When a child has some close friends at school, but some of them come from relatively richer families, so they get maybe twice my child's pocket money, how should I answer when he complains and asks to be on par with such friends?
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Depending on their age, you may be able to use this to teach them about finances.
Also, you might give them an opportunity to earn a little more:
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I'm against the whole concept of just giving kids money. But if you are going to give it to him, I would respond to his complaints by having a discussion about fairness and equality and that they are not necessarily the same thing. Other topics for discussion would be: whether his friends do anything to earn their money, what trade-offs are associated with them getting more money (e.g. his Dad is rich and can give him more pocket money, but works so much he never gets to spend time with his Dad), etc. |
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In addition to the answers already given, I would also point out those who are not as fortunate as you or the richer families. Depending on the age of your child, it may be a good time to discuss community service. Take your child to a food bank or get involved in other activities where your child can experience both sides of the coin. |
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"That's great. I'm glad to see that you have ambitions. What do you think you can do to earn more money?" |
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Rich dad poor dad is by far the best resource that you can use for this. Give your child this very simple parable: "Every morning an elderly man goes for a run. He looks to be in great shape and always has the energy. During his run, this old mans grandson can be found at home watching television. This grandson is overweight and never has the energy to run with his grandfather. When you look at the grandfather, he looks to be in great shape and doesn't look like he needs the exercise. However, the grandson does look like he needs the exercise. The same is true when it comes to money. When it comes to people that are continuously spending their money, their bank statements are telling them that they need to learn how to start saving. But those that are saving wisely, look like they need to spend more often." |
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I would like to share how our parents raise us. When it comes to money matters, my mom is very transparent or vocal about our financial condition. Like she tell us that this is what we have, and we will have to spend it on this and that. In this way, I learned the value of money. Based from experience, my parent's honesty about our financial status, had helped me to accept that we are not that rich compared with others. But it inspires me to study and persevere, because I know that with limited resources my parents are doing their best to support my needs. I believe that when you are honest with your children about your finances, slowly they could understand the situation, and from there, it may help them to persevere in life. |
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