1. Do not confuse money and love. The one is finite, the other is not.

2. Your parents want to love you with their hearts and not their wallets. No material possession will ever outlast the unconditional love of a parent.

3. Until you have traded hard work for a pay cheque, you will never truly understand the value of money. Working hard for your own money and achieving financial independence is one of the most self-empowering and fulfilling things you can do.

An iPhone 7 will not make you a cool kid, nor will the latest Supergras.

4. All parents want their children to be happy, and most parents feel guilty when they are unable to buy their children the things they want.

Sometimes this guilt is expressed as anger, although it is normally anger at their own financial situation and not at you. Learn to be sensitive to other people’s financial situations, including that of your parents.

5. Sometimes parents say no to a request because they simply can’t afford it. Other times saying no is actually an act of love that is designed to teach you both the art of delayed gratification and respect for money earned by others.

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6. Kindness costs nothing and has a higher rate of return than any other investment.

Debt is the easiest pit to fall into and the hardest place to escape.

7. An iPhone 7 will not make you a cool kid, nor will the latest Supergras. There is no easier route to becoming popular and well-liked than by being a nice human being. The race to keep up with the Jones’s is unwinnable.

There will be always be people with more money, bigger houses and fancier cars than you.

Competition for newer, bigger, better and faster will keep you imprisoned on a hamster-wheel of never enough. While you are trapped on this hamster wheel, you deny yourself the opportunity to walk your own path of success.

8. Be ambitious. Aim for something higher than money. You will be far more admired and respected for your education, knowledge and work ethic than your branded stuff.

9. As soon as you can, learn how to tell the difference between what you want now and what you want most. Every purchase you make today is a loan against something you might have had in the future. Delayed gratification forms the foundation of your entire financial future.

10. Debt is the easiest pit to fall into and the hardest place to escape. One of the most powerful gifts money can buy is control over your own time. Debt robs you of this freedom.  Before buying anything on credit, make absolutely sure you know what you are trading your future freedom for. You can most definitely make money doing what you love. Follow your passion and economise it.

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