Affluent parents struggle to maintain a balance between helping their children financially and teaching them how to become self-sufficient.

• While parents mean well by providing financial help, they may be hampering their child’s productivity and preventing them from learning the value of work.
• Affluent or not, parents are concerned how to raise productive children. Setting financial limits and sticking to them can help ensure that their children don’t depend on what they see as an endless supply of money.
• Banks like Gibraltar and J.P. Morgan have begun to offer classes and seminars focusing on understanding and managing finances and preparing for the future.

Best Quote

“You have to help a kid understand what it means out there. You can’t expect kids to go out in the world and be self-sufficient if they don’t know what a utility bill is.” – Joline Godfrey, Chief Executive of Independent Means

Tags: careers, child motivation, parental involvement, productivity, self-sufficiency, wealth, work