Okay, your poverty is your parents’ fault. What are you going to do about it now?

One of the many interesting revelations revealed to me in my Rich Habits Study was the importance of parenting as it relates to your adult financial circumstances.

The impact parents had on the self-made millionaires and poor people in my study was so profound that I decided to write my second book, Rich kidsin an effort to shine a light on the good and bad habits children need to learn.

Most interesting is the fact that my self-made millionaires learned their wealth building habits from parents who were poor or middle class. Somehow, later in life, their parents discovered what to do and what not to do. These Rich Parenting households didn’t want their children to make the same mistakes they did.

Those raised in Rich Parenting households end up in the top 5% decile in America. This 5% is not struggling financially, has beautiful houses, holidays in the most beautiful places and is generally well educated. After learning the rich habits from their parents, they pass on what they have learned to their children and their children in turn grow up to be happy, successful and wealthy. This generational cycle of wealth continues from one generation to the next and is exactly why we have a growing wealth gap in America.

Until the rest of the 95% learn what to do and what not to do, regarding habits, this wealth gap will continue to grow.

Those who grew up in Poor Parenting households represent approximately 30% of the population in America. They are one paycheck away from homelessness. This 30% is struggling financially, rents small houses, cannot go on vacation, does not place a high value on formal or informal education, struggles with unemployment and generally has bad habits learned from their parents. Their children adopt the habits of their parents by default and also have financial difficulties as adults. This generational cycle of poverty continues from one generation to the next and is the reason most poor people remain poor from one generation to the next.

So okay, it’s your parents’ fault that you’re poor. What are you going to do about it?

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