Wednesday, July 21, 2010

Entitlement and Kids

The twitter topic of the day was whether our kids learn entitlement when we give them whatever they want. Or more simply put, how do we teach kids not to expect materialism and not to assume it is all affordable and coming to them?
Spoiling kids is easy to do. We all want our kids to have nice things and feel good about what they have. On the other hand, if everything is handed to them on a silver platter, how will they learn to work for their money and be thankful for what they have?
I don't have the answer to this but I do have some thoughts that might shed some light on the matter.
1. Don't deprive your kids. Your kids should have a positive feeling about what they have. Always wanting is just as bad for your kids and builds resentment and frustration.
2. You don't have to keep up with the Jones' but you should live somewhere where your material level is average. Your kids should not resent you or your career an hard-work because they can't have "x."
3. Teach your kids about earning and spending. Even if you have enough $ to give unlimited, don't. Set up a system for earning and spending so they learn the value of money. Teach them about saving up for larger gains later on.
4. Tell your kids about shopping deals and lead by example. The most wealthy people still spend (or invest) wisely. Explain when a purchase is not a good deal and how to find that bargain.
5. Don't chase after physical things. You can't take it with you. If you model this behavior your kids will learn it too.
Please add your thoughts and comments here!

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