Upper Middle class to Rich kind of kids are spoilt, do not understand the value of money, and generally are unfit to live life, right?

WRONG. WRONG. COMPLETELY WRONG.

Just too many people in the world are firmly of the belief that rich kids are useless!! Nothing can be further than the truth. I know one man with about Rs. 800 crore net worth who gave his son a Eurorail pass and asked him to see whole of Europe. Believe me he could have flown him first class with a ayah along to cook and take care of him. Now a typical middle class reaction to this would be? Frankly I do not know.

I know another person who had a similar net-worth and his daughter had no permission to buy a Rs. 6k dress without her mother’s consent. I know houses with upwards of Rs. 50 crore net worth where the family car is accessible only for the older members and the kids have to travel by public transport. I know kids whose pocket money is linked to some performance – an academic or a health parameter.

In many business families kids spend time in the office RIGHT from the class 8 vacation. Seeing the ropes, if not learning them.

I know friends whose kids go and work in other people’s offices, in other business lines, before they are inducted into the family business.

When I see some people comment I keep wondering if it is really value systems that they are talking about or is it jealousy. If my parents took me only by plane, and I stayed only in 3* or 5* hotels, do I have to prove to the morons around that I can go by train and stay in a dharamshala? not joking, asking….

 

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  1. Most of the middle class wants to be rich, but till they reach there they are jealous, or envious.

    There are many people like Moronbuffet. It is like people hating Chetan Bhagat..I have not read much of CB..but I respect that he has sold more than a million books? Whatever u say…he is popular for sure….

  2. Rather than being jealous/envious of RICH, it is better to strive to be one with 800/50 crore networth – being jealous/envious would get you nothing but bitterness and pain.

    So again a request to Subra – please share your experience/thoughts on how [ lower ] middle class folks can realistically reach these stratospheric networths through equity [mf, direct equity, dividend, etc.]

  3. 2 Things
    1. Jealousy and Respect are 2 different things. If some body can spend 100K on something and they can afford it there is nothing wrong. I may be jealous but will not disrespect or judge them. They are different things. Aren’t they. And Jealous is human nature. I might be jealous of their ability to spend 100K without blinking and they might be jealous about some other thing I have. We both can continue with our jealousies and also respect each other (I mean genuine respect, not diplomatic) :-).

    2. I have same respect for some body who has a 30K monthly take home and change an Iphone every year and some body who has 100 crore net worth and ask their kids to live like lower middle class or middle class kids.

  4. The difference between Sidharth Mallya and Rishad Premji comes to mind.

    One of them got an airline as a gift on his 18th birthday. The other one had to work and learn the ropes before he got his hand to the steering wheel.

    The choice is made by the parents. The result is for everyone to understand.

  5. Things have more influence on your attitude than you attitude on things!
    Procrastination is fueled by weakness in the face of impulse and a failure to think about thinking.

    -Ben Franklin

  6. As a parent this is something i struggle with often, what is reasonable and irrational is a matter of perception. And i think we should be true to what we believe in. In the end a value system is not underlined by what we have or what we spend on. It how we interact with other beings and how happy and fulfilled we feel.
    A child does not decide how fulfilled he feels by seeing the price of the toy, in my experience my time spent with him playing with it makes him happy.

  7. Envy as Charlie Munger said is a stupid sin because there is no fun doing it !!

    Think it is not question of rich or middle class but what kind of work ethic that parents impart to children.

    And don’t know why people bother with how other people bring their children up,better focus time and energy on your family and kids rather!!

  8. a post which does not give any advice. Just informs us of the way things are.

    this is why i love to read your posts.

  9. @Subra,
    To be clear, I am not jealous on anyone, but I think the sample population in your post matters here. I have seen a lot of Spoiled brats in my life and of course I have seen good guys as well. So it all depends on the sample population you have been with.

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