I’m a finance expert and these are the five lessons wealthy immigrants always teach their kids

• Mortgage broker Quang Huynh revealed five tips  
• Tips are secrets wealthy clients teach their kids
• Include ‘breaking rules’ and ‘falling in love with money 

Wealthy parents teach their children five lessons about how to handle money, including getting a job from a young age, a finance guru has claimed.

Sydney-based mortgage broker Quang Huynh, who has 15 years of experience, revealed the finance secrets on his popular TikTok account.

The 39-year-old, known as ‘Q that homeloan dude’ on social media, compared the difference in mentality between two children – one whose father is a third or fourth generation wealthy migrant, and one who grows up in a lower-income household. 

The father-of-two said wealthy immigrants ‘gate-keep’ the money lessons from ‘poor folks’.

Here are his top tips for financial success. 

1. Children should work from a young age to learn about human behaviour

Mr Huynh said the first secret wealthy parents implement is having their child work from a young age to learn about ‘rén xìng’. 

Rén xìng is a Cantonese and Mandarin term which simply translates to ‘human nature’, but Mr Huynh explained the term is much more complex. 

He explained the term relates to an understanding of the ‘human existence’.

‘Wealthy parents get their children to work young not because they want to exploit child labour,’ Mr Huynh said. 

‘They want to teach them about ‘rén xìng’… it is to basically understand the exploitive flawed nature of the human existence.’ 

Mr Huynh gave the example of a former client who used to own ‘all the Kodak stores’ in south Sydney. 

He said the father would have his children from the age of seven work behind the counter serving customers and dealing with simple transactions, whilst learning about rén xìng.

‘Placing their child behind the desk and counter to serve customers is not to save on money or hiring staff but for the child to see the day to day nature of how customers are when they deal with transactions or money,’ Mr Huynh said. 

‘The child would see how some customers agree and how some customers are stingy.

‘How some customers would return goods after buying from the Kodak store by using the human element of deceit by lying. 

‘Lastly, how some customers can be manipulated by sales people on the floor which the father wants the child to see how manipulation of emotion can cause a human to buy more products.’ 

In contrast, Mr Huynh said a child who is raised by lower-income parents would be learning about rén xìng through a book and not through experience. 

He added a ‘tiger mum’ would force their son or daughter to sit alone in a room and study material, with the child ‘never learning’ about rén xìng.

2. Encourage children to spend money 

Mr Huynh said the second secret is that generationally wealthy parents encourage kids to spend money, while ‘poorer’ families urge their children to save their cash. 

The mortgage broker referred to an experiment conducted on two children – one from a wealthy family and one from a lower-income household. 

The children were both given $10 and told to find a toy store in a shopping centre and spend the entire amount. 

 He added the child from the ‘poor family’ only spent $8 because he did not want to ‘waste money’ and only spend within the the allocated limit. 

While the other child saw a toy valued at $100 and whined, cried and threw a tantrum until someone bought it for him so that he would be quiet. 

Mr Huynh said the child from the wealthy family may appear as a ‘bloody spoilt brat’ but he fought for what he wanted.

The poorer child, due to his upbringing, is taught humility and respect which force him to operate in the ‘confines of the rules’. 

‘With proper guidance from the wealthy ethnic father and learning ‘rin sing’ from working at a young age, the child had the tenacity to cry at the store and not care what everyone thinks,’ Mr Huynh said. 

‘He would be the winner in life in terms of business, relationships, and anything that this person wants.

‘While the other kid, stuck in the confines of study to get good grades so mum can give you a pat on the back and give you a nice hot porridge to eat, wouldn’t squeak a peak to get what they want.

‘They operated within the compounds of the $10, and basically would end up the loser in life.’

3. Children do not need to ask for permission 

Mr Huynh explained generationally wealthy ethnic parents teach their children not to give a ‘f**k’ about what people think or say. 

He claimed wealthy families have an understanding that education comes 50 per cent from schooling and 50 per cent from ‘street study’. 

While children from poorer families are 100 per cent focused on being ‘book smart’ and are taught to always seek permission before taking any action.

‘The poor family, 100 per cent is focused on book smart, which basically gets them stuck in the schooling system,’ Mr Huynh said. 

‘In the schooling system it’s about student and teacher. Whatever the student wants, you need permission from the teacher, which is basically permission based.

‘Whilst the rich tell their kids don’t give a f**k, because you do not give a crap about what anyone says about you. They have to be book smart and street smart’.  

4. Rules are meant to be broken 

The fourth rule Mr Huynh said wealthy parents teach their children is that rules are meant to be broken. 

The mortgage broker said children who are raised in a poorer family are taught to stick to the rules set out by a permission based schooling system. 

He added the child from the wealthy family will know ‘all the money secrets’ and would eventually create the rules the other child will have to follow. 

‘The (poorer) child will probably have an IQ of 300 plus because he has been studying all his life on a rule based, permission based schooling system,’ Mr Huynh said. 

‘While the other child, who is 50 per cent street smart and 50 per cent school smart, might have an average IQ, average academics, but this person knows rén xìng.

‘They end up to be the entrepreneurs, the business owners, the leaders that will basically run the business, which your very studious child will be working under with  rules set up by them.’

5. Fall in love with money 

The last rule Mr Huyhn said third or fourth generation wealthy ethnic parents teach their children is to fall in love with money. 

‘When these kids grow up, which they do, they speaking to a mortgage broker, like myself, to get more money, to invest in more things, to grow more wealth,’ Mr Huynh said. 

 In contrast, Mr Huynh said children raised by parents who struggle financially are taught that money is ‘evil’.  

A poor child is taught that money is no good and the only thing out of money is evil. “no, no, no don’t touch money touch books”,’ Mr Huynh said. 

‘Their parents go “why you getting a mortgage, why you getting into debt, you shouldn’t do that. It’s risky. Don’t get into debt, just sit there and work your $100,000 and then retire’.

The video, captioned, ‘keep these secrets and pass it on’, has received more than 114,000 views and more than 210 comments, with many agreeing with the broker’s tips.