- Alexander Weber’s parent realized his family had money when they moved into a bigger house.
- However, his parents still gave him a small allowance and taught him financial responsibility.
- That pushed him to work, which impacted his career as an entrepreneur.
This as-told-to essay is based on a conversation with Alexander Weber. It has been edited for length and clarity.
Until I was in elementary school, my parents and I lived in a modest apartment. My mom ran her own business, and my dad worked for a major retailer in Germany, where we lived. He was in management, working as a buyer for the whole of Germany. It was an important role, with a solid salary to match. My dad would spend weekdays in another city, visiting us on the weekends. I didn’t think much about how much money we had.
Then, we moved to a very large house. Our financial status hadn’t changed — my mom and dad had always made substantial money. But suddenly, that was clearer to others, and to me, as a child. Our new house had three stories, a finished basement, and a garage. My parents drove fancy cars like BMWs and Mercedes. That’s when I noticed that, compared with my peers, my family was wealthy.
Unfortunately, my dad died when I was 13. However, my mom’s business generated a solid income, so she was able to keep our family financially secure, while instilling lessons I still use today.
My parents tied allowance to responsibility
Although we had more material items than many of the people around us, my parents only gave me a very modest allowance. At the time, it was about 25 euros a month, enough to go to the cinema once — twice if I was lucky.
Sometimes I would argue with my mom, pointing out she could afford to give me a larger allowance. But she wouldn’t budge. Then, after a few years, my mom offered me a more substantial allowance. If I took it, however, I would be responsible for paying for my needs, in addition to my wants. I would have to budget for clothes and food. At the end of the day, I didn’t want that responsibility. I also realized that I might end up with even less discretionary spending money than if I took a more modest allowance.
My small allowance pushed me to work
Since I’d chosen to stick with my modest allowance, I got creative about earning money. I started building websites when I was a teenager and even automated video games to sell in-game currency. Building that entrepreneurial spirit early impacted my career path. As a young adult, I grew my own online companies, focused on helping businesses use social media to increase their sales and online presence. I’m still running those today.
My mom emphasized never having debt
As a teenager, I was exposed to material items, like those flashy cars my parents had, and yearly trips to California. At first, I wanted more of that, but eventually, the novelty wore off. These days, I’m not drawn to luxury or fancy items.
My mom always told me that if you have debt, you give the banks (or credit card companies) control over you. She emphasized that I should always make money before I spend it. I internalized another message: don’t buy unnecessary things.
I’m 29 now, but I still live by that rule. I still travel, but it’s more likely to be a car or train ride to somewhere else in Europe than a lengthy trip to the US. I really don’t buy things for myself. I’ll spend it on my business or my girlfriend, but rarely on something I want. When I do, I try to purchase a quality item that will last a long time.
I realized people talked about my wealth
As I got older, I realized people were talking about my family’s wealth. California is a big thing to Europeans, and people were impressed that my mom and I spent about a month there every year.
At first I wanted to lean into the status wealth gave me — I even tried my hand at becoming an influencer. But I quickly realized that being flashy made me feel like an imposter. I was being celebrated for something I’d been gifted, not something I earned.
These days, I try to avoid attention. I still live in that big house my parents moved into when I was a child. But it’s old now and needs lots of work. I’m looking forward to downsizing, so I can focus on my work and my partner — the things that really give my life purpose.
