Take a panorama from the past four generations till the present one. You will find varied changes in every generation. We are not like our grandparents or parents. And our kids are definitely not at all like us. Parenting is all about experimenting, sometimes failing and sometimes succeeding.
We are living in a digital era, an epoch of gadgets. In this aeon of competition, we all dream to see our kids on the peak. Don’t you all fantasise about how the millionaires and billionaires across the globe have been raising their kids for a multi-million future like them. Even I do!
Let’s find out :
1.Spend quality and quantity time with your kids
Let’s start with the Ambanis, the founders of reliance group. The Ambanis emphasize on both quality time and quantity time to be spent with kids. Once In an interview, Nita Ambani, wife of Mukesh Ambani, the chairman of reliance industries limited, stated that how she insists Mukesh to spend Sundays with kids, helping with their homework (during their teens) and having a friendly chat with them. They learnt this from their father, the pioneer, Dhirubhai Ambani.
Dhirubhai had a routine to spend 2 hours talking with both mukesh and Anil everyday. Anil used to submit his reports to Dhirubhai between 9:30 to 10:30 in the morning and Mukesh discussed the company matters. According to Dhirubhai Ambani himself ‘giving thought encloses both the problems and the solution of our problems. A healthy discussion will eradicate the problems to pave path to new opportunities.’
Talking about Steve jobs, the American business magnate even had a strict dinner routine with his kids. He with his 3 kids and wife Laurene Powell, plus a daughter from his former relationship, all spent the dinnertime together talking about varied issues of history and the present and they were not allowed to use any cell phone or laptop in between.
2.Your kids are your mirrors
- Everyone knows about the success story of Donald Trump. The stories of his diligent kids are also making rounds. According to Richard Huckestein, of T&G Constructors, they are billionaire kids with eccentric qualities and extremely hard-working knack. How did trump’s kids turn out to be so outstanding?
This is because they have been grown up watching their father and his dedication towards work and portray the same.
Donald Jr. Expressed in an interview in CNN live town hall that how his dad was always there for him and escorted them along to his job sites. The kids have seen their father working 24 hours a day on new deals and ventures while the kids played with trucks in the office. This is the reason why they have turned out like their father and became a part of his career.
3.Keep them grounded
Again, from the sack of exemplary Ambanis. Nita and Mukesh Ambani admitted that they had a strict regime of giving their kids only Rs.5 as pocket money every Friday. Once, the youngest one, Anant Ambani, came to both of them asking for rs.10 but they rejected. Anant had an issue that his friends made fun of him when he showed his Rs.5 to them. And called upon, ‘tu Ambani hai ya bikhari?’/ ‘are you Ambani or a beggar?’ Nita and Mukesh couldn’t help but burst into laughter after hearing this. But this was their way of keeping their kids grounded. Ambani kids had also been commuting to their schools through public buses like ordinary kids rather than in their luxury Mercedes or BMWs.
Exploring about bill gates, you will get to know how he has a strict regime for his kids. Reportedly, his kids are made to finish all the household chores assigned to them and then they are given modest amount of pocket money.
4.Let them inherit more perception than fortune
Every multi-million-dollar business starts with an idea. An idea that was carved and glazed into a money-making machine. If you really want to leave something for them, leave your perception. Fortunes will be made by their own if they gain that perception within. This is the case related to many of the recent business tycoons who are not leaving much fortune for their young ones.
Continuing with Mr. Gates, we all know that one of the richest men on the planet has amassed himself around $76 billion of fortune. But he is all set to give his 3 kids only $10 million each from this and the rest entire money to charity. The reason behind this is to raise ‘sharp intellectual kids’ rather than ‘fund raised kids’.
Peep into Warren buffet’s famous quote, “the perfect amount to leave children is enough money so that they would feel they could do anything, but not so much that they could do nothing.”
A similar case Is with the renowned musician Sting who has a similar theory of not lending his entire fortune to his 6 children.
Though the rich kids may not inherit the entire fortune of their parents but they inherit in a way a part of it through exemplary schooling, housing, tremendous opportunities and links. If you really want to raise your kids to be future billionaires, present them with these as fortune rather than money and luxuries.
5.Restrict their screen time
A global issue relating to most of the parents with some exemplary answers:
Many of us including me are worried about the growing issue of kid’s attraction towards cell phones and other digital media. Even the multi-millionaire moguls fret about the same issue but they deal with the issue in a smarter way. Bill gates had not allowed his kids to have access to cell phones till they reached their teens though other kids of their school had.
We even have a surreptitious father on the board when it comes to monitoring kids cell phone use. And he is the shark investor and chairman of AXS TV, Mark Cuban. Mark has restricted his kids usage time for cell phone till 10 pm during weekdays and 11 pm during weekends. And when it comes to monitoring how and where they are using their cell phones, he has secretly fixed Cisco Routers and software so that he can oversee their online activities like the apps they are downloading and using.
Studies though have also revealed that too much usage of mobiles and computers can actually inhibit the physical and psychological upbringing of your child and a limit imposed on it is definitely required to mould them into better and more successful individuals in future.
6.Getting bored can actually be beneficial
Normally kids of the present times have an over dynamic and bubbly attitude. They don’t like to stick to a place for long. They don’t like to play with a particular toy for long or to read a particular book for long and so on. As parents we always try to meet up with their demands by providing them with more toys to play or more places to visit, etc. But what we don’t realize is the fact that we are actually hindering them in exploring their thoughts and mental growth. Getting bored and feeling without any thing to do can actually help them to range over their thoughts And apprehensions.
Elon musk, CEO of Tesla motors, is a very anxious father when the context is bona fide upbringing of his 5 kids. He runs his own ‘Ad Astra’ school which fulfils the cognitive needs of the students to turn them practically into a better individual in future rather than just improving grades.
7.Involve them in money-oriented games
Kids minds are like that pottery clay that can be moulded into whatever shape as you want it to be, if you shape in a kosher manner. This could be learnt through Mark Cuban who once admitted of paying his youngest kid for not watching Minecraft videos. Additionally, he also paid him incentives for solving some extra maths problems. The master entrepreneur gained favourable outcome in keeping away his son from digital media plus grabbing interest in mathematical operations and one more, his money-making game, in a way, shaped his son’s mind towards future money-making skills. An entrepreneur in making!
8.Teach them to be an extrovert
A very crucial trait that most of the captains of industry are teaching their kids is to make links more and more possible. To find rich friends, to build up a cordial relation with them, sharing your views with them, gaining their responses, awareness about latest issues and opportunities. It can be highly beneficial to a long extent both financially And productively.
Dhirubhai Ambani was world famous for this trait he latched on to. According to Mukesh Ambani himself, “my father apart from producing polyester, has created two more things, relations and faith! And Reliance has adopted this as its basic principle.”
9.Teach them to be impatient and restless for work.
This is a trait that Mukesh Ambani inherited from his father, the industrial tycoon, Dhirubhai Ambani. According to him, money is always in motion and so as to attain it one should also be restless and impatient. The stamp of authenticity of Dhirubhai Ambani was his pledge to give his work the top priority. He even passed on this trait of him to all his employees and workers who shared the same dedication and impatience for work like he did.
10.Don’t be over protective
Ahhh! That is a habit that most of us as parents share. All you might agree with my point. We don’t let our kids to handle any sharp object or tool. We have made our own boundaries regarding what tasks they should do and what not. But let’s learn from the technology entrepreneur, founder and chairman of Amazon, Jeff Bezoz, himself. In an interview, Jeff declared his wife Mackenzie’s thoughts, “I would much rather have a kid with nine fingers than a resource less kid.” The couple admitted once of giving their kids all sorts of stuffs like knives and power tools that normally parents don’t give, at a tender age. This was merely done so that kids could work on their inventiveness and examination capabilities from the very beginning.
11.Teach a tradition of hard work
Most of the millionaires and billionaires that we have presently on the planet are self-made entrepreneurs. They have achieved this height through constant hard work and dedication. And they are in a constant effort to further pass this legacy to their offspring as well.
A better example for this can be Anne Wojcicki, founder and CEO of genetic company, 23andMe. Though she had helpers in her home to clean it up thrice a week and do the laundry but she made a condition for the helpers to not do the laundry on Fridays and mandatory for her kids to do that instead. In a way, she was creating a scenario of normalcy and trying to teach her kids the golden rule of hard work.
Similar case was heard about the mastermind Bill gates who also admitted once of doing the dishes of the dinner by his own and even involving his kids in the household chores to inculcate a habit of hard work in them.
12.Give them wings to fly
The last and the most important factor of all. Once you realize that you have been considerably successful in inculcating those golden customs in your kids that the billionaires are instilling in their kids, give them the freedom to peruse their goals on their own terms.
Richard Branson, founder of virgin group, gave both his kids Sam and Holly, complete freedom to choose whichever field they wanted fir their career, though initially he wanted them to join virgin business. His daughter wanted to peruse medicine, he offered her a job in virgin health and medicine arm. In a way, he fulfilled both his daughters and his own desires collectively.
These attributes cannot be taught to your kids in any school or institution. You are the one who can actually blend in these qualities in your kids through constant efforts and analysis. The sooner you become successful in making your kids think like a wealthy entrepreneur, the better the outcome be.