How to raise competent kids when you get rich

So many 2nd and 3rd generation rich kids act like jerks. But some are really impressive because they were raised the right way.
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My goal is to raise humble, competent, hard working kids with healthy relationships. My personal situation is also changing rapidly and my kids will not live the same life that I did. They will have more access to capital, people and places than I did growing up.
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So how do I make sure they don't become entitled jerks?
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I've asked a lot of wealthy people with great kids how they were able to do it right.
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Their answers always revolved around the same themes:
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1. Teach your kids to struggle with grace. Life is hard for everyone. Don't protect your kids from the struggle. Teach them to deal with it.
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2. Don’t bail them out for their poor decisions. Make them live with the consequences. Don't buy them a new phone the second they drop their phone in a lake. If they get a speeding ticket, make them pay with chores around the house or their summer job.
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3. Let them practice making decisions when the stakes are low (instead of putting them in a bubble) so that when the stakes are higher they have improved.
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Too many parents make every decision for their kids (and get them all the way to the ivy league) but it turns out the kids have never practiced making decisions and so when they are released into the real world they stumble and fail. Decision making is a muscle. You have to let them practice to build the skills.
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4. Discipline is also a common theme. Kids need guidance and a routine and they turn into disasters when they run the show at any age. Put guardrails around kids and tell them what they can and cannot do. Tell them no often!
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5. Love your wife and never mistreat her. Your kids will get deeply insecure if there is chaos in the household. And they will also abuse people in their own lives (or allow themselves to be abused) if you set that example.
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And then there is a little luck. All kids are different with different personalities. It takes luck, and love, and patience to raise kids well.
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Generational wealth is a funny thing because money amplifies who people really are.
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If they are bad people, the results will be very bad. But if they’re good, great things happen.