E44: Shepherding the Hearts of Our Children: Guiding Kids Through Wealth and Success

Raising kids of wealth comes with unique challenges and opportunities. How do you then raise them – and do that well? In this episode of the Wealth Well Done podcast, Eric Scovill brings in Andrew Barlow to share his practical advice for raising children of wealth. Andrew shares lessons from his own experience growing up and now raising his own kids. 

If you’re a parent seeking to shepherd the hearts of your children through wealth and success, this episode offers valuable guidance for any family navigating intergenerational transfer of resources.

Here are some topics from today’s discussion:

• Creating character-building opportunities for kids who may not face as many hardships
• Raising children with grit and spiritual resilience
• Communicating about wealth and money to children at different ages
• Helping kids develop a spiritual identity and generosity beyond material things
• Approaching education planning in a way that considers a child's passions

Episode Highlights:

[16:52] Creating Character Building Opportunities for Kids

Andrew believes that challenges and difficulties are what help form greatness in children. He shares that he intentionally creates opportunities for his daughters to take on hard things and experience failure, whether through sports, instruments, or other activities. Some examples he gives are having them work out with him in the basement gym or not giving them the answers to homework problems directly. The goal is to develop grit and perseverance while being supportive as a parent through these challenges. Andrew also notes the importance of allowing kids to try different things and potentially fail, as this is a great teacher.

[23:10] Failure is a Great Teacher

Andrew discusses the importance of allowing children to experience failure. He shares that some parents can be overly protective by "pushing in bubble wrap" and not giving kids opportunities to try things and potentially fail. However, Andrew believes failure is a "great, great teacher." It provides learning experiences that help children grow. By allowing kids to take risks and not always having a "safety net," they learn perseverance in overcoming challenges. This builds character and grit that will serve them well as they navigate different phases of life.

[29:22] Communicating Wealth to Your Kids

When it comes to communicating about wealth and finances with children, Andrew focuses on teaching the value of money, hard work, and generosity from a young age. He involves his kids in simple investing concepts by putting a portion of their money into age-appropriate investment accounts and showing them how it can grow over time. Andrew also prioritizes explaining why they have been blessed with abundance - so they can bless others in turn. He gives examples of involving his daughters in choosing charitable gifts and ministries to support with their own earned money. The goal is for the kids to understand wealth as a tool from God to do His will, not something that is owed to them.

Resources Mentioned:

HIS Kingdom Resources