Wealthy parents need to set work expectations for their children and offer themselves as role models, said Coventry Edwards-Pitt, author of "Raised Healthy, Wealthy & Wise". Edwards-Pitt added that affluent parents should mandate their kids perform chores and take jobs in high school in order to ensure motivation. She said parents should set limits on money and withhold funds even if it causes short-term resentment because their kids will be grateful in the long term. Finally, Edwards-Pitt advises that spending time with your children and setting a proper example is more valuable than money.
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