There’s an old Southern saying: ‘‘No matter howmuch I love you, my child, if I don’t have wisdom, all I can give you is my own ignorance.’’ Out of love, we often pass down bad habits from one generation to the next. Your job, as CEO of your household and financial guru for your children, is to draw the line as to what is acceptable and what is not.
Before we can start teaching our kids about money,we have to examine our own attitude toward it. Both wealthy and poor families have one surprising trait in common: parents do not spend much time discussing money with their kids. The difference comes in the expectations. In financially wealthy families, children grow up believing that they are entitled to be rich. There is an expectation that they will complete their education, land a financially secure job, earn a lot of money, buy a big house, drive nice cars, and so on. They view money as a tool toward having a wonderful, fulfilling life.
For poor, working-, and lower-middle-class families, there are no such expectations. Parents in poor or working-class families often foster negative notions about money in their children. These parents may harbor resentment toward others who are better-off or had greater opportunities for education or work. They view money as negative, almost dirty. Rich people have gotten that way only by cheating or being dishonest. Even some wealthy people believe that ‘‘behind every great fortune is a crime.’’
Certainly many of the wealthy role models in the public eye are not positive examples, especially for kids. Every music video I have seen depicts success as a fancy car, attractive women, champagne, and all the other trappings of wealth. I have yet to see a rap video of a twenty-two-year-old singer studying The Wall Street Journal to figure out what the next investment should be for his retirement plan! It may not be sexy, but it’s real.
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