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Currently Playing: What I Learned Teaching Billionaire Kids About Money

Maybe being good with money isn’t about never making mistakes — it’s about learning from them. Jessica McGawley helps ultra-wealthy parents teach their kids about resilience and responsibility — lessons she says every family needs to learn too. 🤝 Improve your finances with our adviser service - book free consultation: https://makingmoney.email/financial-advisors-video 🎉 Sponsors TaxZap - Do your personal tax return/self-assessment: https://makingmoney.email/taxzap Vanta - Get your company secure and compliant: ⁠https://vanta.com/makingmoney - If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk. This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life. Chapters: 00:00 - The difference between wealth and money 07:20 - How to build resilience 15:15 - Taxzap ad 16:23 - How a child becomes entitled 23:25 - What is your child responsible for? 28:45 - Vanta ad 29:58 - How to talk about money with kids 37:27 - How to feel more wealthy 43:28 - How attitudes to money differ between generations 47:00 - How do the super-rich feel about wealth taxes 51:00 - Why you need to let your kids fail