Review of: Silver Spoon Kids

Silver Spoon Kids How Successful Parents Raise Responsible Children by Eileen Gallo, P.H.D. and Jon Gallo, J.D., copyright 2002, published by R.R. Donnelley and Sons

Summary:
The authors combine their talents of law and Psychology to bring us a great resource on raising kids in an affluent world. Whether you have money or not, if you live in America, the message of affluence is all around your children.

This book explains how to identify and define your own money story and personality using tools and questions to define your money acquisition, use and management tenancies so that you can be aware of how you tend to interact with your kids about money.

Theoretical concepts of five stages in child development set the framework for a chapter on talking with your kids about money at different ages. Allowances, ways to expose your child to diverse lifestyles, philanthropy and parenting in today’s world of blended families and more are all covered.

This is a comprehensive book, an easy read and covers some points not typically covered in child rearing books.

The authors sum their book up in 4 simple steps:

1. Understand the theoretical concepts
2. Live your values
3. Teach your child about money through word and deed
4. Raise a giver rather than a getter

Read this book to understand and address:

• Who can be affected by the influence of affluence
• How to determine your money narrative
• What a child’s secure attachment is and how it can be affected by affluence
• Psychologist’s Erik Ericson’s 5 stages of development (Develop Trust; Develop Autonomy; Develop Initiative; Develop Industry not Inferiority; Develop Identity) and how affluence can interfere with each stage
• Clarification of your values using Prizing, Choosing, Using techniques developed by psychologists Louis Raths, Merrill Harmin, and Sidney Simon
• Ways to talk to kids about money and teach kids about money at various ages
• How to handle allowances for kids
• Ways to show your child diversity
• Tips on philanthropy, family wealth planning.

What I liked:

• Specific examples of activities and games to help define your money attitude
• A list of the 10 worst things to say to your kids about money
• The activities suggested for clarification of your values such as making a list of what you want your kids to learn about money (e.g., its a tool, not good or bad; good money management, charity, etc)<

What I wished for:

• More information on ways to develop a sense of industry in a kid
• Less Boomer Blaming

Favorite quotes:
“Raising a child in an age of affluence is an issue that confronts parents with a wide range of incomes”.

“…people have not been educated to raise children in an affluent society. Part of the problem is that many parents are first generation affluents. They grew up in households where money was scarce. As a result, they lack adequate models for their parenting attitudes and actions.”