Made the mistake of ...

Sep 7, 2018 326 Comments

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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TOP 326 Comments
  • Homeaway floo
    Ugh, my life is so hard, I’m a millionaire. Guys help. I’m too rich, what do I do?
    Sep 7, 2018 5
    • Facebook N*FORCE
      Can't it be both?
      Sep 9, 2018
    • Amazon Wilkeee
      Maybe pay a licensed professional for their advice rather than cheap out on blind?
      Sep 11, 2018
  • Google dress4less
    You're rich. Congratulations
    Sep 7, 2018 1
    • Lockheed Martin / Other
      Schz3

      Lockheed Martin Other

      PRE
      industrialoptic
      Schz3more
      You sound like one of their kids
      Sep 8, 2018
  • LinkedIn $$$$$$$$$
    Don’t buy them things. It’s not their money and you are in charge.
    Sep 7, 2018 0
  • Amazon JFdA01
    Just buy them everything they are asking for. You have $1.45M after all. Don’t be so cheap.
    Sep 7, 2018 1
    • Cruise Automation / Eng ✉️
      That's how you make shitty spoiled kids
      Sep 8, 2018
  • Qualcomm changename
    Nice problem to have. You can make up stories on how you lost the money in stock crash. They are kids come on..
    Sep 7, 2018 0
  • Amazon vdQy55
    If I make that much money I'd visit strip clubs on a daily basis.
    Sep 7, 2018 1
    • Google
      PrVK02

      Google

      PRE
      Nvidia
      PrVK02more
      Which is why you don't have that much money.
      Sep 7, 2018
  • Apple / Eng Iron Hide
    Stuff your wife’s pink taco. Get a third kid. Ensure the new kid lives an underprivileged life. The first 2 kids will automatically start appreciating their life.
    Sep 7, 2018 1
    • Amazon vdQy55
      Pink taco LOL
      Sep 7, 2018
  • Amazon Nottoday
    Yea I would just stop buying them things. Give them an allowance for doing chores and work around the house and make it LOW. Like $10 a week max. Then whenever they want something tell them they have to spend their own money on it.

    To a kid $1mill is basically all the money in the world. You need to reverse this behavior fast, else they’ll continue to be bratty spoiled kids all the way through adulthood.

    Also consider punishment for when they bring up your TC. Tell them to only brag about that on Blind.
    Sep 7, 2018 3
    • Microsoft zRqS60
      Read Bank of Dad.
      Sep 8, 2018
    • Cruise Automation / Eng ✉️
      Actually, don't give them any allowance. And then also don't buy them anything.

      Anything they want, they have to propose why they want it and have them convince you.

      And since you still have to buy it for them, you still bought it and so you still have the right to take it away.

      This is how I learned that I don't own anything until I obtain it myself, and I can only obtain things when I can get my own job with my own money. My parents don't touch my money and I don't touch theirs (they were nice enough to pay for anything education-related within reason though, which I would say is a fair use of money).

      (I grew up in a fairly-well-off family in that I was never in want of any necessities, but anything extra was a pain to get because it was still ultimately my parents' control and not mine.)
      Sep 8, 2018
  • Facebook ⛽️🚧
    So, did you buy the neighbor's house for your kid or not?
    Sep 7, 2018 0
  • Amazon Gvtw14
    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.
    Sep 7, 2018 2
    • Amazon GoNoGo
      Tree house is great.
      Sep 7, 2018
    • Apple / Other
      stevejerbs

      Apple Other

      BIO
      Previous CEO @ 🍎
      stevejerbsmore
      Instilling good work ethic was one great thing my parents taught me, making me earn my money as a kid. Summer jobs etc were a good way to build an understanding.
      Sep 8, 2018

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