5 Things Successful Parents Know About Kids And Money

Teaching kids about money is complicated. We want our kids to be responsible savers, but not greedy hoarders. We want them to be generous and philanthropic, but not naïve and idealistic. We want them to be successful, but thanks to 2,000 plus years of meek-shall-inherit-the-earth messaging from a religious culture derived from the Israelites’ slave-uprising, we’re afraid of also becoming the Pharaoh.

In Republic, Plato is already confused about how to understand the fact that financial success can be the product of unjust actions. In dialogues that read like early behavioral economics, Plato challenges democratic incentive structures, wondering whether the desire for wealth motivates individuals toward justice or injustice. “All men believe that injustice is far more profitable than justice,” says Glaucon in one dialogue from Republic. We all aim, he believes, to profit from bad behavior while appearing to be good.

In the modern world, we still haven’t figured it out. Especially when it comes to our kids, we struggle because our desires are inherently conflicted. We want to raise them in such a way that they become strong successful individuals that prioritize their own needs, and we also want them to give and share in a way that puts others first.

• Money is emotional, not rational
• Understand the differences between desire, value, investment, and quality
• Spend thoughtfully. Spend mindfully
• Recognize cultural prejudices and societal norms
• Life is full of painful ethical conflicts

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