A Timely Read for Thanksgiving Season
This month I have another financial book recommendation…this was suggested by a fabulous speaker at one of my follow-up Private Wealth Advisor forums. He was talking about what wealthy people want from their advisors, and like so many of you have told us over the years, one of the main things desired is financial education for your kids. The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money is an enlightening read that I am confident you will enjoy.
The author, Ron Lieber, is the Your Money columnist for the New York Times. He stresses that children are hyper-aware of money and have many questions about it. When parents shy away from the topic, they lose a tremendous opportunity—not just to model the basic financial behaviors that are increasingly important for young adults, but also to imprint lessons about what the family truly values.
The book covers all of the basics and how to handle them: the tooth fairy, allowance, chores, charity, saving, cell phones, checking accounts, clothing, cars, part-time jobs and even college tuition. It is appropriate for parents, soon-to-be parents and even grandparents who want to pass on wisdom to their next generations.
I chuckled often throughout the book, as Debbie and I have adopted many of the tools and strategies discussed. For years, our kids “complained” about having to pay $2 per month for their Apple Music and $2 per month for their Netflix use. We have always stressed that these “life comforts” are not free and that if they wanted to enjoy them, they needed to have “skin in the game.”
I was touched by a recent text message from 21-year-old son, Evan (a senior at University of Kansas), who wrote, “Just want to thank you for all of the little rules and everything we follow at home. None of my roommates seem to have any sense of common decency and I want to thank you for instilling that in me.” Talk about parental gratification!
A couple of my favorite passages from the book:
“Every conversation about money is also about values. Allowance is about patience. Giving is about generosity. Work is about perseverance. Negotiating their wants and needs and the difference between the two has a lot to do with thrift and prudence.”
“Spoiled children tend to have four primary things in common, though they don’t all have to be present at once: They have few chores or other responsibilities, there aren’t many rules that govern their behavior or schedules, parents and others lavish them with time and assistance, and they have a lot of material possessions.”
The Opposite of Spoiled is for parents who want to have honest conversations about money with curious children, and will help those children become more patient, prudent, and generous.
Ron Lieber - The Opposite of Spoiled
On behalf of our entire Weiss Wealth Strategies team, we wish you an enjoyable fall season and a Happy Thanksgiving! We could not be more grateful for your trust and confidence and for being your partners on this journey!
-Gary Weiss, November 2024
Any opinions are those of Gary Weiss and not necessarily those of Raymond James. All opinions are of this date and are subject to change without notice.
Raymond James is not affiliated with Ron Lieber.
