Giving Compass' Take:

• Daniel B. Kline goes over ways that affluent parents prepare their kids for such things as college education, managing their finances and investments. 

• How can all parents, no matter their income, incorporate these tips and educate their children on the value of money and education? 

• To understand why childcare and raising a child can be so expensive, click here. 

Affluent parents -- defined as households with investable assets of at least $500,000 -- generally understand the cost of raising a child and have planned for their child's future as well as their own retirement and legacy, according to a new study from Personal Capital. That's a wallet being pulled in a lot of directions, even for relatively wealthy families.

Affluent parents are trying to best prepare for their children's futures by financing higher education, helping them get their first jobs and tackling important money conversations

However, you can use these points no matter what your income is:

  1. What are the priorities?
  2. Taking care of everyone
  3. Prepare your kids
  4. Something big just happened

Read the full article about how affluent parents prepare their kids by Daniel B. Kline at The Motley Fool