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Teach Children The Five Laws of Wealth
As a parent or mentor, one of the most important things you can do for a young person is to teach them the Laws of Wealth. These five simple laws will not only change their lives, but the lives of generations to come.
- The Law of Expectation – Teach a young person that regardless of their present condition to always believe that great wealth is their destiny. If you expect great wealth and take intelligent action, it will become your reality. There is no room for doubt. If you expect pennies and financial struggle that is surely what your life will deliver to you. You reap what you mentally sow.
- The Law of Leverage – Don’t work for money, make money work for you! Beyond giving a child an allowance for doing household chores, Reward and encourage entrepreneurial thoughts and ventures. Teach them to organize the activities of others and create products and services that they are able to sell in mass. By keeping their expenses low and generating income from assets and businesses, they will achieve financial freedom decades before their peers.
- The Law of Allotment – Save, invest and avoid consumer debt at all cost. Always invest before your spend and save for emergencies. Build up a cash reserve to handle urgent situations and large purchases, and invest at least 15% of all you earn. Only borrow if it will make you more money. Your return on investment should always outweigh the interest rate charged on the loan.
- The Law of Association – Surround yourself with people that will positively affect your thoughts, actions, and your net worth. Working alone will always limit your income, as there is only so much you can accomplish as one individual. Leverage the strengths, knowledge, and connections of others to achieve greater success, further the goals of those in your network and create value for society.
- The Law of Reciprocity or Sharing the Wealth -Wealth comes in many forms. First and foremost, share your knowledge by teaching others to duplicate your success. Second, invest in organizations which share your values and promote causes that uplift others.
Wealth is not end, but a means to an end. It should serve a greater good. Money only magnifies the person you are. It frees you from the bondage of debt and involuntary servitude of others. It is a means to pursue your passion and greater purpose in life. As a parent or mentor, use these powerful laws to the help the young people around you develop their gifts and accumulate wealth wisely.