Can you continue to pursue and achieve success without raising spoiled children? Marilyn Wechter, returning guest from our very first episode, has over 35 years of experience as a wealth counselor and financial therapist. In this episode, Matt and Marilyn talk about raising children to have a good relationship with money.
What are the characteristics of a spoiled child? How do parents help young people develop patience and learn to love delaying gratification? When do you give your kid a credit card? These are a few of the topics Marilyn covers with Matt. The takeaway is a new lense around how to raise competent, confident, autonomous adults.
Re-introducing Marilyn. [00:44] Changing the way we use money and material benchmarks with kids. [01:56] Exploring why people don’t like talking about money. [02:56] Why you need to get clear about what money means to you. [03:42] Being aware of the messages you’re sending to children. [04:22] Using everyday opportunities to teach your kids about money. [05:46] Raising kids to be competent adults. [08:38] Four characteristics of spoiled kids. [10:11] The positive traits we want to help our kids to develop. [11:04] Holding financial values as a constant. [11:33] Teaching kids patience around money. [12:43] The danger of substituting things for time. [15:34] Using debit cards to teach kids about budgeting. [16:58] Distinguishing an allowance from earned money. [17:53] Engaging your kids in conversations about money. [19:03] Helping your kids develop a realistic context and perspective. [20:31] Making sure kids have some skin in the game. [23:06] Marilyn’s seven key principles for raising successful young people. [26:14] Mentioned in this Episode:
Ron Lieber’s Book | The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money https://www.amazon.com/Opposite-Spoiled-Raising-Grounded-Generous/dp/0062247026 Thanks for listening!
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