I am always looking for great stories of parents who DO it RIGHT when it comes to finances! This story was shared by Tom Wiebe of Studio M Interior Design
Our client has four kids and I am certain a net worth of over $50 million.
His 12 year old was able to pick his summer camp but had to propose it with ALL the details.
He picked a summer ski camp in Washington state.
His parents said great and bought his ticket.
When “spending money” came up the Dad said, “lets give him $50″ but the Mom said “$20 because everything was included” according to the kid except snacks. You have to keep in mind he was traveling alone, flying cross country and his parents thought $50 was too much. They ended up sending him with $20.
The first night, the kid calls home and says he messed up and the amount didn’t cover ski rental!
Most parents would have pulled out the credit card, but they had a “deal” with their son and decided against it.
They simply told him to “work it out”. They told him that he had $20 and he needed to figure it out.
They flew out to meet him at the end of the week as they had planned a family summer vacation out there to coincide with his trip to camp.
When they met up, they asked how he did with his money. He gave them back the $3 that was left over and explained how he had “worked out” his lack of money for ski rentals.
He had gone to the ski shop and asked how he could get free skis. He figured out that he could get demo skis every day for free as long as each day he tried a different style. He borrowed a helmet from another kid and that was that!
Without a credit card from mom or dad, he had “worked in out.”.
I love the story because:
- From now on, he will look into fine print.
- The across-the-country “rich kid” ski camp didn’t overshadow an important lesson. They spent plenty of money, but kept “spending money” and principles in perspective.
- There was no precedent for bailing him out. Most of us would have fronted money and worked out a pay back. They weren’t afraid to teach the lesson!
- The experience taught him to fix his own mistakes. Nobody bailed him out but himself.
From Sarah – What will you do to teach your kids lessons about money? No matter what your income level, there are always lessons that can be taught!
Great story, Sarah…thanks for sharing. It’s so much easier to bail kids out than allow them to deal with consequences and solve their problems on their own. It’s a valuable learning lesson that will serve them well in the long run.
Melissa Rose
Biz in a Boxx
http://www.bizinaboxx.com
Great story, Sarah…thanks for sharing. It’s so much easier to bail kids out than allow them to deal with consequences and solve their problems on their own. It’s a valuable learning lesson that will serve them well in the long run.
Melissa Rose
Biz in a Boxx
http://www.bizinaboxx.com
@BizInABoxx I hear ya Melissa! It is definitely easier in the SHORT term to bail your kids out but in the long run it is AWFUL because they become entitled and you have to WORRRRRRK hard to undo the mess you created in them!