- Posted October 6, 2012 by
This iReport is part of an assignment:
Economy: Are you better off?
- My Ten Sense: What to do when your money is low
- My Ten Sense: Making more money isn’t the answer
- My Ten Sense: 6 keys to couples happily managing their money
- My Ten Sense: 10 things college students should know from student loans to landing their dream job
- My Ten Sense: Former NFL star blows through $30 million and why players will continue to go broke
My Ten Sense: Prepare your children so they don’t ask for handouts
Generally parents want what’s best for their children, but some of us go about it the wrong way by giving our kids whatever their heart desires to overcompensate for what we didn’t receive in our childhood.
But by spoiling your children, you are setting them up for failure. They will grow up to be adults who waste their money on material possessions and when they can’t pay their bills, they will come to you for a handout. I know this first hand because I was spoiled as a child and was always running to my granddad for money when I was short on rent, needed car repairs or whatever emergency came up. Several members of my family still come to my granddad for handouts. And I talk to senior citizens daily, as part of my job, and some have shared how their kids still come to them for money.
So parents, don’t just give your kids money because you are creating co-dependency that may lead to them coming to you for constant handouts well into their adulthood.
Instead, you should prepare your kids for their imminent independence, so they only come to you as adults to spend time with you and maybe to shower you with “thank you” gifts for setting them up to be financially secure.
Learn 10 ways to prepare your children to be financially responsible on my financial advice blog, http://mytensense.com/2012/10/prepare-your-children-so-they-dont-ask-for-handouts/.