Filmmaker Jamie Johnson made a film about what the rich teach their children about money. He is an heir to Johnson and Johnson. So his film asked the question, what values do the rich teach their children about money?
90% of ultra-rich parents (multi-millionaires) are working hard to teach their children philanthropy, charity, and experiences. They did not just purchase material goods for their children. The average affluent person in this country is a good saver, not a good spender says Ron Kurtz from American Affluence Research Center. This makes sense because money doesn’t just reappear, you do have to continually invest and watch it.
A multi-millionaire Tony Dunn, describes raising his kids as learning to entreprenurial like him. He gives them allowances to finance their businesses, not just for being alive. But the truth is, that the family value really make a difference no matter the family’s wealth. If parents expect their children to be productive members of society it makes a huge difference versus someone whose family expect nothing.
There are many profiled families like Donald Trump who has high expectations for his children though they were raised in the public eye. His children party a lot less and have actual careers than other rich children. Same with the filmmaker Jamie Johnson.
So does this trickle down to the middle class? That part of the problem even with the middle class, is giving our children more than we had. That boomers are now experiencing boomerang children who went to college then came home and are now expected to be supported? That their children are now asking for handouts to be able to afford to buy a home, car, or even children?
Is it because they didn’t expect their children to make it on their own? The lack of values? Or the giving of too much? I wonder if these lessons are not ones which everyone has to learn for us as a society to change?
4 responses so far ↓
1 Jim ~ mydebtblog.com // May 28, 2008 at 8:43 pm
I don’t think it is fair to generalize that all middle class are trying to give their children what they didn’t have. If anything I think there is a fine line in the middle class, part is striving to become upper class, the rest are being absorbed into the lower class. It is a matter of values, morals, and integrity that drives success.
I’ve seen the documentary you’re referring to, Born Rich. These children are born into old money that is maintained in the family through charity and work. Some of them were not even aware of their parents’ financial status growing up. The sad part is that a lot of these children don’t grow up with personal struggle since nothing is out of reach for them.
When it comes to college students who graduate school and then move back to the nest, there should be a line drawn. Short term, roughly 6 months, with expectations they are to find their independence. Some people will take advantage of a situation if given the chance. Why has government assistance programs like wellfare, food stamps, and housing grown? This is partly why the lower class stays the way it does. People who cannot take care of themselves are infants. Look around at how many teenagers working today. The number has gone down because there is a huge sense of entitlement and expectation like never before. I don’t think rich kids are the problem in society today.
2 chris // May 29, 2008 at 2:50 am
Thank you so much for finding this article. I saw it on Tuesday and tried to find it for someone today and couldn’t. I think it overall is an excellent article.
To reply #1, I don’t think you can paint everyone in a one dimensional way. However, I believe that in general, many families are terribly afraid they and their children will be pereceived as poor, so they try to keep up with the Jones family. Again, it’s not a one size fits all, but very probably one size fits most.
3 Simon // May 29, 2008 at 2:17 pm
Starting this whole thing with a new family on the way, i am still trying to work out how to guide them in such a way as to be as independant as i was as a teen into adulthood so that they can make it on their own without resorting to coming home after college (although that is some 20 years down the line). I wont say my Mother wasnt philanthropic after i left school with a nice donation to help pay off some bills (which i am slowing paying back to her rather than the student loans company), but other than that i believe that i made it through hard work, determination, skill and a healthy dose of luck, without having to mooch off my parents as we see with many kids my age and younger these days. However i know right now my wife and i, as well as our parents and grandparents arent anywhere near the ultrarich folks discussed in the piece.
It does seem like a fine line. I believe through our prudence and money earning abilities that we have the ability to give our kids practically anything they want, but i dont know if i want them to really know that as they grow up. Its certainly something that keeps me thinking how i will play my cards throughout their upbringing and i am sure it will develop as they grow and i grow in understanding as well.
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