Reply to Affluent parents -how do you handle money and your kids?

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[quote=Anonymous]I am not sure exactly what we did, but both kids seem to have an appreciation for the value of money and are privileged but not spoiled.

We required them to work for pay every summer in college (one is still in college), and do something productive in summers during high school (could be for pay or not - for example one did an unpaid summer internship on Capitol Hill).

We gave them an allowance in college but anything they wanted over that was/is from their own earnings.

We are not big into brands/designer stuff (except maybe for cars) and spend money on vacations but not on stuff. That seems to have rubbed off on them.

What we didn't do was require them to pay for college. I don't see the point of burdening them with debt when we can easily pay the tuition. Plus both my DH and I had our college educations paid for. They also both got cars in high school - but frankly that was more for my convenience than theirs - we needed a break from the driving to school, sports practice, etc.

One is now working in a good job and we still pay for a few things (health insurance because it is a family plan, car insurance, cell phone) but otherwise DC is on her own.

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