Why You Shouldn’t Be Jealous Of Rich Kids
When I was growing up, I spent the last two years at a Private School on a sports scholarship. I was surrounded by rich kids; wealthy, privileged and arrogant to boot. I was one of the only kids in my class who didn’t have a beach house. We didn’t even have a regular house. After my Mother went through her second divorce she was left with a mountain of debt and no-one to help her pay it off.
On a single salary and with three dependent children, she worked hard throughout her entire life just to pay off that one house. My entire life I had only ever seen her working hard. She hardly ever took sick leave, she persevered through workplace bullying, difficult bosses and long unpaid hours. Every time she changed jobs, it was to a higher salary and a better position. Which is why after starting off as a Physical Education Teacher, she ended up becoming a deputy manager of a government department.
My mother came from a poor family, growing up in one of our cities poorest suburbs. They had very little growing up, everything was a challenge, and all but one of her siblings ended up becoming millionaires.
My father on the other hand, grew up in a very wealthy family. His father was a great businessman and accumulated a fantastic wealth throughout his lifetime. My father knowing that part of this wealth would one day be his, ran a business unsuccessfully for many years; and I remember growing up, he was always short of money and lived in poor conditions. Which was strange considering the wealth that he had coming his way, or maybe the knowledge that he would eventually inherit a fortune made him less concerned about building wealth and stopped him from pursuing more lucrative career options.
Yes My Dad Was A Rich Kid
Many years later, my and I were all grown up, and my father inherited his fortune. Shortly after, he met a woman, who had been previously married to a millionaire who went broke. She had two prior children with him, and after a passionate and tumultuous relationship, she ‘accidentally’, got pregnant.
This is the part where I’m sure some of you are nodding your heads because you’ve heard this kind of story many times before.
What happened next was predictable to everyone but my poor father. They got married, had another child, got separated and she systematically took him for everything he had. My father now is no old, living in a cabin in the woods, working his ass off, trying to recover some of what he lost in order to fund his retirement.
Most Rich Kids Will Lose Wealth
This is an all too common story. In fact it is so common that according to Williams Group wealth consultancy, over 70% of all rich families will lose the bulk of their wealth by the second generation. Over 90% will lose their wealth by the third. If you consider the transient nature of wealth, then anyone you perceive to be privileged now, will probably not be able to pass that privilege onto their children or grandchildren.
According to these statistics wealth will most likely reach it’s peak during the lifetime of the person who made it. The next generation will be spoiled and have no appreciation for what life is like on the other side. They will more likely than not squander it and end up with nothing and no wisdom to build it again.
If you are someone who has spent their life looking at what other people have and you don’t, and you are angry about it. That is a fools errand. Inherited wealth does not make a person better, it achieves the complete opposite. Rich Kids don’t grow up to be better people than those who have created their own wealth. They don’t appreciate what they have because they have nothing to compare it to.
If you have experienced real poverty, but you have the intelligence and drive to elevate yourself from that poverty. Then you are a person of great interest and quality.
Envy Those Who Build Wealth, Not Those Who Inherit It
When you’re a child, you see a kid who has a brand new bike, and you can’t help but feel envious of that kid. Why does he get a brand new bike with all the bells and whistles but you’re stuck riding your sisters old bike?
As an adult we understand that if you want a bike you need to earn the money to buy a bike, as a child you think that someone should give you the bike, because that is fair right? Unfortunately, the world is not fair. People who are asking and waiting to be given the things they want will most likely never get them, or learn how to get them.
Have you ever had anyone tell you that “money isn’t everything?” That there is more to life, you should just learn to enjoy what you have?
In my experience there are only two types of people that will try to dissuade you from trying to make a lot of money and build your wealth. There are the very poor, who have essentially given up on their dreams of wealth and learned to get by with what little that they have. There are the people who have inherited wealth or had it come to them easily, who just assume that everyone lives as easily as they do, and anyone can just make money when they need to.
Life comes at you fast
Job loss, medical bills, death of a spouse, flooding, fire, theft. All the things that always seem to happen to everyone else until they happen to you. If you are telling yourself that you don’t need to worry about money, that making lots of money is beyond your understanding and capability, then you are kidding yourself.
Plenty of unintelligent people have gotten very, very rich. You don’t need to be a genius to grow wealth, you just need to be willing to learn and work for it. More millionaires have been produced through property than any other asset class. How smart do you need to be to buy a house, and then another, and another?
Learning to become wealthy is far more valuable than inheriting richness. The rewards are greater, people will respect and admire you more. No-one will ever be able to tell you that you don’t deserve what you have and in that sense you are lucky if you have the opportunity to build something from nothing, because that is something those rich kids will never have or know.
Don’t waste your energy being jealous of the rich. Take the first step, make a decision to become one of them.