Silver Spoon Kids : How Successful Parents Raise Responsible Children

by Eileen Gallo, Jon J. Gallo, Kevin J. Gallo

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Product Description

A parent's guide to raising financially responsible children in an age of unprecedented wealth

It is natural as parents that we want to give our children the best of everything. And in an age of unprecedented wealth and easy credit, upper- and middle-income parents can indulge that urge like never before. Yet, you have become alarmed over the impact this newfound affluence may be having on your children. You fear that through your generosity you are training your children to be greedy, selfish spendthrifts. The first parenting guide to focus exclusively on this increasingly sensitive topic, Silver Spoon Kids was coauthored by a psychotherapist who counsels people with money-related emotional problems and a lawyer specializing in estate planning.

Drawing upon their experiences as members of the renowned NYU Family Wealth Institute, they tell you how to talk to kids about money, how to teach them to handle it responsibly, and how to instill in your kids a sense of giving to their communities.

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All Customer Reviews
Average Customer Review: 4 out of 5 stars

1 of 1 people found the following review helpful:

4 out of 5 stars

A wealth of knowledge on wealthy families, 2008-01-30
As someone with direct experience on the topic, I read with great interest the words of the Gallo's as they thoughly covered a wide range of topics having to do with children and money. I found their advice practical and easily applicable for parents that find themselves struggling with the common questions of using allowances, learning budgeting, and consumerism. This book is an easy read and would be a helpful tool for parents who want to teach their children to handle money responsibly.

1 of 2 people found the following review helpful:

4 out of 5 stars

How to help your children avoid entitlement, 2007-07-21
If you teach your children how to be financially responsible between the ages of 4 and 18, you have a much higher probability of having them not back at home living with you between the ages of 22 and 35.

2 of 3 people found the following review helpful:

5 out of 5 stars

Required Reading For Parents, 2007-05-12
I was introduced to this book while attending a financial seminar concerning the transfer of money to children. I read the book and passed it on to my children to use as a guide in bringing up their children. Money should give children an advantage to become happy and productive citizens. The sudden acquisition of money without adequate training in the use of wealth can have disastrous results as witnessed by the numerous sad stories of lottery winners. This book gives parents a guide on how to introduce children into the acquisition and proper use of money at an early age. Following the authors' advice can help parents raise financially responsible children.

19 of 41 people found the following review helpful:

1 out of 5 stars

Not for anyone who still works for a living, 2005-11-15
You do not *need* to give your children an allowance to teach them how to handle money. Really. The author's position is that you simply have to--and it makes you wonder if she also thinks it is okay to experiment with drugs in order to learn how to use them the "right" way. Just as you can educate children about the dangers of drugs without giving them any, you can also educate children about how to spend money wisely. One way is to take them grocery shopping with you, for example, and let them help you with calculating the best values for the money you have.

Others have said this book is good for those with middle class incomes. I disagree. If there will be any possible future scenario where your child will have to work for a living in any capacity, they need to know that money is NOT just handed to them, and that money belongs to the person who earned it (and the spouse, in community property states), NOT the children. This means that children need to learn that some things you do without compensation as being part of the family (chores), and other things you do in exchange for money (outside jobs or special jobs around the house) or something else (bartering). In real life, money is not just handed to you, unless you're on welfare. Someone has/had to earn that money at some point in time, and just handing money to someone will never educate them as to how to actually earn it.

This book might be okay for someone looking to leave their child a huge trust fund, where he or she just lives off the interest, but not for people trying to help their children truly make their own way in life.

25 of 27 people found the following review helpful:

5 out of 5 stars

Read this book along with your Dr. Spock!!, 2002-05-04
I work in the field of philanthropy have hosted many workshops on issues of children and money. The four hours I spent reading this book were the most educational and fruitful four hours I have ever spent on issues of how to raise children!! Whether your family is middle class or affluent, you will benefit from this book. In my opinion, the lessons offered by the Gallos on values and raising children go far beyond issues of money. I believe it is really a guide to raising well rounded and socially responsible children. I know I will return again and again to the chapters in this book both personally and professionally. Buy this book and read it!!

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