I have yet to meet a parent who sets out to screw up their kid. Even the most egotistical of parent still wants the best for their children hoping they’ll become all they can be. At the very least, be happy in whatever they choose to do with their life.
Then there are these kids who get a mixed message. The rich or super-rich. How ever you want to refer to them. They are the ones with parents to “say” be responsible and live disciplined lives, but grow up with privilege. Can you blame them for the wild behavior and over-consumption mentality?
Perhaps you don’t consider yourself mega-rich, but maybe blessed with a bit more than you need in order to have food on your table, a roof over your head, and clothes on your back. I dare you to ask yourself the message your giving your kids about money, and responsibility.
Not long ago I was sharing a cab with an investment advisor whose firm had finally really struck it rich. He was sharing with me lifestyle changes he’s made and I shared stories from my upbringing as the son of a very successful entrepreneur. I recalled the day i realized we were rich when my father stopped bringing home Lincoln’s and Cadillac’s in exchange for Mercedes-Benz. He took a big gulp because he had just traded in his Toyota for a new Mercedes and said he did notice a change in mentality by his daughter.
I don’t know whether expensive cars, world vacations, yachts, private jets and mega-homes are right or wrong for you and your family. However I do know that if you don’t think beyond the purchase to the message your sending with your actions you’ll most likely create regrets with your wealth. (A new special report, The 7 Regrets Wealth Creates and How To Avoid Them, offers some interesting insights in this area).
Before you do, or buy please consider what is being caught by those children who model your actions not just your words.