[imagesource: Careers Portal]

I’ve never really been one to read books like Rich Dad Poor Dad, however popular they are.

That might explain why I’m sitting at my desk typing this rather than fully living the holiday, but it is what it is.

With Father’s Day having come and gone – congrats and well wishes to all of you – it is worth considering what sort of advice a parent should impart to their children.

Go ahead and tick off life advice and guidance and impart a strong sense of right and wrong and all that. At the same time, it’s worth passing on a few financial words of wisdom as well.

Moneyweb spoke with financial advisor Chrisley Botha and she outlined five money tips she learnt from her father.

Making money is easy

 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… The way you talk to yourself plays a huge role in addressing your finances. That’s what money affirmations are about: helping you visualise results and keeping you focused on your goals

There’s also no time like the present to reach out to authorised Financial Services Providers (FSPs) to set the wheels in motion with a clear goal in mind.

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

Your value is in the time you have, and the time you have to do things that matter… by following your passion, I mean pursuing either something that makes you happy right now or pursuing the freedom necessary to indulge your passions once you’re financially free.

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.

This point also goes back to valuing your time. With passive income streams up and running, you’re able to build wealth without giving up time.

Enlisting the help of professionals like the team at Consequence Private Wealth, who will partner with you and your family to protect and build your wealth, will also aid in the quest for financial freedom.

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.

Execution is everything

If you want to achieve something big, execute your goals every day until they become habits. If you do this consistently enough, these actions will eventually become second nature and won’t require as much effort as they once did…

I would suggest partnering with a financial advisor to help you look at life through a different lens. They can offer an expert opinion, ask probing questions, and guide you toward financial decisions that are right for you in your unique situation. Ultimately, the choice is up to you. But having a trusted advisor on your side can sometimes provide the extra reassurance that you need to take the next step.

Failing that, inherit a ton of money like America’s richest heirs and you don’t have to bother paying attention at all.

Simple, isn’t it?

[source:moneyweb]