You often hear how sometimes when kids grow up they are spoiled to the point where they expect to be given everything as opposed to having to earn it. Therefore, when it cones to things like saving and planning for the future isn’t in their vocabulary. What was interesting in regards to this today I was told was how my nephew had a birthday and in the morning he was cooked an egg for breakfast. To be a little original it was boiled and decorated a bit as it wasn’t something that he was used to. Apparently the very first reaction that came out of his mouth was “That’s it?” where he thought that was his birthday present.
Of course he is still at that age where whenever he walks into the toy store he just wants to get everything as it is always someone else’s money being used. I was then thinking how you would get one out of that mentality as I would imagine it would carry on into one’s teenage and adult life where they will say become reckless spenders when it comes things like using credit to making purchases. I guess the first idea that most people would have is to be aggressive such as saying if they want something they have to work for it or showing them less than lavish lifestyles to try and make them appreciate what they have.
I know for myself it generally came down to having a competitive spirit and wanting to do better as I thought the reward at the end was greater that way. Example, constantly seeing how others had or were given more money than myself became like a contest to me where it’s like playing a difficult video game as it was a challenge to figure out how I can do better with what I was given. The most common scenario was seeing how people wasted so much money on things with impulse purchases and therefore I opted to save instead.
So essentially, I think it is more about trying to provide one with the right tools to self realize that it is smarter and more fun to take control of your own finances as opposed to having others give you things and acting as if you don’t have control over it.