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 – and like the seminal book “Rich Dad, Poor Dad,” those high net worth families teach their kids about money … and how to earn it.
- 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. By teaching their kids about earning money and making it work for them, those kids know 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.