Dr Boyce Watkins: Here’s what rich people teach their children
By Dr Boyce Watkins
Many of us think that becoming wealthy in adulthood is a matter of luck, but this is not the case. Study after study shows that wealthy people teach their kids differently from everyone else, and prepare their kids for the challenges of global economic warfare. We know the world isn’t fair, and that some people are born with advantages. But complaining about a problem has rarely done very much to solve it, at least in America.
According to Steve Siebold, who interviewed 1,200 self-made wealthy families, it turns out that the things you teach your kids early in life have a huge impact on the outcomes of your children.
“The average family unconsciously passes down the same limiting beliefs they were taught about money from generation to generation,” Siebold writes. “These are the beliefs that have kept families at the same level of financial success for dozens, if not hundreds, of years.”
Some of these beliefs might consist of the idea that if you don’t make much money, there’s no point in saving or investing in the stock market. One might also be taugh to believe that your sole objective in life is to serve the corporate master, and then give all of your pay right back to the very same corporations that won’t give you a job in the first place.
Some of us seem to feel that we are destined to struggle economically, and this may give us an excuse for not teaching our children to be in a better place than we are right now.
This leads me to the African American community.
I am regularly asked, “What do you think it will take for African Americans to achieve economic equality?”
That’s a tough question, because many of us are just now learning how to play the global economic game. Some of us are forced to confront a culture that is not conducive to wealth building, entrepreneurship or appropriate capitalization. Much of this is not our fault, since our wealth has been stolen for 400 years. But while it’s not our fault, it is certainly our problem.
One thing I do know, for sure, is that educating our children is critical to getting ahead as a community. What we teach our kids today will carry us into the next generation, for if we fail to prepare them for a life of economic empowerment, we are subjecting them to endless degrees of racist corporate servitude.
Siebold also writes the following:
“They (the rich) educate their kids on how to make money by solving problems and enhancing the quality of other people’s lives. This way the child learns to see money as a positive, productive force for good instead of a weapon of the few to use against the many.”
This doesn’t mean that every wealthy person is good. It doesn’t mean that America isn’t a horribly racist society that allows capitalism to exploit the poor. What it means is that the world is probably not going to change very much anytime soon, and you’re better off if you prepare your children to fight.
Fighting means education and financial literacy in every home.
Fighting means learning the difference between income and wealth
Fighting means being a saver, producer and investor, not a borrower, spender and consumer.
Fighting means teaching your child that it’s optional, not mandatory, to have a boss.
Fighting means ensuring that your child learns how money works, how to keep it, and how to build wealth on top of it. If we don’t teach these things to our kids while they are young, they will find themselves in the dog house of perpetual victimhood. They will also be starting all over again, just like their parents.
It’s best to prepare your child to protect and build their wealth, because someone else is training their child to grow up and take it. By giving our children the gift of basic financial literacy at an early age, we are preparing them to be at the front of the economic bus, not the back. It’s up to us to make that decision.
Dr Boyce Watkins is a Finance PhD and founder of the The Black Millionaires of Tomorrow Program (BMOT)*, a Financial literacy program for children. To learn more, please visit [**BlackMillionairesOfTomorrow.com.* ](http://blackmillionairesoftomorrow.com/)