HOW WEALTH CAN NEGATIVELY IMPACT CHILDREN... IF YOU LET IT.
It leads to a lack of understanding of the value of money, how to earn it and how it shapes relationships and ourselves. Wealth inheritance is often seen as an alternative to work, this leads to a loss of work ethic and understanding the need to work one’s way up from the bottom. Financial dependency inhibits development of own drive and sense of self-worth. It also hinders the ability to see opportunities and problems. When everything comes too easily, there is a distortion in values as to what is actually required in order to earn anything. It creates a distorted sense of self-importance and may lead your child to equate money with self-worth. It deprives your child of the sense of achievement that comes with work and its associated rewards. It can produce insatiable consumers, frivolous with credit and spending and obsessed with brands, fashion and trends. Lack of core life values, meaning and purpose makes these youngsters more susceptible to action/consequence behavioural problems including drugs and alcohol. It can create a lack of appreciation of a life of real substance and meaning that is not related to money. Wealth is a magnet for the insincere and can inhibit your children surrounding themselves with people of substance.