Luxury and spending lifestyle fastest way to poverty rich kids

[jrrsparkles]

I understand what OP is trying to say, a rich kid will spend a lot but his kid will go broke then the cycle needs to repeat but there is always an exception and there are many rich heritage who pass their knowledge along with their inheritance but not every rich parent does.

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[umbara ardian]

Parenting is indeed a complex and challenging endeavor, filled with both rewarding moments and difficult decisions. While providing material comfort for our children is a natural impulse, it's crucial to strike a balance between indulgence and instilling essential life skills.

The notion that overindulgence breeds spoiled and dependent children holds significant truth. Lavishing children with luxury items without fostering a sense of financial responsibility can hinder their ability to make sound financial decisions in the future. We as parents should instill strong moral values ​​in our children, teach financial responsibility and foster a growth mindset, families can empower their children to navigate the financial world confidently and make the right decisions for their future happiness.

[Furious 7]

I understand what OP is trying to say, a rich kid will spend a lot but his kid will go broke then the cycle needs to repeat but there is always an exception and there are many rich heritage who pass their knowledge along with their inheritance but not every rich parent does.

It all depends on the lifestyle when those who are born from the golden spoon who never want to understand how to live life then indeed such things will definitely happen because they are very comfortable on the throne and do whatever with what their parents have but in the end this makes the child's habits bad but don't forget that there are others who still think about the fate of their children even though they are rich.

This is why the role of parents is important. Providing the best for our children is our obligation as parents but that does not mean we free our children's lives because of course there must be control so that what our children do does not become misguided which makes them have no limits in the lives they live.

[Yamifoud]

I have heard a rich person saying that if we want our kids to have a better future, we have to educate them on how to grow money, not how to save money. It simply means that we teach them to do good business, not how to spend money like there is no tomorrow. Because at the moment they will know how to make money, earning and saving a lot of it is not hard and impossible. But if they only know how to spend and live a luxurious life, these kids will become poor when they are alone.

[oktana]

How do you know that Joe Biden’s kids, or let’s say the rich me kids can’t handle anything if their parent were gone? Have you accessed his Joe Biden’s children and found them as empty as you think and say? What if I told you that these rich people’s kids may have even more knowledge than you think (yes, because many of them consume a lot of books, videos, etc). Also, I don’t think luxurious living is directly a cause of poverty. Because think of it; if you have a job that gives you the money you spend then you won’t have any issues buying more.

[junder]

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.

And it seems that cases like this have been a lot in society because of the lifestyle that can now be called luxurious, for example a young man who has a lot of money, it is likely that they will not think about his necessary needs but they are likely to buy what they want such as gadgets that are currently on the rise, also they will buy what they want even though the price is quite high. Even so, sometimes they do not think about what they are doing, the most important thing is that they have luxury goods that are a requirement for the development of today's lifestyle. Also they are only concerned with lifestyle by spending the money they have carelessly. It doesn't matter if they can manage their finances well.

Most of them also only think about their lifestyle that is currently trending not by investing to generate profits in the future. In fact, they should invest if they have a lot of money, because later they will also feel the results if they really do it well. So they should be able to choose what is good for them, there are also some people who are concerned about the future by investing or saving, not prioritizing a trendy lifestyle.

[RockBell]

I have heard a rich person saying that if we want our kids to have a better future, we have to educate them on how to grow money, not how to save money. It simply means that we teach them to do good business, not how to spend money like there is no tomorrow. Because at the moment they will know how to make money, earning and saving a lot of it is not hard and impossible. But if they only know how to spend and live a luxurious life, these kids will become poor when they are alone.

The rich have a way of passing their wealth to their kids through financial education if not without proper education in finance kids would always look for means to spend that money on luxury and there is a decision you have to make when it comes to financing it either n/you choose to discipline your self from luxury and choose to be a better person in finance, there is a big difference between growing money and keeping money dormant money is supposed to be used, not kept and that is why I don't believe in saving rather I prefer you invest the money than you keeping it. and there are secrets that their parents always tell them to use and it is always working for them and that is how it continues.

[mirakal]

I have heard a rich person saying that if we want our kids to have a better future, we have to educate them on how to grow money, not how to save money. It simply means that we teach them to do good business, not how to spend money like there is no tomorrow. Because at the moment they will know how to make money, earning and saving a lot of it is not hard and impossible. But if they only know how to spend and live a luxurious life, these kids will become poor when they are alone.

The problem with parents these days is that they don't want their kids to struggle with money like teaching them how to grow money when they can give them instantly the money they ask for. They don't want their kids to live like they are poor when they can feed them everything they want, that's probably the reason why kids nowadays grow as spoiled brats because they always get what they want without even working for it.

Parents will only realize their mistakes when their kids end up living miserably. They become addicts and some turn into criminals just to sustain their habits and vices that they used to live with.

[Yatsan]

I have heard a rich person saying that if we want our kids to have a better future, we have to educate them on how to grow money, not how to save money. It simply means that we teach them to do good business, not how to spend money like there is no tomorrow. Because at the moment they will know how to make money, earning and saving a lot of it is not hard and impossible. But if they only know how to spend and live a luxurious life, these kids will become poor when they are alone.

The rich have a way of passing their wealth to their kids through financial education if not without proper education in finance kids would always look for means to spend that money on luxury and there is a decision you have to make when it comes to financing it either n/you choose to discipline your self from luxury and choose to be a better person in finance, there is a big difference between growing money and keeping money dormant money is supposed to be used, not kept and that is why I don't believe in saving rather I prefer you invest the money than you keeping it. and there are secrets that their parents always tell them to use and it is always working for them and that is how it continues.

How do we define rich? Is it with savings? Definitely not! It is on one's net worth monthly and annually thus, it makes sense that wealth would be easily passed to the next generation through perhaps existing businesses and properties. A luxurious life can be achieved by many people but only a few could sustain it for a long time. Indeed teaching our kids the importance of wealth is an important thing. It'll help them prolong this thing called "wealth".

I have heard a rich person saying that if we want our kids to have a better future, we have to educate them on how to grow money, not how to save money. It simply means that we teach them to do good business, not how to spend money like there is no tomorrow. Because at the moment they will know how to make money, earning and saving a lot of it is not hard and impossible. But if they only know how to spend and live a luxurious life, these kids will become poor when they are alone.

The problem with parents these days is that they don't want their kids to struggle with money like teaching them how to grow money when they can give them instantly the money they ask for. They don't want their kids to live like they are poor when they can feed them everything they want, that's probably the reason why kids nowadays grow as spoiled brats because they always get what they want without even working for it.

Parents will only realize their mistakes when their kids end up living miserably. They become addicts and some turn into criminals just to sustain their habits and vices that they used to live with.

Kids really don't need to walk our past 'coz it is the reason why we strived for a better future in the first place. Not all rich kids end up broke, and for sure what sustained the lives of those who did not end up in such struggling times, are those who knew how to value money which can be taught in many ways such as rewarding system whenever they achieve something. It shouldn't always be the hard way to teach them.

[KingsDen]

I have heard a rich person saying that if we want our kids to have a better future, we have to educate them on how to grow money, not how to save money. It simply means that we teach them to do good business, not how to spend money like there is no tomorrow. Because at the moment they will know how to make money, earning and saving a lot of it is not hard and impossible. But if they only know how to spend and live a luxurious life, these kids will become poor when they are alone.

I think you completely contradicted yourself in this post. You were talking about a rich man's advice to grow money and not to save it and at the same thing you included spending lavishly which is different from growing or saving money.
If you do not know how to grow money, just save it which is far better than spending it carelessly.
People also become rich by saving and not only by investment. The problem of rich men kids is not saving or investing, it is because they cannot handle money because their parents didn't teach them how to make the money. The few who learnt from their parents, sustain their parents financial legacy even after they are gone.

[JeffBrad12]

I think you completely contradicted yourself in this post. You were talking about a rich man's advice to grow money and not to save it and at the same thing you included spending lavishly which is different from growing or saving money.
If you do not know how to grow money, just save it which is far better than spending it carelessly.
People also become rich by saving and not only by investment. The problem of rich men kids is not saving or investing, it is because they cannot handle money because their parents didn't teach them how to make the money. The few who learnt from their parents, sustain their parents financial legacy even after they are gone.

honestly some people are so rich that they couldn't always spent their monthly income and exhausts it, if that is the case, its better to keep earning more and more and not saving is fine.
saving is only necessary when you think you have quite high income but not high enough that you want to achieve financial independence and you trying to thrive hard for it.
but if your income is so many that even a month of income already set you for financial independence, yes such income exists, i think saving is kinda futile attempt so long you are not buying lambo or jets monthly.
its definitely depends on the income, what a person target is in saving, whether they could reach it, therefore saving isn't fixated way of getting rich and sometime but its still a good practice if some people are used to saving after all, nothing wrong in saving some money, as long as it didnt disturb our health because too much saving we malnourish ourselves.

[Kelward]

It is important for rich people to give their children financial education, because wealth can transfer from a family into the hands of strangers. A person can build an empire, if the kids are more concerned about spending the wealth, than trying to learn how to build and grow it, then there's a high probability that when the bread winner resigns or dies, the children can not handle the wealth. If they keep living luxurious lifestyles, eventually the wealth will start to diminish and they'll became poor, probably end up being homeless. So rich kids that buys luxurious items at very high price, without financial education is the roadmap to their poverty.

[YOSHIE]

If you want to be rich sell to rich kids.

Not all of them, it's all caused by several factors that make children like that, there are also children of rich people who are conscious and self-aware, even though they live in a perfect economy, but there are also those who are not aware of themselves, this is because their parents are financially well off.

But whatever happens, it all comes back to their parents' upbringing. Indeed, many people in this world are cruel, thinking that rich people's children can be empowered as they wish, maybe it's not wrong for them, but everything can be prevented, if parents can educate their children how to use and spend money well and responsibly.

[tjtonmoy]

If you want to become successful, you should never focus on only one thing. If you want to become rich and for that, you wish to sell only to the rich kids, you will never become rich. Every single person in our society somehow contributes to the economy and not all of them are rich. The ratio between Rich and Poor is massive. Rich is on the lower number. So how can you leave that huge number and think of becoming successful?

It is true that if you use money recklessly without a plan to increase the asset or the value of the asset, you will eventually run out of money one day. But that does not mean that you can become rich using that to your advantage. Do it on your own without relying on those kids.

[stomachgrowls]

If you want to become successful, you should never focus on only one thing. If you want to become rich and for that, you wish to sell only to the rich kids, you will never become rich. Every single person in our society somehow contributes to the economy and not all of them are rich. The ratio between Rich and Poor is massive. Rich is on the lower number. So how can you leave that huge number and think of becoming successful?

It is true that if you use money recklessly without a plan to increase the asset or the value of the asset, you will eventually run out of money one day. But that does not mean that you can become rich using that to your advantage. Do it on your own without relying on those kids.

Being rich could neither be that hereditary or something that they do able to acquire or achieve through hard work or something in between those. Its true that if money isnt properly been spent or something that do talks about on reckless spending without even trying out to mind on how they should really be cherishing out those amounts and would be make use on other means instead on which it is more worth
and really that more better options than on the other one. Changing up your lifestyle and going into that peak kind of spending because you do know that you do have tons of money
will really be messing up your entire life on the end of the rope.

People do usually make out those kind of realizations but its already too late. Those things cant really be that something that would really happen if you are really just that
mindful about your actions and always have those kind of considerations on making yourself that sustainable at least on longer nes.

[Fortify]

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.

Rich kids aren't looking for your advice or going to listen to it, because they live in a bubble sort of world. Nor are they destined to a life of destitution if they have sensible parents guiding them wisely. Often large amount of money will buy them an education that will stand out on a resume and get them through important doors that they otherwise would not have access to. For these sort of people growing up and past university, it's not even what you know, it's often who you know or connected with when growing up that can get you into a cushy high level seat. If their parents let them go wild a little bit it's not going to ruin them, but they definitely need to have limits and it's better if they are not overly spoiled, so they learn the value of money early on.

[stadus]

Of course kids who are doing this end up being poor and struggling in their finances in the future. No matter how rich they are, as long as they don't value their money and just waste their money on partying and buying unnecessary expenses, the consequences will be they will surely be struggling in their lives trying to live their lives like how they used to live it.

Parents are mostly to be blame seeing how these kids have grown up but have never learned something. This is the reason why we should teach our children earlier how to live life the hard way and overcome them, instead of giving everything all their luxury needs and end up seeing them living falling apart on their lives.

[Uruhara]

I understand what OP is trying to say, a rich kid will spend a lot but his kid will go broke then the cycle needs to repeat but there is always an exception and there are many rich heritage who pass their knowledge along with their inheritance but not every rich parent does.

Parents who are wise in educating their children will first prioritize moral education for their children. Because with a good moral foundation, a child will really love their parents. and then they will understand their position of having to be filial to their parents and be good heirs to continue the family business and not spend their parents' wealth just for their enjoyment.

Pampering children does not always bear sweet fruit in the end. Everything must have its own portion. Or in other words, everything must be done in moderation. And it must be done in a balanced manner. It can't be too harsh and it can't be too indulgent. Most children of rich people fail to maintain their parents' wealth because they do not become good heirs because they were initially too pampered and given too much freedom. So their relationships become unhealthy and difficult to control. Moral and financial education are interrelated and are all very important.

[AmoreJaz]

Of course kids who are doing this end up being poor and struggling in their finances in the future. No matter how rich they are, as long as they don't value their money and just waste their money on partying and buying unnecessary expenses, the consequences will be they will surely be struggling in their lives trying to live their lives like how they used to live it.

Parents are mostly to be blame seeing how these kids have grown up but have never learned something. This is the reason why we should teach our children earlier how to live life the hard way and overcome them, instead of giving everything all their luxury needs and end up seeing them living falling apart on their lives.

we can't blame some parents traversing the path of giving luxury to their kids because they have no time anymore. however, whatever the outcome will be, they should be prepared for the turn of events and not blame anyone for the consequences.
but if you truly care about your kids, then you will observe what parenting style will be good for your kids. sometimes it is not the money that will give them direction in life. hardship in anything will give them a different perspective in life.

[Hewlet]

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.

this is totally a one sided analysis that lacks much ground in reality. True, some rich kids sometimes become lazy and might not take their life all that serious but that doesn't mean all of them are the same.

Understand that having rich and influential parents puts one at a serious advantage in so many life circumstance and if the person is serious with his life, its almost a straightforward thing that the person will be successful in life and will not end up as as a beggar or drug addict. Being addictive isn't all that a function of class, the poor also beg and become addicted so I doubt it's necessary to point a picture of being a rich man's child as a disadvantage of any sort.

Most of the rich parents also set out structures for their children that will help them strive well in the event of their exit from world.