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

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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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Worried that your wealth might turn your kids into spoiled, unmotivated adults?

Dr. Becky’s here to show us how to raise resilient, grounded kids even when money isn’t an issue.

She’s the force behind "Good Inside", often called the "millennial parent whisperer." With a clinical psychology background, and her own experience parenting young kids while founding a rapidly growing successful business, she’s full of valuable insights on how to raise kids in a wealthy environment without them becoming spoiled and entitled.

In this episode, Dr. Becky explains why it's crucial for kids to experience challenges, even when you can afford to remove obstacles, and why you too need to do more hard things. She provides actionable tips on setting boundaries, managing a demanding career while being present for your family, and encouraging internal motivation. We also explore how your behavior and energy as a parent shape your children's growth and resilience.

This is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits.

Who is Sam Parr?

Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022.

This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups.

Chapters:

Dr. Becky's Journey and Good Inside (02:41)

Balancing Business and Family Life (07:57)

Teaching Kids Resilience and Handling Frustration (13:04)

Self-Improvement and Parenting (21:57)

Small Steps for Big Changes (23:09)

Managing Anxiety and Productivity (24:23)

Balancing Family Time (25:50)

Teaching Financial Responsibility (28:41)

Legacy and Parenting Philosophy (33:36)

Good Inside App (36:45)

This podcast was produced in partnership with Lower Street and distributed by Morning Brew.