by Dr Boyce Watkins
Some of us turned our heads to the side when it was reported that the rapper and businessman Diddy gave his son Justin a $360,000 Maybach automobile for his 16th birthday. People asked me what I thought about this, since I've written a great deal on how to teach your kids about money, and I used a three letter acronym: TAH - "Tacky As Hayell."
I respect Diddy and I apologize for having to lean in on him for this one, but as S Tia Brown and I discuss in our latest episode of Financial Lovemaking, you can find ways to show your children love without spoiling them for the rest of the world. By giving his son such an extraordinary gift at such an early age, Diddy may have minimized his son's ability to conceptualize the value of working hard for his success or empathizing with those who are less fortunate. In other words, receiving such overdoses of dopamine at the age of 16 is a sure-fire recipe for depression later in life.