Marilyn Wechter: Setting Your Children Up for Success (EP.07)

Take the Long View

Can you continue to pursue and achieve success without raising spoiled children? Marilyn Wechter, returning guest from our very first episode, has over 35 years of experience as a wealth counselor and financial therapist. In this episode, Matt and Marilyn talk about raising children to have a good relationship with money.

What are the characteristics of a spoiled child? How do parents help young people develop patience and learn to love delaying gratification? When do you give your kid a credit card? These are a few of the topics Marilyn covers with Matt. The takeaway is a new lense around how to raise competent, confident, autonomous adults.

Key Topics:

• Re-introducing Marilyn. [00:44]
• Changing the way we use money and material benchmarks with kids. [01:56]
• Exploring why people don’t like talking about money. [02:56]
• Why you need to get clear about what money means to you. [03:42]
• Being aware of the messages you’re sending to children. [04:22]
• Using everyday opportunities to teach your kids about money. [05:46]
• Raising kids to be competent adults. [08:38]
• Four characteristics of spoiled kids. [10:11]
• The positive traits we want to help our kids to develop. [11:04]
• Holding financial values as a constant. [11:33]
• Teaching kids patience around money. [12:43]
• The danger of substituting things for time. [15:34]
• Using debit cards to teach kids about budgeting. [16:58]
• Distinguishing an allowance from earned money. [17:53]
• Engaging your kids in conversations about money. [19:03]
• Helping your kids develop a realistic context and perspective. [20:31]
• Making sure kids have some skin in the game. [23:06]
• Marilyn’s seven key principles for raising successful young people. [26:14]

Mentioned in this Episode:

• Ron Lieber’s Book | The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money https://www.amazon.com/Opposite-Spoiled-Raising-Grounded-Generous/dp/0062247026

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