the biggest reason we teach our kids basic social rules.

Social norms are fundamental to a happy life. Teach your child the principles of the book, and they will help your child do better both at work and in relationships.

As Warren Buffett once said, “If the people you want them to love really love you, then you’ve succeeded.”

Something about the author of the article


Beile Grünbaum

She is a former financial reporter with experience working in Reuters as well as national newspapers in Copenhagen, Denmark, where she lives.

After having to quit her job to give birth, she became a full-time investor. She says her mission is to help her readers achieve financial freedom.

According to Money & Freedom, New York Times & CNBC


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