Why We Don’t Give Our Kids Money
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Our kids have watched our transition from scarcity to abundance, and have understood remarkably well where we were at each step of the way. We give them some extra things, like more lessons in music, languages, and other extra-curricular activities, and we’ll be offering them all a chance at a student exchange in high school, but apart from educational opportunities we are giving them pretty much the same start in life that their friends have. They have to earn the money to buy the doodads they crave, just as their friends do. At www.cash-smart-kids.com you can read about one of their early business ventures.
We will also be ensuring that our girls are involved in teaching these money ideas to others, so that they learn not only how to be entrepreneurs, but how to explain money and business to other people. That’s not actually for our kids’ benefit - rather, we consider it our first and most important legacy to our grandchildren.
History shows time and again that the first generation builds the business, the second generation maintains the wealth, and the third generation blows it.
By focusing on transmitting knowledge and skills, rather than cash itself, we are planning to be the exception to that particular historical trend!
After all, we have already demonstrated to ourselves that just about everything that is “common knowledge” about money and business is fundamentally wrong. Why on earth would we start following the herd when it comes to leaving a legacy?
