Money training for young adults: How can parents teach their young children about the value of money?
Let’s assume that is true, I offered. “So neither him, nor you think about all the spending you have just done? Just the joy and satisfaction of making your son happy is all that matters?” I asked. She told me that the expenses were too high for them, but that the son did not come every day. “We must adjust,” she proposed.
Our relationship with money ends up being strained and false with these kind of experiences. We cease to be honest about money to ourselves. What is done under the shroud of care could sow the seeds for resentment later. Stretching oneself beyond one’s means is mostly likely to be painful. These expenses will hurt the parents and also damage the relationship the boy has with money.
The young man fails to see the difference between need and want; seeks instant gratification; assumes money can make one happy, and feels entitled to someone else’s money even if they are his parents. He is already an adult, over 18 years of age, and will soon be in the market for jobs and earning his own income. It would be too late then to recast his relationship with money. Negative emotions about money—pain, disappointment, frustration— will become tough to deal with.
What can parents do to help their young adult children to develop a positive relationship with money? This is important in order to make sensible decisions with money, a task one must execute for many years until death. Just like food and health, money habits must become an aspect of everyday lifestyle to be sustainable in the long term, in order
