How To Leave Spiritual Wealth For Your Children (Series 2)

Last week we looked at the first series on Leaving Spiritual Wealth for your Children.

This week Series 2, we shall be continuing as have said last week with the topic:

Parentingin Material Abundance

Exceptions exist, but typically they are owing to deliberate actions parents take. They know it’s critical that their children experience their own financial journey. These kinds of parents tend to share two overriding principles in common.

First, they see the importance of their children experiencing financial adversity.

They view the statement “I don’t want my children to have to go through what I went through” for what it is — a misguided view of adversity that ultimately denies their children a chance to gain personal economic maturity.

Their kids may have a nicer home and more options than their parents did at the same age, but wise parents make sure to keep dilemmas in place that force their children to develop fiscal responsibility. For starters, their children still have to carry their fair share of chores around the house. And these parents realize that even though they could easily purchase their kids all the latest clothing and gadgets and everything else their heart desires, they do not. They provide the basics that any other parent would provide, but still expect their children to create income streams of their own if they want upgrades and extras.

The other way they allow them to experience adversity is they refuse to provide economic outpatient care for them once they’re adults. They know it’s in the best interest of their children that they each learn how to be economically self-sufficient.

Second, they distinguish between their wealth and their children’s.

The teenage son says, “Dad, we’re rich, aren’t we?” Dad replies, “No, son, your mom and I are wealthy. You have nothing. We worked hard for what we have and are glad to share its benefits with you while you’re under our care. But a day is coming when we’ll launch you into adulthood. Then you will have to assume total financial responsibility for your life. How you end up when it comes to money and lifestyle will correspond to your own efforts.”

A place exists for financial hand *ups* that enable a responsible young adult to be even more responsible, but not financial hand *outs* that accommodate laziness, irresponsibility, or entitlement. Trust accounts and financial inheritance aren’t assumed by these wise parents but only passed on if these parents are confident these things will help make their children better people. 

The last thing they’d want their hard-earned money to do is ultimately destroy their adult children.

We shall continue in the Next Series 3 where we will be looking at 

Parenting in Spiritual Abundance

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