Spoiled... is a trait that rich parents instill in their children so it's no wonder why many rich children don't feel pain when they lose big money while gambling or going on a spree, but it's very different when you earn money with difficulty, you will definitely struggle to be able to use the money as well as possible and will even feel hurt if you spend the money at the gambling table.
Many great gamblers are born from those who have good money management, well it's interconnected because good money management proves that you can control your finances very wisely, you won't gamble with more money than you have.
Unlike those who are unable to control their finances, they will definitely use all the money they have to gamble until they don't have any savings left.
Therefore, it is always very important to teach your children financial literacy. This will allow them to understand that money is a very valuable and important resource that can help them earn even more. And we need to take this very seriously. We must be strict with ourselves and with children, teaching them and giving them time, and this will have its results. And rich people often do not have the time and desire to teach their children, ignoring them and thinking that if you just give them money, then everything will be in a mess.
But I was wise enough and I showed him the T-shirt of his favorite game available in an online shop and so he still broke his savings.
I love that he learned how to save money and now he is doing it again.
It's true kids today just want to point their finger at new things and they think their parents will buy it even though they don't really have the savings to afford it. I taught my kids not to do that and if they want something then they better work for it. Not literal work but from their savings because I give them money as their allowance for school even though they don't need it as I also prepare them food for their lunch.
IMO, it's a good start for them to learn the importance of money, they need to also remember that money is not just picked on the streets but is being worked hard before they can receive it.
Thankfully, I am not rich, I will not just give them anything they want and I want to be there once they decide what they want to spend their money.