American millionaire's secret to keeping his children "never spoiled"

Many parents fear that their children will be spoiled, especially those with money and fame. Both of these things come together inBarbara Corcoran. Mrs.is an American real estate tycoon and a talented investor in the television series "Shark Tank".ABC(America).By the age of 23, she had worked 20 different jobs and then built a real estate empire.In 2001, Barbara sold the company she founded for $66 million.

Before becoming famous and rich, Corcoran grew up in a poor area of ​​the city in the state of New Jersey (USA), in a family of 10 children, in a two-bedroom, one-bathroom house.

The 68-year-old has a teenage daughter and a son who is a student at a prestigious university. "They came into my life when I was already middle-aged and wealthy, so raising them had its own challenges," she said.

Share withCNBC Make ItShe recently said that the key to ensuring children grow up well is to encourage them to earn their own money from a young age. "Getting them a job early is more important than sending them to private schools, where parents often have to spend a lot of money," she said.

Her 12-year-old daughter works two hours a week at a dog grooming facility, where she cleans cages and walks dogs. She recently got a raise from $10 an hour to $12.50 an hour. “So she’s bringing home $25 a week instead of $20. It’s important for her to understand the difference of having an extra $5 in her pocket and to be proud of her efforts. That’s what builds her self-confidence.”

According to her, when children start earning their own money, they will also learn how to manage it and from here, parents can guide and talk to their children to help them understand about saving and investing.

Corcoran's daughter saves her earnings because she dreams of one day buying her own car. "She wants a checking account and a credit card. She has a little box full of $20 bills and now she has about $200," her mother said.

She believes that when children are old enough, create opportunities for them to work because that is an opportunity for them to learn that effort will lead to success.

In an interview with Entrepreneur, she also shared that if you want your child to become a good leader, "ignore the things they don't do well, and focus entirely on finding out what they do well and let them do it a lot. That way they will be better and happier."

This 68-year-old woman also uses twoStrategies to keep your child from going astray: Model the value of hard work and treating everyone equally."I always try to prove how hard I have worked to achieve what I have. I work as hard as I have never worked before. And certainly at my age, few people work as hard as that," she shared.