The article highlights the challenges wealthy parents face in teaching their children the value of money and responsible wealth management. A father sought advice from the r/fatFIRE community on educating his two children, aged 11 and 14, about money's value and the importance of giving back. He considered setting up donor-advised funds to allow his kids to donate $1,000 to $10,000 to causes they care about, aiming to instill a sense of financial responsibility and an understanding of privilege. Engaging in charitable activities is emphasized as a key teaching method.
Rich people don’t really understand the value of money since it is mostly an emotional understanding, not an intellectual one.
As long as the children are involved in giving to charity in some way, that’s the most important part.
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