Have you ever wondered how rich people raise rich kids? This is all because of the upbringing and the surroundings that the rich people provide their kids with. Rich people believe that it is crucial to teach their children about money and its importance, and this is how the class differences in child-rearing are increasing day by day, leading to wide inequality and deepened socioeconomic divisions.
Let us now discuss the differences in parenting employed by the rich and the poor do not.
Investment is the key to increasing wealth:
Do you know why rich people are so much into investments? Whether it is in stocks, crypto currency, property or even savings in a bank, the rich possess broad knowledge of the up-to-date investment opportunities. They teach their kids that investment is essential and you must take risks; hence, it acts as a multiplier to money. On the other hand, the poor believe in savings instead of investment as they lack proper knowledge about investment opportunities and fear taking risks. For example, if a child earns $10 as his first earning, the poor parents would advise him to save, but the rich would introduce him to the world of investment opportunities. So, what do you think is better?
Believe in being Self-made:
Do you know what per cent of millionaires are self-made? Yeah, there are 88% of the rich millionaires without inheriting their wealth. A huge percentage, right?
The rich people believe that it is important to use your own skills and strengths in order to earn money rather than depending on inherited properties. They teach their kids to be self-sufficient, use their personal finance and have power over accountability. For example, bill gates said that my kids would be getting only a minimum part from my assets as I want them to find their own way to success. Thus, self-dependency is thought to be the most important skill that the rich teach their kids.
Leadership qualities are a must-have:
Do you realize how important leadership qualities are for making money? This is why Rich people teach their kids to be their own boss and have leadership qualities in order to lead others. On the other hand, the poor are habitual of working under people and being led by someone else as they do not have the courage to lead. Thus, the rich people believe that their kids should acquire leadership skills, for example, teamwork, delegation, taking risks, and creativity.
Productive hobby of being consistent:
Consistency and patience is the key to success, do you agree? The rich teach their kids that making money is not as easy as it seems, so they give them such opportunities to focus on earning. As the main motive for the rich is to make money, thus they start talking about money at a very young age. For example, to be consistent, it is important to set and achieve goals, take time, create routines and generate multiple income channels.
How well are you able to manage your finances? If you belong to a rich family, you must have been taught the skills required to manage your daily finances. Rich parents introduce their children to the real world, so they are well prepared for the future. For example, the rich parents let their children take the initiative, plan, manage and save money on their own. They also familiarize their kids with the cost of living in the modern world, so they know the importance of making money. The early they know how to manage their finances, the better it would be for them to be successful in the practical world.
Critical thinking and problem solving:
Have you ever thought about the role critical thinking skills play in solving major problems and making money? This is one of the major skills that rich people stress upon their kids.
Critical thinking enables you to express your ideas and beliefs and understand your actions. It is an important skill in one’s life that helps make better decisions and solve problems. Critical thinking also helps entrepreneurs understand the impact of their decisions on their work. Think rich, get rich!
All these skills that the rich parents teach their kids. Play an essential role in preparing them and shaping their lives. As for the rich people, money-making is their first priority, and they believe that their kids should be bought up in a way that they understand the importance of money.