Folks - I have two kids < 10 years old. I made the mistake of telling them our compensation (wifey and I make $1.45mil+ / year in 2018&19 each). I am PE at Amazon and my spouse is in management at another firm. This was a complicated scenario - our parents earned less than $20/month when we grew up and I was trying to tell an “inspiring” story of how we grew up with not much stuff, focused on studies etc etc and we worked hard to earn this amount. we still live a simple life on a suburb and drive Hondas, shop in thrift stores. We do have couple of helpers who come for 2-3 hours/day at home to help with dishes, laundry, cleaning ,cooking, groceries miscellaneous etc. The kids somehow latched on to the number $1.45m and started using it for everything! They told our neighbors kids, kids in their classroom , our helpers at home etc etc and whenever we deny them any electronic items / toys etc they say it’s “only” $200 why can’t we buy. Or the other instance where one of of neighbors put their house for sale for 900k and my son told their kids that I could buy it “just like that”. I am quite concerned and am looking for meaningful suggestions to change this behavior and make them realize value of money. Also any suggestions on local Seattle area non profits where I can take them to volunteer and realize value of other stuff than money.!
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Don’t buy them things. It’s not their money and you are in charge.
Ugh, my life is so hard, I’m a millionaire. Guys help. I’m too rich, what do I do?
That is up there with “I’m having too much sex! Please help!”
The hedonic treadmill is very real
Nice problem to have. You can make up stories on how you lost the money in stock crash. They are kids come on..
Stop being so cheap
Just buy them everything they are asking for. You have $1.45M after all. Don’t be so cheap.
That's how you make shitty spoiled kids
Damn, kids are douchebags. (I have one.)
First i remind my kids that they aren't earning the money i am, and that they are actually poor, very poor. Then you help check their privilege I'd engage with Treehouse, the homeless encampment, or a refugee program.
You're rich. Congratulations
You sound like one of their kids