Wealthy parents don’t just pass down money - they pass down habits that help their kids thrive. From teaching financial literacy to fostering resilience, these habits set children up for long-term success. Here’s a quick summary of the top 10 habits:
- Encourage reading and learning: Build curiosity and critical thinking.
- Teach money management early: Show how to earn, save, and invest.
- Set clear goals: Help kids plan and achieve step-by-step.
- Practice patience: Teach delayed gratification for better decision-making.
- Explore new interests: Encourage trying new activities to discover passions.
- Promote health and exercise: Build lifelong wellness habits.
- Limit screen time: Balance tech use with meaningful activities.
- Instill a strong work ethic: Show how effort leads to success.
- Teach resilience: Help kids handle setbacks and keep going.
- Value giving back: Encourage helping others and building community.
These habits combine life skills, financial education, and emotional growth to help children succeed in every area of life. Ready to dive deeper into each one? Let’s go!
10 Habits That Rich People Teach Their Kids
1. Build Strong Reading and Learning Skills
Developing strong reading habits and a love for learning lays the groundwork for future success. Parents play a key role in creating an environment that encourages these skills.
Set up a cozy, well-lit reading space filled with a variety of materials to make reading enjoyable, not a chore. This dedicated area helps turn reading into a daily habit.
"The key to encouraging reading habits in kids is reading with them at home from a young age. By reading together often, your child will learn first hand the joys reading can bring, helping him or her develop a motivation to read." - Oxford Learning
Parents can make reading a natural part of everyday life by:
- Leading by example - let your child see you reading regularly.
- Establishing a routine, like 20-30 minutes of reading before bedtime.
- Making reading interactive by discussing stories, characters, and ideas to build critical thinking skills.
- Offering a mix of genres, such as mystery, science fiction, and non-fiction, to keep things interesting.
In addition to fostering reading habits, these parents also support a broader love of learning. They understand the importance of flexibility in education, echoing Alvin Toffler's insight:
"The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn."
To encourage this mindset, they:
- Allow children to choose activities that spark their curiosity.
- Treat mistakes as valuable learning moments.
- Relate lessons to real-world situations to make them more engaging.
- Explore libraries, museums, and educational events together to expand horizons.
The goal is to make learning feel enjoyable and natural, not like a task. This approach helps children build a genuine motivation to read and learn, setting the stage for lifelong growth and success.
2. Teach Money Management Early
It's important to teach kids about managing money from a young age, as financial habits often form by the time they're seven years old. Many wealthy parents recognize this and take deliberate steps to give their children a strong foundation in financial literacy.
Start with everyday activities to introduce basic money concepts. For example, take your kids grocery shopping and explain how you budget, use coupons, and compare prices. These small, real-life experiences help kids grasp the value of money and how to make thoughtful spending choices.
"If you want to play a significant part in molding your children's sentiments, thoughts, and beliefs regarding money, the time to start is now." - Fourth Avenue Financial
A Simple Three-Part Approach
1. Earning Opportunities
Encourage children to take on age-appropriate chores or responsibilities. This helps them understand the connection between effort and income while also teaching them the importance of a strong work ethic.
2. Smart Saving Habits
Set up tools like piggy banks for younger kids or savings accounts for older ones. Teach them to divide their money into three categories:
- Spending (for immediate desires)
- Saving (for larger purchases)
- Giving (for helping others)
For example, if your child wants a $60 video game, work with them to create a savings plan that makes the goal achievable.
3. Investment Basics
As kids grow, introduce concepts like stocks, mutual funds, and other investment options. You can make this engaging by:
- Having family discussions about finances
- Including them in household budgeting decisions
- Allowing them to make small financial mistakes to learn valuable lessons
Advanced Lessons for Older Kids
For teenagers, go deeper into financial education with topics like:
- Creating monthly budgets
- Understanding credit and debt
- Learning the difference between needs and wants
- Exploring more detailed investment strategies
Keep these lessons engaging and age-appropriate. By making financial education an ongoing conversation rather than a one-time talk, you’ll help your children build a healthy, lifelong relationship with money.
3. Set Clear Goals and Make Plans
Teaching kids how to set clear goals and design actionable plans is a habit many wealthy parents prioritize. Studies show that writing down goals increases the likelihood of achieving them by 33% compared to just thinking about them.
The GPS Approach to Goal Setting
Think of goal-setting like a GPS system. It involves three main parts:
- Destination: Define long-term objectives.
- Current Location: Understand the starting point and any challenges.
- Route: Break the journey into smaller, manageable steps.
Making Goals SMART and Visible
Goals should be specific, measurable, achievable, relevant, and time-bound (SMART). For example, instead of vaguely aiming to "get better at reading", create a concrete plan:
- What: Move up one reading level.
- When: Read for 30 minutes on Monday, Wednesday, and Friday.
- Where: At the local library.
- How: Finish books from the school's recommended list.
- Who: Parents provide transportation and support.
- Why: To exceed grade-level reading by summer's end.
Tools to Stay on Track
Wealthy parents often use practical tools to help their kids track and achieve goals, such as:
- Visual Goal Boards: A daily reminder of targets and progress.
- Goal-Tracking Apps: Useful for older children to monitor progress digitally.
- Journals: A space to log progress and reflect on accomplishments.
- Weekly Check-ins: Regular reviews to discuss progress and adjust plans.
These tools help kids stay focused and develop problem-solving skills when obstacles arise.
Building Resilience Through Goal-Setting
"Goal setters see future possibilities and the big picture...are comfortable with risk, prefer innovation, and are energized by change".
Encourage your child to follow these steps:
- Reflect: Look at their current progress.
- Adjust: Revise goals or plans as needed.
- Persist: Use setbacks as learning opportunities.
- Celebrate: Acknowledge every win, no matter how small.
4. Learn to Wait for Better Results
Building patience and learning to wait can significantly impact long-term success, both academically and personally. Delayed gratification, or choosing to wait for a better outcome, plays a key role in this process. Walter Mischel, a prominent researcher in this area, highlights:
"The good news is that this cognitive and emotional skill set is eminently teachable, particularly early in life".
Creating a consistent environment based on trust is essential for teaching delayed gratification. This can be achieved by:
- Following through on promises
- Setting clear and achievable expectations
- Establishing reliable routines
- Explaining why waiting is sometimes necessary
These principles lay the foundation for activities that help develop patience.
Growth-Based Projects
Starting a garden or terrarium project is an excellent way to show that meaningful growth takes time.
"Teaching your child the consistent effort needed to care for plants in order to watch them bloom and bear fruit can be a rewarding experience, making the waiting process worth it".
Hands-on projects like these are not only educational but also deeply rewarding.
Strategic Games and Activities
In addition to projects, certain games and activities can help reinforce self-control and patience:
- Puzzles: Build focus and persistence
- Cooking: Teaches the value of following steps for a result
- The silence game: Helps manage impulses
- "Catch the Drizzle": A playful way to practice patience
- Counting exercises: Useful for managing short waiting periods
- Physical activities: Channel energy constructively
- Creative projects: Keep the mind engaged while waiting
"If-Then" Planning Strategy
Encourage children to use "if-then" statements to set goals and practice waiting. For example:
"If I want a new game, then I will save my allowance for three weeks."
This approach helps children connect effort and delayed rewards. As one expert puts it:
"Delayed gratification is the ability to endure something difficult gracefully, to later achieve something worthwhile. In a culture that practically forbids discomfort, it's a valuable skill".
5. Try New Activities and Find Interests
Encouraging kids to explore a variety of activities can have a big impact on their growth. Dr. Harpreet Kaur, a Board-Certified Clinical Pediatric Psychologist, explains:
"When kids aren't structured and have breaks in their schedule, it allows them to explore their interests...relaxation breaks, being around family without devices or structure, hanging out with friends - we know these things lead to positive mental health outcomes."
Unstructured time helps kids relax, discover what they enjoy, and improve their overall well-being.
Why Activity Exploration Matters
Studies reveal that kids involved in after-school programs tend to focus better, perform well academically, and have lower obesity rates (21% compared to 33%).
How to Choose the Right Activities
High School Counselor Fedjounie Philippe from KIPP New Jersey highlights the importance of these experiences:
"These experiences help us grow into people, because we start to articulate our own skills and interests."
Here’s how parents can guide activity choices:
-
Pick Activities That Match Values
Help kids choose activities that resonate with their personal values. For example, socially conscious kids might enjoy community service, while others with strong verbal skills might thrive in debate club. -
Focus on Depth, Not Just Variety
Encourage kids to dive deep into their interests by pursuing advanced training, taking on leadership roles, or competing in their chosen fields. -
Balance Structure and Flexibility
Create a routine that includes regular activities but also leaves time for rest, family, and unstructured exploration.
Helping Kids Thrive Through Activities
"There's no harm in trying something."
Parents can support their children by listening to their interests, offering resources, celebrating their achievements, and being okay with them stepping away from activities that don’t feel right. Trying new activities not only helps kids discover their passions but also builds skills like resilience and independence that are crucial for future success.
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6. Practice Good Health and Exercise
Start building healthy habits early to ensure long-term well-being. Dr. Jessica Yu, a pediatrician at Scripps Clinic Mission Valley, highlights the importance of setting a positive example:
"Children look up to their parents and pick up many of their habits, good and bad. It's important for parents to lead by example and make healthy choices."
The U.S. Department of Health and Human Services suggests active play for kids aged 3-5. For those aged 6-17, they recommend at least 60 minutes of moderate to vigorous activity daily, including muscle-strengthening exercises three times a week.
Dr. Yu also encourages parents to make exercise enjoyable:
"Every child is different, so there is bound to be something they will enjoy. Stay active yourself and show your kids that exercise is not a chore. Show them it's a fun way to stay healthy."
Here are some practical tips for parents:
- Plan Family Activities: Set aside 60 minutes daily for activities like walking, swimming, or playing catch.
- Reduce Screen Time: Limit TV and screen exposure to 1-2 hours of quality programming per day.
- Support Teen Strength Training: For teens 15 and older interested in strength training, arrange sessions with qualified trainers.
Nutrition is just as important as exercise. Dr. Yu stresses teaching kids about healthy food choices:
"Help them learn how to make informed decisions about what they eat. This will lead to healthier food choices in the long run."
The American Psychological Association backs this up:
"Good nutrition and plenty of exercise are the building blocks for strong growth, healthy development and lifelong wellbeing for children."
Research shows that regular exercise and healthy eating habits can:
- Boost academic performance
- Lower the risk of obesity
- Prevent chronic illnesses
- Improve mental health
- Encourage positive lifelong behaviors
Focusing on these habits early helps create a balanced lifestyle, including smart limits on screen time.
7. Set Smart Limits on Screen Time
Managing your child's screen time is a key part of building healthy habits and routines. Studies show that too much screen exposure can affect cognitive growth, sleep quality, and even physical health.
Jenny Silverstone of Mom Loves Best highlights the importance of being consistent:
"If your child understands that they have one hour of screen time per day and that's it, they'll fight you less than if you sometimes waver on it."
Here are some practical ways parents can manage screen time effectively:
Set Age-Appropriate Limits
The American Academy of Pediatrics suggests that kids aged 2–5 should have no more than one hour of high-quality screen time each day. For older kids, it's important to create boundaries that fit their maturity and daily routine.
Create Screen-Free Zones
Establish areas and times where devices are off-limits. For example, research shows 64% of Americans watch TV during meals. Making mealtime a device-free zone can encourage family conversations and mindful eating.
Focus on Quality, Not Just Quantity
Instead of passive screen use, encourage apps and content that promote learning and creativity. Some parents ask their kids to explain why they want to use a device, turning it into an opportunity for reflection.
Kylie Morrow underscores this approach:
"Children mirror what they see more than they pay attention to what you're telling them to do."
Use Monitoring Tools
Technology can help enforce boundaries. Apps like Screen Time and Qustodio allow parents to:
- Set daily usage limits
- Block screen time during homework or bedtime
- Monitor app usage and browsing history
- Offer bonus screen time as a reward for completing tasks
Consider Health and Sleep Effects
Extra screen time has been linked to higher BMI in preschoolers. Also, keeping screens out of bedrooms can improve both sleep quality and duration.
8. Show the Value of Hard Work
Teaching kids the importance of hard work sets them up for resilience and long-term success. When children understand how effort leads to achievement, they develop a mindset that helps them tackle challenges and reach their goals.
Lead by Example
Actions speak louder than words. When parents face challenges with determination, they show their kids what perseverance looks like. Instead of just saying "work hard", they demonstrate it. For instance, a parent might say, "I’ll keep trying until I figure this out", before tackling a tough situation.
Ryan Finlay ties this lesson to financial responsibility, emphasizing the importance of earning money:
"The best way to teach kids how to wisely spend money is to make them earn the money beforehand."
Provide Opportunities for Hard Work
Parents can involve their kids in various tasks to teach them the value of effort:
- Household Chores: Give them age-appropriate responsibilities that contribute to the family.
- Physical Tasks: Activities like yard work or home improvement projects help build endurance and discipline.
- Problem-Solving Exercises: Encourage kids to identify and solve challenges on their own.
Redefine the Purpose of Work
Help kids understand that work isn't just about completing tasks - it’s about making a positive impact. Ryan Finlay sums it up:
"Work is a value adder that makes the world a better place."
This idea shifts the focus from seeing work as a chore to recognizing it as an opportunity to contribute. Coach Tim Notke’s famous quote reinforces this:
"Hard work beats talent when talent fails to work hard."
Teach Balance
While hard work is essential, balancing it with rest and play is just as important. Parents can guide their kids to manage leisure time wisely, pursue their passions productively, and understand that consistent effort leads to growth. They also encourage working smarter - saving energy for what truly matters and seeking the knowledge needed to achieve goals efficiently.
9. Handle Setbacks and Keep Going
Teaching kids how to bounce back from failures and view setbacks as learning opportunities is a key lesson many wealthy parents emphasize. This mindset helps children turn obstacles into stepping stones, building on earlier lessons in patience and goal-setting.
Encourage a Growth Mindset
Successful parents teach their children to see challenges as temporary hurdles rather than permanent barriers. Psychotherapist Amy Morin highlights this approach:
"The most accomplished people reached their goals by failing along the way. Kids who do well later in life focus their attention on what went wrong and how they could fix it. They have growth mindsets that help them turn failures into positive learning experiences."
Be a Role Model During Challenges
Kids often mimic how their parents handle difficulties. Educational psychologist Michele Borba explains:
"Our beliefs and attitudes spill over to our kids."
When parents remain composed and focus on problem-solving, they set an example for their children. Borba suggests using phrases like:
"'That's OK, we've got this.' If you keep saying it, you're actually having your kid eavesdrop on your management strategy. And the most amazing thing is very often they pick it up, and now they have a way to talk back to the worry themself."
This calm and confident approach helps children develop their own strategies for managing setbacks.
Simple Strategies to Build Resilience
- Break Tasks Into Steps: Make challenges feel less overwhelming by dividing them into smaller, achievable parts.
- Positive Self-Talk: Teach kids phrases like "I can handle this" or "I’ll keep trying."
- Prepare for Success: Ensure they are well-rested and ready before tackling tough tasks.
- Practice in Stages: Gradually increase practice time with tools like timers.
These methods create a consistent framework for handling setbacks, reinforcing the lessons learned from earlier habits.
Avoid Overreacting to Setbacks
Developmental psychologist Aliza Pressman offers this reminder:
"Nothing is an emergency."
Overreacting to minor issues can lead to heightened anxiety and discourage kids from taking risks. Instead, try these approaches:
- Let kids make everyday decisions to build independence.
- Share personal stories about overcoming challenges.
- Stay optimistic when facing difficulties.
- Answer their questions to encourage curiosity.
- Give them time to process and reflect after setbacks.
10. Help Others and Build Community
Teaching kids the importance of giving back helps them grow into individuals who understand their place in society. It also builds character while sharpening leadership and social skills they'll use throughout their lives. Here’s how to turn these values into everyday habits.
Start Early with Activities That Match Their Age
Marilyn Price Mitchell highlights the benefits of kindness:
"Children who perform acts of kindness experience increased wellbeing, popularity and acceptance among peers. This, in turn, leads to better classroom behavior and higher academic achievement."
Make Giving a Family Effort
Get the whole family involved in activities like:
- Volunteering together
- Joining giving circles
- Supporting causes your kids are passionate about
- Talking about charity during family meetings
The Benefits of Community Service
Research shows that helping others not only benefits the community but also boosts personal happiness. Harvard studies found people feel happier when they give to others rather than spend on themselves. Volunteering has been linked to improvements in:
- Self-esteem
- Self-acceptance
- Overall life satisfaction
Additionally, a national study published in the American Journal of Community Psychology revealed that 56% of participants saw altruism as a key part of their identity.
Fun Ways to Get Kids Involved
Make giving back enjoyable with activities like water balloon games, virtual puddle jumps, movie nights, pet yoga, or even princess tea parties.
How Parents Can Encourage Giving
Here are some practical tips to make giving a regular part of your child’s life:
- Let kids choose causes they care about
- Set up a consistent volunteering schedule
- Encourage them to document their experiences
- Join community service-focused groups together
- Talk about the impact of their efforts
This approach helps children develop empathy, gratitude, and a stronger connection to their community - skills that will serve them well throughout their lives.
Quick Guide: Benefits and Challenges
This guide breaks down the benefits and challenges of key habits, supported by research and expert advice. It highlights how these habits influence growth and the obstacles parents often encounter.
Here’s a table summarizing the habits, their impact, common struggles, and expert advice:
| Habit | Key Benefits | Common Challenges | Expert Solutions |
|---|---|---|---|
| Reading & Learning | • Builds knowledge • Develops analytical thinking • Prepares for future demands |
• Digital distractions • Keeping interest alive |
Design engaging spaces and consistent routines |
| Money Management | • Encourages planning • Promotes value-based decisions • Teaches resource use |
• Age-appropriate teaching • Cultural expectations |
"Use the 6 JARS method: 55% needs, 10% play, 10% savings, 5% sharing, 10% dreams, 10% financial freedom" |
| Goal Setting | • Sharpens strategic thinking • Focuses on achievements • Encourages action |
• Tracking progress • Sustaining motivation |
Help kids adapt goals as they grow |
| Delayed Gratification | • Improves decision-making • Boosts impulse control • Encourages patience |
• Instant gratification culture • Peer influence |
Teach the difference between needs and wants |
| Exploring Interests | • Shapes identity • Expands skills • Sparks motivation |
• Managing resources • Finding balance |
Encourage hands-on exploration |
| Health & Exercise | • Promotes long-term health • Reduces stress • Improves focus |
• Competes with screen time • Busy schedules |
Build family-centered wellness habits |
| Screen Time Balance | • Enhances mental clarity • Encourages active participation • Improves sleep |
• Peer pressure • Over-reliance on technology |
Set clear yet flexible boundaries |
| Work Ethic | • Prepares for careers • Builds a growth mindset • Encourages independence |
• Finding purpose • Accessing opportunities |
"Real work involves interaction with the outside world when you are held accountable on the basis of how you perform rather than who you are or where you come from." |
| Resilience | • Strengthens problem-solving • Builds emotional toughness • Encourages flexibility |
• Balancing protection • Managing risks |
Develop step-by-step challenge strategies |
| Community Service | • Increases social awareness • Builds leadership • Fosters empathy |
• Balancing time • Ensuring meaningful involvement |
Teach values through active participation |
"Mastering your mind is the most powerful thing you can do to steer yourself down the road to success!"
"Strong, healthy families generally have well-defined, clearly articulated, life-affirming values. In such families, values are discussed openly, lived enthusiastically, constitute the organizing principle of family life, and define the nature and quality of many family relationships."
These insights offer practical strategies to refine your approach and create lasting positive habits.
Next Steps for Parents
Now that you’ve got the basics down, here’s how to put those habits into action.
Start with the 6 JARS money management system, which helps kids see and practice handling money wisely:
- 55% for Needs: Everyday essentials
- 10% for Play: Fun and entertainment
- 10% for Savings: Long-term goals
- 5% for Sharing: Charitable giving
- 10% for Dreams: Big aspirations
- 10% for Financial Freedom: Investments
"My definition of financial freedom is simple: It is the ability to live the lifestyle you desire without having to work or rely on anyone else for money." - T. Harv Eker
Here’s how to make these lessons stick:
-
Start Small and Be Consistent
Let your child manage money through allowances or tasks suited to their age. Even small amounts can teach budgeting and saving skills. -
Tap Into Local Resources
Sign your child up for programs that encourage these habits. For instance, organizations like Girls Who Code offer free lessons in STEM fields while fostering confidence and problem-solving. These programs create a supportive space for trying new things. -
Turn Everyday Moments Into Lessons
Involve your child in your financial decisions. When reviewing investments, explain your reasoning and let them spot opportunities. This hands-on approach can be more effective than theoretical explanations.
Keep money discussions open and ongoing. As T. Harv Eker says:
"Having a job will teach your child invaluable money habits"
Encourage older kids to take on part-time jobs or small business ventures to gain real-world experience.
Celebrate progress, learn from setbacks, and reinforce these habits with patience and positivity.
