Bill and Melinda Gates gave their kids a strict ‘middle-class' upbringing, refused to just 'buy them things' with their billions — here's how to set your kids up for success

Parents from wealthier families may find it even harder to accomplish.

When kids grow up with parents who are worth millions or billions, they may start to think they'll never have to work hard to succeed on their own.

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That's why prominent families like the Gates, the parents of Microsoft's co-founder, must be very considerate when it comes to raising their children.

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Although many parents may not have a fortune to their name, it's essential for families from all walks of life to have open conversations about the importance of earning and managing money. Melinda Gates provided some valuable parenting tips that can be beneficial to anyone looking to instill a strong understanding of finances in their children.

Give children the opportunity to learn responsible money habits.

Even though their parents were extremely wealthy, Bill and Melinda Gates' children experienced firsthand what it meant to have limited financial resources of their own and had to develop good budgeting skills.

They had an allowance," Gates said, noting that her kids would add items to a wishlist when they wanted something - and "maybe they'd get it from their grandparents or us on their birthday or Christmas.

A recent survey discovered that nearly eight in ten parents give an allowance to their kids. Studies have shown that children with an allowance develop a greater understanding of the value of money and make more informed financial choices on their own.

One guideline to consider when determining an allowance is to give $0.50 to $1 for every year of age each week. For instance, a 5-year-old would be entitled to between $2.50 and $5.00 per week. By offering these funds, moms and dads can also have a conversation with their children about saving and managing their allowance money in a smart way.

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It's a good idea to put some limits on how much your kids can buy.

Teaching a child about the value of money is crucial. Bill Gates has stated that he and his wife did not buy their children everything they wanted, even though they had the financial means to do so.

I believe it was more of an upbringing like what I grew up in - a very middle-class household where money often determined whether I could get an extra pair of shoes that year or not," she said to the New York Times. "I thought that was a good guiding principle to have.

Most family budgets generally set limits on how much parents spend on their children. For individuals with very high incomes, it may be wise to reserve expensive gifts for holidays and birthdays, much like the way the Gates family handled it.

Educating children to establish a wishlist, rather than providing them with instant satisfaction, promotes better future outcomes by teaching them how to delay gratification and put priorities into place.

In order to create a more inclusive and empathetic environment, it's essential to help people grasp their privilege.

Finally, if your children are lucky enough to enjoy experiences that many cannot afford, it's important to help them understand that this is a privilege not everyone has, and that being mindful of this matters.

"We said to them from a very early age, you know you really are not allowed to tell other people how we flew on this trip back and forth, otherwise it will separate you from other children," Gates said.

Learning how to recognize privilege helps children be more sensitive to the feelings of others and not take what they have for granted.

By following these tips, you can raise kids with good financial sense so they can build their own success in the future. If they worked for Melinda Gates, they're definitely worth trying out in your own life.

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• 1. Set clear objectives: Identify what you want to achieve and prioritize your goals based on importance and urgency.

This information is for informational purposes only, and you should not consider it as guidance or advice. It's offered without any guarantees or promises.