Silver Spoon Kids: How Successful Parents Raise Responsible Children - Paperback

by Eileen Gallo (Author), Jon Gallo (Author)

A parent's guide to raising financially responsible children in an age of unprecedented wealth

It is natural as parents that we want to give our children the best of everything. And in an age of unprecedented wealth and easy credit, upper- and middle-income parents can indulge that urge like never before. Yet, you have become alarmed over the impact this newfound affluence may be having on your children. You fear that through your generosity you are training your children to be greedy, selfish spendthrifts. The first parenting guide to focus exclusively on this increasingly sensitive topic, Silver Spoon Kids was coauthored by a psychotherapist who counsels people with money-related emotional problems and a lawyer specializing in estate planning.

Drawing upon their experiences as members of the renowned NYU Family Wealth Institute, they tell you how to talk to kids about money, how to teach them to handle it responsibly, and how to instill in your kids a sense of giving to their communities.

Back Jacket

Don't allow money to ruin your child

Being an affluent parent comes with its own particular set of concerns and responsibilities. This is relevant not only to the superrich but also to the millions of families whose children are exposed to material abundance. While many parents know how to capitalize on their wealth financially, they aren't as certain how to make sure money doesn't spoil their children. This expert handbook can show you how. A mix of practical tips, instructive real-life stories and anecdotes, and highly effective advice, Silver Spoon Kids addresses the how and the equally important why of instilling in your family a healthy relationship with money in your family. Here you'll find out how to:

• Talk to your child about money in general--and your money specifically
• Be sure your child doesn't become spoiled
• Use an allowance to teach your child to use money responsibly
• Foster a philanthropic outlook in your child
• Define your family's most important values and communicate them effectively
• Avoid your nightmare of an unmotivated, underachieving, materialistic child

Also included are helpful checklists, self-tests, and Silver Nuggets--brief bits of wisdom and advice that you can quickly put to use. In an age of unprecedented wealth, unlimited credit, and rampant materialism, this practical, timely book can help you raise well-adjusted, emotionally and financially secure children.

Author Biography

Eileen Gallo, Ph.D., is a psychotherapist specializing in psychological issues related to money and family wealth. She has written numerous articles about affluence and children and writes a regular column for the Journal of Financial Planning.

Jon Gallo is a nationally respected estate planning attorney who has worked with thousands of affluent families to plan their estates. He is the author of many professional articles and, along with his wife, a founder of the American Bar Association Committee on the Emotional and Psychological Issues of Estate and Financial Planning.

As codirectors of the Gallo Institute, Eileen and Jon conduct seminars and workshops for families and financial advisors. They have been quoted by Kipinger's, Worth, Forbes, Reuters, and Bloomberg. They live in Los Angeles and are the parents of three adult children.