Word: growed
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...experience shows how one family answered a common question facing wealthy (and some not-so-wealthy) parents: When children grow up amid plenty, how can they be taught to be sensible about money? We're not talking about checkbook-balancing skills. There is a plethora of practical advice for that, just as there's no shortage of guidance when it comes to transferring assets from one generation to the next. Harder to come by is advice for parents on how to bequeath to their children not just a fat inheritance, but also the values and work ethic that produced their...
...vice chairman of a major Hong Kong conglomerate; her family is rich. Lee, now 36 and the managing director of a printing company, remembers crying about the injustice of it all. But today, she recognizes that she gleaned a valuable lesson from the incident: money does not necessarily grow on family trees. "[My dad] instilled strict financial discipline on us when we were young," she says. "It taught me that it's good to plan and save, and that no one's going to come save you if you screw...
...course, the children of wealthy parents don't always grow up to be self-indulgent, feckless adults, just as deprived children don't always become driven overachievers. But literature and media are stuffed with rich-kids-gone-bad stories, and there's plenty of anecdotal evidence that cosseted offspring can lack the thrift, independence, ambition, persistence and entrepreneurial spirit that contributed to their parents' success. Most people have heard of the "shirtsleeves to shirtsleeves" curse, which holds that family wealth, once accumulated, is typically dissipated by the third generation because trust-fund babies, having little regard for the money that...
...that kids in wealthy families often are given too much freedom, which leads to a sense of entitlement and a lack of accountability. Underlying the selfishness is insecurity, say Jon and Eileen Gallo, co-authors of the book Silver Spoon Kids: How Successful Parents Raise Responsible Children. "They grow up worried inside, thinking, 'Do people like me for who I am?'" says Jon. "It's about developing an identity of their own that's separate from their parents and their parents' money." Being born into wealth often means having a nanny, maid, driver and bank trust officer - in other words...
...What people don't know is what the Philippines will look like when the millions of children these workers are leaving behind grow up. A UNICEF-commissioned study estimates that roughly one in four kids - about 9 million children nationwide - have at least one parent working abroad. More and more, that means a mother living halfway around the world for 10 or 15 years at a time. The government rightly applauds "Overseas Filipino Workers," or OFWs as they are commonly called in the country, as heroes for the sacrifices they make for their families. But while children whose mothers...