Fathers, Children and Money

Gallo, Eileen
April 2004
Journal of Financial Planning;Apr2004, Vol. 17 Issue 4, p30
Academic Journal
The article offers advice on what fathers should do to teach their sons and daughters about money. First, fathers should spend time with their children. It is good to start when they are young. If fathers want to teach their children money values, they need to create an emotional and intellectual climate that helps them learn to think logically and to deal with abstract concepts. Second, fathers should avoid confusing net worth with self-worth. Fathers should make a point of complimenting professions that do not command a top salary. Doing so results in children who define themselves solely in terms of what they make or what they have, not who they are. Third, fathers should share their failures, as well as their successes, with their children. Children often have an unrealistic view of their father, assuming that he never encounters problems at work and that his success was easily accomplished rather than being the result of years of hard work. Fourth, fathers should learn to say no based on their values and their budget. If a child asks a father to buy something that he can afford but he does not want to, the father should state his values simply and in a manner that shows how those values relate to the topic at hand.


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