Even though financial stability is important, being a good parent is about much more than bringing home lots of money. At the end of the day, what matters the most is the quality time that parents spend with their children. It’s these moments that your kids will remember most fondly.
Reddit user u/Pigvacuum recently turned to the r/TrueOffMyChest online community to vent about how his 1-year-old son is now “worth millions.” This is thanks to the trust that his wife’s relatives set up in his name. Though that sounds like a dream scenario for many, the author shared how he is “extremely depressed” and that he has “nothing to offer” his son. Read on for the full story and the internet’s reactions.
Bored Panda got in touch with personal finance expert Sam Dogen for some advice about what parents should focus on once financial stability is no longer a worry. He also shared his thoughts on how parents can help their children appreciate their wealth without becoming entitled. Dogen is the creator of the ‘Financial Samurai’ blog and the author of the bestseller ‘How To Engineer Your Layoff.’ Scroll down for our interview with him.
Many new parents worry about whether or not they’ll be able to raise their children well, and what they can provide for them
Image credits: Ketut Subiyanto (not the actual photo)
One anonymous dad turned to the internet for help after he learned that his wife’s relatives set up their baby with a trust worth millions
Image credits: RDNE Stock project (not the actual photo)
Image credits: Mikhail Nilov (not the actual photo)
Image credits: Pigvacuum
“Parents should perceive themselves as an extension of the educational system, offering additional guidance in various life skills”
“Once parents have stabilized their finances, it becomes crucial to invest more time in their children. Time, being the most valuable asset, holds significant importance,” personal finance expert Dogen, from ‘Financial Samurai,’ told Bored Panda in an email.
“As children reach the age of 18 and embark on their independent journeys, parents will have utilized 80% to 90% of their lifetime interaction with them,” he stressed the importance of spending as much time with one’s kids as possible.
“Parents should perceive themselves as an extension of the educational system, offering additional guidance in various life skills. This includes effective communication, fundamental principles of personal finance, and practical knowledge, like unclogging a toilet, grocery shopping, cooking, and navigating public transportation,” he said.
“Becoming adept at adulting extends far beyond academic learning and socialization within the school setting.”
Dogen explained to us that the most effective way for children to value their wealth and appreciate what they have is to have parents who “share the same sentiments.” These parents actively help others and don’t shy away from hard work, according to the founder of ‘Financial Samurai.’
“As a FIRE (financially independent, retired early) parent, concerned about influencing my kids positively, I make sure to exemplify hard work and hands-on involvement,” he told Bored Panda.
“For instance, dedicating two-and-a-half years to write my Wall Street Journal bestseller, ‘Buy This Not That,’ and embarking on another two-and-a-half years for a personal finance book with Penguin, showcases my commitment,” Dogen said.
“Moreover, I involve my children in activities, such as painting, fixing, and landscaping rental properties. Instead of merely instructing them to do certain tasks, I actively participate in the work, as evident in a summer landscaping job I tackled alongside both kids. Once kids see their parents get involved, they can’t help but want to do the work as well.”
Image credits: nappy (not the actual photo)
Being a good parent is about much more than just providing money for the family
Let’s not be naive: money does matter. You need to provide your children with a roof over their heads, put food on the family table, and invest in their education. Most parents want their kids to want for nothing and to have better opportunities than they did.
Wealth offers better food and healthcare, access to high-quality education, the ability to travel often, peace of mind, and access to other rich and powerful people. However, there is far more to life than just getting and staying rich. It’s what you do with your time and the relationships you build that matter the most.
For instance, if you’re working non-stop and burning out to maximize your earning potential, that’s probably time you’re not spending with your partner and children.
Usually, kids don’t mind eating macaroni and cheese instead of filet mignon or not getting a fancy brand-new toy. They’d rather spend time playing with their parents.
Being rich—in the broadest sense of the word—is all about spending your time as you see fit. If your priority is strengthening your ties with your family members, then you should change your life accordingly. That might mean working less overtime or yeeting your phone in a corner so that you’re actually present when you’re talking to your loved ones.
On top of that, parents provide so much more than just financial stability for their children. They offer their love and support. They instill their values and help their kids grow into happy, healthy, independent, and kind adults. At least that’s the dream!
Image credits: Tima Miroshnichenko (not the actual photo)
Solid relationships, good values, and health are always worth investing in
The reality is that no matter how much or how little money parents have, nobody is perfect. Everyone’s going to make mistakes raising their kids. Everyone’s going to feel like they’re messing up, at some point.
When you’re up against an identity crisis, it might mean that you’re completely overwhelmed and exhausted. You’ll need to look for opportunities to get some deep rest.
Proper sleep. Staying hydrated. Getting plenty of movement. Spending time in nature. Getting off your phone. Limiting your caffeine, nicotine, and alcohol intake. All of these factors add up and can help you deal with the stress you’re up against better.
In the meantime, remember that human beings cannot thrive without a good social life. It’s our quality relationships that are the most valuable aspect of our lives.
An 85-year Harvard study unequivocally found that it is not money, career achievements, or even a healthy diet that makes us happiest and healthiest. No, it’s our positive relationships. They help us live the longest.
However, these relationships require maintenance and constant investing. You need to find the time to strengthen the bonds that make you happiest and help you thrive.
Social isolation, on the other hand, is deadly. It raises the risks of heart disease and stroke, diabetes, depression and anxiety, addiction, dementia, and early death.
If nothing else, this is the lesson about life that everyone should be aware of: Money helps, but it’s our social life that can make or break us. Maybe it’s time to reframe what true wealth is all about.
Some readers wanted to support the dad, so they shared some practical advice
Here’s what other internet users had to say about the delicate situation
