It’s no surprise that raising children isn’t cheap. Studies show that the average cost of raising a kid in the US is more than $200,000, a figure that rapidly increases in neighborhoods of more affluent families who are willing to shell out cash for expensive education and material goods. Most expatriate families belong to this category, with parents who are more often than not willing to spend exorbitant amounts on the best education, material possessions, and pricey vacations for their children.
However, does spending more on a child guarantee a higher level of success later on in life, or does it simply make a kid more accustomed to a living standard that may be difficult to transition out of as he or she gains independence?
Although many people take a look at current socialites and think that wealthy children will automatically grow up to become spoiled, materialistic adults, the answer is in truth more complex than one might think. Although it is true that many wealthy children (think: Paris Hilton) end up living lavish, indulgent, and unproductive lives, many also end up personally successful, attending the best universities and launching lucrative careers.
So, it seems as if the amount of money a parent possesses isn’t directly proportional to their children’s’ later attitude towards money and hard work – rather, it is the values that these successful parents teach them, through example and practice.
Warren Buffet, one of the richest men in the world, is well-known for his uncanny investing ability and advice on financial affairs. However, his take on parenting is equally striking: ”My kids are going to carve out their own place in this world, and they know I’m for them whatever they want to do.” He believes that setting up his heirs with ”a lifetime supply of food stamps just because they came out of the right womb” can be ”harmful” for them and is ”an antisocial act.” To him, the perfect amount to leave children is ”enough money so that they would feel they could do anything, but not so much that they could do nothing.”
Thus, he made it clear to his children that most of his fortune would go to charity. His eldest son, Howard, is now a director of the Coca Cola Company. Bill Gates also took a similar approach, expressing his intention to his kids to put the vast majority of his fortune in the Bill & Melinda Gates Foundation. Although Warren Buffet and Bill Gates are among the most affluent individuals in the world, they focus more on instilling a solid sense of work ethic, as opposed to entitlement, in their children. This is further emphasized in their own relatively frugal lifestyles.
However, on the flip side of these exemplar parents, there are also those who lavish unnecessary luxuries onto their kids, indulging their every whim. For example, Justin Combs received a $360,000 silver Maybach for his 16th birthday from his father P. Diddy. Suri Cruise, the 6-year old daughter of Tom Cruise and Katie Holmes, has a wardrobe with an estimated value of $3 million.
With all of this handed to them, what personal incentive will children like these have to work hard and strive for achievement? The result of such overindulgence can clearly be seen in the new generation of “celebutantes” and reality show stars, many of whom live off of their trust funds and whose idea of “work” is toestablish glamorous public images and launch lines of beauty and clothing products. And who can blame them? Many of these parents are slaves to glamour and material themselves.
In conclusion, it is not the money or the success of the parent that makes the child spoiled. There has never been a child that has spoiled themselves- good character and financial attitude lies in the ability of the successful parent to convey important life lessons.
About UNIT-E
UNIT-E was founded in the spring of 2010 with the aim of establishing a non-profit, student-run magazine for international students in Beijing. Staffed by current students from a range of international schools, the magazine provides an amalgam of cultural tidbits, fragments of Beijing student life, and a broad spectrum of unique perspectives from a diverse group of young adults.
UNIT-E was founded in the spring of 2010 with the aim of establishing a non-profit, student-run magazine for international students in Beijing. Staffed by current students from a range of international schools, the magazine provides an amalgam of cultural tidbits, fragments of Beijing student life, and a broad spectrum of unique perspectives from a diverse group of young adults.
Photo by Flickr user: dcmaster
