Wealth with Wisdom: Five Tips on Raising Children in a Legacy of Success
“Every conversation about money is also about values. Allowance is also about patience. Giving is about generosity. Work is about perseverance. Negotiating their wants and needs and the difference between the two has a lot to do with thrift and prudence.” — Ron Lieber
Wealth brings many opportunities but also unique challenges, especially when raising children who appreciate their advantages without becoming entitled. For families with successful businesses, there’s the added complexity of managing legacy and expectations. Some children may feel inspired to lead the family enterprise, while others will pursue their own paths—and both outcomes are valid. The goal is to raise confident, grounded individuals who can succeed on their own terms, whether they participate in the business or choose not to.
Below are five strategies that help families raise children to build character, develop a healthy relationship with wealth, and grow into independent, well-rounded adults.
- Teach the Value of Hard Work
Wealth doesn’t replace the importance of effort. Involving children in the family business helps them see firsthand what it takes to succeed. If the business isn’t one where children can actively participate, having them accompany parents to work gives them insight into the daily effort behind success. This exposure fosters an understanding of the discipline required to maintain the enterprise.
Even outside the workplace, children should have age-appropriate chores and responsibilities at home. Household tasks help reinforce the idea that contributing meaningfully—whether through work or family life—matters, regardless of financial status.
Actionable Insight: Gradually increase children’s responsibilities, whether in the family business or at home, to build their work ethic and sense of accountability.
- Promote Gratitude Through Philanthropy
Introducing children to philanthropy helps them see wealth as a tool for good. Families can involve children by participating in volunteer efforts or supporting causes that reflect shared values. These activities teach that success is not just about personal gain but about making a positive impact.
When philanthropy becomes a core family value, children develop a deeper understanding of their role in the community and learn to appreciate the importance of giving back.
Actionable Insight: Involve children in family charitable activities, encouraging them to choose or create projects that reflect their interests.
- Foster Independence by Allowing Them to Fail
Building independence requires giving children opportunities to make decisions—and experience both the rewards and consequences. Assigning them low-risk projects or departments within the family business teaches responsibility and resilience. These experiences show that setbacks are a natural part of growth and leadership.
Not every child will feel drawn to the family enterprise, and families should be open to that. Encouraging children to explore interests outside the business helps them discover their passions and develop confidence in their abilities. Whether they pursue unrelated careers or start their own ventures, the skills gained from working independently will benefit them in all areas of life.
Actionable Insight: Support children in gaining work experience both within and outside the family enterprise to foster essential life skills and independence.
- Encourage a Growth Mindset
Supporting children’s passions—whether within or outside the family business—fosters curiosity and resilience. Encouraging them to seek external mentorship, pursue professional development, or launch personal projects helps build confidence and independence.
Parents often want to shield their children from failure, but doing so can create a fixed mindset—where children feel defined by their successes or family reputation. A growth mindset, by contrast, teaches them to see challenges as learning opportunities.
Actionable Insight: Encourage lifelong learning by supporting children in finding mentors and engaging in activities that promote personal growth beyond the family enterprise.
- Instill Financial Literacy Early
Teaching financial literacy equips children with the skills to manage wealth responsibly. Begin with simple lessons, like managing personal allowances, and gradually introduce more complex topics such as budgeting, investments, and profit management.
Involving children in conversations about the family’s financial strategy helps them understand the connection between wealth, responsibility, and long-term planning. Some families even provide their children with a small stake in the business to teach them how ownership works and reinforce accountability.
Actionable Insight: Include children in financial discussions to build their confidence and understanding of wealth management.
Conclusion: Raising Children to Thrive
Raising well-rounded children in wealthy, business-owning families requires intentional effort. Whether or not they join the family enterprise, children benefit from learning the value of hard work, practicing gratitude, and building independence. These qualities cultivate confidence and resilience, preparing them to succeed personally and professionally. Families that foster these values create an environment where future generations can embrace meaningful lives, sustain wealth, and leave a lasting legacy.
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Madeline Tolsdorf collaborated in the writing of this article.
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