A year ago I wrote about the challenges of raising “financially fit kids” and suggested a book written by Lee Hausner as a great resource. More recently I came across an older article written by Dr. James Grubman. Dr. Grubman was a facilitator at a course I participated in, in Houston in 2011 on the challenges of communication in multi-generational family planning.
One of the greatest fears I hear from my clients is the fear of raising a spoiled child, a child who has a sense of entitlement and who never becomes a productive person in society! There are several TV reality shows that follow kids around who are perfect examples of these children.
The article I am attaching is a 6 page read that Dr. Grubman has put together. He wrote the article for clients of a “Family Office” called Calibre (part of the Wachovia Bank in the USA). There are 6 short sections I found very helpful:
The Power of the Teachable Moment
Allowances as Tools for Teaching
Setting Limits — and Enforcing Them
Advanced Class: Your Adolescent
Handling the Question: Are We Rich?
The Hidden Issue — Privacy
As always, the key is communication and this little article provides very practical tips on how to handle communication with your children. The moral of the story is that the earlier you start, the better. Some experts say it is key to start teaching financial literacy to our children as early as 5 and 6. However, take heart, it is never too late to begin to work with your children, even if they are adults. Start with an open conversation, and don’t give up. This article will serve as an excellent guide.
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