Moneywise

How to Not Ruin Your Kids with Your Wealth ft. Dr. Becky

76 snips
Aug 20, 2024
In this conversation, Dr. Becky, a clinical psychologist and founder of Good Inside, shares her insights on raising resilient children in wealthy families. She emphasizes the importance of letting kids face challenges, even when parents can remove obstacles. Dr. Becky discusses balancing professional life with parenting, setting boundaries, and fostering intrinsic motivation in children. She highlights the dangers of entitlement and the need for teaching financial responsibility, offering practical tips to cultivate emotional growth through purposeful adversity.
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INSIGHT

Entitlement and Frustration

  • Entitlement stems from a fear of frustration, developed when needs are consistently met without effort.
  • Overcoming adversity is crucial for building resilience and confidence.
ANECDOTE

First-Class Tantrum

  • A 16-year-old threw a tantrum in an airport because he wasn't flying first class.
  • This illustrates how constant comfort can lead to a fear of frustration.
ADVICE

Embrace Discomfort

  • Expose children to age-appropriate adversity, like chores or less-preferred activities.
  • Explain the value of these experiences in building essential life skills.
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