One way to keep kids from feeling entitled: Hide the wealth

[Certified Financial Group]

David Fagan, a father of eight, tells his children that if they want something — a vacation, a pair of expensive shoes, even a college degree — they have to save up for it themselves.

Read the rest of the story. (http://financialgroup.com/2014/09/04/one-way-keep-kids-feeling-entitled-hide-wealth/)

[manaboutown]

This is a wonderful concept. A life long friend of mine grew up in a prosperous home. When he got into graduate school at Stanford he had to make his own way. He ended up buying and reselling (mostly engineering) textbooks used by the several universities in the region. He ended up with a huge collection, 30,000 high quality children's books, complete unopened National Geographic collections and thousands of engineering texts along with his PhD.

When his daughter wanted spending money in high school he refused. She started selling her used clothing on eBay, connected with a local outlet mall, bought clothes there and resold them on eBay. She ended up making over $10,000 per month while still in high school. She is now an MD.