What People With A Lot Of Money Teach Their Kids About Money

Posted by Richard on August 15, 2023

Everyone either learns about money or learns about money the hard way.

People who have $3 million or more usually have learned how to handle money, and they want to preserve their money. One way to do that is to teach their kids about money.
An annual U.S. Trust survey says the top 1 percent of wealthy families (annual income more than $3 million), teach their kids to work and earn money:
* 85% take out trash and recycling
* 83% set the table or do dishes
* 81% work part-time in college
* 77% work part-time from age 15
* 65% have developed a budget
* 60% mow the lawn and do yard work.

According to financial journalist and investor Beile Grunbaum, rich people do not make money a taboo topic, discussing with children how much things cost and comparing it with the cost of other things. They teach kids how to manage money by giving them pocket money to manage.

In addition, rich kids are taught to think about how to earn money and make money work for them, knowing the difference between something that makes money (assets) and something that costs money (liabilities).

Most importantly, Grunbaum says, rich people teach their kids that no one owes them anything and no magical knight is going to save them from trouble. “If they want something, they have to make it happen,” Grunbaum told The New York Times.