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When money isn’t an issue, it's only natural for parents to want to give their children the best possible life. If your own childhood was difficult, you may feel an even stronger urge to compensate for what you lacked.
However, beneath all the good intentions lies a real concern: raising children who grow up feeling entitled and expecting everything to come easily. This is something every financially comfortable parent should be mindful of. Your money is yours, and your children need to understand its value and how hard it is to earn. They also need to understand that they must eventually forge their own path to success.
The first step starts with you. Children learn more from what they see than what they are told. If you constantly splurge or live as if money is meant to be spent as soon as it arrives, they will adopt that attitude. The way you handle money becomes their blueprint. Setting a good example by budgeting, saving for things you want and demonstrating patience before making significant purchases can teach children self-control and responsibility.
Conversations about money should also start early. Once your child understands the concepts of spending and saving, involve them in the conversation. Explain that money comes from hard work, not magic. You can make this practical by involving them in simple activities like adding up grocery totals or calculating how much change you should get from a note.
If you’re financially well off, there’s no need to hide it from your children, but equally, you shouldn't glamorise it. Be honest about your financial journey. Explain that wealth doesn’t appear overnight, but is the result of years of effort, planning and discipline. Explain that even though you can afford luxuries, you choose to live reasonably. Teach them that a constant push for more, flashiness, overspending and an obsession with appearances doesn't lead to lasting happiness.
Finally, remember that money can buy comfort, but not connection. The most valuable gifts you can give your children are your time, your presence and shared experiences. Create memories that don’t revolve around spending: play board games, ride bikes, cook together or enjoy movie nights at home. If family members such as grandparents or aunts and uncles insist on spoiling the kids, encourage them to give meaningful experiences rather than material gifts.
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