Did you know your children's financial habits could affect your ability to build wealth? Having adult children who are under accumulators of wealth (UAWs) greatly reduces the probability that the parents will ever become wealthy!

Adult PAWs whose parents were wealthy have told us time and time again: "I never knew my dad was wealthy until I became executor of his estate. He never looked it." Living below your means and not "showing off" your money is a golden ticket to becoming a millionaire.

What's a lesson you can teach your kids about building wealth? According to one millionaire doctor, "Never say 'poor me' or feel sorry for yourself."

There are some things even the most frugal millionaires are more than happy to spend money on. Most millionaires are willing to spend money to get top financial advice.

Make financial independence a priority over the display of high social status.

It's much easier in America to earn a lot than it is to accumulate wealth.

Wealth is rarely gained through the lottery, with a home run, or in quiz show fashion.

The earlier you start investing your income, the greater the opportunity to accumulate wealth. If you haven't started investing, there's no time like the present!

Wealth is not the same as income. You can earn a lot but not have anything invested or in the bank. If you spend everything you earn, no matter how much that is, you'll never be truly wealthy.

Most wealthy people feel that you get what you pay for in the realm of financial advice. Do you have a financial advisor you trust?

Why are so few Americans affluent? They believe in spending tomorrow's cash today.

Budgeting and accounting for domestic consumption is directly related to becoming financially independent. Tabulating helps control consumption. It also reduces the probability of allocating too many dollars to product and service categories that are not really important.

In general, the more dollars adult children receive, the fewer they accumulate, while those who are given fewer dollars accumulate more.

All too often people allow their income to define their budgets. Do you?

Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals? For every 100 millionaires who don't set goals, 180 do.

RULE 5 for affluent parents and productive children: Never give cash or other significant gifts to your adult children as part of a negotiation strategy.

Operating a household without a budget is akin to operating a business without a plan, without goals, and without direction.

Reducing your spending is akin to losing weight. It is hard to do if you associate with big eaters. If you wish to lose weight, associate with people who eat in moderation. If you wish to reduce your spending to become economically fit, associate with moderate spenders.

If you have courage, you can win. You don't have to be the fastest, the smartest. You have to have tenacity.

RULE 7 for becoming wealthy: Choose the right occupation