Barbara Corcoran: Set Your Kids Up for Financial Success by Letting Them Fail Now
Like any parent or guardian, you want to give your kiddos everything they need to succeed. If you can afford it, you send them to the best schools, hire the best tutors and coaches, and get them involved in sports and activities that will help them build confidence, make friends, and bolster their college applications.
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And maybe — just maybe — you’ve been known to hover to ensure they’re executing that school project correctly. Maybe you’ve corrected their homework before they turned it in or shouted out directions about scoring goals from the sidelines.
You might think you’re being helpful, but according to author, real estate mogul, and “Shark Tank” star Barbara Corcoran, you’re doing the exact opposite. In an interview with Jamie Kern Lima, Corcoran revealed the very best thing you can do for your kids: let them fail.
Find Opportunity in Failure
Corcoran knows the value of having an encouraging parent. She credits her mother with instilling confidence in her by repeatedly telling her that she worked harder and had a more creative imagination than her peers. What her mother didn’t do? Fight her battles for her. If Corcoran failed, it was on her to learn to navigate the consequences.
As young Corcoran struggled in school due to undiagnosed dyslexia, her mother encouraged her to focus on what she could control: her willingness to get back up, try harder, and think of solutions to get around her difficulties.
Corcoran learned early the value of working harder than anyone else around her. She told Lima she’ll “out-try” anyone, which gives her the confidence that ultimately, she’ll leave it all on the field. Reflecting on her mother’s influence, Corcoran shared, “getting back up is where it’s at.”
Build Grit Through Struggle
Now the parent of two kids herself, Corcoran said she’s observed the broader trend of parents hiring tutors and intervening with teachers. While well-intentioned, she says this approach can undermine kids’ confidence, giving them the sense that they’re not capable of handling challenges on their own.
When Lima asked Corcoran if she thought setbacks in life could be beneficial, Corcoran enthusiastically agreed. Failures, she said, are learning opportunities — not just for building skills but also for developing grit and determination.
In a chat with her Patreon group, “Barbara in Your Pocket,” Corcoran explained how she’s pushed her own two kids to take summer jobs, precisely so they could learn resilience and work ethic. Indeed, her son took on a job making cold calls for eight hours a day, a job that will definitely stiffen one’s spine — and make every victory feel that much more important. Her daughter worked cleaning dog kennels and walking dogs for $10 an hour. It was hard work with lots of opportunities to experience failure, but when her daughter earned a $2.50 raise, she was filled with pride for her accomplishment.
Inspire Pride Through Independence
That extra $2.50 an hour went straight toward Corcoran’s daughter’s goal of buying a car. Experiencing exactly how hard it can be to earn a dollar gave Corcoran’s kids a healthy appreciation for saving it and spending it wisely.
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Corcoran told her subscribers that making her children get jobs ensured that they stayed grounded and resisted the urge to flaunt their family’s financial privilege. Kids who learn to fail and get back up, she said, are better equipped to succeed in the workforce than kids who’ve never had to navigate different personalities and situations.
“Getting a kid a job early on, versus another day camp or something, is more important than education in the schoolhouse, which parents are very willing to spend a ton of money on,” Corcoran said.
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This article originally appeared on GOBankingRates.com: Barbara Corcoran: Set Your Kids Up for Financial Success by Letting Them Fail Now
