Growing up in a family of significant wealth can be extraordinary. Splendid vacations, lavish homes, luxury cars and education at the best schools. It can also colour your world with unrealistic expectations. Children from wealthy homes are always the most privileged set of people because they have access to almost the best things of life.
Sometimes, they are the ones who decide for their parents, which country that they want to spend summer, Thanksgiving and New Year. They are always given the best of everything-clothes, shoes, books, cell phones, cars and other things. These children don’t usually stress themselves for jobs after school because of their parents’ connections. However, they also have the family business to fall back on, just in case they decide to work there.
Wealthy parents make life to be so easy and comfortable for their children – From having a chauffeur to employing a cook, an attorney, domestic help and managers of their estate. These children will never feel intimidated by anyone or anything because of their parents’ wealth. Other times, children from wealthy homes can be arrogant and proud.
Most times, these children are blown away by the wealth of their parents and by the luxurious lifestyle that it provides for them and they neglect to understand the basic principles of wealth management, business management and financial management. The inability to understand the basic principles of wealth management will jeopardize all that their parents have laboured for. Children from wealthy homes should learn the act of wealth management from their parents, if no, they will squander all that their parents have laboured for.
A father can decide to give his children, N1 million every week for the next 15 years and it will mean nothing to him, because of how wealthy he is. But he will be scared. Why? Because his children do not understand the principles of wealth management and the value of money, hence, his hard work is at stake.
Growing up, I have seen children from rich homes that mismanaged the wealth of their parents, simply because, they failed to understand the principles of wealth management and the value of money.
I have also seen families that willed their properties to orphanage homes, simply because, their children did not understand the principles of wealth management and the value of money and they were not willing to.
Every parent has an assignment to teach their children about the value of money and the principles of wealth management.
The essence of this luxurious lifestyle is to expose the children to the world in order to change their thought pattern and refine them for tomorrow. A luxurious lifestyle is not an excuse to be useless and nonchalant about money.
Children who are not from wealthy homes should also endeavour to learn about the basic principles of wealth management from friends and relatives who are rich and successful.
Children do need a lot of support but there must be a balance. Parents should not be apologetic to turn down some request from their children. Intentionally refusing to meet their needs will make them understand that they can’t always have it all. It might be painful and difficult to try this but over time, you will get used to it and your children will also get used to it.
“If you want your children to keep their feet on the ground, put some responsibility on their shoulders”-Abigail Van Buren
Parents should also endeavour to teach their children about the basic principles of financial management such as savings, budgeting, risk management, investment and insurance. For savings, parents should start by buying a piggybank for their children and rewarding them for saving as a way of encouraging them to save more. Parents should also open an account for their children and teach them how to save in the bank and how to save with some financial applications like Piggybank, Cowrywise, etc.
Parents should also teach their children the basic rudiments of entrepreneurship-families that run businesses should also teach the children about the business and also ensure that they manage the business whenever they are home for summer, Christmas or any other holiday. This will help in the continuity of the legacy that they have set for their children.
Parents should also encourage their children to read books on Business and Finance and also to attend conferences and seminars that will refine their thought pattern and contribute to their personal development.
Parents should also encourage their children to be much disciplined and contempt when making some decisions for themselves.
Parents are also expected to encourage their children to associate themselves with people that will inspire them to become the best version of themselves-friends whose value system does not contradict the value system that the parents have built for their children.
Parents should be sensitive to identify the skills in their children, they should encourage them to refine those skills and they should also encourage their children to maximize those skill, utilize it and monetize it.
Parents should also ensure that the type of education and school that they decide for their children should be guided by the same value system that they used to raise those children. Education plays a vital role in the refinement of a child through experience and exposure.
Parents should also encourage their children to apply for internships during school breaks.
In the process of nurturing a child, parents should allow their children to make mistakes and suffer the consequences of their mistake. By so doing, they will be very careful next time. Parents should allow their children to apply for jobs without making calls or leveraging on the position of their parents. This will motivate them to be so diligent and they will take those jobs very serious.
We are committed to giving our children love, care and nurturing versus or against the fear of spoiling them.
We want to give them the best of everything
We want to give them a better life than we ever had.
Children do need support but there must be a balance.
However, the dangers of overindulging children are;
- They will not appreciate the value of money and they will spend all of your money – undercuts self-discipline.
- It decreases their ability to be selfless. They will see their own need ahead of others.
- It deprives them of all the opportunity to be independent.
- It makes it difficult for them to learn how to deal and respond to disappointment.