, being 'rich' will require more and more money as trends and times change. It's never achieveable, Allan says. One of the cardinal rules Stanley lays out for wealthy parents is to not let children know that their family is wealthy until much later in life. It's a rule North led his family by for years, but he says that you should be"Kids must be trained to take responsibility for their actions. Today all my children are well-disciplined and frugal.
It's not uncommon for children of wealthy families to start relying on gifts from family and parents to live, Stanley found in his interviews. In fact, Stanley found that the more dollars a child receives from family, the less wealth they build on their own. In turn, teaching your children about wealth will help your own wealth later, as Stanley found that giving to children hurts parents' wealth, too.
North found that teaching his wealth-building habits to his children and modeling it himself made a big difference in the way they've grown up, helping them to avoid the pitfalls of other millionaire children.