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In "The Millionaire Next Door" by Thomas Stanley and William Danko that one thing that hampers the youth is what they called "Economic out patient care of children". In other words, if a parent gives a young adult money to solve a problem... the young adult has a hard time learning the lessons of money. The parents monetary gift can negate the young adults ability to learn the hard lessons of money management. Apparently the damage is so severe that children of the wealthy often cannot create wealth themselves, perhaps because of their parents good intentions. In fact the children of … (0 comments)
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