Jane (mahbaar) reviewed Silver Spoon Kids: How Successful Parents Raise Responsible Children on + 111 more book reviews
Helpful Score: 14
In our society, even though there is so much marketing to persuade us that what we only want we have to have, we often have no idea how to talk about money. The Gallos have spent many years providing financial counseling, and in this book they discuss the issues about dealing with money and your children, particularly if your family is one of wealth. They offer practical advice on how to handle many different scenarios and guide the reader toward making his own decisions as to what is best.
I found the discussions of the actual case studies from their practice to be fascinating. It was startling just how dysfunctional some of these wealthy families were about money. There are some extremely practical tips on how to talk about money with your children, and how to handle your own money and set a good example.
I especially appreciated their discussion of philanthropy, and how if we do not stress this as an important part of our lives (both with our time and finances) that we will perpetuate feelings of entitlement. There were many useful examples of how to do this with our children.
The one thing that I did object to was saying, essentially, "We are rich." There's nothing wrong with pointing out that you can afford a larger house, always have food, etc., but I'm not too keen on actively demonstrating just how much more wealthy your family is. But overall I felt that the practical advice on how to teach children to handle finances responsibly outweighed this. (And I do agree that more frank disclosure among adult children is important.)
Definitely worth a read.
I found the discussions of the actual case studies from their practice to be fascinating. It was startling just how dysfunctional some of these wealthy families were about money. There are some extremely practical tips on how to talk about money with your children, and how to handle your own money and set a good example.
I especially appreciated their discussion of philanthropy, and how if we do not stress this as an important part of our lives (both with our time and finances) that we will perpetuate feelings of entitlement. There were many useful examples of how to do this with our children.
The one thing that I did object to was saying, essentially, "We are rich." There's nothing wrong with pointing out that you can afford a larger house, always have food, etc., but I'm not too keen on actively demonstrating just how much more wealthy your family is. But overall I felt that the practical advice on how to teach children to handle finances responsibly outweighed this. (And I do agree that more frank disclosure among adult children is important.)
Definitely worth a read.
