Want to avoid raising spoiled kids?
Consider the Wellington Burt School of Wealthy Parenting.
Wellington R. Burt was a rich timber baron from Saginaw, MI. He died in 1919 with a multi-million-dollar fortune – one of America’s largest at the time.
Yet rather than risk messing up his kids lives with a huge inheritance, he created an unusual will.
He stated that his fortune would be distributed to the family – but only 21 years after his grand-children’s death.
His children and grandchildren weren’t entirely deprived. Burt gave his “favorite son” $30,000 a year but the rest of his children got allowances roughly equal to those he gave his cook and chauffeur, according to the Saginaw News.