‘No, You Don’t Need a Golf Cart to Get the Mail’: How This Millionaire Dad Keeps His Kids Afloat Financially

Balancing a life of luxury with old-school values ​​is no easy task for self-made millionaire John Wetmore. Wetmore’s journey from teenage father relying on food stamps to having an eight-figure net worth taught him the value of hustle, and now he’s working to make sure his children, who grew up with everything he didn’t have, know that, too. As explained Business Content“I want my children, even if they are broke, to experience the challenges I faced, so they can experience the satisfaction of achieving their own success.”

From Young Father to Young Adult Struggling with Financial Problems

Wetmore’s financial journey was a far cry from where it is today. At 16, he faced the responsibilities of parenthood and indirectly supported his high school girlfriend as she gave birth to their child. Balancing school and a part-time job at Little Caesars, Wetmore didn’t have time to think about how different her life was from others. “I was raised to shop with food stamps and didn’t think twice about it,” she said. Business Content.

In his early 20s, Wetmore worked warehouse shifts and taught night classes to earn his college degree. Despite his efforts, stability remained elusive until his uncle introduced him to the mortgage business in 2006. For Wetmore, whose annual salary was just $28,000, the chance to earn $2,000 per sale was life-changing. He left sales accounting, but when the financial crisis hit in 2008, his “rich life” also collapsed. “My car was repossessed, I lost two homes and had to file for bankruptcy,” he says, adding that this taught him a critical lesson about real ownership: “If you have debt, you don’t really own anything.”

Finding Financial Success and the Challenge of Transferring It

After returning to accounting and later turning to the insurance industry, Wetmore began to see serious financial success. By 2015, it reached its first six-figure year. Inspired by her high-income peers, she set her goal even higher and reached the million annual target in 2017. As of 2019, his net worth has been in eight figures and he has a million-dollar balance in his account.

This financial contrast shaped their children’s lives in unexpected ways. His two oldest children, now 30 and 25, recall the difficult years; Their middle children, ages 17 and 18, have seen both the struggles and comforts of wealth. The youngest, 13, lived a life of nothing but prosperity.

Walking the Line Between Support and Pampering

Wetmore admits that raising children in a privileged life is complicated. Although he is more than capable of covering their expenses, he is determined that they understand the value of winning. It supports their basic needs (housing, car, college tuition if they want) but that’s about it. He’s a “Chevy Trailblazer parent” when it comes to his cars; He drives a custom GMC pickup, a Cadillac, a Mercedes, and even a Bentley. “I don’t buy luxury cars for my children because they don’t deserve these cars,” he says, laughing.

Wetmore is all about setting boundaries, even if she can afford to indulge. Recently his youngest son asked for a $22,000 trip to the World Series. “I told him, ‘I love you, but there’s no way I’m going to spend this on a baseball game,'” Wetmore recalls. When his son suggested a golf cart for long driveways, Wetmore didn’t hesitate to say no. “He has perfect walking ability,” she says, and believes these small denials helped her son realize that money is not infinite.

Starting Financial Lessons at a Young Age

Experts argue Wetmore’s approach to teaching kids about money at an early age may be spot on. Financial expert Susan Hirshman said: CNBC Financial responsibility, he says, is “essential to success” because money habits impact everything from marriage to buying a home. He encourages starting money negotiations early to avoid future credit and debt problems.

As Hirshman explains, six is ​​an ideal age to introduce kids to the basics of money. At this age, kids can understand basic financial implications, like “If it goes, it goes,” as Seth Wunder of Acorns says. CNBC. Wunder and Hirshman suggest that even younger children, between ages three and five, can start learning by making simple choices about spending and saving.

Eric Landolt of UBS Global Wealth suggests digging deeper for older children. Kids ages eight to 12 can start learning the difference between saving and spending, while teens ages 12 to 15 can get practice managing small budgets. When they reach the ages of 16 to 18, they can begin to explore how banks and loans work, knowledge that prepares them for adulthood.

Keeping it Real: Balancing Richness with Reality

Wetmore is determined to keep his kids grounded. His will is designed to provide modest amounts over time rather than a large inheritance. “If I died tomorrow, they would get a little bit every year, but they would still have to work,” he says. Wetmore wants them to learn that “feeling like you’ve earned something is much more satisfying than being given it.”

In a world where money and privilege can easily dilute a sense of worth, Wetmore’s goal is simple: To make sure her children know what it means to work for what they want. “I want my kids to do the hard work that I did, even experience being broke, so they can truly understand what it means to be successful,” she says, hoping these lessons will turn them into financially responsible adults.