15 LESSONS TO MY CHILDREN ON MONEY- ALUX.COM

1. Understanding how money works.
How do people earn their money, what do they spend their money on, how to invest your money. How money flows.

2. Difference between Asset and Liabilities
From the purchases we make to be able to differentiate between the two. Also to realize that some necessities are liabilities and how to work your way through. Not to be limited that if they want to purchase a liability they have to invest in an asset which will pay for the liability.

3. They are not entitled to anything.
The world owes you nothing. Wake up and work for you. Everyday you work towards something more. Your success is only good as yesterday, so this is  continuous process. You are responsible  for your own happiness and achievement.

4. How to be sociable and connect with other people.
You have to be likeable to connect and network. Treat people well and learn to be a social person, the network you make will help you form good business relations with others or even your employees, or even a good report will help get a promotion. Having a Master Mind cycle is very useful, there is power in unity and numbers.

5. Stop expecting immediate results and avoid magical thinking.
Success is a process. Avoid get rich quickly schemes like lottery and pyramid schemes. Success is wooed and daily persistent efforts and achievements lead to greater growth. It is good to dream big but don't forget the journey is important. Don't expect to be famous in a day or even open a business and make millions immediately. Trust the process.

6. Create daily habits and on the long run give incredible advantage.
Work on yourself. Develop a healthy lifestyle, a morning routine. Self discipline earned here is great.

7. Money is a tool and is a good thing.
Money is just paper and coins which you exchange with to get what you want. Don't personalize it. Money is not evil.

8. Increase income instead of lowering expenses.
If things get tough look for other avenues to increase your income. Do note lower your expenses as this will lead to you not thinking of ways to better yourself plus this is not the solution.

9. Knowledge is more valuable than money in the long run.
Invest in yourself. learn a new skill, go back to school, read books, surround yourself with people you look up to. When you are valuable, people will pay whatever price you ask for for your services.

10. Don't work for money , let your money work for you.
Look for ways to earn passive income. Develop a system that will work even in your absence.

11. Solving problems is the quickest way to get rich.
People will pay you to solve their problems so if you can find solutions to the problems the society face then you will be rich.

12. Do not waste times on things that do not correlate to the real world.
When choosing a course to learn try choosing things that relate to our environment, some courses are obsolete.

13. How to use good debt instead of bad debt.
Debt is good but it depends on what you are using it on. Bad debt is when you take a loan to maintain a lifestyle or buy a liability. Good debt is using a loan to invest in ventures that will yield profit.

14. 80% of the results comes from the 20% of the effort.
Most of the work in the company is done by the 20%. Getting good grades is good but don't put all your effort on being the top student, you should be all rounded and learn a few skills on the way.

15. Having money doesn't make you a better person, it just solves some of the problems.
Money should not define you. Maintain humility and respect people, treat people well. The most wealthy people are the most humble beings.

We can learn others along the way but I found this useful. I hope you learn all this and much more traits that will help you be successful and live in harmony with others.

Love from mummy.

With Love,
the Woman in me.