Entrepreneurs

What this self-made millionaire tells his kids about success

VIDEO1:3001:30
West Texas millionaire: Here's how to NOT screw up your rich kids

Self-made millionaire Michael "Rooster" McConaughey wants to leave a legacy behind — well-raised kids.

"Everybody gets caught up in success, they want to put a dollar sign on it," said McConaughey, co-chairman of the West Texas Investors Club, the investment group he started with his friend and business partner Wayne "Butch" Gilliam.

McConaughey said that he works to teach his three children that success is not all about money.

"It's not about that and that's what we want everybody to know. That's what I want my family to know," he said.

"Rooster" McConaughey of West Texas Investors Club
CNBC

The veteran of the oil and gas pipeline industry shared a conversation he and his oldest son had about this very topic.

"My oldest son, one time he told me, 'Dad if I ever take over, do I have to do it as big as you?'" McConaughey said. "And I said 'Hell no you don't. It's just something I did. I don't need that much money, it's just what I do. It's just what I got caught up doing in life — doing deals.'"

Waking up with a clear conscience is what truly defines success, McConaughey said.

"Treat people right ... that's the lesson I want to instill in them" he said of his family. "That's the legacy I want to have."

Watch "West Texas Investors Club" on CNBC Tuesday at 10 p.m. EDT.

make it

Stay in the loop

Sign Up

About Us

Learn More

Follow Us

CNBC.COM