By Joy Essien, Contributing Editor, Lagos Metropolitan.
Children from high-net-worth families often step into adulthood surprisingly confident with money. It is rarely just about having more cash.
The real difference is that money is explained, practiced and demystified early, while most kids learn only that money appears, disappears and feels stressful. That gap becomes massive over time.
Money As Tool.
In many homes, money is treated mainly as something to spend. In wealthy households, it is framed as a tool. A tool can solve problems, create choices and build fortune income, not just buy short-term rewards. Kids are shown simple examples: money can start a small project, pay for a course, or buy something that earns more money later. This shifts the focus from "What can I buy?" to "What can this help me build?" A practical way to mirror this: "How much will you enjoy now and how much will you use for your future?"
Normal Money Talk.
In many families, money is either tense or taboo. Children sense the stress but hear very little explanation. Wealthier parents are more likely to treat money as a normal topic, discussed calmly and often.
That doesn’t mean sharing every detail of income or debt, they use everyday moments – planning a trip, choosing a school activity or comparing prices – to show how decisions are made. Children see that money follows priorities, trade-offs and plans. This openness removes mystery. Kids learn that budgeting and planning are normal, not signs that something is"wrong."
Early Earning Habits.
Rich parents encourage kids to earn, not just receive. That might mean paid chores beyond basic responsibilities, helping with simple tasks in a family business, tutoring younger students, or selling handmade items.
The point is not the amount earned but the message: money flows towards value. Effort, ideas and reliability are what generate income, not just requests or special occasions.
Children who experience earning early tend to respect money more, think creatively about opportunities and feel less dependent on handouts later in life.
Real-Life Decisions.
Many parents lecture about savings yet make all financial decisions out of sight. In financially savvy households, children gradually help with real life choices.
For younger kids, that can be something simple: deciding between two weekend activities within a fixed budget or choosing a cheaper meal so some money can be saved. Older teens might help compare internet plans, evaluate subscription costs or discuss why one purchase is delayed in favor of another priority.
These small, guided decisions are low-risk training for the much bigger choices adulthood will demand.
Assets Over Image.
Plenty of families spend heavily on things that look impressive. The latest phone, trendy clothes or constant outings. Children quickly absorb the idea that "rich" means looking a certain way.
Families that quietly build wealth teach a different rule: assets first, image later. They explain that shares, businesses and income-producing property are what build freedom. Clothes and gadgets are optional extras, not proof of success. Kids learn to ask, "Does this purchase make life better long-term or is it just for show?" That simple question can prevent years of lifestyle inflation and status spending.
Think Long Term.
Another lesson wealthy parents emphasize is time. They show that money decisions today echo far into the future. Compound growth, career choices and even small habits like saving first or carrying debt are explained in terms of years, not weeks.
"Real financial planning is aligning your use of capital with what’s important to you," states Carl Richards, a financial planner and author.
Children might see simple charts of how regular investing grows, or hear stories about how long it took for a family project to pay off. Parents can also explain that assets like Bitcoin can be highly volatile, so any use should be cautious, long-term and built on top of a solid savings base. Delayed gratification is praised: waiting for a bigger, more meaningful goal rather than grabbing every impulse purchase.
Over time, this teaches patience. Kids stop seeing money as something that must be enjoyed immediately and start seeing it as something that can grow into options and security.
Purpose And Giving.
Many affluent families also connect money with values and impact. They talk about supporting causes, helping others or funding projects that matter to them. Even small acts – donating a portion of allowance or joining a community fundraiser – are used to show that money carries responsibility as well as privilege.
This doesn’t just build generosity; it also develops a sense of agency. Children see that money can change more than just their own lives. It can improve their surroundings, support people they care about and express what matters most to them.
