Morgan Housel

It hurts.

So it's always the case that the progress of a generation appears spoiled to one even if it's true progress that we have.

Now, I want my kids –

I think as a broad formula, I want to use the money that I have

to protect within limitations, my children's downsides.

I don't ever want them to just collapse on their face and they can't work their way out in life.

I want to be there too, as a somewhat of a safety net, but I don't want to be a fuel.

I don't just want to give them money and be like, oh, lucky you.

You have your parents made a little bit of money.

We're just going to give it to you now.

I think that's by and large, not the right way to do it.

And I think that's like, I think inadvertently my parents did this of, it was unspoken.

But I think I intuitively knew when I was 18 that if I fell on my face, they would be there to catch me, even if it was unspoken.

But I also knew clear as day that they were not just going to write me a check.

That was completely out of the question.

But because of that, I think I was able to enter adulthood with a little bit more confidence, knowing that like, hey, I'm going to take a risk and move to this new city and do this new thing.

But like if it doesn't work out, I'm not going to be homeless.

That was a good way to do it.

And so teaching your kids to be self-sufficient, even if their lifestyle appears spoiled by today's standards, they become self-sufficient.

They can keep it going on their own.