20 Secrets Self-Made Millionaires Teach Their Kids

One of the easiest ways to be rich is to have rich parents. However, many a trust-fund kid has blown their fortune because they never learned how to appreciate money or how to make their money work for them. Savvy self-made millionaires who are also good parents know that the best thing they can do for their children – other than leave them a generous inheritance – is to teach them the skills they’ll need to become financially independent.

Of course, capitalism doesn’t offer an equal opportunity system and some folx have more social and professional barriers than others – but our curiosity persists. So, what are the secrets self-made millionaires teach their kids and could you teach these lessons to your kids too? Here are 20 from millionaire author Steve Siebold.

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You deserve to be rich

Steve Siebold is the expert in this area. He writes that you shouldn’t think you need to be born rich, be unusually talented or attend the best schools – such as the most expensive private schools in Canada – to be rich. If you solve enough problems and serve enough people in a free market economy, you deserve to be rich.

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Watch the markets

Business Insider quotes Siebold as saying that opportunities are everywhere. To find these opportunities, you need to watch the stock markets for the big picture. You also need to pay attention to what’s happening locally, for instance by chatting to store owners.

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Getting rich takes work

On News.com.au, Siebold says that getting rich takes work. You’ll be giving up leisure time and sleep in the process, so you’ll have to be prepared to make the sacrifice. However, there’s no reason to feel sorry for yourself when you’re burning the midnight oil to build something great: there are plenty of sleep-deprived jobs where you won’t get rich in the process.

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Make friends with rich people

Siebold says that it matters who you spend time with. Hanging out with rich people, such as the richest families in the world, will expose you to the kind of mindset where you’re more aware of wealth-related matters.

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Play rich people’s sports

According to Business Insider, Siebold says that playing sport is a great way to network. However, to network with powerful people, you need to play the sports that rich people tend to play. Of course we don’t all have access to playing polo but anyone can learn how to play golf or tennis.

Related: Check out the world’s richest golfers.

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Learn how to think

Writing on HuffPost, Siebold says that instead of learning what to think, potential millionaires learn how to think. This involves thinking big and thinking for yourself, following your own path no matter what others may think about it.

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Write vision letters

On Business Insider, Siebold suggests you teach your children to write down their vision. They can do this by writing letters to a friend pretending it’s some time in the future and they’ve reached their goals. The idea is that they need to imagine what it will feel like, since this will motivate them.

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Expect to be rich

For his book, Siebold interviewed hundreds of millionaires and billionaires and says that almost every one of them expected to be rich. You don’t need forever either but can be rich in your 20s or 30s. In fact, there are many women who became CEO before 30, taking one step closer to becoming rich.

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The world doesn’t owe you

Siebold writes in HuffPost that nobody is entitled to anything. The opposite of feeling entitled is self-reliance, which is a trait you need to instil in your kids. He says that the more you show self-reliance, the more people will actually want to help you.

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Learn that the best things come over time

According to Business Insider, Siebold says that long-term financial stability takes time. It’s possible to make fast cash but instant gratification isn’t going to help you keep that money.

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Money brings freedom

Siebold also writes in HuffPost that money gives you the freedom to live the way you want to. You can learn something new, spend how you choose to and live wherever you want to. With enough money you can even choose one of the most expensive cities to live in without having to worry about how you’ll make rent.

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Be careful about spending money

Siebold says that it’s easy to overspend if you have millions of dollars. However, spending too much money can ruin you financially. Of course you’re allowed to spend on luxuries. You just need to know how to save money whenever you can.

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Invest your money

In MoneySense, Siebold says that instead of spending, the rich invest their money. People who have lots of money but don’t invest it wisely to make their money grow may soon join the club of millionaires who lost it all.

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Learn how to solve problems

Millionaire author Steve Siebold says that being rich can solve problems but solving problems can also make you rich. The bigger the problem you solve, the more money you can make. You can develop an app to solve a problem, for example. You’ll make even more money from it if you do it in one of the best places for tech start-ups.

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Manage your own money

Siebold suggests that you need to know how to manage your own money. There’s nothing wrong with hiring an expert to help you but then it will be your responsibility to manage your money manager. The sooner you learn the financial terms most Canadians don’t know but should, the sooner you’ll be able to take care of your money like an expert.

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Decide how much is enough

MoneySense quotes Siebold as suggesting you need to decide how much money will make you feel fulfilled. This isn’t so you can stop putting in effort once you’ve reached that number. Instead, it’s so that once you’ve reached your goal, you’ll start playing the money-making game for fun and without fear.

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Reach for the stars

Siebold writes in HuffPost that settling for less won’t make you rich. You need to teach your children to raise their expectations and not to live in fear. After all, some of the richest people in the world were mocked at one time.

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It doesn’t take a genius

Siebold says that most rich people are no more intelligent than the average person. They’re just more focused on making money.

Wondering where to start? A good place would be with one of these 19 Canadian jobs that don’t need a degree but still pay well.

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Don’t stop believing in yourself

Siebold says that on the road to success, you will probably encounter failures and setbacks too. However, the key to surviving disappointment is not to give up but to keep believing in yourself.

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Don’t forget to laugh

News.com.au notes Siebold’s advice that children should still get to have fun, even while learning how to make money. Getting rich is a journey but you need to enjoy that journey or it won’t be worth it.

For more money-making tricks, don't miss 20 must-know habits of self-made millionaires.