Welcome back.

It's been a while.

Maybe this is the new cadence every once in a while, randomly, when I have something that I hope is interesting to say.

And what I want to say today, talk about today, is a question that I get more often than

anything else when I speak about money to families.

And let me start by saying, this is not just wealthy families, but a lot of families,

even lower-income families will have a thought.

And I'll get to this in a second

about the relationship between kids and generational progress and those kids becoming spoiled.

And the question that I often get is, how do you use your money in a way that's going to not

spoil your kids? And again, that's not just high net worth people saying this,

because a lot of people will look at the lives their kids are living today

and say something along the lines of,

they don't have to struggle in the same ways that I did

when they were kids themselves,

or looking at their own parents' generation, grandparents' generation.

It's a very interesting topic, and I think about this with my own kids as well, and so I want to share

some thoughts on the relationship between generational progress and kids and money today.

Adam Smith, the 18th century economist, wrote that it is not uncommon to meet a mother in the Scottish Highlands, who has born 20 children not to have two alive.

That was life back then, and it hardly mattered whether you were rich or poor.

Queen Anne of England had 18 children, not a single one of whom made it into adulthood.

In the 1800s, American President James Garfield died in 1881, in part because the best doctor

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