It’s easy to think that the wealthy have it so easy with nothing to worry about. But, that’s not true. If anything, they are worried that all the money they’ve worked hard to accumulate will be lost in just one generation.
Why?
Because of their children (or grandchildren). It’s believed that if the children or grandchildren don’t have certain morals and principles in place, they will lose the money just as fast as it was accumulated. So it seems, the wealthy people are now teaching their children certain lessons so they don’t squander the money.
For the record, those who have at least $5 million or more (excluding their primary residence) are considered to have ultra high net worth. So check out some of the lessons people in this class are teaching their children. These lessons could actually apply to anyone.
1 – They teach their children that life isn’t all about the money. This may sound weird, but they do this so that their child will continue to chase their dreams and live their life with a sense of purpose of drive.
2 – They make their kids work. Just because you have plenty of money to take care of you, it doesn’t mean you just sit around and spend it. You have to work. Many of these people have their children working by the time they’re teenagers.
3 – Set a family strategy – They talk with their children about where they came from, and track where they would like the family to head to. This way, they know the family’s goals and can pass these ideals on to future generations.
Read More: 9 Lessons The Wealthy Teach Their Kids About Money
