#financialeducation #brokeparents

1. Understand Assets vs. Liabilities

• Assets = things that put money in your pocket

• Liabilities = things that take money out

Poor families often don’t teach this.

Wealthy families prioritize buying income-generating assets.

Every path to wealth starts with owning the right assets.

2. You're not entitled to anything

Rich parents teach their kids that success is earned not inherited.

They instil a strong work ethic, showing wealth must be grown and protected.

Their kids learn that performance matters not just privilege.

3. Money is a powerful tool

The poor often see money as “evil” or a cause of problems.

The rich view money as a tool to build, grow, and navigate life.

They use money to buy:

• Stocks

• Real estate

• Businesses

And those assets bring in more money unlocking freedom.

4. Build relationships that matter

Wealthy parents emphasize social skills and networking.

Their kids learn to:

• Make valuable connections

• Collaborate

• Get exposed to bigger opportunities

Your network often becomes your net worth.

5. Master the difference between good and bad debt

Poor people borrow for wants.

Rich people borrow for returns.

Bad debt: Phones, vacations, luxury cars

Good debt: Real estate, investments, business growth

Used right, debt becomes leverage.

6. Solve real problems to make money

Want to get rich? Fix a problem people care about.

Money flows to solutions.

The bigger the problem you solve, the more money you make.

Simple as that.

7. Money doesn’t define your character

Money isn’t evil it’s neutral.

It just amplifies who you already are.

If you’re kind, it lets you do more good.

If you’re greedy, it magnifies that too.

Wealth is a magnifier, not a personality changer.

8. Don’t chase quick wins

True wealth is built over years — not weeks.

Rich families focus on long-term goals:

• 5-year plans

• 10-year visions

• Legacy building

Delayed gratification is a superpower.

9. Focus on increasing income, not just cutting costs

Poor people obsess over saving pennies.

The rich focus on earning more dollars.

Yes, budgeting is useful

But income growth + asset building are what scales your wealth.

That’s where compounding starts to work in your Favor.

10. Make money work for you

Poor people trade time for money and then spend it.

The rich invest money to buy back time and earn more passively.

Your goal: Build a system where money works harder than you do.