--- title: What Wealthy People Teach Their Children That Others Don't description: Money is not an enemy, but a friend. canonical: https://time.com/4083489/money-lesson-kids/ author: Business Insider article:opinion: false article:content_tier: free article:published_time: 2015-10-23T19:39:57.000Z article:modified_time: 2026-08-04T07:44:30.690Z og:title: What Wealthy People Teach Their Children That Others Don't og:description: First up, it's O.K. to want to be rich. og:url: https://time.com/4083489/money-lesson-kids/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt3779ea6289f1d622/698869a62dce01f7349e62a2/gettyimages-527691299.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 6500 og:image:height: 3656 og:image:alt: 527691299 og:type: article twitter:card: summary_large_image twitter:title: What Wealthy People Teach Their Children That Others Don't twitter:description: First up, it's O.K. to want to be rich. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt3779ea6289f1d622/698869a62dce01f7349e62a2/gettyimages-527691299.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # What Wealthy People Teach Their Children That Others Don't > Sponsored content. 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It covers the reporting, scoops and conversations shaping AI and the decisions facing leaders. #### Where can I get reported AI news rather than commentary? In the Loop is TIME's AI newsletter, built on original reporting and access to the people building and governing AI. It publishes Tuesdays and Fridays and is free at time.com/newsletters. #### Who writes TIME's In the Loop? Harry Booth, a tech reporter at TIME, writes In the Loop. #### Is In the Loop free? Yes. In the Loop is free at time.com/newsletters. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-loop-2026q3/newsletters?i=2b94bf20-6c6e-46da-8bcb-c5326daf8e68&cr=time-nl-loop-2026q3-v1) ## Video: Melinda Gates: How My Children Spend Their Allowance [Watch (HLS stream): Melinda Gates: How My Children Spend Their Allowance](https://cdn.jwplayer.com/manifests/r8wuO4tt.m3u8) (0:48)  _Published 2014-11-21. Melinda Gates talks about how she raises her kids to share her philanthropic values_ by [Kathleen Elkins / Business Insider](https://time.com/author/business-insider/) ## Kathleen Elkins / Business Insider Oct 23, 2015 7:39 PM UTC  Father and son on yacht Father and son on yacht Gregor Bister—Getty Images by [Kathleen Elkins / Business Insider](https://time.com/author/business-insider/) ## Kathleen Elkins / Business Insider Oct 23, 2015 7:39 PM UTC Wealthy people do things differently than average people. [They continually self-educate](http://www.businessinsider.com/rich-people-like-to-read-2015-8), [they avoid nostalgia](http://www.businessinsider.com/rich-people-arent-nostalgic-2015-8), and [they tend to embrace selfishness](http://www.businessinsider.com/rich-people-think-selfishness-is-a-virtue-2015-8). Not surprisingly, they also have different opinions when it comes to parenting. That’s according to self-made millionaire Steve Siebold, who interviewed over 1,200 of the world’s wealthiest people and compiled his research into [_How Rich People Think_](http://www.amazon.com/Rich-People-Think-Steve-Siebold/dp/0975500341?tag=bisafetynet-20). While average people teach their kids to survive, he finds, rich people teach their kids to be rich. “The average family unconsciously passes down the same limiting beliefs they were taught about money from generation to generation,” [Siebold writes](http://www.huffingtonpost.com/steve-siebold/teach-your-kids-how-to-be%5Fb%5F5965820.html). “These are the beliefs that have kept families at the same level of financial success for dozens, if not hundreds, of years.” Rich people, on the other hand, not only [teach their kids smart money habits](http://www.businessinsider.com/money-basics-to-teach-kids-2015-8), but they teach them that it’s OK to want to be rich, and that wealth is possible for anyone who thinks big enough. “While the masses are content to play it safe, seek comfort, and avoid pain, the great ones are living large and teaching their kids to do the same,” [the self-made millionaire writes on the _Huffington Post_](http://www.huffingtonpost.com/steve-siebold/teach-your-kids-how-to-be%5Fb%5F5965820.html). “To them, life is a game to be played boldly and fearlessly, and they always set the example for the little ones who watch their every move.” ### LIFE With Rock Stars . . . and Their Parents  Frank Zappa in his Los Angeles home with his dad, Francis, his mom, Rosemarie, and his cat in 1970. John Olson—Time & Life Pictures/Getty Images  Not published in LIFE. Frank Zappa in his eclectic Los Angeles home with his cat, his dad, Francis and his mom, Rosemarie, in 1970. John Olson—Time & Life Pictures/Getty Images  The Jefferson Airplane’s Grace Slick poses with her mother, Virginia Wing, in the living room of the home where she grew up in Palo Alto, California in 1970\. "We raced out there because she was nine months pregnant," remembers Olson. "And the rest of the story took so long to complete, her daughter was a year old when it finally ran." John Olson—Time & Life Pictures/Getty Images  In one of the photos that ultimately ran in LIFE (Olson went back to Palo Alto for a re-shoot), new mom Grace dangles her daughter China by the feet in 1971. John Olson—Time & Life Pictures/Getty Images  In 1970 Rose Clapp shows off her tea service and Eric Clapton, her rock-god guitarist grandson, Surrey, England. John Olson—Time & Life Pictures/Getty Images  Not published in LIFE. The former Reggie Dwight, later known as Elton John, laughs with his mom Sheila Fairebrother and her husband Fred (whom he affectionately called "Derf," Fred spelled backwards) in their suburban London apartment in 1970. John Olson—Time & Life Pictures/Getty Images  David Crosby with his father, 1970. John Olson—Time & Life Pictures/Getty Images  Ginger Baker and his mum, 1970. John Olson—Time & Life Pictures/Getty Images  Not published in LIFE. Ginger Baker, the Cream and Blind Faith drummer, flashes a rare smile with his mother Ruby Streatfield inside her rowhouse in Bexley, outside London, in 1970. John Olson—Time & Life Pictures/Getty Images  Joe Cocker with his mother, 1970. John Olson—Time & Life Pictures/Getty Images  Grace steps outside with her mom and little China in 1971\. "Things change so fast, you can't use 1971 ethics on someone born in 1971," Slick said of her daughter. "Whatever she does is going to look far-out to me. I hope I'll either like it or keep my mouth shut." John Olson—Time & Life Pictures/Getty Images  LIFE photographer John Olson sets up to shoot the Jackson 5 in their backyard in 1970. John Olson—Time & Life Pictures/Getty Images  Richie Havens with his parents, Brooklyn in 1970\. The musician who opened the show at Woodstock grew up with his folks, Richard and Mildred, in Bedford-Stuyvesant, Brooklyn, but he bought them this home in nearby East Flatbush when his music career took off. The Havenses had nine kids and, as Mrs. Havens told LIFE, "Richie is the only one who's really moved away. I can't get rid of most of them." John Olson—Time & Life Pictures/Getty Images  The Jackson 5 pose with their parents in Encino, Calif., in 1970. John Olson—Time & Life Pictures/Getty Images  With their parents standing by, 13-year-old dynamo Michael (front left) and his brothers Jackie, Marlon, Tito and Jermaine straddle their motorbikes by the pool, 1970. John Olson—Time & Life Pictures/Getty Images  Not published in LIFE. Scottish folk musician Donovan and his parents, Donald and Winifred Leitch, England in 1970. John Olson—Time & Life Pictures/Getty Images Of course, the way in which the wealthy teach their kids about money is crucial, [Siebold emphasizes](http://www.huffingtonpost.com/steve-siebold/teach-your-kids-how-to-be%5Fb%5F5965820.html): “They 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.” They start [to see money as their friend](http://www.businessinsider.com/rich-people-see-money-as-a-friend-2015-8), while the average person sees money as an enemy. While many people have argued that he’s supporting the idea of elitism, he disagrees. “\[People\] say parents are teaching their kids to look down on the masses because they’re poor. This isn’t true,” [he writes](http://www.businessinsider.com/how-rich-people-think-differently-2015-8). “What they’re teaching their kids is to see the world through the eyes of objective reality — the way society really is.” _This_ [_article_](http://www.businessinsider.com/rich-people-teach-their-kids-to-be-rich-2015-9) _originally appeared on_ [_Business Insider_](http://www.businessinsider.com) _More from Business Insider:_ * [The moment teens drive with their parents for the first time](http://www.businessinsider.com/teens-driving-with-their-parents-2015-10) * [7 podcasts that will make you smarter about parenting](http://www.businessinsider.com/podcasts-about-parenting-2015-8) * [Science says parents of successful kids have these 9 things in common](http://www.businessinsider.com/set-your-kids-up-for-success-2015-8) * [Here’s the truth about parenting and happiness](http://www.businessinsider.com/parents-more-or-less-happy-2015-2) * [The scientific truth about kids who grow up with same-sex parents](http://www.businessinsider.com/the-scientific-truth-about-kids-who-grow-up-with-same-sex-parents-2015-6) ## Transcript [ MUSIC ] What I think about is how am I purposeful with my children? Whether we had great wealth or we didn't have great wealth. My belief is if yo do that and you live your values out, they're gonna turn out okay. We volunteer together in the community. The kids and I have over time, at different projects that tug at their hearts in different ways. So I try to go where their passion is. he allowance that they get every week. A third of it has to be given away to a charity they save it up and then they decide what charity their gonna give it to you, and then we match whatever they give. And on their Christmas list it's not mandatory, but one of the things they've chosen to do on their wish list the last few years is you'll often find some organization. LIke Heifer International. I wanna give a flock of chicks to this family. I'm amazed how much that shows up on the list. 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