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Nick Huber

How to raise good kids when you get rich

Published about 1 month ago • 5 min read

Quick PSA:

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How to raise good kids when you hit it big

So many 2nd and 3rd generation rich kids act like jerks. But some are impressive.

My goal is to raise humble, competent, hard working kids with healthy relationships. My personal situation is also changing rapidly and my kids will end up flying private and living differently than a lot of other kids.

So how do I make sure they don't become entitled jerks?

I ask a lot of wealthy people with great kids how they were able to do it right.

Their answer always revolved around the same themes:

Teach your kids to struggle with grace. Life is hard for everyone. Don't protect your kids from the struggle. Teach them to deal with it.

Don’t bail them out for their poor decisions. Make them live with the consequences. Don't buy them a new phone the second they drop their phone in a lake. Don't call your golf buddy, the judge and get them off the hook if they get pulled over speeding.

Let them practice making decisions when the stakes are low (instead of putting them in a bubble) so that when the stakes are higher they have improved.

Too many parents make every decision for their kids (and get them all the way to the ivy league) but it turns out the kids have never practiced making decisions. Decision making is a muscle. You have to practice to build the skills.

Discipline is also a common theme. Kids need guidance and they turn into disasters when they run the show at any age. Put guardrails around kids and tell them what they can and cannot do. Tell them no often.

Love your wife and never mistreat her. Your kids will get deeply insecure if there is chaos in the household. And they will also abuse people in their own lives (or allow themselves to be abused) if you set that example.

And then there is a little luck. All kids are different with different personalities.

Generational wealth is a funny thing because money amplifies who people really are.

If they are bad people, the results will be extra bad. But if they’re good, great things happen.

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Here were several of my top tweets of the week:

A very important lesson about stress and managing expectations:

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My favorite accounts to follow on Twitter if you want to get smarter.

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I'm doing something fun this week. Will keep you posted on what I learn and how it goes:

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My wife and I did an open mic this weekend at a friend's house. She can sing!

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Nick Huber
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10:44 PM • Mar 2, 2024
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The life of an employee isn't so bad:

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Onward and upward,

Nick Huber

P.S.

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I switched to Titan Risk as my property insurance brokerage. Set up a call if you own commercial real estate and your renewal is approaching!

I'm an investor in the business as well as a happy customer - if you own commercial real estate Titan can really help you get a better policy at a lower cost! Click here.

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113 Cherry St #92768, Seattle, WA 98104-2205

I have financial interest in many companies mentioned in this newsletter.

Nick Huber

Entrepreneurship & Real Estate

I own a real estate firm with over 1.9 million square feet of self storage and 45 employees. I also own 6 other companies with over 400 employees. I send deal breakdowns with P&Ls. Newsletter topic: Real Estate, Management, Entrepreneurship

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