EWallstreeter Lifestyle Daily – Parenting: How to Raise Spoiled Brats

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In my consulting practice, I work with many families, both high-net-worth and those less affluent. I am constantly amazed at how nonchalant (or even downright neglectful) the parents are in their children’s fiscal education in both of these income groups. Despite the fact that many of the well-to-do parents grew up in less-affluent families themselves and their parents taught them to be fiscally responsible (which, by the way, probably contributed to their ability to create wealth) they are, more often than not, raising their children in precisely the opposite to the way they were raised.

Practices that foster fiscal responsibility, such as assigned chores, allowances, and the attitude that money doesn’t grow on trees, are often completely absent from these families. The typical excuses range from “I don’t want them to go through what I had to go through,” to “My children work so hard. I don’t want to

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By Dr Jim Taylor