Teach your children money management skills!

Teach your children money management skills!: "Heir-Raising Lessons
BY EILEEN AND JON GALLO
Teach your children the value of money.
• Lesson One
• Lesson Two
• Lesson Three
'How much money does it take to ruin a child?' Eileen was asked this question several times during a multiyear study of family wealth she conducted for her doctoral dissertation in psychology. The answer is the subject of our book Silver Spoon Kids: How Successful Parents Raise Responsible Children. We found that money does not have to ruin your child. But raising responsible children in an affluent environment does not happen by chance; it takes intentional parenting. In the workshops we offer based on Silver Spoon Kids [Eileen is a psychotherapist and Jon an estate-planning attorney], we like to quote our friend Jilliene Schenkel, who also counsels families about the intergenerational transfer of wealth. Jilliene uses a red Corvette analogy when she discusses children and money. If you give your teenager a red Corvette for his sixteenth birthday but don't bother with driving lessons, why would you be shocked when he gets into an accident?"