The Opposite of Spoiled
Ratings5
Average rating4.2
"We may not realize it, but children are hyperaware of money. They have scores of questions about its nuances that parents often don't answer, or know how to answer well. But for Ron Lieber, a personal finance columnist and father, good parenting means talking about money with our kids much more often. When parents avoid these conversations, they lose a tremendous opportunity--not just to model important financial behaviors, but also to imprint lessons about what their family cares about most.Written in a warm, accessible voice, grounded in real-world stories from families with a range of incomes, The Opposite of Spoiled is a practical guidebook for parents that is rooted in timeless values. Lieber covers all the basics: the best ways to handle the tooth fairy, allowance, chores, charity, savings, birthdays, holidays, cell phones, splurging, clothing, cars, part-time jobs, and college tuition. But he also identifies a set of traits and virtues--like modesty, patience, generosity, and perspective--that parents hope their young adults will carry with them out into the world.In The Opposite of Spoiled, Ron Lieber delivers a taboo-shattering manifesto that will help every parent embrace the connection between money and values to help them raise young adults who are grounded, unmaterialistic, and financially wise beyond their years"--
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Five stars may be a one star too many given the criticisms faced by this book. While understandably, this book is aimed at the upper-middle class of parents (and the author admits that!), it contains plenty of advice and truth-telling that is applicable to most parents, unexpected circumstances notwithstanding. In fact, if life takes an untoward turn toward the unexpected that results in a significant loss of net worth or a downgrade in life style, your kids may be better prepared to handle the turn of fortune.
Even if most of the advice is geared toward the rich families e.g. like the kids from the 2-million-dollar home halving their footprint to a million-dollar-home and donating the difference in value to charity, it sets a precedent among the rich that may address several social ills prevalent today.
For most, the whole ‘rich kids of Instagram' and the opulent lifestyle they project on social media has a more deleterious effect on the other 99% who then try to emulate their lifestyle by going into debt or resorting to resentment that can manifest physically health-wise. Most of us don't resent the ultra rich but we do detest the obnoxious and privileged offsprings who seem to flaunt wealth while lecturing us about merit. If the advice in this book is heeded even by that segment of the population, it would make the world a much better place.
I give 5-stars mostly because of handy and pointed advice with plenty of real-life examples that apply to my current status. We've been subconsciously following most of the advice by having frank conversations with our son about money matters and even answering questions about buying price of our home. We do inculcate the role of budget and trade-offs when choosing gifts and we are definitely not shielding him from the realities of life. At times, we thought we may be going overboard and causing him to think we are pinching pennies but the book puts my mind at ease in suggesting that we may be on the right track. It may be better to err on the side of more financial management-oriented thinking than not.
