How would you answer your child if they asked you if you are rich or poor? Too many parents nowadays keep their children in the dark about finances. But the question is, is this the right approach?
New York Times columnist and author, Ron Lieber noticed that most parents he knew, including himself, seemed to have the common fear of raising a spoiled child.
What is a spoiled child? A spoiled child is someone who focuses more on material possessions, requires more time and attention, or comes from a household with few to no rules without any consequences.
How do you make sure that you’re not raising a spoiled child?
Lieber wanted to figure out a way to help other parents teach their kids to respect and understand money, without feeling entitled to it. This is when he decided to write his new book, “The Opposite of Spoiled”, which released on Feb. 2.
Lieber outlines three key steps to not raising a spoiled child in his book. The first step is ending the epidemic of silence around money. Its important that we explain to kids how much we earn and what the household expenses are.
Second, giving kids responsibility with a chance to earn allowance by doing chores around the house teaches them the value of earning money. The third piece of advice he’s gives is to make sure your children understand the consequences.
I know growing up I had no clue how the budget worked or even how to pay bills until I was out on my own as a adult. But just like Lieber, I find it important to teach your children the importance of finances and the effects it has on your life.
Read the full story 3 ways to be sure you’re not raising a spoiled child
Photo credit Letts
