Do we really want our children to be better off than we are? Is it our responsibility to make sure that they do better, or just as well as we do?
I thought about this over the weekend when I bought my son’s cell phone. A Mo.t.orola Ra.zr. Ain’t it purty? His phone is better than mine. Honestly, if I had a problem with it, I wouldn’t have bought it. It just made me think. I promised him a phone for his birthday because with his 16th birthday he’ll be getting a job and helping to pay the bill. In addition, the older he gets the more time he spends out of the house and I need to be able to get in touch with him … at all times!
Anyway, back to the subject at hand: is it the parent’s responsibility to ensure their child’s future financial success?
According to War.ren Bu.ff.ett:
"It's dumb to let possessions rule you". He's said his children won't inherit any great wealth when he dies. "There's no reason why future generations of little Buffetts should command society just because they came from the right womb. Where's the justice in that?"
Of course it’s easier to make the point when you’re dealing with the third wealthiest man in the world. I agree with him. I guess he figures that since he worked to make his fortune his kids should do the same. I’m sure they’ll get a little something when he dies but not enough to retire off. I’ve also heard him say, “I want to leave my children enough money to help them do something, but not so much that they don’t have to do anything.”
If nothing else, he has definitely ensured that his children won’t murder him for the money.
Is it smart? Is it selfish?
What great favor are you doing for your child if you put them in a position where they never have to work for anything? Personally, I feel like the sooner my kids enter the workforce the better. No one lives for free. Of course, if I can prevent them from making the same financial mistakes that I made than I will. I don’t want them to struggle. I’ll encourage them to stay in school and try to find a career that will pay them to do something that they love. Instead of dropping out of college and just working a 9-5 in order to pay the bills. I love my job but it’s definitely not my dream job.
I want to give the kids the tools that they need to enable them to do better than I did. Now, what they do with those tools is on them. I can’t remember where I heard this but it’s been said that if you give a man a fish, then you feed him for one day. But if you give him a fishing pole and teach him how to use it, you’ve essentially fed him for the rest of his life.
I’ve said this before but I think it’s worth repeating: I’ve worked since age 15 and contributed to my parent’s household with every paycheck. Not because they needed it, but because they wanted to teach me something: No one lives for free. With a paycheck comes responsibility. It was probably the best lesson that my parent’s ever taught me.
