A billionaire with eight children says how he raises them without spoiling them: “I always tell them.” The golden rule of the family
British billionaire John Caudwell, founder of Phones 4u and Singlepoint, says he doesn't want his eight children to feel deprived, but he also doesn't want to overdo it “like some rich people do,” reports Business Insider.
The entrepreneur has eight children of very different ages. The youngest child is 2 and 5 years old, and the oldest is 47 years old. In an opinion sent to Business Insider, Caudwell claims that the experience of his own childhood, lived with limited resources, strongly influenced him.
“I had next to nothing. I don't want my children to be deprived either, but I also don't want to overdo it,” he says.
The billionaire claims that he is directly involved in raising children and does not have nannies.
“I have two housekeepers who help, but the school is the real solution, from 9am to 4pm. It gives them discipline, entertainment, interest and education,” says Caudwell.
I fly economy class and shop at Primark
John Caudwell also says that it is very important to “keep children grounded”, so avoid giving children luxurious conditions.
“The little ones fly economy class with Modesta – I take business class most of the time – and we take the low-cost airline easyJet. We have to show them what normal life is like,” he says.
The billionaire also says that his children do not have expensive designer clothes.
“Maybe some they got as gifts, but we buy them clothes from Zara and Primark. If you go to Gucci, are the kids happier? No, they're not. Do they end up with a very spoiled attitude? Yeah, probably,” he adds.
“When it comes to pampering, one mistake we made was buying them too many at Christmas. Not expensive gifts, but too many. Now, we're taking a different approach: two or three Christmas presents are more than enough,” adds John Caudwell.
The golden rule
The one thing John Caudwell says he always does, no matter the situation, is tell him he loves him.
“Even when I have to punish him, I always say, 'I love you very much, but I have to discipline you because you have to grow up and become a good, valuable man'. That's what I've done constantly. I want nothing from them in life, except for them to be happy and leave the world a better place than they found it,” concludes John Caudwell.
John Caudwell founded mobile phone retailer Phones 4u and made his fortune after selling his stake in 2006 and 2011. Forbes estimates his fortune at $4.2 billion.
