Raising a billionaire

Tomcat

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All billionaires were once children and once upon a time they first learned what money is and how to handle it. They made their first mistakes and received their first income. And next to them there were adults who supported and showed the right path. They still follow some of their parents' advice and often admit that it was the upbringing they received in childhood that helped them achieve impressive results.

Some incredible stories about the upbringings of some of the richest and most successful people on earth.

Bill Gates​

American entrepreneur and philanthropist, founder of Microsoft Bill Gates believes that he owes a lot to his parents, who raised him in the spirit of long-standing family traditions.

Mary and William Gates Sr. were active in public life, paid a lot of attention to charity and, naturally, taught their children to do this. Gates's mother was a religious woman and firmly believed that whoever gets a lot will be asked for a lot.

In other words, you first need to learn to give. Bill Gates recalls that his mother established such a rule since childhood, so charity and service to others became the main values in their family, and then in the adult lives of their children.

Freedom and independence have always come first in the Gates family. At Bill's private school, every child was encouraged to be independent. It was there that he became acquainted with computers.

When Bill turned 13, his parents allowed him to go to the University of Washington at night, where he could use the university computers. In addition, the future founder of Microsoft could leave home without any problems, even for a long time. One day he went on an internship as a minister in the legislature in Olympia and Washington.

The family reacted calmly to their son's decision to take an academic leave. Even though there was less than a year left before graduation. After dropping out of school, Bill Gates began working as a programmer at a power plant in Southern Washington.

A little later, the future billionaire left Harvard and moved to New Mexico to found the legendary Microsoft company there.

“Mary and I were worried, of course. Our expectations were no different from those of many other parents whose children went to university. We wanted him to graduate." From a conversation between Father Bill and a journalist from one of the publications.

The Gateses had another secret in raising their children - they did not allow them to give up, even if nothing worked out. Mary and William Gates Sr. were patient with all their son's “defeats,” not allowing him to quit his studies. And he learned a simple life truth: it is not at all necessary to be the best at everything, and failure is completely normal and natural.

Bill Gates himself says the following about money and education: “What can you spend your money on? You can try to spend it all on yourself. But how many hamburgers can you eat? How many suits are you going to wear? Their number is very limited."
He also quotes Warren Buffett, agreeing with his conclusions: “It's not such a good idea to leave a whole bunch of money to your children. Children should get so much money that they have the opportunity to do a lot, but not have the opportunity to do nothing.”

Mark Zuckerberg​

American programmer and Facebook founder Mark Zuckerberg grew up in a family of doctors. Edward and Karen Zuckerberg worked very hard. Children saw from the example of their parents that the well-being of a family is the result of hard work.

“My children grew up working with me and had access to computers all the time.” Zuckerberg Sr., who constantly improved as a dentist, recalled.

Mark also had a computer at home since childhood, so he was well versed in technology.

The main secret of raising children, according to Edward Zuckerberg, is that you cannot force a child to follow any particular path. The Zuckerberg family tried to comprehensively develop their children and support their strengths.

“Mark was bored at school, and I suggested that he write a primitive version of an instant messaging program for communicating between people in the dental clinic and at home on the computer. We called this program ZuckNet." Narrated by Edward Zuckerberg.

Parents looked for individuality in each child, encouraged his successes and were proud of small victories in order to instill confidence and independence in them. They did not turn a blind eye to their shortcomings, but they never humiliated their children.

The Zuckerberg family has never focused solely on building a successful career. Parents showed by their own example that in addition to work, you need to find time for hobbies, because this is the only way to achieve harmony.

Mark himself talks about how to act in order to achieve success in life: “My goal was never just to create a company. But that doesn't 'just' mean to me building something that actually makes a real big difference in the world.”
“I would rather be in a process where people underestimate us. This gives us the freedom to go out and make big bets that will excite and surprise people.”
“The biggest risk is not to take risks. In a very fast-paced world, the only strategy that is guaranteed to fail is not to take risks.”

Elon Musk​

The founder of Tesla and SpaceX was born in South Africa in the family of model, nutritionist May Musk and engineer Errol Musk. Elon also has a younger brother and sister. When Elon was eight years old, his parents' marriage broke up, his mother moved to Canada, and his father remained in South Africa.

At first, the boy lived with his father. Now he does not hide the fact that they have always had a bad relationship. Errol Musk, according to his son, is the embodiment of evil; he could commit any crime that is even difficult to imagine. Having matured, Elon broke off all relations with his father. But such a life helped him understand how important it is to be useful and stand up for the world:

“Now I try to do only useful things to make people's lives and our future better.”

He got his first computer in elementary school. At age 12, he wrote his first program, the space game Blastar, and sold it for $500.

After progressing from school, Elon moved to Canada to live with his mother, where he went to college. May Musk believes that it was she who taught her son to work hard and do what he loves.

“I am often asked how to raise successful children. The answer is simple: I told them what hard work is and allowed them to do what interests them.”

One of the main secrets of raising children, according to May Musk, is getting used to work from early childhood. Studies have shown that children who do housework grow up to be more successful adults than their peers who are not used to working.

Ilona's mother does not deny that the boy matured early, but considers this more an advantage than a disadvantage. “My parents treated us like adults who could be trusted. I learned this from them and raised my children the same way,” she writes in her book.

May Musk believes that children should not be protected from real life and responsibility. From an early age they must learn to consciously and independently make decisions. Parents are required to talk to them like adults.

Elon Musk independently chose which subjects to study at school. His mother never checked his homework because that was his responsibility. Later, he chose a university without outside help, sent applications for admission, student scholarships and loans.

“After entering the university, my children had to live in conditions that were not at all heavenly: a mattress on the floor instead of a bed, one room for six people, or a rundown house. But that suited them. If your children are not spoiled by luxury, they will survive just fine in any conditions.” May Musk says. She believes that children should not be spoiled. They must be able to take care of themselves and learn to earn money.
“I cultivated in my children the same qualities that my parents tried to impart to me and my brothers and sisters: independence, kindness, honesty, prudence, politeness, hard work and responsiveness. I didn’t treat them like little kids and didn’t push them around.” May Musk said in an interview with one of the publications. And she added that many parents lose their compensation when something goes wrong. But even if you are very angry, you should not raise your hand to your children, call them stupid, ugly or bad.

Elon Musk's own attitude towards work, money, success and failure can be described by three of his quotes:

“Failure is also a means to an end. If you haven't had failures, you're not innovative enough.”
“I have money and it seems like I don't have to work. But I still work: every day, even on weekends. And I haven't been on vacation for years.”
“Work like hell. You simply must work 80 to 100 hours a week to increase your chances of success. If other people have a 40-hour work week and you have a 100-hour week, doing the same thing will accomplish in four months what would take other people a year to achieve.”

David Rockefeller Jr.​

The Rockefeller dynasty managed not only to acquire fabulous wealth, but also to maintain it. This is despite the fact that seven generations have passed since John Rockefeller founded Standard Oil 150 years ago.

Head of Rockfeller & Co. David Rockefeller Jr. believes that the key to success is that his family lives in accordance with its developed system of values, traditions and attitudes, which favorably influences their relationships and helps maintain wealth. In his opinion, it is necessary to form the right attitude towards money at an early age.

All the heirs of the Rockefeller clan adhere to one rule - they must participate in regular family meetings, which mainly occur on Christmas and Thanksgiving.

“More than a hundred guests gather in one room, for example, for Christmas dinner. Something like a family forum. When you turn 21, you receive an invitation to such a meeting.” David says. At such meetings, all important issues related, in particular, to business are discussed.

The Rockefellers are careful about family history. David admits that even now he can come to his grandfather's estate to remember the past and see how his ancestors lived. “These are places that the whole family knows and have been passed down from generation to generation,” he explains.

Another important success factor is the absence of a family company. Indeed, in wealthy families, business is often the cause of misunderstandings in relationships. The most pressing issues are how to conduct business and share profits.

In 1911, the US government ordered the division of the Rockefeller oil company Standard Oil into small joint stock companies. Thus, the fight against monopolies contributed to the transfer of shares and financial holdings to future generations without the risk of falling out over business.

“Many families have broken up precisely because of business. We were lucky that we didn't have one. Our business, through a multi-year trust, provided us with a fortune that was passed down from generation to generation and distributed to an ever-increasing number of people.” David says.

The success of the family, according to the younger Rockefeller, also depends on the desire to engage in charity. Philanthropy in the family of an oil magnate became the main principle of raising children. For example, David made his first donation at the age of 10.

This tradition was founded by John Rockefeller, who set aside a tithe from each of his salaries. The dynasty's philanthropic foundations, such as the Rockefeller Foundation, the Rockefeller Brothers Fund and the David Rockefeller Fund, now hold billions of dollars.

David believes that to whom much is given, much is required. The stone at Rockefeller Center is even carved with the words: “Every right comes with a responsibility, every opportunity an obligation, and every possession a duty.”
 
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