Surprising Reason Why These Millionaire Parents Are Raising Their Kids ‘Poor’
You know what most celebrities have in common? They’re all filthy rich. But that’s beside the point, so scratch that. Most of them are actually parents, and as any parent would wish for their kids, these A-listers want theirs to be just as successful.
To raise children in a wealthy environment is a daunting task. The position of privilege may get to their heads, clouding their judgment on whether to work towards their own goals to live off their parents’ money.
As Barbara Corcoran puts it, raising rich kids requires a parent to be extra careful. She knows what she is saying when she refers to hers as “rich”, having started off with a $1,000 loan and turning it into an empire – real estate worth $66 million.
These parents have to come up with ingenious ways of bringing their kids in the know when it comes to money matters, while also instilling in them the value of hard work and the joy of earning from a venture you’ve invested your energy on.
Class Before School
Alex Rodriguez, CEO and former professional baseball player makes a point of turning the morning ride to school as a business class. He utilizes this time to school his daughters (10 & 14) on matters related to stocks, real estate, and the importance of frugality.
It may seem easy, but according to him, it doesn’t always go well. Alex says that they’re already tired of his everyday lessons, and sometimes opt to listen to the radio instead. Still, A-Rod is not about to give up.
He goes by some advice given to him by his mentor, Warren Buffet, that teaching kids about proper financial habits when they are relatively young sets them up for success later on in life.
For LeBron James, being the highest-earning player in the NBA means that his kids will never want for anything. But for him, this poses a serious challenge. Their upbringing is in stark contrast to his, when he and his mom were living from hand to mouth in Ohio.
As he puts it, his kids are way over the top, and they’ll never understand that there’s a rock bottom. He also admits that there’s some difficulty in being a parent, but he gives them challenges and goals to meet.
In his opinion, his three kids still have a long way ahead of them in the context of making their lives successful just as he did, despite the huge differences in the prevailing circumstances between their early life and his.
LeBron, Bryce, and Zhuri, 14, 11, and 4 respectively, have to learn that they can’t ever be complacent thinking that money will always be available. The basketball star insists that they should work to earn their own living.
Kevin O’Leary, the no-nonsense Shark takes a similar approach with his kids. Whenever they’re traveling, he flies first class while Savannah and Trevor fly coach. When Trevor asked why, he told him that it’s because they (the kids) don’t have any money.
Kevin says that he does this to teach them about the personal freedom that comes with being successful. We’re sure it’s working!
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