10+ Mistakes Every Parent Should Avoid for Their Child’s Financial Future

Fearing for their children’s futures, parents search for universal parenting techniques that will put their kids on the route to a prosperous job and a happy life. But times are changing, and the old principles of success are no longer relevant. Sometimes, parents’ actions, intended to be helpful, can actually create challenges for their children’s future.

1. Not allowing their kid to fail

Perfectionist parent often strives for perfection themselves, leading them to expect increasing levels of perfection from their child as they grow older — from the child’s artwork never being good enough to their bed not being made perfectly or not studying hard enough. The child faces constant criticism and reprimands but is never allowed to learn from their mistakes. Children of perfectionist parents may grow up to be perfectionists themselves or develop low self-esteem and lack confidence. Both outcomes can negatively impact their future careers.

  • Anna’s mother always compared her to Mary, saying, “Look how tidy Mary is compared to you, Anna!” Despite Anna’s efforts to emulate Mary, she never measured up, and her mother’s criticism only intensified. Anna’s mother never allowed her the chance to improve her habits and learn basic skills. Now at 25 years old, Anna still compares herself to others and always comes up short in her own eyes. Needless to say, this constant comparison has taken a toll on her self-esteem.

2. Paying a child for good grades

This topic remains a subject of debate, but consider this perspective: imagine yourself as a contractor continually paying more for a product or service, with the child as the supplier providing it in exchange for money or rewards. It doesn’t sound like a good idea, does it?

  • Alexandra’s parents sought to motivate their daughter to excel in her studies by offering money as an incentive. Initially, Alexandra’s grades improved, suggesting the approach was effective. However, her parents later discovered that she had been fabricating stories about an imaginary illness and sharing them with her teachers. She even falsely claimed that her parents constantly criticized her for poor grades. The sympathetic teacher then raised Alexandra’s grades out of pity. Following this incident, Alexandra’s parents discontinued the practice of paying for grades and sought guidance from a child psychologist.

3. Preventing their child from expressing their feelings

Sometimes, adults dismiss a child’s feelings as wrong — insisting that bruises don’t hurt, feeling anger toward a child who hit them is shameful, or being sad even with a valid reason is incorrect. Parents often do this with good intentions, wanting to teach their children proper behavior. However, it’s crucial to recognize that a fundamental skill for modern individuals is the ability to acknowledge and manage their feelings, emotions, and needs.

  • Kate, now 37, vividly remembers how her mother forced her to give away her beloved doll to another girl, admonishing her for being “greedy” and scolding her for getting upset over a “stupid toy.” Kate never got her doll back. Over the years, she has worked hard to assert herself, learning to say “no” to demanding people, including her boss and coworkers. Despite this, Kate often feels guilty whenever she refuses to comply with their requests.

4. Failing to support their child in front of strangers

Every child needs the assurance that their parents will stand up for them in any conflict, regardless of the situation, and won’t blindly trust the words of authority figures like teachers, principals, or neighbors. When parents allow their children to speak up for themselves when they are ready to take responsibility for their actions, it helps them develop healthy self-esteem and a sense of personal accountability.

  • Maggy was raised by her grandmother, who often said, “But what will other people think?” Although her grandmother loved Maggy and wanted the best for her, she constantly emphasized the importance of public opinion. As a result, Maggy struggles to make her own decisions and even relies on her friends’ opinions when choosing something as simple as dessert.

5. Drawing inspiration and comparing to successful people

Each generation has its own set of heroes whom young people aspire to emulate. In recent decades, the tales of personal success from wealthy and influential individuals have become widespread. However, it’s not as simple as learning their life story and achieving happiness. If it were that easy, everyone who reads their books would have solved all their financial problems by now.

  • Alex developed a passion for computers from a young age. Inspired by the story of Steve Jobs that his dad shared with him, Alex immersed himself in learning everything about Apple. When it came time to choose a university, Alex initially believed he didn’t need higher education because Steve Jobs succeeded without it. Eventually, Alex realized the importance of education for his path and pursued college to advance his career. Now, Alex jokes, “What worked for Steve Jobs is just a waste of time for an ordinary guy like me.”

6. Pressuring their child to decide on their future career

The notion that a person should stick to one career for their entire life is likely outdated and impractical. Many modern occupations didn’t exist a decade ago, while others have already become obsolete.

  • Since childhood, Max had a passion for exploring computers and understanding various software programs. Despite his parents’ concerns, he pursued this interest and eventually discovered online courses in software testing. Now, he is thriving in this field, leveraging his potential and skills.
  • Laura, at 37, worked as a sociologist for a major consulting firm but found it challenging to maintain her career after having her son. During maternity leave, she rediscovered her love for photography. Starting with unique photos of her child, Laura progressed to offering photoshoots for friends’ and acquaintances’ kids. Over time, she opened her photo studio. Laura now earns as much as her husband and successfully manages her professional life while caring for her family. This shift exemplifies the evolving nature of careers and the importance of embracing new opportunities.

7. Arguing about money

Since children may absorb long-lasting messages from these circumstances, it’s crucial to avoid arguing about money or other matters in front of them. Instead of one-on-one conflicts, which can cause youngsters to take sides and become distressed, talks should be led in a way that promotes involvement.

  • Chris grew up witnessing his parents argue about money. When he went to college at 17 and moved away, he struggled with managing his finances and spending on unnecessary items. He now fears starting relationships, believing that money is the root cause of his sadness.

8. Prohibiting the child from using social networks

Social networks have become today’s equivalent of the yards and neighborhoods where we used to play as children. Kids can learn valuable skills through computer programs integrated with social media platforms. While parents should remind their kids about online safety rules, depriving children of this experience can be harsh.

  • Aria’s mother was surprised to discover that her 10-year-old daughter had learned to create cool videos. Even more surprising was the realization that Aria had learned this skill from using TikTok. Now, creating short videos has become a family hobby for them.

9. Teaching the kid that they have the stuff at home

Many of us recall times when we asked our parents to buy us things, only to hear, “We already have that at home; we don’t need it.” Some parents repeatedly expose their children to such situations, unintentionally discouraging them from getting what they truly need. This pattern can significantly impact their financial habits as adults. On the other hand, constantly satisfying a child’s every need can also have negative effects.

  • Jan’s mother often tells him they have things at home and they don’t buy them from the store. Jan has learned to overlook his needs, and with each subsequent request, he withdraws more, knowing not to ask. When Jan grows up and earns his income, money will go towards trivial things because that’s how he’s learned to live.

10. Preventing children from getting into conflicts

The ability to engage with others is perhaps one of the most crucial professional skills one can possess. It’s important not only to help children make friends but also to teach them how to engage in healthy arguments. People often hold differing opinions, and there are various ways to express emotions. The sooner children grasp this concept, the easier their interactions with others will be, including in professional settings.

  • Michaela spent her life avoiding conflicts, preferring to agree with others rather than engage in disputes. She believed that someone always had to be the “smarter” one, but this approach proved more harmful than beneficial. One day, Michaela learned about active listening and decided to apply this approach in her professional life. She excelled at paying attention to others’ perspectives while also expressing her feelings when others attempted to take advantage of her. Initially, people found her communication style unconventional, but conflicts with coworkers became more constructive, leading to mutually beneficial resolutions.

11. Helping their child learn to save money

The world is always changing, and old ways of making or saving money might not work anymore. We can’t predict what skills will be valuable in the future economy. That’s why it’s important to teach kids to be flexible and ready for change, not just to save money.

  • Emily’s grandfather saved money his whole life “just in case.” But when that “case” finally happened, a financial meltdown made all his investments lose value. Emily saw this while growing up, and now she’s worried the economy could collapse at any time. She believes the best investment is in her skills and knowledge.

12. Trying to build a strong character with the help of sports

While there’s a widespread belief that sports are beneficial for discipline and character development, excessive competitiveness in professional sports can be detrimental to a child’s physical and mental health. This competitiveness can be fueled by both fellow young athletes and coaches. Only a few individuals become champions, and coaches often prioritize these select few, neglecting the rest of the team. Coping with this unfair treatment at a young age can lead to low self-esteem and confusion about alternative life paths if a child must stop playing sports.

  • Tom’s mother pursued rhythmic gymnastics as a child but had to abandon her Olympic dreams due to a leg injury. When Tom was three, his mother enrolled him in gymnastics classes, hoping he would excel. However, Tom struggled in this sport, leading him to lose interest in school, feel like a failure, and struggle to identify his strengths. Now, Tom is studying to become a child psychologist to help parents navigate the challenges of raising children without making the same mistakes.

Being protective of your children is natural, but it’s important to set boundaries. Respecting their privacy is crucial for a healthy parent-child relationship and their personal development. Violating their privacy can have serious negative effects, especially on their mental health.

Bride Doesn’t Want Her Dad in Wheelchair to Walk Her Down the Aisle until She Sees Him on TV — Story of the Day

A woman doesn’t want her father to walk her down the aisle because she is embarrassed by his wheelchair. However, when she sees him on TV a few days before the wedding, she regrets her decision and changes her mind.

When Lisa Terrell’s mother died when she was just two years old, her father, Edward, took up her care. Caroline Terrell had died in a terrible hurricane that hit their town years ago, demolishing their home and leaving Edward in a wheelchair due to a severe injury.

Nonetheless, nothing could stop Edward from raising Lisa with love and giving her the finest of everything. He was a well-known journalist and began working remotely following his injury to provide for them.

For illustration purposes only. | Source: Unsplash

For illustration purposes only. | Source: Unsplash

However, most people in Lisa’s life were unaware she had a father until he paid her a surprise visit at her school one day.

Lisa had always told her friends that her father was too busy to spend time with her, which is why he never attended school functions or parent meetings. However, the reality was that the invitations never made it to Edward since Lisa was embarrassed by him and didn’t want her friends to see him.

She adored him as a youngster, but as she grew up, the image of her father in a wheelchair mortified her and wrecked her relationship with him.

She was confused as she looked at the television and noticed her father sitting alongside the host.

Still, Edward never reneged on his duties. He was always there for his daughter and saved enough money to send her to a top university.

On the other hand, Lisa did not want him by his side. In fact, when she met her boyfriend, Harrison, at university, and they decided to marry after graduation, she didn’t want Edward to be there for the wedding.

As a result, she freaked out when Harrison asked her to invite Edward to dinner at his parents’ place. His parents were wealthy and of the upper crust. What would they think if they saw an elderly man in their home in a wheelchair? Lisa was ashamed by the very thought of it.

However, based on Harrison’s enthusiasm in inviting Edward to dinner, Lisa realized she didn’t have an out this time. So she had to fake a grin and say she’d ask Edward if he was free.

For illustration purposes only. | Source: Unsplash

For illustration purposes only. | Source: Unsplash

When Lisa told Edward about the invitation to dinner, he was more than just free. He was overjoyed for Lisa for finding someone who adored her.

On the night of the dinner, he dressed nicely in a suit and Harrison’s family received him warmly. The young man’s parents were impressed that Edward had reared a daughter on his own. Besides, Edward had a wonderful sense of humor, and everyone had a great time at the dinner. Everyone except Lisa, whose cheeks were flushed crimson with shame the entire time since the man in a wheelchair was her father…

A few weeks before the wedding, Lisa made up her mind. She confronted Edward one night over dinner and notified him that he would not be on the wedding guest list.

“Dad, I wanted to talk to you about the wedding,” she began, glancing at her plate and moving her fork around the spaghetti.

“Yes? What exactly is it, honey?” Edward inquired. “Is there something bugging you about the wedding, the expenses? If that’s the case, I have some bonds that we could use. After all, I did keep it for you…”

“No, dad! It’s just that,” Lisa paused for a moment, “Harrison and I intend to hold the wedding here in New York, but the problem is that we’re having it at one of the city’s largest hotels, and… I just thought it would be best if you didn’t attend the event. You know, there would be way too many guests!”

Edward’s smile vanished as he stared at Lisa, speechless. “I – I don’t understand…What’s the problem?”

Lisa sighed and fixed her gaze on him. “Look, Dad, it’s just that… The guests will be exclusive, and they’re all businessmen and high-class people. Imagine a man in a wheelchair walking his daughter down the aisle in front of them… I don’t know…It’s just weird.”

For illustration purposes only. | Source: Unsplash

For illustration purposes only. | Source: Unsplash

“A man in a wheelchair is weird?” Edward’s eyes welled up. He couldn’t believe Lisa was indirectly cutting him off the wedding guest list. But he grasped the cue and forced a grin, hiding his tears from her.

“Is that it? Oh, you’re right! After all, this old age is catching up with me,” he said, faking a laugh. “I may not be able to handle such a large gathering. It’s ok – it’s ok!”

“Thanks for understanding, dad,” Lisa said bluntly and went away to her room. Before dissing Edward, she didn’t think twice about all the years of love and care he’d given her, but eventually, she regretted it.

A few days later, she was watching a show titled “American Heroes” on TV when the emcee announced Edward’s name. She was confused as she looked at the television and noticed her father sitting alongside the host.

Soon after, the camera focused on a screen that displayed images of Edward in a wheelchair and the hurricane that had hit their town years before. He turned out to be one of the brave journalists who had managed to save his family and help his neighbors throughout the disaster.

Edward had a solemn expression as he narrated the whole story of how he’d managed to help people, especially his family.

For illustration purposes only. | Source: Unsplash

For illustration purposes only. | Source: Unsplash

“I will never forget that day. It was terrible… we lost practically everything,” he explained. “My wife died in the accident, and my daughter was just two years old at the time. As the debris surrounding us fell, I noticed my daughter standing right there…underneath that spot where it was falling.

“I went to save her and took her into my arms, but as I ran, a large section of the ceiling cracked and crashed on my back, causing a spine injury that prevented me from walking again.”

Lisa’s jaw sank to the floor, and her tears welled up when she heard that. “Dad saved me?” she was shocked.

“It was hard for me,” Edward continued. “But you know, you can’t really avoid your fate. So I gathered courage, knowing I just couldn’t give up in life, especially because I know I had a daughter who was now reliant on her father.”

Lisa was utterly embarrassed about herself at this point. She cried after Edward’s interview, cursing herself for being a terrible daughter, and decided to make it up to him.

So on her wedding day, she did walk down the aisle with Edward, but before the wedding ceremony began, she needed to tell the guests something VERY important…

For illustration purposes only. | Source: Unsplash

For illustration purposes only. | Source: Unsplash

As she took the microphone near the altar, she approached Edward, who was sitting among the guests, fell on her knees, and hugged him. “I know this is one of the most important days of my life, and I’ve been waiting for it for so long!” she cried, holding his hands in hers. “But none of this would have been possible if my father had not been by my side.”

“Ever since mom passed away, I never saw dad saying even once how hard it was for him to raise me alone. He did have hard days, but he never showed me the slightest hint of it. But what did I do? I was about to remove him from the wedding list because I was embarrassed about him being in a wheelchair. Yes, that’s right!”

“If only I had known that dad is in a wheelchair because he injured his back while saving me, I’d have never ever done that. I have been horrible to the man who loves me the most!”

“So I’d like to apologize to him in front of everyone today. I apologize for being the worst daughter to you, dad,” she said, facing him. “You can hate me for the rest of my life. I am sorry.”

For illustration purposes only. | Source: Unsplash

For illustration purposes only. | Source: Unsplash

Edward wasn’t expecting Lisa to own her mistake publicly. He was surprised but at the same time overcome with emotions at seeing his daughter realize her error, so he forgave her.

“Oh, come here,” he cried, embracing her. “Everyone makes mistakes,” he said. “But if you recognize them and work to fix them, you should be forgiven.”

Everyone was moved to tears and applauded the heartwarming reunion.

What can we learn from this story?

  • Love and respect your parents because they go above and beyond for you. Liza realized this when she heard her father’s story on TV and apologized to him for being rude.
  • Everyone makes mistakes, and if they realize it, they should be forgiven. Edward forgave her daughter when he saw she felt guilty for what she’d done.

Related Posts

Be the first to comment

Leave a Reply

Your email address will not be published.


*