Lessons From Wealthy and Wise Parents

Warren Buffett, with daughter Susie, taught his children the value of wealth. (By Matthew Staver -- Bloomberg News)

In her 30 years of practicing as a pediatrician, Goldstein said, she has seen some disturbing parenting.

"These children grow up in an environment where instead of having aspirations to achieve professional and personal goals, their only goal is to achieve money and the power it brings to 'have it all,' though they may end up having nothing, i.e., no personal happiness," she said in an interview.

Although "24-Karat Kids" is satirical (and occasionally stereotypical), there is lots of truth in what the fake doctor sees, Goldstein said.

It's not necessary to sign up your 4-month-old for musical classes or get a math tutor for an 8-month-old baby, both doctors -- the real and the fabricated -- argue.

Okay, Goldstein doesn't actually know a parent who got a math tutor for an 8-month-old, but parents are spending too much for the extras, she said.

"Tutors at a cost of about $20,000 a year for the pre-college SATs and nursery school tuition now up to $30,000 in New York City are not the sine qua non of good parenting that people of means believe it to be," Goldstein said. "Nursery schools to some extent are no more than glorified playgroups, and if only there would be more children of the privileged attending public schools with parents giving some of their money toward the public school education system, everyone would benefit, and the competitiveness for private schools wouldn't be so ferocious."

Goldstein hopes people take this from her novel: "The most expensive does not necessarily equate with best. Whether it is your child's school, camp, extra-curricular lessons and activities, stroller, clothing or toys, what matters most is not the price but the quality and the match with your child's needs and not the parent's."

The fictitious parents parading in and out of the posh pediatric practice in "24-Karat Kids" confirm what we real penny-pinching parents know. Love of money and prestige often spoils a child. Thankfully, Goldstein and Stuart deliver that medicinal message in an entertaining book.

If you are interested in discussing this month's book selection, join me at noon Thursday at http://www.washingtonpost.com/ . Goldstein will be my guest and take your questions.

To become a member of the Color of Money Book Club, all you have to do is read the recommended book. Then we chat online with the author or authors. In addition, every month I randomly select readers to receive a copy of the book, donated by the publisher. For a chance to win a copy of "24-Karat Kids," send an e-mail to colorofmoney@washpost.com . Please include your name and address so we can send you a book if you win.

? On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.

? By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

? By e-mail:singletarym@washpost.com.

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