1. The Importance of Money

1. Money is important to have options and to have a better quality of life.

2. Money gives you freedom - freedom to choose what to do and when, where to live, and even freedom to choose how you want to help others.

2. The Difference Between Assets & Liabilities

1. A good example of that would be a house: if you buy a house and rent it out, it is an asset because it brings in revenue (money) and is worth money (and generally will cost more over time) while if you rent a house to live in, that is a good example of a liability, because it costs you money all the time.

2. Assets also help detach your time from your stream of income, as many assets will generate cash flow on its own.

3. Save money from earned income in order to  INVEST it into assets that will generate income, BEFORE getting liabilities - SO that ASSETS would pay for your liabilities.

4. So teach your kids about the importance of owning assets and avoiding liabilities.

By Writing, Illustrating and Publishing A Book Kids build an asset that generates passive income. Learn How You Can Help Your Child To Write Their Own Book HERE.

3. How To Manage Money

Include your kids into planning, budgeting and managing your household expenses in order to familiarize your kids with the reality of having living expenses. This will give you children the experience of managing money from an early age, which will help when they have to manage their own money.

4. Different Ways To Earn Money

1. Exchanging time for money: that’s a job or freelancing.

2. Having money work for you: like building a business and leveraging the time of other people (like employees or freelancers you hire) or leveraging automated systems to produce income or leveraging assets that generate income for you.

5. The Power of NO - It’s NOT what you do, It’s what you DON’T DO that matters most

1. So, develop good habits, because building wealth is not about doing something once or a few times, but doing it over a prolonged period of time, and the BEST way to do that is by building the right habits that will make it easy for you to do what’s required and AVOID doing what’s going to hurt your ability to do what’s required.

Teach your kids HOW to build habits.

Inside My Kid Entrepreneur Book we cover:

• Brainstorming business ideas 💭

• Marketing magic 🌟

• SMART goal setting 🎯

• Cultivating an Entrepreneurial Mindset 🧠

• The power of Habits 🔄

6. No One Owes You Anything

Sense of entitlement can be a HUGE disservice to your kids' future, so teaching them the concept of “Earning Your Success” is very important. That’s why both Bill Gates and Warren Buffet will NOT leave their kids most of their wealth (most of it will go towards philanthropy).

7. Social And Influence Skills

The ability to socialize and communicate with others can open up a lot of opportunities that otherwise wouldn’t happen. The ability to create influence with those around you creates a sense of leadership. Installing that skills to understand people’s emotions, motivations and behaviors early on can provide an incredible tool for the future, setting kids up to be strong and influential leaders.

8. Delayed Gratification

1. Completing a massive goal or building wealth takes time, so teach your kids (best by example) to avoid short term pleasures in benefit of long term goals.

2. The marshmallow study on delayed gratification 

9. The Is Always More Money

1. Having an ABUNDANCE MINDSET will make possibly the biggest difference in our kid’s ability to attract money. Most people think that there is a limited amount of money in the world, and that belief translates to their bank account - Don’t make that mistake with your kids. There is NO LIMIT on how much money one can earn in their lifetime, and money is out there just waiting for them to attract it.

2. Talk to your kids about prioritizing increasing income and generating multiple income streams over reducing costs or savings. All 4 are important but the first 2 ARE WAY MORE important than the last 2.

10. The BEST way to make money is to help others

1. Teach your kids that the most powerful way to earn money is to solve other people’s problems and the bigger the problem the more money you can make.

2. Tony Robbins likes to say, if you want to become a billionaire, help a billion people.

3. Most successful people on the planet have either solved or helped solve the biggest problems in the world (ex. Steve Jobs, Jeff Bezos, Elon Musk, Sergei Brin and Larry Page - the list is endless).