9 Money And Life Lessons: What One Dad Wants His Children To Know Before It’s Too Late

One author and podcast host shared advice she planned to give her kids so they can learn faster than others.

what happened: A few years ago, the author Morgan Howell It is revealed that the letter he planned to give to his child contains nine lessons about money and life.

This advice is not your typical get-rich-quick advice for young people.

howselwho is the author, podcast Host, mentioned in article As someone who has studied and written about money for a living, he has found a lot to offer as advice.

Here are nine lessons about money and life.

1. Never underestimate the role of chance in life. Hausl said many people think wealth and poverty are influenced by people’s choices, but in many cases it can be due to “chance’s role in life.” The family in which people are born and the role of generation have played an important role in wealth and poverty.

“While we should believe in the value and reward of hard work, it is also important to understand that not all success is the result of hard work and not all poverty is due to laziness.

2. The best dividend that money pays is the ability to control time: If you can do what you want, when you want, where you want, with whom you want, you will find lasting happiness. This is far more than what “fancy stuff” can offer, the authors write, noting that flashy things wear out quickly. Items such as having a are more important.

“Being able to retire when you want never gets old.”

3. Don’t expect to be spoiled. One author who writes about money for a living gives this advice to children, saying that parents should always provide support, but never overindulge their children.

“Learning that you can’t have everything you want is the only way to understand your needs and wants. can do.”

4. Success doesn’t always come from big actions. The key to managing money, the author writes, is not to do amazing things, but to consistently fail over a long period of time.

“Avoiding catastrophic mistakes is more powerful than financial tips.”

5. Live a life of choice: Housel calls the ability to live below the financial means “one of the most powerful financial means.” Doing so will give you more control over your income and investment returns.

“How much you earn doesn’t determine how much you have, and how much you have doesn’t determine how much you need.”

6. It’s okay if you change your mind. According to the authors, most people change their minds about their educational focus or career without knowing what their life plans are before they turn 18.

“It’s okay to admit that your values ​​and goals have evolved. Especially when you’re young, it’s a superpower to forgive yourself for changing your mind.”

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7. Everything has a price: It’s not just about money, the author writes, but it can also be time away from family and friends. Sometimes items have hidden prices, but when this happens, the time and relationships can become more valuable.

“Sometimes it’s worth the money, but don’t ignore the real cost.”

8. Money is not the greatest measure of success: Howsell quotes the legendary Warren Buffett’s eighth point, Buffett said, “True success in life is when the number of people you want to be loved by you actually love you.” says there is. Hausel said money cannot provide love, nor can it enhance character, honesty and empathy.

“Money doesn’t give you what you (and most other people) want most. This is the most important financial advice I can give you.”

9. Don’t blindly accept the advice given. The father shared the advice he hopes his child will hear, but he encouraged his daughter to reject advice, including the nine items listed here.

“Your world will be different from mine, just as my world is different from my parents. No one is exactly the same, and no one has all the right answers.”

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