Category Archives: Parenting adult children

Teaching Self-Sufficiency is Harder than Helping

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Tying your 4 year old’s shoe is easier than teaching her how and listening to her cry with frustration each time she struggles with the task. But, do you want to be tying her shoes when she is 10?

Providing your 13 year old daughter with the 5 pairs of shoes she thinks she needs, as well as that warm winter coat, is easier than increasing her allowance, making her allocate a portion of it to needed clothing and then watching her go out in the cold without an adequate coat, because she chose to buy those 5 pairs of shoes instead of getting a warm coat. But, do you want to be providing her necessary clothes when she is 30?

Helping your twenty something son out when the payday loan people come to repossess his car is easier than letting him lose the car and watching him learn to walk or take the bus to work. But, do you want to be supporting his children (your grandchildren) when he is 40 and still so in debt that they would go hungry otherwise?

Parents aren’t being miserly or unjust if they refuse to help.

All parents know that it isn’t easy to be a parent. Often we are viewed as unjust and cruel, even by our peers (or we think we are) if we don’t bail our children out of bad situations of their own making. In fact, however, if your parent is refusing to let you continue to depend on them, you are actually being given a great gift – which hopefully someday you will realize. Continue reading →

How to Raise a Millionaire – Continuing Your Young Adult Child’s Financial Preparation

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If you are reading my blog, you probably want to become a millionaire or you already are one.

If you want to become one, and if you have children, you probably are trying to instill your values in your children – the values that are driving you to want to be a millionaire.

If you already are a millionaire, and if you have children, you may be wondering how you need to raise your children (or maybe your grandchildren) differently than you were raised – because they are being influenced by wealth in ways you weren’t.

To address these questions, I will be writing a series of posts (interspersed with posts on other topics) with ideas on how to raise children to be millionaires.

To see all of our How to Raise a Millionaire posts, click here.

Training Kids To Be Millionaires Doesn’t Stop When They Reach 18, or 21, or 35, or….
 Some of the most critical training occurs when your child is entering adulthood. They begin to exercise their judgment to make decisions on credit, savings, investments, careers and businesses. Coming into sudden money between the ages of 18 and 25 can totally derail a young adult if they are not financially prepared to deal with it.

However, your child IS an adult. Your child will most likely NOT accept the same parent/child teaching model your family developed as it grew. You will need to find new ways to continue your adult child’s financial preparation.
Continue reading →

Benefit From Billionaire Techniques: Generational Differences Matter

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Differences in roles, motivation and challenges between family generations can affect the outcome of your family’s wealth transfer success. If you are trying to start or keep a family dynasty, knowing about these differences can help you succeed.

Based on studies and observation of wealthy families they serve, Mark Haynes Daniell and Sara S. Hamilton made note of characteristics of three generations as involved in wealth transfer. In their new book Family Legacy and Leadership Preserving True Family Wealth in Challenging Times, they discuss crossing generational bridges.