Good Reads for Raising Normal Kids in an Entitled World
Good Reads for Raising Normal Kids in an Entitled World

Good Reads for Raising Normal Kids in an Entitled World

 

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Good Reads for Raising Normal Kids in an Entitled World

Andrew Keyt recommends resources to help parents understand and talk about wealth.

It’s a conundrum. The majority of American parents admit to being either very or extremely concerned about setting a good financial example for their children, but 72% are reluctant to talk about financial matters with their children, says the 7th Annual Parents, Kids & Money Survey by T. Rowe Price.

Modeling healthy financial behavior, however, is only part of the equation in raising financially responsible children.

Families must also have conversations about money. Here are four resources recommended by Andrew Keyt, Executive Director at Loyola University Chicago’s Family Business Center, who spoke at Trust Company’s Annual Spring Conference on “Raising Normal Kids in a Privileged World.”



Raising Financially Fit Kids
by Joline Godfrey

According to Godfrey, financial literacy is economic self-defense. No matter if the economy is booming or busting, children will be less vulnerable to life’s vicissitudes if they are financially fit.

But many parents feel ill-equipped when it comes to educating their children in finances. To strengthen families, Godfrey provides the tools and insights to help parents, grandparents and mentors prepare children for financial independence, stewardship and philanthropy.

Recognizing that children process ideas about money differently as they develop, Godfrey applies ten core money skills across five developmental stages: children, tweens, middle schoolers, high schoolers, and twenty-somethings. Each stage includes age-appropriate activities that make financial fitness engaging, from mall scavenger hunts to financial film festivals.

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Children of Paradise: Successful Parenting for Prosperous Families
by Lee Hausner

This parenting guide, authored by a psychologist from the Beverly Hills, CA school system, offers advice on how to avoid the pitfalls and challenges frequently encountered in affluent families, especially two-career families commonly characterized by parental high-achievement.

With years of experience working with wealthy parents and their children, Hausner digs at the roots of the problems including unrealistic expectations, lack of communication, as well as misuse or lack of discipline. Hausner sets forth nine practical steps to help parents put their priorities in order, establish boundaries, and set realistic expectations.

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Silver Spoon Kids: How Successful Parents Raise Responsible Children
by Eileen Gallo

To be American is to be exposed to material abundance. The challenge for all parents is to help their children take advantage of the opportunities money provides without falling prey to its excess. Gallo, a psychotherapist specializing in psychological issues related to money and family wealth, offers expert and practical advice on how to help children develop a healthy relationship with money. The book navigates various money personalities within a family; helps parents define and communicate family values around money; offers insight into allowances and how to talk about money; and advises how to protect children without sheltering them from the realities of life.

Silver Spoon Kids--a mix of practical tips, checklists, self-tests, instructive real-life stories and anecdotes, and highly effective advice--helps parents raise well-adjusted, emotionally and financially secure children.

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The Golden Ghetto: The Psychology of Affluence
by Jessie H. O'Neill

The oxymoronic title of this book hints at Shakespeare’s age-old adage that “all that glitters is not gold.” The Golden Ghetto, by Jessie H. O’Neill, granddaughter of Charles Erwin Wilson, one-time president of General Motors, examines how wealth proves to be meaningless when its pursuit compromises loving relationships, precludes selfless giving, and inhibits spiritual growth. A psychotherapist whose professional practice focused on treating problems of those who amassed great wealth, O’Neill describes and analyzes the problems of wealth and helps reframe our distorted perception of what wealth can and can’t do for us.

The Golden Ghetto, in fact, is an insightful read for people at all economic levels who are pressured to act on the mistaken assumption that more is always better, and sacrifice that which is truly meaningful.

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Tags:  Children and Money, Family Wealth, Financial Goals, Financial Matters, Financial Planning, Financial Responsibility, Parenting, Privilege, Teaching Children, Wealth

Note:  The content of this article is for guidance and information purposes only and is not intended to be construed as advice. Information provided is not intended to provide investment, tax, or legal advice.


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