Luxury and spending lifestyle fastest way to poverty rich kids

[sokani]

Such cases of "once rich and now poor" could be prevalent in US and Canada but I think it's happens everywhere in the world and it's mostly caused by bad parenting. There are parents who would tell you they don't want their kids to suffer because they grew up from a very poor background. So, in raising their kids, they tend to give them all they ask and don't allow them to do anything for themselves which have a deliterious effect on them. When they parents are no more, these kids become poor in no time because of their excessive spendings and inability to manage the businesses and properties they inherited.

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[Miles2006]

Such cases of "once rich and now poor" could be prevalent in US and Canada but I think it's happens everywhere in the world and it's mostly caused by bad parenting. There are parents who would tell you they don't want their kids to suffer because they grew up from a very poor background. So, in raising their kids, they tend to give them all they ask and don't allow them to do anything for themselves which have a deliterious effect on them. When they parents are no more, these kids become poor in no time because of their excessive spendings and inability to manage the businesses and properties they inherited.

If the parents doesn't want the child to suffer or pass through the struggles they faced I think that reason is valid, but parents nowadays get too serious with that idea, I don't see anything wrong with rich kids spending their money and living a luxury life, if the parents can't caution the child then it's for their own  good or bad.
And not all rich kids get poor when their parents are no more, even if the op has seen things like that in Canada and US, that doesn't mean all rich kids who lavish their money get poor when their parents are no more but very rare.

[mirakal]

These instances are not new anymore as there are a lot of spoiled brats that don't care on their spending habit and now they're living broke and homeless. Not only on those countries you've mentioned but certainly in all parts of the world. This happened mostly because of lack of guidance from the parents because they're also busy earning for living. Also, the current environment they're exposed to is another factor that made them who they are today and are mostly financially broke.

However, the blame should not only on the parents but on the kids as well. There are some instances that no matter how the parents would try to discipline their kids, the kids still insist on their preferred way of living, now look on where they are right now. They must be regretting for sure but it's too late already.

[slapper]

The tales of privileged youth wasting their money are warnings. Is financial success guaranteed by birthright? Evidently not. Financial mismanagement affects rich and poor alike. This highlights the need for personal finance education for all, not just the poor.

Your observations on wealth trends in the US and Canada, particularly the rise of hardworking leaders, spark a wider discussion. Could wealth paradigms be changing? This shift favors self-made success over inherited wealth. While offering opportunities, this transition emphasizes financial awareness and preparedness disparities in society. A more holistic approach to financial education should involve earning, investing, and properly sustaining and expanding wealth.

[Aanuoluwatofunmi]

Anyone that has money but doesn't know how to spend it wisely may end up being poor, the worst scenario to have seen is about those who by the virtue of being lucky finds theirselves into a life changing once chance opportunity and they make money from it, but instead of them spending wisely and investing, they waste up the resources and work out nothing to make additional efforts to the source, they are the kind of poor rich kids, we must mak use of every opportunity we have for securing the future.

[JunaidAzizi]

You looking from TV and see that homeless people you think they born poor but it's not case i've met with many who use to drink and Party in Europe bahamas like 100-300k easy in one year and now they are broke.
Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advantage of the situation.

For the first time, I heard that people from Canada and the USA are homeless and this is because of the misinformation that I experienced that in these countries, there are no poor people and every person lives their life above the poverty line. Now coming to your point we always hear that educate your child in the way that they understand about what is right and what is wrong. When they contrast these two things they will not waste money instead they will find other ways to grow their business and invest in other things also.  When we leave our children without asking anything about what they are doing and providing the things before they were asked for will make our children more irresponsible and after our death, they will destroy the whole bank balance and come to the road.

[Youngkhngdiddy]

Wealthy families usually go bankrupt in the second and third generations, especially if the family's wealth is based on one person or individual, but the bankruptcy of these families may mean that they transform from billionaires to millionaires or even ordinary individuals with a few thousand dollars annually and not homeless or homeless children.

In my country, there is a social system that makes it difficult to have a homeless child among family protection, as distant family members are the responsibility of the family in addition to government care, but they may be poor or have low income.
The problem of homelessness is not related to economic conditions as much as it is related to social and family factors and sometimes addiction and psychological problems.

   Wealth shouldn't be a leisure to wasteful spending and affluence lifestyle without proper management and ways of regeneration. This is an error most kids make whilst living, they tend to believe that it's always there and then end up not being able to make back the wealth. They spend wasteful, make unnecessary expenses and the saddest part is the fact that they are not cautioned. There's always been a notion that money will be spent wisely if the struggle of making it is remembered. They ought to be guided on management tactics, financial stability too, they should not live so relaxed ignoring every challenge that may lie ahead and be so certain that there's enough because there and then they'll be so surprised at how swift the wealth would run dry. 
   Their upbringing tend to get spoilt and then, they'll cause the family to go back to starting from scratch. For me, they should be guided and taught right, they should be held accountable for everything, they should learn ways to maximize the funds they have instead of wasting,  it's no one's wish that their whole struggle will go down the drain, therefore one should be able to keep their wealth in safe hands to ensure that its properly grown and dispersed too.

[southerngentuk]

The problem of children of wealthy people becoming homeless is an unfortunate one. It shows that money is not always a guarantee of success and happiness.

Children born into wealthy families often have a prosperous and material life. However, they may not be prepared for the responsibility of managing a large fortune. They won't have the financial skills or experience needed to make wise decisions about their money.

This issue is also a reminder that we need to educate our children about the importance of saving and investing, even when we have money.

We need to teach our children how to manage money properly. At the same time, we also need to teach our children the importance of working hard and being independent. If we equip our children with the necessary skills and knowledge, they will be able to be independent and successful in life, regardless of their background.

[Renampun]

...
You looking from TV and see that homeless people you think they born poor but it's not case i've met with many who use to drink and Party in Europe bahamas like 100-300k easy in one year and now they are broke.
Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advanched of the situation.

For children, never teach them a luxurious and hedonistic lifestyle, they will be mentally damaged and become very wasteful with money, they will even sell the inheritance they got from their parents when they are addicted to a luxurious lifestyle. It is wiser if we teach our children to respect money, when they are not taught a simple lifestyle then they will suffer from "prince syndrome", usually someone who suffers from this syndrome will only experience a difficult life in his old age, he will fall into poverty and bankrupt.

[ChiBitCTy]

It's pretty clear that your native tongue is not English, so I'm assuming you're not a United States or Canadian citizen.  I live here in the United States.  I can tell you that there's really nothing backing up your claim that kids of rich parents are the ones that go poor.  Honestly, it's typically the opposite.  There's really no data to back up these claims, unless I'm not seeing something that you are?  I just can't agree with you at all.  It's simply not true (overall...of course it happens).

[Rockstarguy]

Anyone that has money but doesn't know how to spend it wisely may end up being poor, the worst scenario to have seen is about those who by the virtue of being lucky finds theirselves into a life changing once chance opportunity and they make money from it, but instead of them spending wisely and investing, they waste up the resources and work out nothing

If you want to get weathy from the money you earn to make more value from it by investing in it. Money is just like the smoke that vanish I the air , when money comes in and it is not being use in a way that will bring more value it will end up in becoming waste . The millionaire that we have, they were able to achieve wealth because they really understand how money is been used to generate money.  When people spend money in a wasteful matter , it is just a way of going  down to the lowest financial level.

[dothebeats]

Key lesson here is to not spend money faster than you make it. Due to capitalism and consumerism, a lot of people tend to overindulge and overspend on things that aren't really a necessity. One good example is coffee. You can make one at home for less than a dollar, but the younger generation tend to buy from huge coffee chains for the aesthetic appeal and to 'belong' to a certain trend. Imagine spending $5 to $10 for a coffee that you will only post on social media but not really drink it. How pathetic is that?

Those who are frugal and only spend when necessary tend to do better long-term, as they can manage to save and invest even with a small paycheck, though the investment part is another topic that can be had for this one.

[TakeItEasy]

If you want to be rich sell to rich kids.
Now let's talk about homeless people in USA and CANADA.
The world don't know that many of those homeless people are from the rich families.
And If they been spending years no stop then even they will get a lot money they still can lose it fast.
Once the old pals will die like joe Biden who's hard working and tough guy then their kids will go broke.
Canada and USA have the same problem and Im not just talking i know personally those kids who use to have money but now they are dead homeless or drug atticts.
This is the reason why USA and Canada native race become smaller and hard working indviduals taking over the country while native people falling.
You looking from TV and see that homeless people you think they born poor but it's not case i've met with many who use to drink and Party in Europe bahamas like 100-300k easy in one year and now they are broke.
Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advanched of the situation.

Having a person rich is only in the person had at that position in which he got all the resources and he got all the energy to make himself rich but he can't even struggle for it to make him rich. Then this would be definitely his mistake. But if a person didn't even have resources at all and he didn't know how to make himself a rich person then also there would be more luck and less struggle. As resources are also the important one to use is as the source of richness.

Most probably the people who are from rich family are now poor then they are not due to their families, this may be due to their luck and may be they didn't struggle for that which they have to do.

[Fatunad]

If you want to be rich sell to rich kids.
Now let's talk about homeless people in USA and CANADA.
The world don't know that many of those homeless people are from the rich families.
And If they been spending years no stop then even they will get a lot money they still can lose it fast.
Once the old pals will die like joe Biden who's hard working and tough guy then their kids will go broke.
Canada and USA have the same problem and Im not just talking i know personally those kids who use to have money but now they are dead homeless or drug atticts.
This is the reason why USA and Canada native race become smaller and hard working indviduals taking over the country while native people falling.
You looking from TV and see that homeless people you think they born poor but it's not case i've met with many who use to drink and Party in Europe bahamas like 100-300k easy in one year and now they are broke.
Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advanched of the situation.

Sons or daughters who are living on having a wealthy or rich family would be most likely be ending up on this one but actually parenting does play a great role when it comes to this matter on which your kids
wont really be ending up on a disaster if you are a parent whose really that have that kind of minding about your kids possibility of going lost of track specially if they are really that having  that too much
access on everything since you give them money.Its understandable that we do really love on giving them the most comfortable thing into their lives on which they wont really be struggling on something
but we should really be making it some moderation because if we dont then they would be possibly go into those things which arent supposed to be there like having drugs, gambling, spending carelessly.
It is really that truly a disaster if you do see your kids on such situation, therefore it would really be just that normal that if there's someone that could be blame then those parents
does have that kind of responsibilities too but of course not everything should be blamed because there are ones who are really that well trained or teaching them everything but still
it turns out to be useless or pointless.

[Cookdata]

If you want to be rich sell to rich kids.

Like what exactly? Kill this idea because that's not true. If you want to be rich, sell to the poor but what you will selling must be  a need. Something you know they need to use atleast once a day, you will see how very demanding your business will boom if it's become successful.

Now let's talk about homeless people in USA and CANADA.
The world don't know that many of those homeless people are from the rich families.

Those homeless kids are only from rich families, some are from average families and the rest from poor families especially the ones that can't afford 3 square meals and you what cause some of this is because they are disobedient kids that abused western life just because they think their families can't touch them or scold them, in Africa we hardly see homeless kids because the parent are meant to instill descipline into you in many ways.

By the way, your topic is misleading. It doesn't portray what you are trying to communicate. I was thinking it's like spending extravagantly will lead to broke life.

[South Park]

Key lesson here is to not spend money faster than you make it. Due to capitalism and consumerism, a lot of people tend to overindulge and overspend on things that aren't really a necessity. One good example is coffee. You can make one at home for less than a dollar, but the younger generation tend to buy from huge coffee chains for the aesthetic appeal and to 'belong' to a certain trend. Imagine spending $5 to $10 for a coffee that you will only post on social media but not really drink it. How pathetic is that?

Those who are frugal and only spend when necessary tend to do better long-term, as they can manage to save and invest even with a small paycheck, though the investment part is another topic that can be had for this one.

And that is one of the main problems we have with our culture, spending our money is fine as that is the main reason we work so hard to get it, however many people now spend it in stuff that is useless or that it could be had very cheaply almost effortlessly, and the example you give about coffee is spot on, as this is not only about the cost, as making a good coffee is very easy as well, and yet we have a lot of people spending a lot of money over something they could have made inexpensively at their own homes.

[lizarder]

And If they been spending years no stop then even they will get a lot money they still can lose it fast.
Once the old pals will die like joe Biden who's hard working and tough guy then their kids will go broke.
Canada and USA have the same problem and Im not just talking i know personally those kids who use to have money but now they are dead homeless or drug atticts.

I'm not very familiar with the two countries you mentioned so there's not much we can discuss, but from several news sources I've read, crime rates like this don't only occur in these two countries. Even in my own country, homeless people or children with disabilities are used to make money by irresponsible parties. Ironically, when this happens those in authority cannot control children like this, even though they have an obligation to ensure the lives of their people.

If we talk about percentages and is there a source that can explain this so that there is a comparison that we can see because talking about assumptions we can only see it in a small scope. It's like knowing some homeless people are being exploited by those who have no heart and no sense in seeking financial gain.

Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advanched of the situation.

Therefore, educate your children and our children because crimes occur not because of their complete will but because of opportunities that force them to be chosen from the hands of evil people who have no heart.

[Lanatsa]

Key lesson here is to not spend money faster than you make it. Due to capitalism and consumerism, a lot of people tend to overindulge and overspend on things that aren't really a necessity. One good example is coffee. You can make one at home for less than a dollar, but the younger generation tend to buy from huge coffee chains for the aesthetic appeal and to 'belong' to a certain trend. Imagine spending $5 to $10 for a coffee that you will only post on social media but not really drink it. How pathetic is that?

Those who are frugal and only spend when necessary tend to do better long-term, as they can manage to save and invest even with a small paycheck, though the investment part is another topic that can be had for this one.

And that is one of the main problems we have with our culture, spending our money is fine as that is the main reason we work so hard to get it, however many people now spend it in stuff that is useless or that it could be had very cheaply almost effortlessly, and the example you give about coffee is spot on, as this is not only about the cost, as making a good coffee is very easy as well, and yet we have a lot of people spending a lot of money over something they could have made inexpensively at their own homes.

Some are practive and some aren't and since people are different when it comes to spending then its their own choice since its their money. It is always been that recommendable that we should really be spending up wisely specially that today which there's crisis and if you are just an average earner then it would be just that normal that you should be making some budgeting or else you would get overdropped.
People would be only realizing when they are experiencing hardship but into those times that they are abundant then they dont really care.

Live according into your means and not with your wants. It nots bad to buy up something on which we do hope or like for but everything should really be in moderation because if you do find yourself
not to be able to getting in line with wise spending then sooner or later you would be ending up on sleeping on the streets. Leisure and unwise spending should be controlled.
People do easily switch up or enhanced their way of living on the time that they will be experiencing some raise in salary or getting promoted etc..

[DVlog]

If that rich kid has a business whose revenue can sustain a life like that then i don't see any problem here. We should maintain our lifestyle in such a way that it doesn't cost us our financial ability. If someone's spending is greater than their earning then this can be a problem for him. So we need to appoint someone for our financial management if our financial ability allows us to do that. This will not only minimize our costs but also maximize our investment strategy as that person can enlighten us on new business opportunities.

[macson]

parenting is not an easy thing to do, there are many rich parents who actually want to make their children happy but in reality, it actually makes their children become spoiled and unable to be independent, i often scold my little sister because she always buys luxury things that she didn't really need but when reminded she actually scolded me for taking care of her money lol.  wrongly educating children is the root of poverty, rich children who are not given good moral education by their parents will only become useless people in the future while those born from poor families continue to work hard to change their lives and eventually become rich, life is like a spinning wheel.