The problem for something like this is when we as parents can teach it but we also can't apply it to ourselves, obviously this will be the real problem.
Reflecting on the case given by the OP about Michael Jordan and Marcus Jordan, it is clear that the behavior of parents' lives also affects it because if parents have hedonistic traits then indeed their children will not be far from it even though the child is taught to know the value of money and look for it. quite difficult. Because this kind of education would be better accompanied by examples of parental behavior, not just saying theory, but parents managing and wasting money badly.
We fail to apply it on our own so we are only passing it to our kids because they are still young and it was not too late for them to change but some kids are not that obedient to their parents. What they only want to follow is their own self because they like it more than to what is suggested to them.
The lifestyle of the parent can affect the child because they are only living on one roof and it's hard to hide all the action that parents are doing to their kids and even if they try to, their kids are sometimes going to be curious to peek on them and then discover their secrets. I don't know if how mj start but he is now freaking rich. He won't worry anymore so he is only spoiling his kid.