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Raising Rich Kids: 5 Easy Steps

By Madeline Holler |

I know, I know! We’ve done a terrible disservice to our mega-wealthy readership by never, ever offering parenting tips on how to raise the impossibly entitled.

While this advice may come too late for the Hiltons, it’s not too late for your cashmere-wrapped bundle. So pop in a diamond encrusted binky and hand her over to one of the nannies. What you read could change the course of your born-on-third-base future success story!

Writing for Toronto’s Globe and Mail, Dr. Lee Hausner breaks it down on how to teach privileged offspring to put the silver spoon back in the drawer. (Come to think of it, even us more down-to-earth types could learn a thing or two.)

Prevent “affluenza”: Kids who have lots will take things for granted if they know they won’t be held accountable. Lose your favorite Lego guy? Break your iPod? It happens. It’s the parents job not to send Jeeves (our themselves) out and buy a replacement.

Realistic expectations: Focus on effort and activity, not outcomes. (And enough with the praising!). Kids whose parents have achieved great things often think that is expected of them too — overwhelming, for sure, and also unlikely.

Family communication: uninterrupted, scheduled, frequent. Even less-affluent families could use a good, old-fashioned family meeting to hash out the issues of the day, check in, look each other in the face. Kids should feel like they have input into family decisions.

Manage money like it doesn’t grow on trees: give kids an allowance, and expect them to spend, save and donate equal portions. Also, older kids do better when their allowances are also expected to cover clothes and entertainment. Just remember, Daddy Warbucks, when the money is gone, it’s gone. Those raggedy Louboutins will have to make it through the summer.

Tough love for grown-up kids: 20- and 30-year-old drifter kids need to be cut off, she says. Cut. Off.

And if none of this works, you can always pay someone else to raise them.

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Photo: Globe and Mail

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About Madeline Holler

madeline-holler

Madeline Holler

Madeline Holler is a writer, journalist, and blogger. She has written for Babble since the site launched in 2006. Her writing has appeared in various other publications both online and in print, including Salon and True/Slant (now Forbes). A native of the Midwest, Madeline lives, writes, and parents in Southern California, where she's raising two daughters and a son. Read bio and latest posts → Read Madeline's latest posts →

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0 thoughts on “Raising Rich Kids: 5 Easy Steps

  1. Manjari says:

    Man, I wish I had this problem.

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