Culture
Recycles dryer sheets
- Joined
- Apr 15, 2007
- Messages
- 491
I am the parent of a young teenager and am starting to see the effects of our lifestyle on our child. While he still treats our money like it grows on trees, he is as frugal with his own money as we are with ours. While it is still to early to tell for sure, I think his is right on track with becoming a rational economic being (at least as we would define the term).
However, he has a best friend that is driving me nuts. Normally, how others raise their children to treat their money or what others think about my financial situation does not bother me (In fact I generally get a kick out of people thinking I am "poor" relative to them). However, my son's friend is as close as he could be to an adopted son without actually filling out the paperwork, so I actually have an emotional stake in his financial education.
His parents are classical high wage earners/big spenders (He is a doctor and his wife is a lawyer who recently had to go back to work to "make ends meet"). While they do not have excessive debt (relative to income), they spend every penny they make and then some (I am good friends with his father and have a pretty good picture of their finances). Even thought we earn about the same annual income, they probably spend twice what we do per year.
My son's friend has made comments to me or my son several times about our "lack" of income. This has always been in appropriate circumstances or manner, not obnoxiously, say when he comments that he wishes we could afford to buy the lake house next to his parent's lake house, which is for sale. He clearly thinks we make only a fraction of what his parents make.
What I would like to tell him is that I am financially independent in my 40's, work only because I want to, and could purchase five lake houses and still and still have enought left over to live on at my current standard of living.
This is not going to happen, because I have a very strong principle that no one is allowed to know our financial status, as I see only negatives and no positives to this situation.
Anyway, I hint around the bush with him, noting that in order to become a capitalist you need capital, and that if you owe money rather than lend it you are on the loosing team rather then the winning team. However, he obviously does not get it, at least not yet. He obviously believes that wealth is a function of what you spend rather than what your save, as this is what has been modeled by his parents.
So, to get to the point, what have your done in this situation? How do you educated the children of others without spilling the beans and begin explicit about your financial situation? Obviously I do model a frugal lifestyle, and I explicitly point out that we save a "significant" portion of our income for the future purposes. He has also seen that when we actually want something, we have no problem purchasing it (I.e. we are not misers). However, I think he would be more impressed if I bought an expensive new car every year, rather than driving a 6 year old Honda with 100,000 miles on it .
However, he has a best friend that is driving me nuts. Normally, how others raise their children to treat their money or what others think about my financial situation does not bother me (In fact I generally get a kick out of people thinking I am "poor" relative to them). However, my son's friend is as close as he could be to an adopted son without actually filling out the paperwork, so I actually have an emotional stake in his financial education.
His parents are classical high wage earners/big spenders (He is a doctor and his wife is a lawyer who recently had to go back to work to "make ends meet"). While they do not have excessive debt (relative to income), they spend every penny they make and then some (I am good friends with his father and have a pretty good picture of their finances). Even thought we earn about the same annual income, they probably spend twice what we do per year.
My son's friend has made comments to me or my son several times about our "lack" of income. This has always been in appropriate circumstances or manner, not obnoxiously, say when he comments that he wishes we could afford to buy the lake house next to his parent's lake house, which is for sale. He clearly thinks we make only a fraction of what his parents make.
What I would like to tell him is that I am financially independent in my 40's, work only because I want to, and could purchase five lake houses and still and still have enought left over to live on at my current standard of living.
This is not going to happen, because I have a very strong principle that no one is allowed to know our financial status, as I see only negatives and no positives to this situation.
Anyway, I hint around the bush with him, noting that in order to become a capitalist you need capital, and that if you owe money rather than lend it you are on the loosing team rather then the winning team. However, he obviously does not get it, at least not yet. He obviously believes that wealth is a function of what you spend rather than what your save, as this is what has been modeled by his parents.
So, to get to the point, what have your done in this situation? How do you educated the children of others without spilling the beans and begin explicit about your financial situation? Obviously I do model a frugal lifestyle, and I explicitly point out that we save a "significant" portion of our income for the future purposes. He has also seen that when we actually want something, we have no problem purchasing it (I.e. we are not misers). However, I think he would be more impressed if I bought an expensive new car every year, rather than driving a 6 year old Honda with 100,000 miles on it .