5 Tips For Raising Well-Balanced Children When You’re Wealthy

As parents, it’s totally normal to want a better life for your children than you had for yourself. So, if you’ve come into wealth and money isn’t an issue in your life, it’s okay to celebrate that. But there’s also a fine line in parenting when it comes to raising kids with wealth. 

The last thing you want is for your children to grow up thinking they’re entitled to certain things. It can shape their outlook on life and even their personalities. So, while you might want to give your kids everything, focusing on raising well-balanced children is important, especially when you have money to spend. 

With that in mind, let’s cover a few tips you can use to strike that balance.

1. Don’t Always Give In

Perhaps the easiest and most effective way to ensure you’re raising well-balanced children is not to give them everything they want. 

Even if you want to and have the ability to give your child every toy in the store or the wealth to give your teen a new car, don’t give in right away. 

Instead, teach your children the importance of delayed gratification. Let them know that they aren’t always going to get everything they want right away. You can simply set it as a house rule or teach them about working for what they want. It will let them know that life requires patience, understanding, and hard work. 

2. Let Them Make Money Mistakes

It’s not uncommon for kids and teens to get excited when they have money to spend. So, if you give your children an allowance, let them spend freely with it. It might be hard to bite your tongue when you see them buying a toy that will break in five minutes or an experience they won’t be happy with later. 

But, by allowing them to make these money mistakes on their own, you’re teaching them the importance of being thoughtful with their wealth. They’re less likely to spend so frivolously and more likely to be responsible with their cash.

3. Be Honest

Kids are curious. They’re eventually going to ask questions about your financial situation, especially if they see kids at school dressing differently or having smaller homes. 

Be as open and honest as you can about your wealth. While you don’t need to share every detail, you can use these conversations as an opportunity to talk about humility — not understating or overstating what you have, but being grateful and gracious with it. 

4. Don’t Make Everything About Money

Just because you have money doesn’t mean you always need to live like you’re extremely wealthy. Shop for clothes on sale. Take reasonable vacations. Consider buying second-hand items when it makes sense. 

Teaching your kids the value of a dollar is incredibly important, and when you don’t center your life around your finances, they won’t turn wealth into an idol. 

Additionally, make sure you find a balance in your life regarding how you make money and how much time you spend with your kids. If you have a job that pays a hefty salary, you might feel tied down to it, or you might put in extra hours more often than not. That can send the message to your children that money is the most important thing in your life. Find a work-life balance that allows for quality family time.  

5. Focus On The Why

For a kid or teen, learning how much wealth you actually have can be exciting. But try to steer their focus away from how much money you have. Instead, shift it toward why you are able to have such wealth. It can inspire them to take a similar path and focus less on whatever fortune they might come into. 

It’s no simple task to raise well-balanced children when you’re wealthy. But, by prioritizing your values and taking your financial status off of its pedestal, you can strike that balance and offer your kids a secure future that’s about more than just money. Reach out today to schedule a consultation and learn more about parent coaching.