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

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[quote=Anonymous]I worry about this too. I grew up very comfortably in NYC, but we also certainly didn't feel "rich" because life was so expensive. (My parents were professionals, but our biggest expenditures were clearly housing-related, which is just not something you really internalize as a kid.) My dad was very conservative with money (i.e., went to multiple grocery stores to get the best priced/sale items at each one, even though he didn't "have" to). My mom through around money at little things, but was more likely to say that a "big" thing was out of the question due to its cost.

We live within our means (HHI of $250K in DC) except that we have a nanny for our two under 3s who is wiping out our non-retirement savings for 2 years for idiosyncratic schedule/health reasons (daycare is a nonstarter, unfortunately). We will be back to self-sustaining after school begins without any issue, however, and are lucky enough that we won't have to go into debt.

My brother, OTOH, grew up the same way as I did and is ridiculous. Talks about money all the time. Wants the newest and the best. Spends on ridiculous things to the point that he's not in debt, but has no savings at all (including retirement) despite not having kids yet (but wanting them). Chooses his job based solely on income. Etc. I love my brother, but when it comes to money, he's exactly what I don't want my kids to be like.[/quote]

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