Female billionaire lingerie company shares how to raise children to be rich

Finding a role model for your child to follow, knowing how to turn weaknesses into strengths... are factors that help children build a good foundation for success.

Sara Blakely is a self-made billionaire and founder of the popular lingerie brand Spanx. Here are the things Blakely believes are the keys to raising successful children, according to Money Inc:

Encourage your child to build a solid foundation

Blakely says she prepared to grow her business long before she even dreamed of starting her own company. And that preparation involved two important things: envisioning what she wanted in life and developing the courage to take the plunge and make it happen.

Billionaire Sara Blakely. Photo: Money Inc.

Help your child find role models and people who encourage self-confidence.

Life and success are much easier when you have an inspirational role model to look up to. Blakely's two mentors are motivational speaker Wayne Dyer and TV host Oprah Winfrey.

"Since high school, I listened to Wayne Dyer's tapes over and over again, to the point where no one wanted to ride in the car with me because I always played it. With Oprah Winfrey, I admire the way she took control and changed her life as well as found a strong inner confidence and I learned a lot from that," Blakely shared.

Teach children to appreciate what they do not know

People outside a company or culture can sometimes come up with creative solutions that insiders miss. They have the advantage of not knowing much about the subject and not having to override groupthink.

She believes that because she did not know much about the garment industry, when she started building Spanx, she brought all her knowledge of women's psychology and needs to create products that best suit women.

This experience made Blakely realize that she had an advantage simply because she was a woman. Most business leaders in the women's fashion industry were men, and they certainly had never used the products she made.

Teach your children to focus on the problem first, then come up with a solution.

Focus on the problem you are solving, not the problem that just popped into your head.

“I always say sell the solution to a problem, not just the product.” For example, the problem is that underwear makes women feel insecure—especially around the butt. So focus on creating products that help women flatter that area.

This works in all other areas.

Encourage your child to turn weaknesses into strengths

Blakely is a self-made millionaire and she has proven it. She entered a field that was dominated by men. But she did not see this as a disadvantage but turned it into an advantage by producing products for women because she knew their needs.

Another example of Blakely's ability to turn adversity into opportunity was when she was underestimated. She used that as motivation to strive to rise up, compete and gain an advantage.

I hope I don't marry the wrong person.

It is perhaps important in a woman’s life to ensure that she marries the right person. This does not necessarily mean that she will have a successful husband, but marrying the wrong person can make her journey to success slower and more difficult.

In Blakely's case, she was much more successful than the men she dated, many of whom were insecure and fearful of her. But she eventually found a wonderful man to marry. They now have four children.

Her husband is also a businessman and during one dinner together when they were still dating, she said bluntly: "I think I earn more money than you think."

Always be grateful and give

As one of 158 super-rich people in the world to sign the Giving Pledge, she believes giving is an honor that not everyone has. "My grandmother and mother did not have this opportunity," she said.

"I want to give back what I have received and always try to think of ways I can inspire and empower more women," Blakely shared.

According to VNE