How to raise rich kids without raising entitled kids

What does it really mean to raise “rich” kids — and how can parents teach healthy money habits without passing on fear, shame or entitlement? In this Australian Finance Podcast episode, Gemma Mitchell sits down with finance journalist and author Sarah Megginson to unpack the ideas behind How to Raise Rich Kids. Sarah reframes wealth as choice, freedom and opportunity, then explains how parents’ own money stories quietly shape what children learn. They cover practical, age-appropriate money lessons from early childhood through to young adulthood, including pocket money, chores, saving for a first car, family money meetings and involving children in real household decisions. Sarah shares how her family uses a simple points system for chores, why “fair” does not always mean “equal”, and how letting children make low-stakes spending mistakes can build confidence. You’ll also hear how couples can discuss money without blame, why both partners should understand the family finances, and how to start helping children even when the budget is tight. Small, consistent actions — even saving a dollar or two a week — can build habits and momentum. Sarah’s memorable rule, “speed to your needs and wait for your wants”, offers a simple way to teach delayed gratification without making money feel scary. If you want to raise capable, confident and money-smart kids — while improving your own relationship with money — this episode is full of practical ideas you can use today. Episode resources – How to Raise Rich Kids book – Buy Gemma’s book “The Money Reset” – Speak with the Rask Advice team – Ask a question (select the Finance podcast) Show partner resources – View VanEck's range of funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Get 50% off your first two months using PocketSmith – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices