A new survey from PNC Wealth Management found that 82 percent of American millionaires said that their kids should be responsible for creating their own wealth. That's up from 65 percent in More than 80 percent also said that raising successful, hard-working children is their most important goal.
They want, in other words, the same middle-class childhood they had themselves. The survey found that 75 percent of the millionaires said they grew up in an "average" financial situation.
Only 12 percent grew up well-off and 12 percent grew up "poor. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens.
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The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Finding the balance between sharing the lifestyle you want with your kids and yet stopping them from becoming materialistic can be challenging.
DeLauro suggested, for example, explaining to kids that you and your spouse are taking a trip to Italy and that they are privileged to be invited to come along. For example, if they want a car you can tell them to work for it and then maybe you'll match what they earn.
One danger for families with accumulated wealth is how the children are taught to think about the future distribution of that wealth. Being thoughtful in the way you teach your children appreciation and in the way you prepare them to provide for themselves in the future can go a long way to prevent materialism even in kids who grow up surrounded by privilege.
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