Melinda Gates aimed to replicate her "very middle-class" upbringing for her three children, believing it was a sound principle to follow.

French Gates says that her three children, who grew up in one of the world's wealthiest families, were given a "middle-class" upbringing by their parents to prevent them from becoming entitled.

French Gates stated in an interview with The New York Times on Sunday that he grew up in a middle-class household where money determined whether he received an extra pair of shoes that year. He believed this principle to be good.

The billionaire philanthropist, one of four children to an aerospace engineer and a homemaker, married Microsoft co-founder Bill Gates in 1994 and raised three children together before getting divorced in 2021.

In the interview, French Gates suggested that wealthy parents can ground their kids by giving them allowances.

"French Gates stated that the children had an allowance, so they did not just buy things without permission. They either had to purchase the item with their allowance or add it to their wish list, which may be fulfilled by their grandparents or family members on special occasions like birthdays or Christmas."

In 2014, French Gates advised the Gates children, now in their 20s, to save one-third of their allowances for charitable donations, which their parents would match.

She cautioned her children about the dangers of boasting about their extravagant trips, emphasizing that such things were not typical for everyone.

She didn't desire to raise kids who would view their family's name on a building and believe they were entitled to special treatment, she stated.

"French Gates, in an interview with The New York Times, revealed that he went to school with some of the kids at Duke University and made a promise to himself that if he ever had the resources, he wouldn't want to raise those children."

According to wealth advisor and author Coventry Edwards-Pitt, children, regardless of their family's wealth, learn valuable financial management skills when they earn an allowance or get a job.

Mark Cuban, another billionaire parent, concurs with the idea that his three children should have to get a job and earn money to buy the things they want, as he stated during a 2020 episode of "STEVE on Watch."

"Cuban stated, "My top priority for all of you is to not become entitled jerks. I won't be writing you checks or giving you a credit card to buy whatever you want.""

To better train their future work ethic, parents should avoid giving their kids everything they want, according to psychotherapist Amy Morin, who told CNBC Make It last year. Successful adults often learn early that achieving their goals may require effort and determination.

Mark Cuban is a panelist on "Shark Tank," which CNBC owns the exclusive off-network cable rights to.

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