Contrary to what many people think, rich people are not necessarily spendthrift when it comes to their children. As we previously reported, many of the world's richest people have publicly stated that they will not leave any inheritance to their children. Many wealthy people are very careful with how they spend their money, choosing quality items and experiences for themselves and their children.
GOBankingRates asked experts for their thoughts on how wealthy people shouldn't waste money on their children. Here are seven things that rich people would never buy for their children that everyone else would buy.
commercialized entertainment
True Tamplin (CEPF)®) Founder of Finance Strategist says: But some wealthy families are choosing a different kind of fun. They prioritize unplanned playtime, encourage outdoor adventure, encourage creative pursuits, and foster a love of reading and exploration. ”
Additionally, “Rather than passively consuming pre-packaged entertainment, these children create their own entertainment, build resilience through unstructured play, and connect with nature and their imaginations.” Think backyard forts, family camping trips, art supplies galore, and trips to museums instead of amusement parks. ”
toys for the masses
“Plastic superheroes and trendy dolls may fill toy store aisles, but some wealthy parents are turning their backs on mass-produced, disposable toys,” Tamplin said. explained. “Instead, they are choosing heirloom-quality pieces made from natural materials, educational games that stimulate curiosity and critical thinking, and open-ended toys that encourage creativity and imagination.”
“Think wooden building blocks, beautiful puzzles, musical instruments, and art supplies that inspire endless possibilities,” he continued. “The focus shifts from instant gratification to developing a love of learning, problem solving, and imaginative play.”
everything disposable
“We live in a world of convenience, and disposable items often seem like the easiest option,” says Tamplin. “But some wealthy families are making conscious efforts to reduce their environmental footprint and teach their children about sustainability.”
He added: “They're saying no to single-use plastics, opting for reusable water bottles and lunch boxes, and embracing DIY projects like making their own cleaning solutions and reusing old clothes. It saves money. It's about instilling a sense of responsibility for the planet and teaching valuable life skills like resourcefulness and creativity.
junk food
“While fast food and sugary snacks may be quick and easy snack options, some wealthy families prioritize healthy eating,” Tamplin explains. “They focus on home-cooked meals using fresh ingredients, teaching children about nutrition and balanced eating, and exposing them to a variety of cuisines and flavours.”
Furthermore, he added: “This is not about deprivation. It's about empowering kids to make healthy choices and developing a lifelong love of good food. Through trips to farmers markets, family nights out, and cooking. Think about learning about other cultures.”
subscription service
“The middle class may succumb to the lure of numerous subscription boxes for children, from toys to snacks. But the financially astute wealthy see these as unnecessary expenses. They are prioritizing teaching children financial responsibility early on, avoiding excessive monthly subscriptions, and fostering a mindset that values saving and investing.” said Aleksey Krylov, Listing and Managing Director.
luxury children's event
“It's tempting to throw an extravagant Sweet 16 party for your offspring like a celebrity, but financially savvy wealthy people understand the importance of financial discipline,” Krylov says. “They choose meaningful experiences over ostentatious pretense, emphasize the value of money, and teach children the value of the intangible joys that come with responsible financial management.”
trendy tech gadgets
“It's easy to succumb to the pressure to buy the latest gadgets for your children, but economically conscious and wealthy parents take a different path,” Krylov explains. “They understand the diminishing returns with continued technology upgrades, so they limit the use of excessive equipment. Instead, they teach their children to be grateful for the tools they have and It encourages caring and instills a sense of value and responsibility.”
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