Most parents aim to set their children up for success once they leave the nest. Kids won’t be young forever, and it’s the parent’s job to teach their kids the necessary skills to flourish in adulthood and thrive on their own.
Parenting expert Margot Machol Bisnow interviewed 70 parents who raised “highly successful adults” for her book “Raising an Entrepreneur.” Writing for CNBC, she shared her key takeaways. Yet, rather than highlighting techniques these parents employed, she focused on what they didn’t do.
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While some parents have hobbies they encourage their kids to pursue, it’s important to let children choose the activities that interest them — even if having a child with a passion for improv isn’t what they pictured. Hobbies help children develop their personal identities, discover what they care about, and potentially avoid dangerous situations.
“Sports, video games, debating, music, birdwatching — every child of the parents I spoke to had a passion outside of the classroom,” Bisnow explained. “The parents never veered their kids away from the hobby because they knew it was keeping them mentally active.”
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Bisnow admitted that it can be tempting for parents to make all the decisions — after all, they have the life experience under their belt. However, it’s ultimately best to let children make some of their own choices. This allows them to feel some agency over themselves and teaches them the all-important skill of decision-making.
“If we give them little opportunities to make their own decisions, then they’ll know what to do in those bigger opportunities because they’ve had training,” clinical psychologist Dr. Rachel Busman told the Child Mind Institute.
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Bisnow advised parents not to place too much emphasis on money or pressure their children into careers they’re not passionate about. “I have nothing against academic and professional degrees,” she clarified. “But a degree may represent an expensive waste of your child’s time if it has no connection to their interests.”
Although it can be scary to let go of the reigns and allow your child to pursue a career that may not pay the big bucks, the best parents let their children chase their passions. “Someone who loves something enough and works hard at it will find a way to turn it into a living, even without a degree in that field,” Bisnow added.
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While Bisnow suggested parents don’t pressure their children to pursue high-paying careers, that does not mean they should neglect financial literacy. Any parent who wants to set their child up for success should teach them about money before they are off on their own paying rent and bills.
Charles Schwab experts Carrie Schwab-Pomerantz and Chris Kawashima recommend parents introduce children to the value of money early. A great way to do so is through the implementation of an allowance. Children should also be taught the importance of saving, budgeting, and investing. Once they are teenagers, encourage them to earn their own money and teach them about credit.
“It’s really up to each of us to ensure our kids are prepared to thrive as adults,” Kawashima said. “Otherwise, it could take them years to figure it out, all while saving too little and spending too much — both of which are huge barriers to financial security.”
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Mina Rose Morales is a writer and photojournalist with a degree in journalism. She covers a wide range of topics, including psychology, self-help, relationships, and the human experience.
