One of the many interesting revelations I discovered in my Rich Habits Study is the importance of parenting to your financial well-being as an adult.
In my research, the influence of parents on self-made millionaires and poor people was so profound that I decided to write my second book, Rich Kids, to try to shed light on the right and wrong habits of raising children.
The most interesting thing is that my self-made millionaires learned their wealth-building habits from poor or middle-class parents. Somehow, later in life, their parents figure out what to do and what not to do. These wealthy families don’t want their children to make the same mistake.
Those who grow up in homes with wealthy parents end up in the top 5% of Americans. This 5% is not financially strapped, has nice houses, vacations in the best places, and is generally well educated. They learn “rich habits” from their parents and pass on what they learn to their children, who in turn grow up to be happy, successful, and wealthy. This intergenerational cycle of wealth continues from one generation to the next, which is why the gap between rich and poor in the United States continues to grow.
Until the remaining 95% learn what to do and what not to do in terms of habits, this gap between rich and poor will continue to grow.
People who grew up in poor families make up about 30% of the U.S. population. They are just one paycheck away from homelessness. This 30% is financially disadvantaged, rents a small house, cannot take vacations, does not value formal or informal education, struggles with unemployment, and generally has bad habits learned from their parents. Their children will inherit their parents’ habits by default and, likewise, will struggle financially as adults. This intergenerational cycle of poverty continues from one generation to the next, which is why most poor people remain poor from generation to generation.
So, okay, it’s your parents’ fault that you’re poor. Now, what are you going to do?
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