This why when I have children in the future, even if I've achieved wealth by then, I will instill a sense of financial responsibility in my children. I will teach then that money is earned and not given or inherited. If they are to be part of my company (should I have one then) they will start from the level for which they are qualified and work their way up. It's easy for us to wisely spend the money we got through some effort than money we got easily. Not many parents understand this.
Well you're right. I think you have a bright plan there. However instilling this discipline is where the problem is. Sometimes the parental love people have for their children blinds them to such strict discipline, especially when things like "only son" or "only daughter" tag begins to come to play.