When growing up in the "land of giants," how can children of wealthy and successful parents establish their path in life?
To help you carve out your path of success separate from that of your wealthy parents, I asked life and career coaches and business leaders this question for their best advice. From taking advantage of the resources and connections available to you to working hard to build your value, there are several insights that provide meaningful advice on how children of wealthy and successful parents could define and establish their path to true success.
Here are seven pieces of advice these leaders offer children with wealthy parents on ways to establish their paths in life:
Take Advantage of the Resources and Connections Available to You
When you're blessed with wealthy parents, it is easy to become complacent quickly. It's a trap many children fall into. You have everything and forget to forge your own dreams. Instead, you eventually follow your parents' dreams because you don't know any better. You need to realize that there are numerous ways of achieving success, and there's no need to follow in your parent's footsteps. The quicker you realize it and start using the resources at hand to search for your own passion, the better. Use the money and connections to seek out what gets you up in the morning. You already have a head start.
Keep the Finances of Parents and Children Separate
The best way to manage your wealth is to keep your finances separate from your children's. Even if you plan to leave your child a great deal of money, it's best to let them earn their own success in life. If you give your children everything they need and more, they may not have the drive to achieve their own success. This can lead to a life of resenting your wealth rather than appreciating what you have given them.
Try Many Different Things
I am lucky to have two successful parents and grew up in a very high-achieving household. As the youngest, I found it particularly difficult not to compare myself to my sister and forge my own path. By the time I got to college, I felt very trapped in the major I chose and by sophomore year began taking classes in everything that interested me. This is where I found my chosen path! I would never have thought I would be the founder of a food startup had I not taken many different classes and used all the resources my school had to offer. Encourage your kids to try new things!
Explore Your Own Interests and Passion
When children grow up in families with wealth and success, they often feel pressure to meet expectations and achieve similar levels of accomplishment. While it is certainly admirable to aspire to such heights, it is also important for these children to find their own path in life. Otherwise, they may end up feeling lost and purposeless. One way for children of wealthy and successful parents to establish their own path is to explore their interests and passions. Gaining a better understanding of what they enjoy and value can help them to identify their goals and develop a plan for achieving them. Additionally, these children need to build strong relationships with supportive people who will encourage them to pursue their own dreams. With the right foundation in place, children of wealthy and successful families can forge their own path in life and create their own legacy of success.
Get the Best Education
Getting the best education can change the course of a person's life. This expands horizons and opens up opportunities unlike any other. Children born to wealthy and successful parents must never act entitled. They must still work hard and strive to be their best. It would be best if they could use their wealth as a stepping stone to achieving even bigger and better things.
Have Your Parents Support Your Personal Choices
Children of the wealthy should establish their own paths in life by having their wealthy parents support their personal choices instead of coercing them into their paths. These parents must understand that their children are separate individuals with separate identities and ambitions in life. These ambitions may not be what their parents want, but still, the parents must be willing to support their children. With their parents' support, the children can successfully establish their paths in life without being manipulated into those paths.
Work Hard to Build Your Value
The crucial thing is not to idolize money. The focus should be on hard work, which is a value in itself. By working hard, you build your character, become more determined to achieve your goals, and learn how to be independent. Getting success without any effort doesn't taste that sweet. Appreciating what you have is way more challenging if you get everything at any time you want, doing nothing at all. Also, it doesn't create positive future habits.
I honestly believe that adopting a work-centered attitude is the best way to achieve success. Everyone, including children of wealthy parents, should be aware of the fact that money doesn't grow on trees. The success of your parents can be an inspiration for establishing your path in life, but not a reason to take everything for granted. I am grateful to my parents for giving me such a precious lesson when I was a child. Knowing what I have is the effect of my own actions and hard work, I feel self-confident, empowered, and independent now.