Reading Room: Choking on the Silver Spoon

Brian M. Johnson

Physician's Money Digest, February29 2004, Volume 11, Issue 4

Choking on theSilver Spoon: Keeping YourKids Healthy, Wealthy, andWise in a Land of Plenty

Of course physician-parentswant to provide thevery best for their children,but is giving them everythingreally a positive influence? Inhis new book (Simplon; 2003), Dr. Gary W. Buffoneaddresses the value of good financialparenting and the steps busy physicianscan take as parents to nourish the livesof their children.

Dr. Buffone offers several answers tothe questions that come with raising afinancially privileged child. If you raiseyour child by doling out their every wish,he explains, they could grow up whinyand demanding. He declares that financiallyprivileged children are headedtoward a slippery, downhill slope toboredom, financial irresponsibility, dependency,addiction, narcissistic entitlement,and abject failure. Thebook provides solutions todealing with these situationsbefore they become a realproblem, such as teachingyour children about moneyand empowering them with ahealthy work ethic.

The book also contains theauthor's Five Immutable Laws ofFinancial Parenting. They include TheLaw of Necessity: Don't give your childrenmore material comfort than theyabsolutely need; The Law of LovingLimits: Do fulfill all nonmaterial needs;The Law of Reciprocity: Do insist thatthey earn what they receive; The Lawof Fiscal Responsibility: Do teach themmoney management; and The Law ofExample: Do practice what you preach.

While you may want to give your childthe world on a silver platter, Dr. Buffone'sbook will teach you how to responsiblydish it out to them.