Your Kids Are Your Own Fault by Larry Winget

Author:Larry Winget
Language: eng
Format: epub
Publisher: Penguin Publishing Group

THE OTHER SIDE OF THE COIN.

In some families lack of money isn’t the issue, it is the irresponsibility that comes from having too much money. Notice I didn’t say that the problem is having too much money, as I don’t think it is possible to have too much money. I am saying that irresponsibility is the problem. If you have plenty of money and don’t teach your kids to respect it and be responsible with it then you are guilty of a form of child abuse in my opinion.

On my A&E television show, Big Spender, I worked with a woman who had serious spending and shopping problems. The root of her problem was an obsession with her appearance. She always had to be wearing a brand-new outfit that no one had ever seen before so she could be the center of attention among her friends. She lived for the oohing and aahing that came with every new outfit, new pair of shoes, new piece of jewelry and new shade of lipstick and fingernail polish. She drove a new Mercedes and publicly looked like a million bucks, which is about what it was costing her to keep up this appearance. However, the home that she shared with her husband was a five-hundred-square-foot apartment with no furniture except for a couch and a bed and a dresser. No dining room table or chairs—not a big problem since they ate out every meal. No television. Bare walls with not one painting or picture. Why? Because no one ever saw that stuff, so why bother? When I asked her about it all she told me that her father had told her that as long as she drove a new Mercedes, wore a gold Rolex watch and dressed like a million bucks, what happened behind the scenes didn’t matter. I told her that was child abuse. She cried. I was right and her dad was clearly wrong. He had money yet he never taught her to respect it, how to use it, how to invest it, how to save it or even how to spend it wisely. In this family, the money used them instead of the other way around.

Too many times, parents with money don’t take the time to teach their children how to earn money or use it wisely. They spoil their children and they think they are helping them by not allowing them to “suffer” and do without any little thing their heart desires. What they are actually doing is crippling their children’s future by teaching them to take wealth for granted. They are building a sense of entitlement, showing their children that they don’t have to work to be taken care of. Kids raised in this environment usually end up with financial issues as they grow older, ending up with way too much debt and credit card abuse simply because they never learned the value of earning.

Whether you have a lot of money or very little money, you must teach your kids how to earn it, invest it, save it and spend it wisely.

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