Do you find yourself making sacrifices in order to give your kids the best of everything? Whether it’s the best school, the best holiday, or the latest pair of jeans, in the long run you may be doing them more harm than good.

Today I reflect on raising children with three skill sets that are necessary for building wealth. These are the same three skill sets that are at risk if you are always giving your kids the best.

In a quest to break free of the cycle of “shirtsleeves to shirtsleeves in three generations”, I explore the questions of how to raise children with a hunger for a dream (and the understanding of what it takes to make those dreams a reality), how to allow them to develop (on their own) the gentle strength that is required to fly like a butterfly, and whether giving your kids the best is always the best idea...

Show Notes

• [01.13] Reflections on raising children.

• [01.42] Three generations of money.

• [05.15] The parable of the butterfly.

• [07.53] The pendulum of overcompensation, and protecting your children from inevitable hardships.

• [10.01] “Keep them a little bit short” - my dad’s story about a piece of advice that he received on parenting and money.

• [11.29] One of the challenges of giving your kids the best of everything (HINT: It's fairly important, and has to do with your retirement).

• [13.15]  The three skill sets that are at risk if you always prioritise giving your kids the best:

  1. Having a goal and a dream for your life, and understanding what it takes to make it happen.

  2. Watch the pennies and the pounds will follow (and being VERY clear about what you value).

  3. The discipline of work vs. the instant gratification of pleasure.
     

Related Posts and Episodes

• Teaching children under 12 about money

• Teaching older kids and young adults about money

• Why financial enablement doesn't help those you love

• The little known secret to living now AND saving for the future

• Aging parents: dealing with the financial and emotional challenges
  

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Quotes

“This ability to give their children the best has now resulted in the fact that they’re actually an anchor in their children’s ability to fly.” – Lisa Linfield

“The reason why all high school kids need a budget, is because it teaches them the skill of trading off something now, for the future.” – Lisa Linfield

“Where you spend your money shows your values.” – Lisa Linfield