Being an Uber-rich parent comes with its own set of challenges, including trying to raise children who are grounded and driven to succeed on their own terms. Many affluent parents worry that their children may become entitled or lack the drive to succeed, so it's important to offer them guidance and advice that will help them build a strong foundation for success.
Here are some tips that wealthy parents should give to their children to help them be successful:
Focus on education and skill-building
It's no secret that education is the key to success. Please encourage your children at all ages to pursue their education and life-long learning, whether it's through traditional channels like school or university, as well as alternative means such as online courses (Futurelearn, Udemy, Coursera) or internships.
Help them understand the importance of acquiring new skills, knowledge and experiences is a life's work, and provide them with the necessary resources to succeed. This could include investing in a tutor, a mentor or a life skills trainer coach (that is us).
Teach them the value of hard work
One of the biggest challenges that wealthy parents face is teaching their children the value of hard work. It's important to instil in your children the idea that success is earned, not given. Please encourage them to work hard and take pride in their accomplishments, whether it's in school, their careers, or their personal lives. Hard work pays off.
Nobody got to the top of their metaphorical mountain without hard work, resilience and probably sweat and tears. It is never a smooth path, and it often feels like two paces forward and one pace backwards. At times, it can be gritty. Teach them that success is not just about achieving financial wealth but about finding fulfilment in their work and making a positive impact in the world.
Set high expectations
Another important piece of advice is to set high expectations for your children. This doesn't mean that you should pressure them (pushy parent syndrome or helicopter parenting) to achieve a specific outcome, but rather that you should encourage them to strive for excellence in everything they do.
They should not have any regrets or 'if onlys' later in life. Let them know that you believe in them and expect/would like them to achieve great things, but also you must be be there to support them and offer guidance along the way. The 'guidance' piece though is often easier given by a mentor than a parent. More often than not, your children want you to be a good parent and not their teacher. We can do the guidance piece.
Teach them about money management
Wealth can be a blessing and a curse if children don't learn how to manage it properly. Teach your children about money management, including budgeting, saving, and investing. Inherited money is fine but earned money tastes so much better and is good for the self-esteem. Please encourage them to develop good habits early on, such as setting aside a portion of their income for savings and investing in their future. Help them understand the importance of giving back to their communities and supporting causes they care about.
Emphasize the importance of relationships
Success is not just about achieving financial wealth or career success. It's also about building strong relationships and making meaningful connections with others. Please encourage your children to prioritize their relationships, whether it's with family, friends, or colleagues. Teach them to communicate effectively, listen actively (most people are terrible at this - we can teach it), and show empathy and kindness to others.
Foster a sense of purpose and meaning
Finally, help your children find their sense of purpose and meaning in life. Teach them to be mindful of their values and make decisions aligning with their personal beliefs and goals. Please encourage them to pursue their passions and interests and find ways to impact the world positively. Ultimately, success is not just about achieving material wealth but about living a fulfilling, meaningful, and purposeful life.
Being an Uber-rich parent comes with its own set of challenges. Still, it's possible to raise grounded, driven children who are committed to success on their terms. By focusing on education, hard work, high expectations, money management, relationships, and purpose, you can help your children build a strong foundation for success and find fulfilment in all aspects of their lives. But it all starts with communication and you speaking to your children about the above topics. Thats the first step.
We would be more than happy to help run a life skills course for your family. Please contact us now.