Don’t Punish Your Kids: Teach Them This Financial Lesson

When I was teaching at Singapore American School, I tutored a Korean woman who asked me how much my parents pushed me to excel in school.

When I said, “They were pretty low-key. They encouraged me, but they didn’t push me like you push your daughter.”

She shocked me by saying, “What your parents did [or didn’t do] should be considered child abuse.”

I doubt it. But here’s where she might be on to something.

If you know the lesson in this story, and you don’t teach it to your kids, you might be setting them up for a lifetime struggle.

Image By Pixabay

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Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School (2nd Ed. Wiley 2017) and The Global Expatriate’s Guide To Investing: From Millionaire Teacher to Millionaire Expat (Wiley 2015). My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions. However, please read the Terms of Use, Privacy Policy and the Comments Policy.

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2 Responses

  1. BW says:

    I’ve started to invest in low cost index funds (using Vanguards VWRL). From what I understand this is a “weighted” fund.

    Isn’t it better/safer to invest in a non-weighted index fund rather?

    I’m concerned that in a weighted fund that if/when the tech stocks go down they could drag a portfolio of this type down substantially (due to their large makeup of the fund( whereas with a non-weighted fund the damage would be less.

    Would appreciate your thoughts on this!

  2. Frank says:

    Thanks for the article. I’d love to see more on this topic for Canadian expats living in SG. I saw your post “How To Open A Vanguard Investment Account For A Minor” and would love to see further info on this for setting up accounts for kids!
    Thanks for everything you do.
    Frank


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