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Growing up to be truly rich!

Friday, June 22, 2018

Although we can say genetics make us what we are, our environment plays a part in making who we are.

If we are not careful, certain things we picked up in our younger days could set us back for life.






"Daddy, my classmate's family just moved into their new condominium. Has swimming pool and tennis court. So nice."

If a child said that to his father, I hope the father didn't say:

"His parents must be rich!"

Then, the child would grow up to think that anyone who buys expensive things must be rich.






"Wow, my colleague just bought a Ferrari. Must be rich!"

or

"Wahhhh. My supervisor just bought a Richard Mille watch. So rich. So good."

Yikes!

It is true that some rich people splurge on luxuries but it is not true that people who splurge on luxuries must be rich!







The truly rich are those who can afford to buy all the stuff they need and want

1. Even if they do not have any earned income

and

2. Without ever going into debt.

I believe that this is something that we should teach our children as soon as possible.






We will be improving their chances of growing up to be truly rich.

Related posts:
1. From rich to broke.
2. If we are not rich, don't act rich.

12 comments:

Laurence said...

"Wahhhh. AK bought so much stocks and shares. So rich. So good."

AK71 said...

Alamak. How like that? -.-"

ahwz said...

Thanks for your timely reminder AK! Now I better watch what I say to my children :p

gagmewithaspoon said...

Thanks for this piece of advice! even as a mum, I never really thought of it this way. it is a good idea to educate them on debt and material goods which are sometimes not a need but a want.

I have also heard parents trying to encourage the kids to study hard by telling them that if they wish to buy the car, they have to work hard to learn lots of money. what do you think of that?

Mrs Spoon

AK71 said...

Hi ahwz,

I am still trying hard to unlearn certain things from my childhood days.

Unfortunately, a lot of it is deeply rooted in the subconscious already and it is very hard to uproot them.

AK71 said...

Hi Mrs. Spoon,

Being well educated, successful and having a high earned income in order to buy expensive stuff is not a bad thing per se but if that is what we mostly do, then, there is a good chance of working till the day we die and as a pauper.

AK71 said...

“If you buy things you do not need, soon you will have to sell things you need.” W. Buffett

Jean Yap said...

Hi, Can u suggest what the father should reply to the child when the child say ..."Daddy, my classmate's family just moved into their new condominium. Has swimming pool and tennis court. So nice."?

AK71 said...

Hi Jean,

Lazy AK would say:

"Maybe you can swim and play tennis with your friend in his condo in future."

Keep it simple lah. ;p

Now, if the child had asked:

"Daddy, can we move into a condo too?"

Then, it would require a full lecture on financial freedom! ;p

AK71 said...

https://singaporeanstocksinvestor.blogspot.com/2014/11/financial-freedom-your-children-will.html

AK71 said...

Tong Xiang Yap says...

Common question from the young kids, I faced the same too.

I told my son, everyone is different, we should love our house/our home.

He replied yes I love my house v much so don't sell away.

Reality of life, children will compare too. Up to us how to educate them properly.

AK71 said...

Lee Jiahui says...

I tell my girl that a condo costs at least 2 times more and in order to have the money to pay, i will need to work longer hours so will she prefer i work longer hours or stick with current hours?

Then she will tell me current hours, but if current hours can be shorter even better, so maybe we can move to even cheaper house.

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