14 Money Lessons Rich Parents Teach Their Kids

Author and self-made millionaire Steve Siebold has spent a lot of time studying the ultra wealthy. He's interviewed more than 1,200 millionaires and billionaires over the past 30 years. A key question Siebold always asks is: What do you teach your kids about financial success? His latest book, "Secrets Self-Made Millionaires Teach Their Kids," is a culmination of the answers he's received.

The sooner you can get your kids thinking like the wealthy do, the better off they'll be. Here are 14 lessons self-made millionaires and billionaires instill in their kids:

Success isn't free
Wealth and success take work. "Becoming financially independent will be the fight of your life. You'll have to be willing to sacrifice your time, sleep and leisure to build something great," writes Siebold. "It's not glamorous or pretty. While your friends are out having fun, you'll be working."

Get rich solving problems
The top earners know that money flows from ideas and problem solving. "If you want to be rich, solve a problem," writes Siebold. "If you want to be very wealthy, solve a bigger problem." While "the masses solve small problems for their employers," he says, "the rich solve significant problems and get compensated accordingly."

This makes it easier than ever to get rich: "It's simple. Solve a big problem, and the world will gladly turn their money over to you." 
Elon Musk's brother says this is how you raise entrepreneurial kids.  
 
Expect to make it
The wealthiest people set high expectations. "Almost every self-made I've interviewed over the past 30+ years has told me he expected to be rich," writes Siebold. "You'll want to do the same."

And don't be afraid to think big: "Expect to get rich in your 20s or 30s. … It's not going to happen overnight, but it doesn't have to take a lifetime. Your expectation will quicken the process and keep you on track."

Surround yourself with successful people
Who you hang out with matters.

"You need rich friends," says Siebold. "The sheer exposure to their heightened level of awareness around everything related to wealth will dramatically expand your thinking." Find ways to cultivate relationships with wealthy, successful people: "Read their books, attend their events, donate to their charities … and whatever else you can do to gain introductions and build relationships." 
Cut your kids off as soon as you possibly can, says Suze Orman  
 
Fall in love with work
Your career affects every aspect of your life, so you want to choose your path carefully.

"It's difficult to invest the necessary time and energy into a profession that bores you or that has little meaning beyond money," says Siebold. "Waking up everyday with excitement for going to work is a formula for financial abundance, emotional fulfillment, and life satisfaction."

Money solves most problems
The rich aren't afraid to admit that money can solve most problems.

"Being rich won't make you happy, but it will solve 90 percent of your problems," writes Siebold. "If you have a problem, and you can make it disappear by writing a check, you don't have a problem. … Make your money by solving problems, and you'll get rich enough to purchase your own problems away."

Read the full article here: https://www.cnbc.com/2018/01/26/steve-siebold-money-lessons-the-rich-teach-their-kids.html 

March 19 2018 By Kathleen Elkins, CNBC Financial Planning