John Wetmore, a self-made millionaire, has a unique approach to raising his kids. His journey from being a teenage dad relying on food stamps to building an eight-figure net worth has taught him the importance of hard work and financial responsibility. He wants his children to experience the struggles he faced, even including being broke, so that they can appreciate the satisfaction of earning their own success.
Wetmore’s financial journey was not always smooth sailing. As a teenager, he had to balance school and a part-time job to support his high school girlfriend and their child. He grew up shopping with food stamps and didn’t think much of it at the time. However, his life took a positive turn when he entered the mortgage business in 2006, which allowed him to earn significantly more than his previous salary.
Despite facing setbacks during the 2008 financial crash, Wetmore persevered and eventually found success in the insurance industry. His financial achievements have given his children a life of comfort and luxury, but he is determined to instill in them the value of hard work and earning their own way.
While Wetmore can afford to provide for his children’s basic needs, such as housing and college tuition, he is adamant about not spoiling them with luxury items. He believes in setting boundaries and teaching his kids the importance of financial responsibility from a young age. By saying no to extravagant requests and encouraging his children to earn what they want, Wetmore hopes to shape them into financially responsible adults.
Experts agree with Wetmore’s approach, emphasizing the importance of teaching kids about money early on. Financial responsibility is crucial for success in various aspects of life, from relationships to homeownership. Starting money conversations at a young age can help children develop good money habits and avoid future financial issues.
By setting up his will to provide modest amounts over time rather than a large inheritance, Wetmore is ensuring that his children understand the value of hard work and earning their own way. He wants them to experience the satisfaction of achieving success through their efforts, rather than simply being handed everything on a silver platter.
In a world where money and privilege can sometimes overshadow the importance of hard work and responsibility, Wetmore’s approach serves as a reminder that true fulfillment comes from earning what you have. His goal is to raise financially grounded kids who understand the value of hard work and appreciate the rewards that come from it.
