As Shakespeare said, “Some are born great, some achieve greatness, and some have greatness thrust upon them.”
But could it be that there are things you can do when raising your children that will set them up for success in later life?
According to one billionaire, yes.
Edgar “Injap” Sia II is one of the richest people in the Philippines and was the youngest dollar billionaire in Forbes Asia’s list of wealthiest in 2016.
Aged 26, Injap founded Mang Inasal, a barbecue fast food restaurant chain in the Philippines. He’s now sold it for billions, Smart Parenting explains.
In his new book, Life Principles, Injap revealshis top tips that might help parents raise future billionaires.
1. Be a role model for your child
“As a second-generation descendant of immigrants, my parents struggled, but they instilled in my siblings and me the value of hard work and integrity. We saw how their dedication helped build their business brick by brick, and I saw how their day-to-day dealings shaped the way it grew,” says Injap.
“My entrepreneurial spirit was nourished by watching my parents do everything on their own.”
2. Give your children responsibilities
By working at his parents’ grocery store from the age of eight, the family realised Injap was a natural when it came to business.
One of his jobs was sealing bags of sweets and sugar: “We used a candle to seal the repacked bags one by one,” he writes.
“Upon my suggestion, we started to use an electric sealer for the plastic bags – it was a small change (and it was perhaps less fun than working with a candle), but that little tweak improved our work.”
3. The first steps to wealth are hard work and effort – not money
“My parents didn’t start out rich,” Injap explains. “When they were beginning to raise a family, and for many years afterward, they had to work very hard for whatever they had.”
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With a humble upbringing, Injap learned the value of hard work and was inspired by his parents, who started their grocery store from scratch.
“That was many years of learning, watching how my parents ran their business so precisely. I think they subconsciously gave me a lot of insights.”
And he took this work ethic to later life, working incredibly hard to start Mang Inasal: “We had little sleep all throughout the startup years. We had zero long vacations for many years.”
4. Teach your children values that will keep them stable and grounded through life
Becoming a billionaire at the age of 33 could have gone to Injap’s head, but it didn’t, because of how he was raised.
“Having that sum of money in front of you, at 33, can make or break you,” he says.
“It’s an acid test of your personality, your character, your sense of self. I thank the values that our parents have instilled in us, their children, that made me able to stay whole and grounded.”