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.
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. “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, 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. “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 ImagesNot 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 ImagesThe 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 ImagesIn 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 ImagesIn 1970 Rose Clapp shows off her tea service and Eric Clapton, her rock-god guitarist grandson, Surrey, England.John Olson—Time & Life Pictures/Getty ImagesNot 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 ImagesDavid Crosby with his father, 1970.John Olson—Time & Life Pictures/Getty ImagesGinger Baker and his mum, 1970.John Olson—Time & Life Pictures/Getty ImagesNot 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 ImagesJoe Cocker with his mother, 1970.John Olson—Time & Life Pictures/Getty ImagesGrace 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 ImagesLIFE photographer John Olson sets up to shoot the Jackson 5 in their backyard in 1970.John Olson—Time & Life Pictures/Getty ImagesRichie 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 ImagesThe Jackson 5 pose with their parents in Encino, Calif., in 1970.John Olson—Time & Life Pictures/Getty ImagesWith 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 ImagesNot 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: “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, 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. “What they’re teaching their kids is to see the world through the eyes of objective reality — the way society really is.”
