15 Lessons Rich Parents Teach Their Kids

Summary

This video script from 'alux' highlights 15 financial lessons that wealthy parents teach their children, focusing on mindset over resources. It emphasizes understanding money's value, distinguishing between assets and liabilities, and the importance of not feeling entitled. The script also covers the significance of social skills, increasing income over cutting expenses, and viewing money as a tool. It advises long-term thinking, valuing knowledge over money, leveraging money to work for you, and solving problems as pathways to wealth. Additionally, it touches on the efficient use of debt, the 80/20 rule, and the understanding that money doesn't equate to moral superiority. The script concludes with the importance of raising expectations for financial success.

Takeaways

• 💡 Understanding how money works is fundamental; rich parents teach their kids about money's value and financial literacy early on.
• 🏦 The distinction between assets and liabilities is crucial; assets generate income, while liabilities cost money.
• 🙅‍♂️ Entitlement is not a trait of the wealthy; they teach their children that success is not guaranteed and must be earned.
• 🤝 Being sociable and connecting with others is a skill that can open doors and opportunities throughout life.
• 💼 Focusing on increasing income rather than just reducing expenses is a key strategy for wealth accumulation.
• 🔄 Daily habits can significantly impact success; the rich instill habits that lead to wealth creation.
• 💰 Money is viewed as a tool for the rich, not a source of happiness or a problem.
• 🚀 Long-term thinking and patience are essential; wealth and success take time and consistent effort.
• 📚 Knowledge and skill development are prioritized over immediate monetary gains for long-term wealth creation.
• 💼 The wealthy understand that money should work for them, not the other way around, through investments and smart financial decisions.

Q & A

What is the first financial lesson that rich parents teach their children?

The first financial lesson is understanding how money works, including the value of money, how people make money, factors determining salary or revenue, and the workings of taxes.

How do rich parents approach teaching their children about assets and liabilities?

Rich parents teach their children to differentiate between assets and liabilities, emphasizing that assets generate income while liabilities cost money. They focus on acquiring more assets rather than spending on liabilities.

What is the significance of not feeling entitled to anything in the context of the script?

The significance is to instill a sense of responsibility and self-reliance in children, understanding that success and wealth are not guaranteed and must be earned through performance and effort.

Why do successful people socialize their kids before the age of four according to the script?

Early socialization helps children develop good relationships with others, which can lead to better opportunities in life, such as improved treatment by teachers, better job opportunities, and stronger social networks.

How does focusing on increasing income rather than lowering expenses contribute to wealth building?

Focusing on increasing income allows for a larger cash flow, which can be invested to generate more wealth. Lowering expenses may lead to a more constrained lifestyle and less opportunity for wealth accumulation.

What is the importance of creating daily habits as emphasized in the script?

Daily habits can significantly influence one's life. The rich teach their children to create habits that lead to wealth creation, while poor habits can lead to financial ruin.

Why do rich people view money as a tool rather than an end in itself?

Viewing money as a tool allows rich people to use it effectively to exchange for material value and improve their lives, rather than attributing negative connotations to it or expecting it to solve all problems.

What is the role of long-term thinking in the financial success of rich individuals as mentioned in the script?

Long-term thinking enables rich individuals to plan and work towards achieving their financial goals over extended periods, leading to significant progress and wealth accumulation.

How does the script suggest that knowledge is more valuable than money in the long run?

The script suggests that knowledge increases one's value to the world, enabling the creation of value for others and, in turn, attracting wealth. Knowledge is a renewable resource that can be leveraged to generate income.

What is the main difference between how poor and rich people approach money as described in the script?

Poor people exchange time for money and spend it, while rich people use money to create more money, focusing on investments and wealth-generating activities.

How does the script define good debt and bad debt, and why is this distinction important?

Good debt is borrowed for investments that generate more money, while bad debt is spent on liabilities. This distinction is important because it determines whether debt leads to wealth creation or financial strain.

What is the Pareto Principle as it relates to the script's discussion on education and effort?

The Pareto Principle, or 80/20 rule, suggests that 80% of outcomes result from 20% of actions. The script implies that rich parents understand that striving for top academic performance may not be as valuable as gaining real-world experience and skills.

How does the script suggest that having money affects one's character and values?

The script suggests that having money does not inherently make one a better person but can solve certain problems. It emphasizes the importance of humility and respect, values that rich parents teach their children to maintain.

Outlines

00:00

💡 Wealth-Building Mindset

The paragraph emphasizes the importance of the mindset instilled by wealthy parents in their children, which is key to their success. It outlines 15 lessons that rich families teach their kids, focusing on understanding money, the difference between assets and liabilities, and the importance of not feeling entitled to wealth. These lessons are designed to inspire and guide future generations towards financial success.

05:02

🤝 Early Socialization and Income Generation

This section discusses the significance of early socialization and its impact on an individual's life, suggesting that being sociable can lead to better opportunities. It also highlights the importance of focusing on increasing income rather than just reducing expenses, as taught by wealthy parents. The paragraph encourages the development of daily habits that provide long-term advantages and the use of money as a tool for wealth creation.

10:02

💼 Long-Term Thinking and Knowledge Valuation

The paragraph underscores the value of long-term thinking and planning, contrasting the instant gratification mindset with the patience required for wealth accumulation. It stresses that knowledge is more valuable than money in the long run and encourages investing in oneself to increase personal value and marketability. The concept of money working for you, rather than you working for money, is introduced as a central principle of wealth-building.

15:03

💼 Problem-Solving and Real-World Education

This section focuses on problem-solving as a pathway to wealth, suggesting that addressing significant issues can lead to greater financial rewards. It critiques traditional education for its lack of real-world applicability and advocates for practical, skill-based learning. The concept of using good debt to generate wealth, as opposed to bad debt that leads to financial strain, is also introduced.

20:05

💰 The Pareto Principle and Humility

The final paragraph discusses the 80/20 rule, suggesting that a minority of efforts can lead to the majority of results, and encourages focusing on high-impact activities. It also addresses the misconception that wealth equates to superiority, emphasizing the importance of humility and respect as core values taught by wealthy parents. The paragraph concludes by inviting viewers to share life lessons from their parents and ends with a bonus fact about raising expectations for success.

Keywords

💡Mindset

Mindset refers to the established set of attitudes held by an individual or group that can influence their behavior and outlook on life. In the video, the importance of the mindset that rich parents instill in their children is emphasized as a key factor in their success. The script mentions that this mindset is derived from 'decades of wisdom from people who achieved massive success,' suggesting that a growth mindset and the right attitudes towards wealth and success are passed down and learned from successful predecessors.

💡Assets and Liabilities

Assets are items or properties that generate income or appreciate in value, while liabilities are obligations or debts that lead to outgoing cash flows or devalue over time. The script explains the financial literacy lesson where rich parents teach their children to differentiate between an asset and a liability, using examples such as a car or a house being liabilities because they do not generate income but rather incur costs. This concept is crucial as it shapes their approach to wealth building, focusing on acquiring assets that generate income.

💡Entitlement

Entitlement in this context refers to a sense of deserving privileges or special treatment. The video script contrasts the attitudes of the rich and the poor, stating that 'the rich know the world can take everything away if they're not performing,' implying that they do not feel entitled to their wealth but rather must continually earn it. This mindset fosters a work ethic and a sense of responsibility that is crucial for maintaining and growing wealth.

💡Sociability

Sociability is the ability to mix with and form relationships with others in a friendly and enjoyable way. The script highlights that 'successful people socialize their kids before the age of four,' emphasizing the importance of early socialization in building networks and opening opportunities throughout life. Being sociable can lead to better treatment from teachers, better job opportunities, and stronger friendships, which are all beneficial for personal and professional growth.

💡Income Generation

Income generation is the process of creating wealth through various means, such as investments, business, or other financial activities. The video script stresses that 'one of the most valuable lessons a parent can teach their child is how to generate more money,' suggesting that the focus should be on increasing income rather than merely reducing expenses. This concept is central to the video's message about financial empowerment and the pursuit of wealth.

💡Daily Habits

Daily habits refer to the regular practices or activities that are done daily and can significantly impact one's life over time. The video script mentions that 'the most valuable skill you could teach your child is how to create a habit for themselves,' highlighting the power of habits in shaping one's financial success. The rich are portrayed as using habits to their advantage, creating positive routines that lead to wealth creation, whereas poor habits can lead to financial ruin.

💡Money as a Tool

This concept views money as a functional instrument to be used for achieving goals rather than as an end in itself. The script encourages viewers to 'stop taking money so personal and use it for what it was created for: exchange,' positioning money as a means to improve life rather than as a source of stress or a measure of worth. This perspective helps in making more rational financial decisions.

💡Long-term Thinking

Long-term thinking involves planning and considering the consequences of actions over an extended period. The video script discusses how 'long-term thinking is one of the differentiating characteristics of the rich,' and it provides an example of Bill Gates' quote about overestimating what can be done in one year versus what can be achieved in ten years. This concept is tied to the idea of patience and strategic planning for financial success.

💡Value Creation

Value creation is the process of generating benefits or utility for others, which can lead to personal or business success. The script states that 'the world rewards people who are valuable because valuable people can create value for others.' This concept is integral to the video's theme, suggesting that increasing one's knowledge and skills to become more valuable is a path to wealth and success.

💡Passive Income

Passive income is income earned with little to no effort by the recipient, typically from investments or automated processes. The video script touches on this concept when it says, 'rich people... use the money and they get to create more money,' indicating that the wealthy focus on strategies that generate income without constant active work. This is a key strategy for building wealth over time.

💡Problem Solving

Problem solving is the ability to identify, analyze, and find solutions to issues or challenges. The video script points out that 'the rich... focus on the bigger problem,' suggesting that addressing larger, more complex problems can lead to greater financial rewards. This concept is linked to the idea that creating solutions for others can be a lucrative business strategy.

Highlights

The importance of receiving the right advice at the right time for long-term success.

Wealthy parents instill a successful mindset in their children rather than just providing resources.

Lessons on understanding how money works are prioritized in wealthy households.

The distinction between assets and liabilities is crucial for financial education.

Wealthy individuals are taught that they are not entitled to anything and must perform to maintain their status.

The significance of being sociable and connecting with others from an early age.

Focusing on increasing income rather than just lowering expenses is a key financial strategy.

The power of daily habits in creating long-term advantages in life.

Money is viewed as a tool to be used for exchange and improving life, not a source of evil.

The importance of long-term thinking and planning for the future over instant gratification.

Knowledge is considered more valuable than money in the long run.

The concept of having money work for you instead of working for money.

Solving problems is identified as the quickest path to wealth.

The importance of not wasting time on things that do not correlate with real-world success.

The difference between good debt, which can make you rich, and bad debt, which makes you poor.

The 80/20 rule and its application in focusing on efforts that yield the most results.

Having money does not make one a better person but can solve certain problems.

Teaching children to raise their expectations as a path to success.

Transcripts

the right piece of advice at the right

time can make great differences in the

long run the kids of the rich have a

massive head start not because of the

resources they already have but because

of the mindset their parents instill

within them they start off with Decades

of wisdom from people who achieved

massive success these are 15 lessons

rich people teach their kids that the

poor don't welcome to alux the place

where future billionaires come to get

inspired number one

understanding how money works now this

might sound basic to some of you but

there aren't that many people who ask

themselves how do people make money why

am I being paid this much money by my

employer what factors determine my

salary or Revenue how do taxes work can

that be optimized what needs to happen

to improve my finances Now Rich parents

usually make it a priority to discuss

the value and importance of money in

their household as soon as possible

possible and this familiarizes kids from

a young age with the concept of value in

exchange for services provided they're

introduced to the household expenses and

put in real life situations where they

can figure out pretty quickly that money

is a lot harder to earn than it seems on

the other end of the spectrum the poor

never talk about money at home it's

usually a secret how much money the

parents earn or how much money is spent

the only time the kids hear about money

is when parents are arguing about not

having having enough thus associating

the entire concept with negative

feelings number two the difference

between an asset and a liability the

poor never know what's a good purchase

and what's a bad purchase after poor

people earn money they go ahead and

spend it that's how they stay poor let

us explain in as simple terms as

possible an asset makes you money while

a liability costs you money the problem

here is that poor people people never

realize what counts as a liability for

example both the car you drive to the

grocery store and the house you live in

are liabilities okay they don't generate

any revenue for you they demand money to

keep on running same goes with your new

iPhone fancy clothes your smart TV and

everything else you purchased without

thinking while the rich Focus all of

their time and money on acquiring more

assets buying an apartment that

generates rent writing a book that

generates Revenue purchasing parts of a

business that's doing okay and more and

while most rich people have fancy cars

and fancy houses the assets they have

pay for those kinds of luxuries rich

people never buy luxuries from their own

earnings they want a fancy new car well

they figure out how to buy two

apartments and then use the rent from

those apartments to pay for the lease of

the car that way when you get rid of

that car you still have money coming in

from the apartment rental this is a

crucial difference in behavior when

money starts coming in focus on buying

assets instead of spending

it number three they are not entitled to

anything the rich know the world can

take everything away if they're not

performing while the poor tend to look

for someone else to take care of them

being born into a wealthy family

definitely has its advantages no lies

there you've got access to better tools

and better resources you don't have to

worry about B basic needs but you also

open yourself up to new threats that

poor people don't have to worry about

there's a lot more for you to lose if

you're not careful so the pressure is

always on it's really important for the

wealthy to teach their children that

despite them getting a head start in

life the journey ahead is just as long

and they need to remain focused on

growth not just maintaining the pace

growth whether or not they'll be

successful in life depends on their own

actions and Daddy's Money can only take

them so far the fortune of a family

where children feel entitled well it

usually crumbles in the third generation

first there's someone who's really

hungry and works incredibly hard to

build wealth second their children grow

up with a sense that all they need to do

is maintain that wealth and lastly the

third generation has lost its hunger

feels entitled to success without work

or sacrifice and usually spends it all

pretty stupidly teaching your kids the

lessons from this video will help you to

avoid this type of

downfall number four how to be sociable

and connect with other people you would

think that more people would realize how

important it is to be able to have a

pleasant conversation with others

successful people socialize their kids

before the age of four not even kidding

okay here's why if your child gets

socialized that early other kids will

want to play with them if they behave

well with other kids well other parents

want to take care of them too while they

play with their own children and this

has a massive Snowball Effect throughout

life if people like you and like being

around you well this builds up and doors

start to open for you that otherwise

would stay shut teachers will treat you

better you'll get access to better job

opportunities you'll make better friends

there's an entire tree of benefits that

grows from early

socialization number five in increasing

income instead of lowering

expenses one of the most valuable

lessons a parent can teach their child

is how to generate more money it takes

the same amount of effort or work to

barely survive or to make a fortune this

might sound peculiar to some of you but

it is the truth okay the difference is

the approach and the knowledge you use

to back up that effort the smarter you

are from a financial perspective the

least amount of effort you have to

deploy into the real world that's why

Wall Street brokers earn so much more

than miners who between these two do you

think deploys the most effort poor

people are always focused on lowering

expenses as much as possible to the

point that life is almost not worth

living anymore do you think the rich

care about buying a $5 coffee from

Starbucks or not or spending $30 on a

movie instead the wealthy put all of

their attention into increasing the

amount of money flowing in if you

radically increase your income there's

always going to be a large amount of

cash left over at the end of every month

poor people teach their kids to lower

expenses while rich people focus on

increasing their income there's a major

difference here you combine that with

lesson number two on this list and you

are well on your way but if you want to

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slapp number six how to create daily

habits that give them incredible

advantages

now one of the most valuable skills you

could teach your child is how to create

a habit for themselves habits are

amazing and once you realize how

valuable they can be your life changes

it normally takes around 21 days to

create a new habit and once you push

through that 21-day limit you're Off to

the Races okay that habit becomes a part

of you if you don't read enough

transform reading into a habit if you

want to get fit but never have the

motivation to go to the gym make a habit

out of it same goes for work if you make

it a habit to organize and optimize your

workflow large portions of your day open

up for other things the rich use the

Power of Habit to get ahead in life

while the poor nurture toxic habits

which lead their lives into ruin the

Power of Habit is a tool it magnifies

what you feed it the rich simply choose

wealth creation actions as their daily

habits while poor people pick negative

routines so be care careful of what type

of habit you instill in your child

because children learn from watching you

do what you do not from what you teach

them to do number seven money is a tool

and it's a good thing how many times

have you heard people say that money is

the root of all evil think back to the

person you heard saying that how

successful were they how happy were they

in their lives poor people blame their

misfortunes on the lack of money in

their lives and attribute an element of

negativity to the concept of money as a

whole and this is because even when they

get money it leads to more and more

problems which they don't know how to

tackle the rich do the exact opposite

okay they understand that money is

merely a tool which you use to navigate

your life it's just pieces of paper and

plastic with drawings on them okay that

we exchange for material value nothing

more nothing less stop taking money so

personal and use it for what it was

created for exchange it to make your

life better it's very similar to just I

don't know thinking about a pair of

scissors or something you could cut hair

with scissors or you could stab yourself

in the eye once you start thinking of

money as a tool the game suddenly

changes and you'll stop harming yourself

with it in the

end stop expecting immediate results and

avoid magical thinking we're all caught

up in this instant environment do you

want to watch a movie stream it do you

want to eat order in do you want instant

relationships swipe left swipe right but

most people don't realize that wealth

and happiness don't fall into this

instant category poor people expect to

get rich quickly to win a large sum of

money or inherit property they have this

weird expectation that their lives will

somehow magically become better But 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 they'll blow through

all of it rich parents make it a

priority to teach their kids to play the

long game longterm thinking is one of

the differentiating characteristics of

the rich something really interesting we

discovered is how much progress you can

make if you think about life in large

batches of time say 5 10 20 years

there's a really great quote from an

interview Bill Gates did where he said

most people overestimate what they can

do in one year and underestimate what

they can do in 10 years the new year new

me campaign starts every January right

but instead of planning for the next

year why don't you start planning for

the next decade and maybe this time

you'll do something about it number nine

knowledge is more valuable than money in

the long run there is 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 but it goes like this invest in

yourself it pays the best dividends

sounds easy right you've heard us say it

before but it has very little to do with

going to school or reading books 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 but the

concept of becoming a valuable person is

not taught to their children by the poor

even just a few of the wealthy bring it

up when their child is growing 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 the 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'll become 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

to get a head start on that number of

hours someone who has knowledge will

always be able to generate money because

they're valuable to the market

Marketplace but the opposite is not

always true sometimes knowledge can be

too expensive to buy number 10 don't

work for money have money work for you

this is the centerpiece of getting rich

right you can read as many books as you

would like go to seminars classes get an

MBA whatever you want it's all based on

this poor people exchange their time for

money and then they spend it the rich

use the money and 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 while the

rich are always looking for ways to add

the smallest drop in the bucket of

positive income they can find because

it's not about the amount as much as it

is about getting used to the idea of

growing something yourself you can start

a business these days with 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 else to do the things

that you used to do to keep that

business running as you focus on growing

and other more important

things number 11 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 so poor people get paid to take

care of something someone else needs

done for example deliver the newspaper

wash the car answer the phone that kind

of thing single activity jobs where you

basically do the same thing over and

over and over again the rich never do

repetitive work because it's easily

outsourced instead they focus on the

bigger problem the bigger the problem

you fix the Richer you become that's how

delivering the newspaper became content

think websites same results a lot less

hustle people will pay money for you to

solve their problems teach your children

that and they're Off to the Races number

12 not to waste time on things that do

not correlate to the real world sorry to

break it to you but nobody really cares

about your degree to be honest we feel

like the entire educational system right

now is pretty messed up they're just

repeating to you the same things that

used to make sense a while back with a

blatant regard for the future you're

basically getting into massive debt over

skills that don't have a direct

correlation to the marketplace and if

you're really passionate about anything

and put in the time to master it you've

got a better shot at making it on your

own anyway don't get degrees you'll

never be able to pay for for jobs that

no longer exist that's crazy right

that's what we've been doing for the

past 40

years number 13 how to use good debt

instead of bad debt bad debt makes you

poor while good debt makes you rich did

your parents ever mention this to you

when you were growing up probably not

right it's one of those lessons that the

rich have figured out a long time ago

other people and institutions will

actually help you get rich quicker if

you know the difference between these

two because it's all about the purpose

of debt poor people take out loans with

the purpose of spending that money on

liabilities they borrow money to get a

new car to get a new phone to cover the

Necessities the rich only borrow money

with the purpose of generating more

money Banks and investors love to lend

money to this kind of project as long as

you can clearly explain to them how your

money will be safe and how you'll be

able to pay it back because that's how

people build skyscrapers okay they don't

pay out of their own pocket for the

building no not even for the land it is

all on borrowed money the bank is

certain that you'll be able to sell it

or rent the building and that's why it's

willing to take on that risk with you

you'll just have to prove that first of

all you know what you're doing and that

you've done this successfully in the

past number 14 80% of the results come

from 20% of the effort Rich parents

don't actually want their kids to be top

of the class shocker right but it has to

do with the 8020 rule also known as the

parto principle or the parto

distribution which which states that 8

80% of the outcome is the result of just

20% of the action in business 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 is a mathematical ratio that's been

proven to be quite accurate in almost

all Enterprises and kind of life in

general but back to why Rich parents

don't want their kids to be the first in

class who take up 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 time for your real

life education there's more value to

take out of experimenting in the real

world than being inside studying all

night to just get 5 or 10% more on your

exam that kind of tradeoff just isn't

worth it and number 15 having money

doesn't make you a better person it just

solves some of your problems surprise

surprise when you're thinking of rich

kids you probably picture snotty

arrogant Pricks who believe that just

because they have money they're better

than everyone else but like look okay

that's not usually the case unless you

inherit your money you probably worked

your butt off to get to where you are in

life on the road to riches you have to

understand how valuable humility can be

and most rich people are very humble

individuals because they never forget

where they came from those values don't

get lost humility and respect for other

mothers are some of the first lessons

that rich parents teach their children

because well they know what it feels

like to be sitting on the other side you

should never be ashamed of having money

or being successful it's actually

something you should celebrate a lesson

most people figure out too late in life

is that you can't buy a clear conscience

no matter how much money you throw at it

money pays for Comforts of the body but

not Comforts of the mind or Soul now we

did a couple of videos a while back

where we went pretty deep into what

money can and can't buy but the question

we want to leave you with today is what

lesson did your parents teach you that

has served you well in life and if

you're so kind please leave that in the

comments for other people to benefit

from it as well and since you stuck with

us until the very end here's your bonus

fact number 16 rich people teach their

kids to raise their

expectations you want your kid to live a

better life than you have teach them how

to not put up with and raise

their expectations some people say the

secret to happiness is lowering your

expectations in order to achieve them

well the secret to financial success is

to raise them and then hit them the

majority of people settle for mediocrity

never taking big risks for big wins the

competition might be fierce at the top

but there are definitely fewer players

involved so think of it like this would

you rather have low expectations and

meet them them or would you rather fall

short of the highest expectations

possible if you compare both results

you're definitely better off with the

lad now if you've watched up to this

point in the video please write the word

risk in your answer to today's question

just to keep things interesting we'll

see you in the comments my friend until

next time take care