Sterling Terrell

recovering economist

Not Letting Your Kids Fail? Fail.

Not Letting Your Kids Fail? Fail.

Using your money to not let your kids fail?

This might be just one more issue that a wealthy parent might have.

Most of us might have it?

You want to give. You want to provide. And that’s great.

But if you never allow your children to fail – I think – it can be a recipe for a later disaster.

Let them fail when the consequences are small and manageable!

So that when the consequences are great – they can understand the cause and effect.

This is my favorite part of Love and Logic.

Channeling your good fortune to help your children get a good education is laudable, but using it to make sure they do not fail is a path to future failure.

–Paul Sullivan, The Thin Green Line

For All The Wealthy Parents Out There

For All The Wealthy Parents Out There

There seems to be a paradox for all the wealthy parents out there.

And there is no easy solution.

Now don’t get me wrong – there are plenty of moneyless people with no get-up-and-go.

But see if this does not sound familiar.

  1. You start out poor.
  2. As a result, your parent’s give you a relentless work ethic.
  3. You develop a little bit of a chip on your shoulder about it all.
  4. Finally, you make it through school.
  5. You work your face off for 20 years.
  6. One day you turn around and you are wealthy.
  7. And now you have the issue that your children will grow up the opposite of you.

I am not even sure what the best thing to do is.

Stealth wealth?

I am not even sure.

“How does a rich man raise a son who is not a rich man’s son?“

–Rich Cohen, Sweet and Low

Sterling Terrell