7 Things the Rich Never Buy for Their Kids That Everyone Else Does
Written by
Crystal Mayer
Edited by
Amen Oyiboke
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Contrary to what many people think, the rich are not necessarily spendthrifts when it comes to their kids. As we previously reported, many of the world’s wealthiest have gone on the record saying that they will not leave their kids any inheritance at all. Many affluent people are extraordinarily careful in how they spend their money, choosing quality items and experiences for themselves and their children.
At GOBankingRates, we asked experts to weigh in on what wealthy people do not waste their money on when it comes to their children. Here are seven things the rich never buy for their kids that everyone else does.
Commercialized Entertainment
True Tamplin (CEPF®), founder of Finance Strategists, stated, “Theme park marathons, endless movie nights, and constant access to the latest video games might seem like a dream come true for any kid. But some wealthy families are opting for a different kind of fun. They’re prioritizing unstructured playtime, encouraging outdoor adventures, fostering creative pursuits, and nurturing a love for reading and exploration.”
He added, “Instead of passively consuming pre-packaged entertainment, these kids are learning to create their own, build resilience through unstructured play, and connect with nature and imagination. Think backyard forts, family camping trips, art supplies galore, and trips to museums instead of amusement parks.”
Mass-Market Toys
“While plastic superheroes and trendy dolls might fill the aisles of toy stores, some wealthy parents are turning their backs on mass-produced, disposable toys,” explained Tamplin. “Instead, they’re opting for heirloom-quality pieces made from natural materials, educational games that spark curiosity and critical thinking, and open-ended toys that encourage creativity and imagination.”
“Think wooden building blocks, beautiful puzzles, musical instruments, and art supplies that inspire endless possibilities,” he continued. “The focus shifts from instant gratification to fostering a love for learning, problem-solving, and imaginative play.”
Disposable Everything
“We live in a world of convenience, and disposable items often seem like the easiest option,” said Tamplin. “But some wealthy families are making a conscious effort to reduce their environmental footprint and teach their kids about sustainability.”
He continued, “They’re saying no to single-use plastics, opting for reusable water bottles and lunch boxes, and embracing DIY projects like making their own cleaning solutions or repurposing old clothes. It’s not just about saving money; It’s about instilling a sense of responsibility for the planet and teaching valuable life skills like resourcefulness and creativity.”
Junk Food
“Fast food and sugary treats might be a quick and easy snack option, but some wealthy families are prioritizing healthy eating habits,” explained Tamplin. “They’re focusing on home-cooked meals made with fresh ingredients, teaching their kids about nutrition and balanced diets, and exposing them to a variety of cuisines and flavors.”
He added, “This isn’t about deprivation; it’s about empowering kids to make healthy choices and fostering a lifelong love for good food. Think farmers’ market trips, family cooking nights, and learning about different cultures through their cuisine.”
Subscription Services
“The middle class might succumb to the allure of numerous subscription boxes for their children, from toys to snacks. However, the financially astute affluent see these as unnecessary expenses. They prioritize teaching their children financial responsibility early on, steering clear of an excess of monthly subscriptions, and fostering a mindset that values savings and investments,” said Aleksey Krylov, CFO, financial analyst, and managing director at FTERA Advisors.
Extravagant Children’s Events
“While it’s tempting to throw a lavish, celebrity-like sweet sixteen party for their offspring, the financially savvy wealthy understand the importance of financial discipline,” said Krylov. “They opt for meaningful experiences over ostentatious displays, emphasizing the value of money and teaching their children to appreciate the intangible joys that come with responsible financial management.”
Trendy Tech Gadgets
“While it’s easy to succumb to the pressure of buying the latest gadgets for their kids, financially conscious affluent parents take a different route,” explained Krylov. “They understand the diminishing returns of constant tech upgrades and limit excessive gadgetry. Instead, they encourage their children to appreciate and take care of the gadgets they have, instilling a sense of value and responsibility.”
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