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The Surprising Truth About Making Your Children Rich

The Millionaire Next Door

One might think that to make your children rich you should give them money, but once again, this would be completely wrong. The Millionaire Next Door  by: Thomas J.Stanley, and William D. Danko highlights 5 guidelines to producing wealthy children, and they may not be what you think...


Those who grew up in a high-consumption lifestyle tend to live a high-consumption lifestyle as an adult, hence accumulating less wealth

The best accumulators of wealth are good role models in frugality. They teach their children to save money and live below their means from a young age.

The best accumulators of wealth set up trust funds for their kids but the plan does not distribute money to their kids until they are the age of 40. 


Give because of love and kindness. Adult children lose their respect for their parents resort to barging tactics involving money.

George is my role model for discipline and frugality (bullet point #2)

I plan to follow most of these guidelines as a parent in order to give my children the best chance I can for them to become wealthy when they reach adulthood. I might not follow all of the guidelines listed above, but I will certainly do my best to give my children a good basis of financial habits.  I do not my future children to struggle to keep wealth as an adult so teaching them important lessons as a child will be a priority.


Thought provoking question: Do you see any parallels from these guidelines to your life?