We pride ourselves on being able to give our kids whatever they want as proof of our love and ability to provide for our family. This seems innocent and what every parent should strive for – right?
The intent is certainly understandable, but the outcome can be a mixed bag. I’ve been a Certified Financial Planner for more than 20 years and many times I have sat down with distressed parents who inadvertently created entitled kids. Their kids left home ill-prepared to manage their finances because they were simply used to being handed everything and expect Mom and Dad to continue to do so indefinitely.
It’s very easy to look from the outside and say they should let their adult kids fend for themselves, and eventually they will need to cut the financial cord. At the same, it also much harder to watch your kids struggle and do nothing.
This is why I advocate so strongly for parents to talk to their kids about money when they are small, so when they leave home, they have the firsthand experience and confidence to make good decisions with their money.