Can I raise a child who is rich and responsible?

Swapna Mirashi
Money is a mere number today as most transactions happen electronically. Children hardly see any physical transactions, except at times witnessing the magic of casting a spell at the ‘hole in the wall’ to get money called the ATM. Children influence family finances, although they are not fully developed to have a long term view to make decisions. For these reasons, they are the blue-eyed boys and girls of advertisers and retailers; often emotionally manipulated into wanting and demanding.
The media-dominated, peer culture we are raising our kids in, works in opposition to kids developing skills like – responsibility, goal setting, self discipline, drive, and empathy – the skills necessary for their well being – financial or otherwise.
Imagine, what will happen of kids with privileges who grow up getting what they want, when they want – without hard work or painful wait – when they enter the real world, and are on their own.
‘It is what we make of what we have, not what we are given, that separates one from another.’ – Nelson Mandela
Rich kids don’t necessarily end up rich
Debt, Student Loans, Mortgages, youngsters living with their parents longer, are the first world problems faced by families across the world. Children from well-to-do families are staying financially dependent on their parents, in extreme (not few) cases, way until their thirties. How can our kids, living in abundance and a virtual financial world, appreciate the value of money and make sane financial decisions as they grow?
The only defense to this continuous targeting for money is a step by step training.
Catch them young! Coz if you don’t, someone else will.