Female billionaire lingerie brand shares how to raise children to become 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 started preparing to grow her business long before she even dreamed of starting her own company. And that preparation involved two important things: figuring out what she wanted out of life and building 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 inspiring role model to look up to. Blakely's two spiritual 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 would always play 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 don't 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 abandon 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.

The 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 worn 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 problem you solve, 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 didn’t see it as a disadvantage, she turned it into an advantage by creating 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 probably the most important thing in a woman’s life to make sure that she marries the right person. This does not mean that she will necessarily 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 a 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 that 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