Dear Dave,
My wife and I have been very fortunate in our careers. We both have six-figure incomes, and as a result we have a little over $2 million in savings and investments. With this in mind, do you have any advice on how to make sure your kids arent spoiled as they grow up in a family thats doing well financially?
Gary
Dear Gary,
First, dont spoil them! Teach them to work, and teach them to be givers. Oh, and gently remind them every so often that its you and your wife who are wealthynot them. Yeah, I know. This probably sounds mean to some folks, but Im talking about simply explaining to them how you and their mom have worked hard, been smart with your money, and thats why youre in the position youre in.
We taught all our kids, from a very young age, just how important it is to work. Work equals money. When you do that, and kids see it in their parents attitudes and actions, it makes a big impression. With little kids, it can start with simple things like cleaning up their rooms or clearing the table after dinner. And it should carry over into their teenage years, as well. Every able-bodied child should be working and earning money, whether its their own entrepreneurial idea, at a fast food joint or babysitting.
Another thing we did was based in our faith. As Christians, we taught our kids that we dont really own anything. It all belongs to God, and one of our jobs is to wisely manage the things He entrusts to us. The first rule is to take care of your own householdthe important stuff. After that, its okay to have some nice things, but its not all about fun. Its also about thoughtful giving and being generous.
As a parent, your job isnt to be a buddy to your kids. Its not to give them every little thing they want, and make sure theyre running around carefree and playing every hour of the day. Your job is to teach them about the important things in life, and over time, mold them into mature, responsible human beings who can surviveand succeedin the real world.
Dave