4 Tips For Raising Well-Balanced Children When You Have Wealth

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Dudley Dursley from Harry Potter.

Veruca Salt from Willy Wonka and the Chocolate Factory.

Pearl from SpongeBob Squarepants.

These characters all have one major thing in common: They're all spoiled brats.

Whatever they asked for, they received. When met with any pushback, they threw a full-on temper tantrum.

You may have laughed when they were on your television screen, but as a parent, you want to make sure your children do not grow up to be like any of them.

Here are 4 tips for raising well-balanced children when you have wealth.

1. Don't Give Them Everything They Want

Even if you are able to meet all of your children's wants, it doesn't mean that you should. All children, no matter how wealthy their families are, need to learn that they don't always get what they want.

Teach your children that just because they want something doesn't mean they will always receive it. This lesson will stay with them throughout the rest of their lives. They will learn that they need to work hard to receive some things in life. Not everything they want in life will be free. Some things will take some effort, commitment, and sometimes their own hard-earned money.

2. Teach Them About Hard Work

Teaching your children about the value of hard work goes hand in hand with not giving them every single thing they want or ask for. Children should have a set of chores at home. This teaches them the importance of working hard, but it also instills confidence and a share of the responsibility for managing the home and family.

Here are a few examples of items to put on a chore list:

  • Load the dishwasher

  • Put away their own laundry

  • Help make dinner

  • Vacuum

  • Make their bed

  • Clean their room

  • Set the table for dinner

  • Take out the trash

silhouettes of one child holding an umbrella over another child

3. Talk About the Value of Money

Don't completely dismiss conversations around money. You can use it as an opportunity to teach your children the importance and values surrounding money. Teach your children about how you and the family handle some of your financial decisions. This is a great way to teach them about how money works and any values you have in place for saving and spending.

You can take this a step further by allowing them to manage money on their own. Some parents choose to reward children with money by doing chores. Others prefer to give a weekly allowance. Whatever you choose is best for you and your family, stick with it, and make sure your children are learning the importance of both saving and spending, as well as patience and self-control.

4. Allow Them to Fail

No parent wants to see their children fail, but failure is a natural step and a great way to learn. Fall down seven times, stand up eight. Failure teaches anyone how to improve and move forward.

Many parents try to protect their children and prevent them from experiencing any failure or pain. Try to find a healthy balance between supporting them and letting them fail. Failure is one of the best teaching lessons. Allow your children to make financial mistakes. Let them purchase something that they'll regret later. Allow them to start their own lemonade stand. Pain and disappointment is something necessary to experience growth.

Next Steps

No matter your financial status, you just want what's best for your children. You want to set them up for success, but you also want them to be able to navigate life when they're out in the real world alone.

One of the best ways to set up your children for success is by teaching them about the value of working hard to earn money. If you're interested in learning more about ways to find a healthy balance when it comes to your children, reach out to me today to set up a consultation. Balance is possible and just a phone call away. Counseling For Professionals or Parenting Therapy can help you and your children find this balance.