Tuesday, March 24, 2009

Trump on Child-rearing?

I came across this article on Ivanka Trump yesterday. Say what you will about the Donald but I think the way his children turned out speaks volumes about what he is all about. Now I am not saying that the way children turn out is all attributed to the parents. But I do think it is a very large and important part. 

I have read a few books that talk about wealthy parents and their fear that their kids will not have the same outlook on money and more importantly the same work ethic as them. The millionaire mind is a book about the common attributes among America's real millionaires, the balance sheet millionaires. The book actually shows that the overwhelming majority of millionaires in this country are self made. The book shows that very few have any significant wealth inherited through their parents. I am sure this is contrary to popular belief, but it seems as though many wealthy fear that their kids will squander what wealth they have acquired. Warren Buffet spoke on this very topic on the CNBC special I watched a while back and he spoke about how he wasn't planning on leaving his kids any of his wealth. When asked why he said something along the lines of, "why would I do that? What good would it do them to inherit that much money? It would ruin them?"

That's why I like Trump. He has the very brash New York side that I think he really plays up on TV. But his actions show that he is a competitor that likes to win. I like that his ultimate insult is calling someone a loser. To him that is the ultimate low. I think that is awesome. I am aware that his marital history isn't what most people would call picture perfect. Well his business history isn't either. But I think the article above shows that he raised his kids right in a situation that many in his shoes could not. 

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