This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
You’re not helping. You’re hurting.
Here’s why…
They can cultivate a tenacity to improve their economic circumstances that someone born in wealthier circumstances frequently never possesses.
Is it true?
For many, it has been.
Observe Immigrants
A perfect example of this is immigrants who migrate over to America. Observe how many start their own businesses, create astronomical income compared to previous income, and set the foundation for generational wealth.
But many Americans never experience or amass wealth, even closely related. It’s easy to settle for average financial circumstances.
I Got It, So Why Not Share It?
When you have resources, it’s easy to spoil the ones you love with them, but what happens when you do?
For many recipients, you teach them not to fend for themselves and to become reliant on others for their financial well-being.
I have had many opportunities to support other people financially, and many times I have.
But for some people, I noticed a trend…they weren’t investing consistent effort to improve their financial situations.
The more I gave to them, the more I was financially enabling them to rely on other people instead of creating financial independence.
At a certain point, the more you give to someone, the more you financially debilitate them. You prevent them from learning how to create and build financial resources for themselves to thrive.
Pull back the reigns and notice a shift. They might flounder for a while, but eventually, they learn to swim.
How To Set Your Kids Up For Financial Success
I was chatting with two dads the other day, and they asked me for some of the best financial advice they could implement for their kids.
I told them to create an investment account for their kids as soon as they conceive them – no joke.
Put money every month in that account for them.
But don’t grant them access to that account until they create financial independence for themselves.
If you grant them access to the account too early, you could impede their financial progress and drive them to create financial independence for themselves.
You want to teach this habit sooner than later because it’s hard to eradicate once developed. Ever wonder why some kids can’t stop coming home to their parents? It’s because they have not mastered financial discipline or learned how to maintain financial independence long-term.
Giving is healthy. Most parents desire what’s best for their kids. But before you take care of your kids, be sure to take care of yourself.
And once you get to the kids, teach them how to fish, so they can always be self-sufficient financially. This can help them avoid unhealthy decisions such as rushing into unhealthy relationships, all for the sake of having a dual income or saving money.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.