05/08/2017 02:33 EDT | Updated 05/10/2017 09:29 EDT

5 Things All Parents Of Successful Children Have In Common

These factors can predict the level of achievement your child will reach.

There sure isn't any formula for raising a successful kid (and if there is, please let us know).

But research is now showing there are factors that can predict the level of achievement your child will reach. Now the question is, how much of that comes down to parenting?

Spoiler alert: a lot.

In the video above, Time lays out five things all parents with prosperous kids have in common, and many of these successes have to do with socioeconomic factors and how children were raised socially.

From teaching your kid math from a young age (this will help with developing reading skills too!) to valuing effort and growth over failure, parents who help foster confidence within their children are more likely to see them flourish and obtain both a good job and education.

And now for the really good news. Making your kid do chores will indeed help with their future success — so putting them in charge of doing the dishes works out in everyone's favour.

For more tips, check out the video above!

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