Rich Kid Vs Poor Kid.

Just the other day, I was talking to a man about the Richest Black Woman and made mention of her having a wealthy family background. He said she was business smart, contrary to most rich kids who place no value on money and squander it.

I opposed.
Yes some rich kids do waste money, but there's a higher possibility for a rich kid to end up rich than a poor kid ending up rich.

He opposed.
When all they do is inherit the family's wealth and don't know how to manage it, they don't stay rich. Poor kids know the value of hard work, work for money and value money when they get it.

I agreed but not totally.
Even if rich kids lose money, it is not entirely the 'end of the road' for them.
Rich kids grew in environments that taught them not to fear money, poor kids learn to fear money and their owners.
Rich kids learn business studies in practical situations better than poor kids who may be struggling to understand the theories taught in class, because they don't find it applicable around them.

Rich kids observe the importance of relationship for leverage and learn how to use them to their advantage faster than poor kids who have learnt to base most relationships on sentiments.
Rich kids learn, to take risks, take opportunities and take action, from their parents and relations who do the same as opposed to poor kids who are gravely discouraged from taking any risks or attribute all life's circumstances to the hand of God.
And who says hard work alone has guaranteed wealth for anyone?
Rich kids just have a higher probability of getting financial and business intelligence.

"With these few points of mine, I hope I've been able to confuse you and not to convince you that..."

 All in favor of poor kids who do get rich, please drop your ThotsToShare. ;)

In Pursuit of Financial Freedom

I was not born with a silver spoon in my mouth, but I desire to place one in the mouths of my children and not struggle at keeping it there. My desire would not be gotten by financial security (By getting married to a knight in SHINY ARMOUR, you know what I mean. ;)) but by financial freedom.

Because I also love to have a GREAT life (which entails a lot), I do want to get financial freedom at an early age. So watch out for me, I’m a billionaire in the making.

What is financial freedom? Financial freedom is when the sum of your passive income is WAY greater than the sum of your expenses. I hope I’ve not started with the jargons? Just in case you don’t understand that definition, I would define income as money coming in and expense as money going out. I hope that’s simple enough.

I would further explain as I have learnt that we may not all have income in common but what we all have in common is expense, whether or not we earn, we do spend money. Income can come in two ways as explained by Robert Kiyosaki as Active income and Passive income. Active income is anything that involves your time, energy, money and presence to bring the money in. While Passive income is anything that does not require the active involvement of your time, energy or life to bring the money in (That means the money keeps coming in even after death).

Expenses also are in two ways, Budgeted expenses and unbudgeted expenses. Budgeted expense is the money you plan or are looking forward to spend on something in particular, while an unbudgeted expense is just the opposite.

 You can have both incomes, just one, which is absolutely going to be active income, or none. But you would always and without fail have both budgeted and unbudgeted expenses (I think it is inevitable). I believe you have to go through or make active income, before you make passive income.

So I want to have the sum of my passive income to be WAY greater than all of my expenses. Great! My pursuit of financial freedom is not synonymous to a get rich quick scheme or mentality or a rat race. I desire to learn, know, grow patiently and be rightly guided unto financial freedom by standing on the shoulder of giants and riding on the wings of eagles. So help me God.

Taking a snapshot of my current financial status, I look like a total mess. I’m not even on square one I’m on square zero. But the journey to financial freedom starts with the honest snapshot of my current financial situation. In fact, I’m embarrassed by what it looks like at my AGE and SHOE SIZE (Marital Status not yet included).

Azzin… look at Dr. Farrah Gray, who fooled me that I had to be done with schooling, then get a job, than maybe I could start making money after?! Finding out his story really got me inspired and feeling like I had wasted my youth. But I’m bracing up and giving my dreams a long shot, deciding to be a relentless builder of a financial dynasty that would be worthy of note.

I hope you find this interesting and of help to you. Your thoughts about this write up are most welcome in the comments box. Thanks for sharing this post as I believe you would and for dropping your comments as I believe you are going to right NOW. ;)