to work. Most non-accumulators have variety of fields. Many of them benefit- generate profits through those efforts and
to work to support their spending habits. ted from the adage: “They can take your their efficient management.
When asked, most millionaires said that business, but they can’t take your intel- As you read through these “lessons for
they bought used cars and their suits at lect.” Their parents saw to it that these living” see where you can modify your
discount outlets. children received a college or university own habits just a bit to become a real
education including graduate school and millionaire. The key point here is to learn
Real millionaires did not receive implemented that training with the work from truly rich folks and act like them to
financial support from their parents ethics they learned at home. Millionaires join their ranks.
after adulthood. are doctors, lawyers, farmers, contrac- Brooks C. Sackett, CFP, CIMA, AIFA, is
Most millionaires did receive help from tors (sand blasting, janitorial, sanitation, president of Chief Capital Management, Inc., a
their parents in the form of a good educa- chemicals, and construction), geologists, Registered Investment Advisor. He specializes in
tion but not much beyond that. Financial appraisers, machinery manufacturers, and helping clients build peace of mind while grow-
assistance to adult children is a hindrance temporary office help recruiters. Impor- ing financial security. You can contact him at
to wealth accumulation, not a help: “The tantly, they control their work efforts and 509.448.2680 or brooks@chiefcaptial.com.
more dollars adult children receive, the
fewer dollars they accumulate, while
those who are given fewer dollars accu-
mulate more.” For example, households
headed by accountants who receive cash
gifts from their parents have only 57%
of the net worth of accountant-headed
households who receive no cash gifts. For
all occupational groups, 81% of all recipi-
ent households have a lower net worth
than those not receiving any cash gifts.
Real millionaires do not give financial
support to their own adult children.
Millionaires collectively came up with
several suggestions regarding the rear-
ing of children. They advise: Never tell
children that their parents are wealthy.
Teach your children discipline and fru-
gality. Don’t make promises relating to
which child will receive which asset after
the parents are gone. Emphasize your
children’s accomplishments, not their
symbols of success. Tell your children
that there are a lot of things more valu-
able than money.
Real millionaires are self-employed
and operate “dull, normal” businesses
very efficiently.
Millionaires made happy, rich and
productive lives for themselves in a wide
www.spokaneclub.org . March 2010 . 29
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