- How can you as a kid grow to become rich and not poor after your education?
Hi kids. There are pertinent questions I intend that you attend to hence, we shall resume our discussions on financial empowerment and sports development subsequently.
Can I ask you a few questions? If yes, then, come along with me.
- Of these kinds of assets, which is superior? (A) Cars (B) Houses
- Why do you think the asset selected above is superior?
- Where do you live now and where would you want to live in when you grow and have a family of your own?
- Why do you think some people live in beautiful estates and houses while some other people live in low areas today?
Let me help you out:
The difference between a house and a car is that one depreciates in value over time while the other appreciates in value over time. In reality, one is good for mobility while the other is good to give you shelter and covering with protection. Meanwhile, both are good and desirable. Choose right.
In the same vein, people that live in good houses in highbrow estates have money while people that live in low areas don’t so much have.
But why is it so? It is all in the ways we all align ourselves to accessing money and the ways we handle the money that comes our ways.The difference between the rich and the poor is not necessarily how much they have but what they do with what they have. Let me show you how.
The poor think little while the rich think big.
- The rich perfects how to earn big money while the poor is satisfied with the little in his possession.
- The poor eats all but the rich puts so much aside for the future.
- The poor works and continues to work for money but the rich works and invest to get more.
- The rich knows how to manage money, the poor doesn’t.
The truth is, the earlier you learn to handle money, the more likely you are to manage it properly and live a prosperous life.
How can you as a kid grow to become rich and not poor after your education?
- Always save something of what you earn either from pocket money from your parents or gifts from uncles, aunties and grandma or grandpa. Acquiring the savings habit is one of the smartest things you can ever do.
- Learn not to borrow anything. Borrowing mentality starts from borrowing pencil or pen in the classroom. When you borrow particularly what you can’t pay back, it could be dangerous. Debt is one of the greatest social diseases of our time. The price to pay for the “buy now, pay later” philosophy is that you certainly will pay later.
- Debt imprisons you in a job you don’t like, creates stress and anxiety in your life, and erodes your wealth creation program. You might never become rich while you’re in debt. The best way not to borrow is to delay gratification and be satisfied with what you have, growing steadily with time.
- Learn to manage money. To give is to get. Managing money doesn’t mean hoarding it and locking it away in its own purpose-built high security jail. It simply means being careful, spending wisely, and acquiring a regular savings habit.
- Get the best price for everything you can. Your financial health is really the difference between how much you earn and how much you spend. It therefore makes sense not to pay any more money for something than you have to.
- Money isn’t evil. Money actually brings enormous good into the world. For example:
Creating wealth helps create jobs for others
Investing in businesses helps to bring solutions into people’s lives by way of innovative products and services
Acquiring a great fortune allows you to donate more money to charity – or even start your own trust fund
Money is neither good nor bad – it’s what you do with it that makes the difference.
If you don’t spend much, you can’t lose much! One of the oldest wealth-creation maxims is, “It takes money to make money”.
Knowledge truly is the most precious gift you can give.
Till next week, believe in yourself and build up your capacity to earn.