Do children who live with parents who are financially well off know more about earning money?

Question

I need to know or get an idea about the economic knowledge of those individuals whose early childhood development had surroundings of wealth, and if their early surrounding would give them more insight on how to earning a living. In other words, would someone growing up in a low median to median to upper middleclass to highclass surrounding would understand, or know how to earn a living better than someone living in a surrounding without financial stability, solvency, or independence? I would like those who are in the field of Economics, or who have insight through experience to answer this question, but others are welcome to give their take on this topic. Http:// is most welcome, references, notes, Bibliograpy, proof please.... (smile)

Answer 1

A thought provoking and a nice question. It depends how the rich parents groom their children. It may fail or succeed based on the basic qualities of the individual. There have been instances where children from very few means rising up the ladder and become powerful wealthy persons. There have been failures too.
Similar is the case with children from better background. A willingness to be wealthy and desire to earn are the essential to become rich. Of course, Opportunity galore should bang the door.
VR

Answer 2

children with rich parents do not have the concept of earning money because they are given money and anything they want . They only know how to hold out their hands for the money and other things. The middle and lower class do not get what they want and are not given money because there isn't enough to give and that makes them more knowledgeable about going without and not having as often. They know their parents have to work hard for the money so the children have to also. The poorer the people the more they know about working and striving..

Answer 3

Depends if a rich kids parents never talk to their child about that kind of thing they may not have a clue about money. Like for example: I understand accounting better then anyone else in my class. Because my parents own their own business and they are always explaining it to me. I also have a better sense in money matters because they are always telling me how to earn money.

However my friend that is poor. She has more self contol than what i do in buying unnessary items and she ONLY buys things that she needs and she saves every thing she gets.

so people with more money have more ideas on how to get money. However, people with less money are better at saving. (not always but you can make your own conclusions from my info above)

Answer 4

In my own experience, I learned a lot about investment from my parents. I'm 21 and I have mutual funds and CDs because of my parents' teachings. At the same time, they taught me how to save money by spending it in wise ways (ie. buying a home and selling it for more later instead of renting). I've also learned how important it is to pay off those credit card bills and stay out of debt!