Communicate as early and as often as possible that your money is not their money. Your obligation to your kids is to provide adequate food, clothing and shelter–not necessarily the best money can buy–and to see to their education and character/moral development while they are minors. Going much further than that will not only make teaching kids about money more difficult, but could hurt, not help them, in the long run. Remember, your primary job as a parent is to transform your dependent minors into financially responsible, self-supporting adults. You won’t do that if you insist on providing for their every whim.
Alfred Edmond Jr. is SVP/Editor-at-large of BLACK ENTERPRISE. He is a content leader, brand representative and expert resource for all media platforms under the BLACK ENTERPRISE brand, including the web site, social media and live networking events. From 2008 through 2010, Edmond was SVP/Editor-in-chief of BlackEnterprise.com, helping to lead the transition of BLACK ENTERPRISE from single-magazine publisher to digital-first multimedia company. From 1995 through 2008, Edmond was chief editor of BLACK ENTERPRISE magazine. He has also hosted The Urban Business Roundtable on WVON-AM in Chicago and Money Matters, a syndicated radio feature of American Urban Radio Networks. Edmond is also an entrepreneur, speaker, author and amateur natural bodybuilding competitor.