Think back to when you were growing up and what your parents taught you. Try to recall what morals they taught you. For example, how did they teach you to handle money? Perhaps you received an allowance for completing chores and you could spend the money as you wished. Maybe they made you save half of your allowance. The values that your parents gave you as a child helped shape who you are today. For instance, if they taught you to save, you’re probably better at saving than your friend whose parents didn’t teach them about saving.
This doesn’t mean that your parents were better than anyone else’s parents. It merely means that they felt that if they taught you the value of saving, you would save money as an adult. They hoped that you would grow up and not live paycheck to paycheck as they did. When it comes to teaching values, each parent is different. But, some parents naturally teach their children specific life lessons that other parents don’t – which is the case between rich and poor parents. So we decided to take a look at the valuable pieces of advice rich people only share with their close families.
15. Don’t Tie Income To The Hours You Work
Your parents probably taught you that you need to work a full-time job to make enough money to cover your expenses. In fact, this is the main reason they pushed you to go to college – so you can spend hundreds of thousands of dollars to get a degree and then find yourself deep in debt when you go out into the world. The problem is, unless you find a good-paying job right away, you will continue to build debt. This isn’t to say that college is the wrong choice. The factor you need to look at is how you think about making money and the number of hours you work.
Wealthy parents will tell their children not to tie their income into the number of hours they work because they will find themselves continually working up to 50, 60, 70, or more hours a week just to afford a better house or a newer car. Instead, they are to think about raising the value of their work. They need to get paid for what their job is worth, not what someone tells them their worth. Instead of working more hours, you need to make more per hour.
14. Find A Trade
When you watch the movies or a television show, wealthy parents are always pushing their children to go to Ivy League schools, like Harvard, Princeton, or Brown University. However, this is simply a myth when it comes to Hollywood. The reality is that most rich parents tell their children to find a trade. While this does mean some college is more likely necessary, it doesn’t point them toward an Ivy League college. In fact, depending on the path they take, they might not go to college at all.
You can find trade and become successful if you work hard and enjoy what you are doing. Whether you decide to become a maintenance technician, plumber, or carpenter, you will find that people are always calling you because your trade is necessary. In fact, this is why wealthy parents tell their children to find a trade – they will always have money and won’t starve. That phrase is vital when it comes to wealthy parents explaining to their children that they need to find a trade. Making sure they can always find work is one of the best ways to make sure they can still put food on the table.
13. How To Interact With Authority
There are many things that rich people teach their children that poor people do not. One of these things is how to interact with authority. This doesn’t mean that rich people tell their children to treat cops, teachers, and other people of authority with disrespect. It means that they teach them not to fear authority. Instead, they teach their children that the people in the authoritative role are your friends. Wealthy parents are more likely than poor parents to teach their children how to socialize with different groups of people from other children to adults.
For example, a low-income family goes to the doctor, and the parents tell the children that the doctor knows what they are doing so they shouldn’t question the doctor. Instead, they need to listen to everything. When a wealthy family goes to the doctor, the parents tell the children that the doctor knows what they are doing, and they are your friends. The doctor went to school so they can help you get better, even if it means giving you a shot. They might also say if you have questions, ask the doctor.
12. Utilize The World
When children are taught to fear authority, which is what most poor parents teach their children, children are less likely to grow up asking questions. They become quiet and will take what people give them without asking why. They are less likely to utilize the resources the world has, and continue to remain in the same socioeconomic class they grew up in. Teaching your children to use all of the support the world has is a great way to teach your kids how to become rich.
However, wealthy parents teach their children that authority figures are their friends and can answer their questions. They are trained to always take care of themselves and find out how things work and why people do certain things. For example, why does the doctor give you a shot before you start school? When children are taught to question respectably, they learn to utilize the resources the world has. They will never become afraid to take a step up and use resources to get themselves a little more money.
11. Believe Becoming Rich Is Possible
Think back to how your parents treated rich people, including celebrities. Did you hear them talk about the way “those people” lived in the homes that were too big for them? Did you grow up thinking that nearly every wealthy child is a spoiled brat? If you did, don’t worry, because this is a common way of thinking when you are poor. It comes from decades of myths surrounding the two different worlds between rich and poor. The problem is what this is really telling you is that rich people aren’t good people. Now take a moment to think about this – why would you want to become rich if this doesn’t make you a good person?
Therefore, you get into the mindset that you don’t need to become rich; you just need to live comfortably. You start to believe that becoming rich isn’t a possibility because you can’t climb out of your socioeconomic status to become rich. However, wealthy people give their children the tools to believe they will become rich. It’s not because they will get an inheritance, but because it’s a possibility for everyone.
10. View The Rich As Someone Giving You Hope
It’s not the most positive thing to say, but poor people often view the wealthy as a different species. The rich are people that the poor can never become. But why is this? Did a rich person tell you that you can never become rich? Maybe hundreds of years ago, this happened, but in the modern world, most rich people want to see poor people climb out of poverty. One reason for this is because many wealthy people grew up poor and know it is possible.
One factor that rich people teach their children is that everyone can become rich, even the most unfortunate person. Another factor is that they need to give back to the lower socioeconomic groups so they can start to dig themselves out of poverty. This doesn’t mean they send a check to an individual family, but they donate to specific charities. Rich people teach their children not to look down on people in poverty because they are all the same. They teach their children that they are a source of hope for poor people as they prove to the poor that they too can become wealthy.
9. Understand How Money Works
How does money work? Have you ever asked yourself this question or even thought of having a conversation about it with your children? It’s important to realize how money works and not merely that we need it to buy what we need and want. The moral of this story is, rich people understand how to invest their money because it brings in more wealth without them needing to work for it. Poor people are generally money illiterate or don’t think they can invest money because they don’t have money to invest.
Wealthy parents will sit down with their children and discuss the value of money, time, and how to ensure they are paid what they are worth. Even if they enjoy a job and realize that they aren’t given their value, they will ask for it or find a different position. This doesn’t provide rich children a sense of entitlement as long as it’s explained to them in a manner that tells them to analyze their hard work, dedication, experience, and educational level. In other words, the more they work for it, the more money they should receive.
8. They’re Not Entitled To Anything
Contrary to popular belief, most rich parents do not explain to their children that they are entitled to so much money and such a luxurious lifestyle. In fact, most rich parents grew up in poverty, and they want their children to realize that they need to work hard in order to obtain the lifestyle they are blessed with. No, they don’t teach their children this as it shows in the movies when dad brings their children to the neighborhood he grew up in and tells them this is where he came from. They teach them they are not entitled through conversations throughout their life. Through their actions and explaining that if they do not perform well, the world can take their wealth away.
Poor people don’t worry about explaining these things to their children. They don’t worry about teaching their children not to act entitled because they have very little. Instead, they teach their children that the world needs to take care of them because they don’t have everything they need to get by. This creates the poverty system that people know well. Instead of teaching their children how to get out of the system, they unknowingly teach them how to stay in the system.
7. Establish Daily Habits That Lead To Success
You might not think that rich kids have chores, but they sometimes work harder than poor kids. This doesn’t mean that rich kids don’t have a childhood; it merely means that their parents are making sure they establish daily habits that will lead their children to become wealthy. However, rich parents often go beyond the regular daily chores and establish self-discipline within their children.
This does mean that some rich kids have a tight schedule they need to follow every day, just like many needy kids. But, it also means that the parents take this time to teach them that they are in charge of their schedule, and it’s up to them to follow it as this will bring success. Poor parents are more likely to force their children to support it because they need to respect authority. For example, if wealthy parents don’t think their children read enough, they will help them form it into a habit by scheduling a reading time. Generally, it takes about 21 days to make something a habit, so once they hit this mark, their children are more likely to want to read because it’s a habit.
6. Surround Yourself With Successful People
Have you ever noticed that rich people tend to hang out with people in the same socioeconomic class as poor people do? Part of this is because of the belief that rich and poor people can’t associate with each other unless it is through work. This is a problem when it comes down to it because surrounding yourself with successful people will increase your chances of success. It’s just like how you will bring more positivity in your life when you focus on positive thinking and avoid negativity as much as possible.
Author and self-made millionaire Steve Siebold is a firm believer in knowing that if you want to become successful, no matter what economic level you sit at, you need to surround yourself with successful people. He states, “You need rich friends. The sheer exposure to their heightened level of awareness around everything related to wealth will dramatically expand your thinking.” Even if you can’t personally hang out with successful people very often, you can read their books, listen to their speeches, and learn their values.
5. Results Are Not Immediate
Sure, when your children are younger, you want them to believe in magic. You want your daughters to think that a prince will come to a white horse and love them at first glance. You don’t stop them from pretending to be a Disney princess and believing this can happen one day. Whether you are poor or rich, this is thinking that you allow your younger children to have. However, when it comes to wealthy parents, they are more likely to stop this type of thinking when their children are around the age of 4 to 5 and explain to them the difference between reality and television. Poor parents are more likely to continue to let their children believe in magic.
This part of life is not a magical lesson for wealthy parents; that is, the money doesn’t come quickly. Poor people want to believe that they will become rich overnight, which rich people know is magical thinking. While you can through the lottery or inheritance, people who obtain a lot of money quickly are more likely to become poor again within a few years because they don’t understand that real wealth takes years. It means that you invest your money. Wealthy parents make it a priority to teach their children that they will need to work most of their life to become rich.
4. Money Is Not The Answer
It’s easy to think that money will solve all of your problems when you are struggling to put food on the table or living in poverty. While you might know it isn’t right, you think it is because it seems that all you think about and all you and your partner fight about is money. In fact, you might even bicker with your children about money because they want $10 to go out with friends and you simply don’t have it. Even though your parents might not have told you that money will solve all of your problems, you have come to believe this because if you just had a few more thousand dollars in the bank, you wouldn’t be as stressed and your bills would be paid, and this would make you so much happier.
Wealthy parents know better. Because they have a lot of money and can make their bills, they know money can’t solve all their problems. In fact, they still have plenty of issues, and they can’t use their bank account to solve a single one. Wealthy parents also aren’t afraid to explain this to their children and let them see how money doesn’t solve all of their problems.
3. Money Isn’t A Bad Thing, It’s A Tool
How many times have you heard or thought that money is the root of all evil? Is this something that your parents taught you or something that you feel because of life experiences? Part of the reason this saying came about is because of poor parents who taught their children this saying, and another reason is because of the myth that rich people aren’t friendly. The biggest problem with teaching your children that money is the root of all evil is that while they secretly wish they were rich, they won’t strive to become rich by making smart choices such as investing.
Rich children are taught that money is a tool they need to use wisely and correctly. As long as they follow the general rules of money, such as investing, they will learn that money isn’t a bad thing. In other words, rich people don’t put a personal value on money as poor people do. Instead, they put the value of a tool on it and use it so they can live an individual lifestyle. For example, they will learn about investing and how this is an action they can perform with the tool of money.
2. Knowledge Is More Valuable Than Money
You can become a millionaire, but if you aren’t smart enough to learn how to invest in your wealth, save, and not spend it foolishly, it won’t last long. Take a moment to think about the statistics of people who became millionaires overnight by winning the lottery. About 70% of all lottery winners find themselves in the poor house three to five years after they won because they don’t educate themselves about finances. They don’t get a financial advisor, and they don’t put forth the effort to make sure they are investing correctly.
When you know how to handle your money, and you have the right idea when it comes to saving and investing, your money will last. Part of this is because there is a large chunk of your money that you won’t spend. Another part is because you will receive an annual return on the interest of your money, which can be over $100,000, depending on how much you invest. You are also smart enough to know that even wealthy people continue to work as this keeps their money coming in. Furthermore, the world can take away your money, but it can never take away your knowledge.
1. Let The Money Come To You
There are two ways to come about money – let it come to you or you look for it. The trick is you want the money to find you. This might be a strange concept. Money finding you means you put money away and it grows. In other words, your wealth increases without you having to lift a finger.
The most significant difference is that poor people think that they need to save a lot of money; usually, thousands of dollars to invest in a high-interest savings account, savings bond, or the stock market. However, this is not true. While the stock market is a bit different and you will want to take your time learning about it before investing, you don’t need to place much money in any account. When it comes to rich people, they are looking at various ways to invest even the smallest sum of money. For example, if they receive a Christmas bonus of $500, they will turn around and place this into their high-interest savings account to help their interest grow.
“What The Rich Won’t Tell You | What Rich People Teach Their Children.” The Outcome. November 2019.
“15 Lessons Rich Parents Teach Their Kids That the Poor Don’t.” Emil Anton, Alux. October 2018.
“10 Things the Rich Teach Their Children Which the Poor Don’t.” Success TV Secrets. March 2019.
“14 money lessons rich parents teach their kids.” Kathleen Elkins, Make It CNBC. January 2018.