5 Things Wealthy Parents Teach Their Kids That the Middle Class Might Not
5 Things Wealthy Parents Teach Their Kids That the Middle Class Might Not
Dawn Allcot Mon, Mar 3, 2025,
It’s often said, especially in the United States, that the rich get richer. It’s obviously easier to build wealth if you already have money to invest, a financial education and successful parents who can guide you.
For instance, Amazon may not exist today if Jeff Bezos’ parents’ had not shelled out close to $250,000 in start-up capital so he could launch the online bookstore in his garage, as widely reported by multiple sources. But it wasn’t just their cash that gave the young entrepreneur a leg up. In an article published by People, Bezos referred to his parents as “loving and supportive.”
Besides start-up capital and a safety net that enables people with more money to take bigger risks, what else do wealthy parents give their children that most middle-class parents don’t?
Real-Life Lessons on the Importance of Earning
While middle-class families may offer children an allowance to teach the basics of saving and compound interest, wealthy families emphasize the importance of earning.
“We don’t recommend that wealthy families just give an allowance — especially if the kids aren’t earning it in any way,” said Brian Weiner, founder of the Family Office Resource Group.
Taryn Pumphrey, president of Ledger Lift, agreed, describing how one local retail business owner she worked with involved her children in the family business.
“Rather than simply giving allowances, she tied their earnings to specific business tasks like inventory counting or organizing receipts, teaching both financial literacy and business operations simultaneously,” she said.
How To View Money as a Tool
Wealthy families often have neutral conversations about money, which can alleviate stress and help children view money as a tool, rather than the end goal.
TO READ MORE: https://finance.yahoo.com/news/5-things-wealthy-parents-teach-190029751.html
