The difference between the way rich and poor parents train their kids.

Another really huge difference between the rich and the poor is in the way they chose to bring up their kids, the training attitude of a rich parent is totally different from that of a poor parent and this is definitely based on the reasoning mentality of the both parents.

Poor parents do not like to discuss about money, whenever kids bring up the topic of money they look for a way to push it away and the only time they are free to tell their kids about money is whenever they want to tell them how bad it is to look for money and how much they need to stay away from rich people.

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Poor parents are only concerned about their kids getting a college degree, they believe that once their kids have access to education they will be able to solve their financial problems henceforth but more than getting a college degree rich parents often take their time to educate their kids on financial statements and how to balance up their financial lifestyle with their income. Rich parents educate their kids on the difference between income, expenses and statement of cash flow.

Poor parents always teach their kids on the need to finish school and get a job in a place where they can brag about to their friends but rich parents teach their children to build something for themselves, they teach their children the need to delay gratification for future benefits.

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Poor parents are fast to place responsibilities on their children, when the child begins to make money from a particular job poor parents believe that it is time for them to sit back and enjoy every money they have spent on the child, so they simply just place the responsibility of the family on that one child but reverse is the case for a rich parent, a rich parent looks for a way to support the child he has probably saved up some benefits for the child thus making it easy for the child to enjoy some luxury.

From a young age children of the rich are taught on how to create a profit and loss statement and they are taught to monitor wherever their money is going into but not like the poor, poor parents teach their children to enjoy life the way it comes, spending money on drinks and fancy things as long as they get them.

For me, I really feel that being rich or poor has a lot to do with the mind set more than the cash at hand, thanks for taking time to read, I sincerely appreciate.