Are You Passing a Sense of Entitlement on to Your Children?
Have you ever thought about how your childhood has affected you financially as an adult
? When it comes to your finances, there is an enormous connection. One issue that I am starting to see in children nowadays is a sense of entitlement. It makes sense, especially if you read my article yesterday. Over the last few years, we have turned in that direction. However, with this recession, one of the silver linings is that we are starting to make a shift away from that. We are starting to be thankful for what we do have and realizing that material possessions do not define who we are.Every generation wants their children to have more than they did. As the mother of three boys, I respect that. Who would not want their children to have more than they did? However, you have to be careful what you are teaching your children. If you find you have a habit of spending more than you should and buying yourself, or your family, things you really can't afford, ask yourself a couple of questions:
Do you feel entitled?
Did your parents buy you everything you ever wanted?
Did you get an allowance and have to budget?
If so, was it enough for you to buy what you really wanted?
Did you sometimes feel that your parents gave you money instead of love?
Were the things your parents bought you out of guilt for not spending quality time with you?
Are you passing this on to your children now?
Are you buying your children everything they want because you are going through a divorce?
If you can take the time to reflect on your childhood, you may be able stop the pattern now. You want to be careful about what you are passing on to your children. Some of the things you want to pass on to your children are:
Give them an allowance; let them learn how to budget money.
Let them make some bad decisions with their money, you would rather them learn this now than when they are in college, or later.
Discuss their purchases with them; make sure they know they can talk to you about money. Keep an open dialogue.
Don't buy them everything they want, they need to learn about wants versus needs.
If they want something real bad, teach them to save up their allowance for it. This will teach them the value of money and patience.
Immediate gratification can be very bad when they are young, but even worse when they reach their teens and early adult years. This is how they get themselves into credit card debt.
Communication is key. Keeping an open dialogue sets the stage for your kids. You want them to know they can always come to you and talk about money. Get them involved with the family budget when they get a little older. You do not want money to be this big mysterious beast. Shine the light on it! Your children will thank you later
If you have any questions about how your childhood is linked to your financial health now, check out the products page on my web site. You can download my free personal finance assessments and get your questions answered.
Are You Passing a Sense of Entitlement on to Your Children?
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