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Raising children who are respectful, responsible, caring, compassionate, and make real contributions to the world is a big challenge for all of us parents. Families with a wealthy background specifically fear that their kids may become entitled and lack purpose.
Here are some tips to raise healthy and happy kids that have purpose regardless of their financial status instead of the stereotypical spoiled brat:
Don’t give your kids everything they want “even if it’s available”
Giving your child whatever they need is not a sign of love or care, on the contrary, it might leave them feeling entitled, and they will not learn to value what they have.
Teach them the difference between needs and wants
It is a very important skill for kids to have in life and it will help them with the financial assets that will benefit them later in life. Simply, a need is something you must have to survive like food, water, and shelter. A want is something that’s nice to have, but you can actually live without like ice cream, a new phone, or a designer t-shirt.
Teach them to be responsible and don’t come to the rescue
Don’t be a helicopter parent; a parent that oversees every aspect of their child’s life constantly. Allow them to experience failure. Instead of rushing to the rescue, parents should allow kids to feel that it’s all about their responses, allow them to take ownership of their decisions, and accept consequences. Let them know that the universe does not revolve around them.
An allowance is a good teaching tool for kids to learn about the value of money and how to manage it, but it can also be pointless if you don’t have a plan and clear rules.
Set a weekly budget for your child -based on their age and the living expenses- and ask them to manage their finances with no exceptions. And don’t forget to involve your kids in paying bills, balancing your budget, and checking your account statements, so they become familiar with their life responsibilities.
Always engage your kids in charity work during the summer vacation, teach them the value of earning money, and helping people.
Be a role model for your child
Teach yourself how to set a good example for your child so that they are encouraged to imitate you. They do what we do, not what we say.
Dr.Robert Emmon, the world’s leading scientific expert on gratitude, conducted many studies and found that when kids regularly practice and show gratitude, they experience measurable psychological, physical, and interpersonal benefits. One of the most important benefits is becoming kinder, more generous to others, and valuing every blessing they have.
When you stop spoiling your rich child, this will prepare him\her for a happier and more successful future. Stay consistent with your child discipline approach in this materialistic world to help build many beneficial traits such as empathy, honesty, kindness, and respect.
Further reading: Why Parents Should Let Their Boys Cry