When to start teaching your child about money
15 Things To TEACH Your CHILD about MONEY — Part 1
hello elixers many of you are already
parents and for those of you who aren't
there yet
it might not be that far in the future
for many families
money is a taboo subject but why is that
considering most of us will have to use
this tool for the rest of our lives most
parents
don't teach their kids about money
because they don't know much about it
themselves
as an alexer you're already way ahead of
the curve of everyone else so in this
sunday motivational video we decided to
give you a hand and break down
15 things to teach your child about
money
welcome to alux.com the place where
future billionaires come to get inspired
if you're not subscribed yet you're
missing out
and even better part two is already live
on our new parents channel with another
15 once you're done with this
the link is in the description but let's
go through the first list shall we
15 things to teach your child about
money
part one number one there are no
ceilings to how much
one can earn many grow up with the idea
that the pie is limited but there's a
limited amount
just enough to go around and if you make
a bit more someone else gets a bit less
this is one of the scars of the
agricultural and industrial age
this land can bear this fixed amount of
crops you could never
10 100 or 1000 x the production based on
the same raw input
today we create value by solving idea
problems
your child will grow up in the world of
internet 2.0
where their opportunities will be
dramatically different than the ones
you had for yourself teach them early on
that there are
no ceilings but the ones we set for
ourselves
number two the more people you help the
more money you'll make
it used to be that money was a linear
outcome you chopped wood for 10 hours
you got paid for 10 hours of chopping
wood
linear your child could write a piece of
code
write a book create a song create the
next uber
airbnb or amazon and the result will be
non-linear
money is the reward people give you for
helping them overcome a problem
the more help you can provide the more
money the market will give you as thanks
number three money doesn't solve all of
your problems
but it solves all your money problems
teach your child not to have an
emotional relationship with money
and see it for what it really is a tool
tools solve problems they were designed
for money
solves money problems like paying the
bills or buying other material things
only a fool would expect money to make
them happy
to buy them quality friends or to aid
them in finding their life purpose
this doesn't mean you shouldn't want
money for there are many problems where
money is the perfect fix
in the words of kendrick money trees is
the perfect place for shade
number four you will be rewarded based
on result
not your effort effort and intentions
are not enough and if you're a smart
parent you'll instill this in your child
early on
if hard work is all it took to be happy
and successful
then the kids mining cobalt in the congo
so you can have your new iphone would be
the richest of us all
you won't get ahead without working hard
without effort
but just as important is the direction
you're heading in
spend half of your time figuring out
where you want to go
and the other half working toward it
number five money doesn't buy happiness
it buys freedom and the truth is no one
can be happy unless they're free
only once one achieves freedom can they
begin to work on happiness
how many times have you seen people with
money that are miserable how many are so
obsessed with playing the game for an
imaginary high score that in the process
end up sacrificing everything that
brought them happiness as collateral
damage
fundamentally there are three things
your child should pursue in life
one freedom from chains which in our
case comes from the money two
happiness which comes from introspection
usually aided by meditation or our
understanding of the world
and three health which comes from our
understanding of the body and its role
in the ecosystem
without these three one cannot have
quality relationships
one cannot help those in need one cannot
make themselves or the world better
if you're looking for the perfect mix of
meditation and focus we recommend you go
to alex.com
meditation and check out mind mastery we
designed it for people
just like you number six
having money doesn't make you better
than those who don't have as much as you
basically teach your kid not to be a
dingus
as much as society likes to rank people
based on their place in the social
hierarchy
your income is not correlated to how
decent of a human being you are
as a parent you want your child to
understand that everyone should be
treated with respect
from the janitor to the ceo of a company
teach your child to see beyond the
curtain people put on display
it'll help them tremendously in picking
out quality friends that will be there
for them when they need it
number seven make money with your mind
not with your back
because your back will give up a lot
faster than your mind
society rewards added value the amount
of value you can add with your back will
always be limited
teach your child early on the importance
of using their minds as a competitive
advantage
ideas are just multipliers for your
actions
number eight some people look rich and
some people are rich teach your child to
differentiate between
real and pretend teach your child to see
real value outside of marketing
if done right your child will never feel
the need to play status games or at
least they'll have the feeling under
control
you want your child to be wealthy to
have more than they'll ever need so they
don't have to worry
you want your child to be rich in
experiences in friendships
not in the latest off-white sneaker or
whatever overpriced bowler hat supreme
is trying to get you to buy
little money is always loud while true
wealth
whispers number nine
you don't want to be rich you want to be
wealthy
expanding on the previous point did you
know you can be paper rich and still be
very close to being broke
we know people who earn in excess of a
million a year and spend
almost just as much these people are
rich but they are not wealthy
if they got hit by a car tomorrow their
family wouldn't be able to afford their
current lifestyle
wealth comes from being comfortable
outside of your daily activity
wealth is money coming in while you
sleep wealth is not having debt
breathing down your neck wealth is
having time to spend with your child
because you can afford not to go to work
today
don't fall prey to the illusion of
wealth disguised in the richness of
golden handcuffs
number 10 use the tools of your
generation
teach your child to learn in the age
they're living in
fundamentally the education system has
failed because they were simply unable
to catch up
much of it is still being too stuck in
the past to see it
school can't teach your child to build
the next spacex or tesla
schools have no idea what brilliancy
might lie
inside the mind of your child and
because of that they don't know how to
nurture it to blossom
we are the first generation to
experience both before
and after the internet your child will
grow up in this world
and in virtual worlds you grew up
commuting to work while your child might
never have to set foot in an office
cubicle ever in their life
in order to build a retail store you
used to have to find a location to rent
invest in the interior design in the
tech buy products in bulk and then sell
it to local customers
but right now you could go to alex.com
sell and before the end of the day you
could be selling products to anyone in
the world
thanks to shopify allow your kid to play
video games
for games are the future of media allow
your kid to build technology
because what they're building is the
future tech that their own children are
going to use
number 11. you want to be wealthy and
anonymous
rather than famous and poor the trap in
modern technology
lies exactly in this you have people who
achieved fame
that are not wealthy you see them every
day on your instagram and tick tock
feeds
teach your child to build wealth
silently and then decide for themselves
if they want to add fame into the
equation
number 12 if you're going to dream might
as well dream big
we read this in one of trump's books
when we were a lot younger
he's now the president of the united
states so i guess it worked for him
take this idea to actionable insight and
we end up with the following
it takes the same amount of work to make
one million per year as it does to make
one hundred thousand dollars per year
the leverage comes from your creative
ideas and your ability to solve problems
keeping up with the previous example
chopping wood has
zero creative leverage so teach your kid
to use
leverage to achieve bigger goals for the
same amount of work
number 13 you can't help the poor
if you're one of them when you're poor
you think if you had a lot of money you
would just give it away to those who
need it
then you educate yourself and learn that
it's not the case
as the old tale goes give a man a fish
and you'll feed him for a day
teach a man to fish and you'll feed him
for life
money should go toward teaching people
how to fish and eventually
buying or teaching them how to make
their own fishing rods
only then people are free of the trap of
uncertainty
how do you expect to help anyone else
when you can't even help yourself
teach your children to be better and
bring people up with them
number 14 the real measure of your
wealth is
how much you would be worth if you lost
all of your money
who are you when you strip away all the
glitz and glam
what is your skill set what are you
really able to do
these are big questions that
fundamentally dictate the path a child
will take in life
you want your child to have real skills
and abilities
nobody can take away what you know how
to do
teach her to be strong all on her own
and she'll take the world by storm
number 15 sometimes more money is
just too expensive most people never
realize
just how expensive money is mostly
because they never took the time to
understand how to value it
there comes a point in someone's journey
where no matter how much is on the table
the cost of getting the money is higher
than the payout
would you trade a year of your life for
one million dollars right now
maybe you would and that's okay because
for some of you right now one million
dollars would be life-changing money it
would dramatically improve your life and
those of which you love
but let's say you already have 200
million in your bank account
would you make the same trade then one
year for one million dollars
of course not would you trade the
relationship with your children for
whatever amount of money the market is
throwing at you
would you trade your soul for peace of
mind some things
are too expensive teach your children to
understand
value versus cost if this is something
that resonated with you
hit the like button of this video it
helps with the algorithm
and don't forget that part two of this
video is already live
all of these are incredibly valuable
which raises the question
how many of these did your parents teach
you and how many did you have to learn
on your own
it would be a great discussion for us to
have in the comments
now for those of you who made it to the
very end of the video you're getting a
secret golden nugget
your bonus relationship with money
your children will have a relationship
with money even before they become
adults
almost every fundamental idea people
have about money comes from observing
how their parents
managed it while they were very young
some kids see their parents working hard
and saving money some kids see their
parents blowing it on fancy tvs but
struggling to pay the bills
it isn't enough to teach your child the
good lessons about money
they'll forget or disregard them if they
see you not practicing what you preach
this is a call to you as a parent or
even future parent to live life in a way
that's beneficial to the next generation
your children will inherit the world and
right now you have the power to shape
them
so do it with grace wisdom and kindness
if this video inspired you to improve
your family please go to part two of
this video and write
family in the comments new parents is
like a lux for parenting
so if you're interested maybe you'd
consider subscribing over there
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