Wealth Beliefs & Parenting
Tue 19 Jul 2016
Reading a very interesting book on wealth and love to share an overview about families and wealth. They believe the more dollars you give to adult children, the fewer dollars these children accumulate (a statistically proved relationship). Here are the rules they more or less live by in dealing with their offspring: -Never tell your kids you are wealthy. -Teach your children discipline and frugality. -Minimize discussion on what your kids will inherit. -Never give cash or significant gifts as part of a negotiation. -Stay out of your adult children's' family matters. -Emphasize their achievements.. .not your success. -Assure them many things are more valuable than money. Millionaires also encourage their children to become self-employed professionals such as doctors, attorneys, engineers, architects, accountants and dentists. They believe only a small number of professional people fail to make a profit any given year and they earn more than the average for small businesses. "You can lose your business, but not your intellect," they say. Most own their own business because they believe self-employment is less risky than working for another. Very Interesting points. What are your thoughts?