Chapter 11 in Smart Money Smart Kids is entitled Generational Handoff: Blessings or Curses. I really enjoyed this chapter. Maybe it’s because we’re not quite at the point of handing off to the next generation but can see it approaching and this chapter encourages me. I especially love the description of “The Rope” which the Ramsey family used to illustrate giving their children increased freedom and responsibilities as they earned them (or decreased ones as trust was broken).
This stood out to me as an important reminder:
I think there are too many people who assume being wealthy means you’re evil–or at least materialistic. It’s just as unfair as any other stereotype, but it can be so easy to assume that someone driving a luxury car and living in a large house in a desirable neighborhood must really not be as holy as the person who lives in a small, modest house and drives a 1995 Ford Escort.
I don’t want my children to automatically conclude that people with lots of money are shallow and people with very little money are spiritual. That’s just not the truth. It’s what you do with it that matters. If the person with very little views himself as the owner and lives accordingly and the person with a lot views himself as a manager and lives that way, money has much more of a potential for being a root of evil in the first person. Once again, it goes back to the heart.