Five money tips every father should teach their children

These tips are unconventional, but they are based on common-sense principles that have been proven over a lifetime.

The five top lessons include:

  1. Making money is easy

Have you heard the term ‘money mindset’? When you change your mindset about how you think about money, it becomes easier to make more of it. If you think that wealth is impossible, then it will be impossible for you to have any wealth. If you believe that wealth is possible, then you’ll be much more likely to achieve it. Your money mindset defines how you think about money and influences how you save, spend, and manage your debt.

  1. You can always make more money, but you can’t make more time

Money is the most powerful tool in the world because it allows us to create anything we want. They say that money can buy happiness, but it can also buy unhappiness. Money isn’t everything and that material things don’t make you happy. It’s essential to identify what makes you happy and then create a life around those things. Your value is in more than just what you make.

  1. Become a rainmaker, not a rain catcher

There are two types of entrepreneurs –rain catchers and rainmakers. One waits for money to come in, and the other gets after it and makes it rain. Rainmakers know they must learn to stay ahead of everyone else continuously. You become a rainmaker by starting your own business or investing in property and creating a passive income for yourself. Passive income is important because it creates stability, security, and freedom in your financial life. Additionally, since passive income is not limited by your time and effort, it can positively and significantly affect your ability to build wealth.

  1. Work smart, not hard

Work smart, not hard. It may seem counterintuitive at first, but the truth is that working hard at something isn’t always enough to get you anywhere. You must work smart as well. Don’t work for money; let money work for you. You do this by taking control of your finances and then using that control to improve your financial stability and security continuously. If you want to be successful, stop thinking about what other people are doing and start thinking about what you’re doing.

  1. Execution is everything

Execution is not easy. It takes hard work, focus, and determination. All of the wisdom in the world is worthless if you don’t execute it. But if you’re willing to put in the work, you can build a business that works for you and provides a passive income stream for life. Execution is about taking action. It’s about doing what needs to be done, even when you don’t want to. Successful entrepreneurs are great at execution because they know how to put their plans into action. They get things done by doing them repeatedly until they start working perfectly.

Financial success starts with good saving habits. Our Financial Experts have been unpacking and providing practical advice on the best ways to preserve YOUR financial freedom. Contact our Financial Advisors to ensure that you are receiving Shariah-Compliant Finance advice.

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Source: (Moneyweb, 2022)

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