It comes as no surprise that most parents are fiercely committed to giving their children a better life than what they had. But should they be so eager to help their kids out? Could helping children be what’s keeping them from building the resilience and resourcefulness needed to build their own version of success?
This is clearly not a black and white issue. Instead, it’s full of gray areas that make this parenting thing such a tough job. However, after all the coaching engagements I’ve done, conversations I’ve had with financial professionals and dipping my toe in the pool of step-parenting three teenagers, I’ve collected a short list of do’s and don’ts that may help you navigate the murky waters of launching your kids into the business world.
Do get comfortable watching your child struggle. I recently spoke with Matthew Wesley, Director at the Center for Family Wealth at Merill Private Wealth Management. He has helped many families, with considerable wealth at their disposal, navigate the balance of support and over-functioning.
A point he wishes all parents understood about supporting their children is, “The most important job of parenting is to prepare children to thrive on their own as adults. Parents who ‘over-function’ – that is do things for children that they could and should do for themselves – tend to foster children who have not learned the skills they need to be independent – in other words under-functioning adults. With respect to finances, children who do not learn how to earn and spend money wisely as children are likely to