I was asked to speak recently on Children and Wealth. I have listed below some of the key points of my talk.
1. Nurture your children - give them your time; not your money. Money spoils them.
2. What You Do...Your Children Will Copy. Children will change if you change first. Think about your behaviour
3. There is no 'Quick-Fix' pill that can sort out behavioural issues.
4. Take them on 'life-changing experiences with you. Take one of your children away at a time and have an experience.
5. Show interest in them and what THEY are interested in. Not what you are interested in.
"Give them enough money to something, but not enough money to do nothing!" Warren Buffett
6. Do not try and buy their love by giving them money; give them your love and time instead. Thats what they want.
7. Have a relationship with them. Just being present is not enough.
8. Do not ignore your child's feelings; or else they will start to ignore their own feelings themselves.
9. There must be consequence in their lives; otherwise they will become 'pyjama kids' and never get out of bed.
10. Do not let them control you. They need to take personal responsibility for their lives.
This is not the finite list, but there is enough there to help you for now.
There are too many young who have not fulfilled and will not fulfil their potential. We need to change that now.
"Wealth becomes an inappropriate substitute for the needs it cannot fill."