How To Get Rich As A Kid

8 things every parent should do if they want their children to become millionaires

Being a parent is tough, but it's important to teach your children good money values.

Being a parent is no easy task. You're responsible for keeping a human being fed, clothed, and alive which, quite frankly, should really be enough. On top of that monumental task, you're expected to impart knowledge on them for the future and set them up financially, and it's easy to make a lot of mistakes .

So much of who your child becomes will be based on the upbringing you give them, and that can include their financial successes and failures.

So if it's important to you that your child becomes wealthy — or at the very least good with money — these are some of the steps you should take now.

Teach them about money early on.

Teach children the value of money as soon as possible.

Parents of successful children often share common threads in their parenting styles. One of them is that they all teach children the value of money at a young age. While there are many things you can do for your kids yourself, eventually, they'll need to become self-sufficient managers of their own finances.

When that happens, they should be armed with a solid education about what to do, what not to do, and the resources available to them. They need to learn about saving, budgeting, bills, investing, managing credit cards, retirement, and goal-setting if you want them to achieve their money-making dreams.

Don't do their work for them.

Help them, but instill values of hard work.

Most of us may despise it, but work is a part of life, and we can't get out of it. And reaching millionaire status will definitely come with its share of very hard work. With that in mind, helping your child with homework or a school project too much (i.e., doing it for them) isn't teaching them the value of that hard work. And any rewards that come from it will be undeserved and unappreciated. They need to do well in school, of course, but learning that not everything will come easily is a more important lesson than an "A" on a paper.

Warn against instant gratification.

Help them set goals and look at big pictures.

We all know "patience is a virtue," but that's especially true when it comes to money. Everything from our groceries to our furniture can be delivered to our homes almost instantly, so it can be frustrating to watch the slow progression of a savings account or investments. Teaching your child how to slow down, wait for what they want, and to anticipate exciting things will be key once they enter the workforce.

Lead by example.

Leading by example means not encouraging your kids to spend wisely and save their money if you yourself have no impulse control and are constantly accruing more credit card debt. Educating yourself before you have a kid and staying on top of the world of finance throughout your child's life will help you be in a better position to set them up.

Prepare for college early.

You're likely tired of hearing about it, but the moment your child is born, you need to start thinking about their college education. There are different schools of thought on how education should be funded — some parents save their own money to be able to cover the tuition and others encourage kids to work , save, get scholarships, and fund it themselves.

Whichever way you choose, having a plan and enough resources to make it happen will ensure your child goes to the best school they can get into, rather than just the best school they can afford. It will also hopefully prevent them from getting stuck with decades of student loan payments .

Cultivate hobbies that can pay off.

Help them find a hobby that teaches them some useful values or skills.

Despite all of this preparation, there's no guarantee your kid will want to have anything to do with business and money. And while you can't force them to be anything they aren't, you can try to cultivate the habits you want to see from an early age.

Encourage hobbies that could pay off later both personally and career-wise like exercising, creative writing, learning a new language, or " rich hobbies " like tennis, golf, or ballet that will also forge relationships with success-minded kids.

Of course, you could just give them money.

Just don't forget to teach them the value of it.

Until now we've talked about all the ways you can mold your child into a money-making adult. But another way to make your child a millionaire is to simply give them the money. Whether it's setting up a trust they can access at a certain age or making an investment into their business ventures, if you have the means, you can give your kids a much easier path to financial success.

Sign up here to get INSIDER's favorite stories straight to your inbox.

More: Features Money Parenting Parenting and money