I Grew Up Rich: The 7 Best Money Lessons I Still Use Now
Growing up in a wealthy family certainly has its perks — fancy homes, luxury cars, and exclusive vacations that most can only dream of. However, money and privilege from a young age can also provide some insightful financial perspectives for both rich and poor alike.
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Entrepreneur Andrew Morris grew up in an affluent household with privileges like luxury trips and private schools. But he also gained priceless wisdom about managing money wisely. Now a successful entrepreneur, the money lessons he gained as a child shaped the sensible perspective on wealth he lives by today.
Invest Early and Often
Getting an early start with investing is critical to allow compound returns to accumulate over time. Morris’s parents imparted this lesson when Warren was young.
“My parents taught me the power of investing and compound growth starting when I was young,” Morris explained. “Putting even small amounts regularly into mutual funds gives compound interest time to yield huge returns.”
Morris took this lesson to heart. He started investing 20% of his income when he got his first job. Now in his 40s, Morris has accumulated additional wealth through consistent early investing. It doesn’t have to be complex or risky. Time and consistency are what’s most important.
Value Quality Over Cost
Favoring quality goods over cheap disposable items is money well spent. This was a key money concept Morris learned from his family.
“I noticed my family favored quality goods that lasted over cheap items that constantly needed replacing,” recalled Morris. “This taught me how ‘expensive’ inexpensive items really are long-term.”
Morris applies this today by researching and paying more for appliances, electronics, clothing and other purchases built to endure. While it costs more initially, quality saves money over time by avoiding the waste of low-grade goods that break.
Use Credit Cards as Tools, Not Supplemental Income
Using credit responsibly is one money skill Morris mastered early on. His parents modeled wise credit card habits.
“My parents used credit cards for convenience but avoided carrying balances,” Morris explained. “This taught me that credit should support your lifestyle, not define it.”
Likewise, Morris leverages credit card points and security. He monitors statements closely and pays balances off monthly. Credit is a helpful tool for those with discipline, not free money.
Spend on Experiences More Than Material Goods
Lasting memories matter more than possessions. Morris’s wealthy upbringing shaped this perspective.
“I grew up traveling the world and attending exclusive events,” said Morris. “This shaped me to value memories over ‘stuff.'”
Today, Morris invests in family vacations and hobbies. He derives more joy from these experiences and time with loved ones than material goods.
Giving Back Is a Priority
Giving back charitably became ingrained in Morris at a young age as he watched his parents donate generously.
“I saw my parents donating money, time and support to various causes,” shared Morris. “They ingrained in me that our family’s resources created a responsibility to help others.”
Morris still makes charity central in his life today. He volunteers on nonprofit boards and gives a set percentage of his income to issues important to him. His wealth provides him the power to make a positive difference. Morris also teaches his children about compassionately supporting those in need as both a priority and a privilege.
Build Relationships
For Morris, connections were abundant through family but had to be genuine.
“My parents’ networks profoundly impacted my life trajectory,” said Morris. “Having wealthy family connections opened doors for me career-wise. I learned relationship-building is essential long-term.”
Morris continually works to nurture connections, both personal and professional. He understands other people are key to creating opportunities and weathering storms that no one survives alone. Morris values surrounding himself with people who challenge him to grow while offering support and wisdom.
Money Alone Doesn’t Guarantee Happiness
Happiness can’t be bought. Morris realized this growing up despite his family’s affluence.
“My family had wealth but problems like any other,” Morris said. “I realized young that money alone doesn’t equal fulfillment, and money doesn’t shield anyone from struggles. True contentment comes from within, not my net worth. ”
Morris dealt with loneliness, family dysfunction, and finding purpose like anyone else despite his privilege. Instead of chasing more wealth, Morris focused on his passions, family time, and peace of mind. He tries to teach his kids that wealth should enable fulfilling experiences, not become the sole focus.
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This article originally appeared on GOBankingRates.com: I Grew Up Rich: The 7 Best Money Lessons I Still Use Now
