How billionaire mothers raise their children.
There are women who manage to do three difficult things at once: be mothers, become wealthy, and build their own empires. What can we learn from them?
No matter how modern and advanced the world becomes, women are always surrounded by difficulties. Being a mother is hard enough, becoming wealthy is not easy, and raising children while simultaneously building wealth and maintaining a business for generations is extremely challenging.
Yet, according to Forbes statistics, nearly $350 billion is in the hands of 79 such mothers, including 13 female billionaires who built their fortunes almost from nothing. One of their defining characteristics is that they simultaneously give birth, raise children, and make a lot of money, even contributing to the creation of new generations of young millionaires.
Billionaire mother, a powerful businesswoman.
The list of self-made billionaire mothers isn't long, so their names are relatively easy to remember. Meg Whitman is the head of the auction website eBay, Guiliana Benetton is the owner of the famous fashion brand Benetton Group SpA, Rosalia Mera founded the clothing brand Zara, and Doris Fisher founded The Gap.
There are some female billionaires who are incredibly wealthy and have many children. These include Diane Hendricks, with a $2.2 billion fortune and six children, and Savitri Jindal, Asia's richest woman and heiress to the OP Jindal Group, which has nine children – the most among mothers on this list.
Liliane Bettencourt |
Diane Hendricks |
Why is it that the world has nearly 3,000 dollar billionaires, yet the number of women like the ones mentioned above can be counted in the dozens? The reason is quite simple: Achieving that is not easy! It requires a great deal of time, perseverance, and passion to reach the goal. Among these responsibilities, raising a family remains the heaviest because it is continuous and, because of this, the proactive role of a woman as a mother is constantly threatened.
Billionaire Diane Hendricks further explained this difficulty: "A business can go bankrupt, but there's still hope of rebuilding. However, once a home is broken, there's little chance of recovery; even if you're lucky enough to salvage some of it, the scars on your life will be too great."
That same scar happened to the world's second richest mother, billionaire Liliane Bettencourt, who runs the French cosmetics empire L'Oreal. She and her heiress daughter once sued each other over money. Although they eventually reconciled on Mother's Day, Liliane's passion for wealth accumulation had diminished.
At 70, Diane still lives by a few simple rules: "Work hard, then balance hard; let things get chaotic, then find ways to adjust." Family is always her top priority. Her seven grown children, now aged 35 to 55, help her run the business, but even after leaving the office, she still cooks meals for the whole family and waits for everyone to be present to eat together.
Meg Whitman |
In Vietnam, we also have such strong and independent women.
Nguyen Thi Huong (Tu Huong), a wealthy businesswoman from Binh Dinh province, recently passed away after only completing the 5th grade. Growing up in hardship, she worked as a maid, learned sewing, and sold goods. Yet, starting with trading seafood, agarwood, and timber, she single-handedly built a massive business empire with multi-million dollar profits, expanding into various sectors from real estate, tourism and hospitality, finance and banking, to media, advertising, and education.
Her sons, daughters, daughters-in-law, and sons-in-law are now all leaders within the family's business network. "She is affectionate yet strict and disciplined, and possesses a strong personality," people often say of her.
It is also the story of "Grandma Bao Tin" Luong Thi Diem, a Hanoi woman who built the Bao Tin gold brand, and who, at an advanced age, remains deeply involved in every step of the business's development.
Her children are now all successful, owning a series of well-known gold businesses such as Bao Tin Minh Chau, Bao Tin Hong Quan, Bao Tin Manh Hai, Bao Tin Thanh Van, and Bao Tin Hoang Long. The secret of this nearly 80-year-old businesswoman can be summarized in four T's: heart, trust, talent, and money. When asked how she managed to raise her children to such success, she only emphasized one word: trust.
Sarah Blakely |
These are mothers who venture into the business world. Then there are mothers who choose their home as their "business battlefield," meaning they stay home to raise and care for their children and manage their household while money continues to flow in. These are the pioneers of the new mother model: making money right at home.
The peace and tranquility of the family environment helped spark creative ideas for building a career in their minds. These ideas might come from moments spent fulfilling their maternal duties, from the needs of the children themselves, or from dreams during relaxing moments amidst household chores.
Sarah Blakely, a mother, now has a net worth of $1 billion thanks to launching her Spanx shapewear line, because she felt uncomfortable wearing the same underwear she wore while doing housework.
Stephenie Meyer Sandy |
Billionaire Debra Cohen, wanting to fill her time while her children slept, renovated her entire house. Before she knew it, her business had taken off, and she had become the owner of Home Remedies®, a $3.5 billion home renovation company.
After settling down in France, my husband and I decided to have a second child. However, I still couldn't shake off the shock of giving birth here.
Having noticed her children often forgot their keys, Sandy Stein became a millionaire by inventing the Finders Key Purse, a smart keychain that can be attached to a bag and helps users quickly retrieve their keys without rummaging through their pockets.
Meanwhile, Stephenie Meyer, a dreamy mother who enjoys lulling her children to sleep, weaves in her mind the Twilight love story, a tale of a human and a vampire. The story was adapted into a film that grossed $125 million for Meyer and her children.
Mother, the foundation that creates billionaires.
JKRowling |
When not being the women who own the fortunes, mothers are often the ones who "create" billionaires. Sometimes they are a source of inspiration, a driving force behind their children's success, or they proactively understand and create the conditions for their children to become ultra-wealthy. 100% of self-made millionaires have a successful mentor, while none of the poor have such a mentor.
Harry Potter author J.K. Rowling's $1 billion fortune largely comes from the characters in her stories, which mirror her mother Anne's 10-year battle with multiple sclerosis and multiple personality disorder. Similarly, eBay mogul Meg Whitman uses her mother as a role model for raising her children and building her wealth.
She shared with Forbes: "Since I was a child, my mother always encouraged me to be action-oriented. According to her, anything worthwhile is difficult, but if you don't try, you'll never know your full potential."
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| Bill Gates |
Bill Gates became the world's number one billionaire thanks to his frugal mother who bought him a rudimentary "computer" and introduced him to writing software for Opel. Gates' philanthropic spirit was also instilled in him by his mother from a young age. Larry Page, the founder of Google, also learned programming from his mother at the age of six. And Elon Musk, the father of futuristic technology programs like PayPal, SpaceX, Tesla Motors, etc., became a billionaire thanks to his mother making him read at least two science fiction books every month.
The list of future dollar billionaires in the world is expected to grow even longer. Because if ordinary mothers can contribute to creating billionaires, how much more so when those mothers themselves become female billionaires!
14 secrets of billionaire mothers on raising successful children. Limit children's TV viewing, social media use, gaming, and phone use. They should only be allowed one hour per day. Each week, ask the child to read one book and then summarize its contents on a single page. Teach children to dream and pursue their dreams by asking them to write a scenario about their ideal life in the future. Require children of working age to work or volunteer for at least ten hours a week. Require children to save at least 25% of their income or 25% of any monetary gifts they receive. Teach children the importance of calling to wish family members, friends, teachers, coaches, etc., a happy birthday. Teach children to send thank-you cards whenever someone does something nice for them. Always reassure children that mistakes are good, not bad, because mistakes are what lead to learning and success. Teaching children to pursue wealth-building goals is a good thing, not a bad thing. Teach children how to manage money, such as opening a bank account and using a savings account for spending. Encourage children to participate in extracurricular activities at school. Parents and children need to spend at least an hour each day talking to each other, not through Facebook or mobile phones, but face-to-face. Teach children time management by creating a daily schedule or to-do list. Teach children that only 6% of wealthy people play the lottery, while 77% of poor people are addicted to gambling. (According to Fortune) |
According to TNO
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