You try to do your best to raise your child to be compassionate, empathetic and appreciative. You also want him to understand that your financial limitations may be different from other parents.

How can you deal with the gimmes and sense of entitlement?

Technology has contributed to an expectation of instant gratification. In real life, the speed of achievement is slower. It takes longer to earn things.

Your child learn know to enjoy life right now while working toward future desires. This will help him enjoy the future more when he gets there, especially if things don't turn out as he anticipates.

Teach him how to fail effectively. The value of failing can lead to eventual success. He has to get up and try again, taking a lesson from the experience.

“But My Friend Doesn’t Have to Do Chores!”

That’s great. Chores may be part of your household. Tasks are a great way for your child to contribute to the family. There is satisfaction in getting things done.

Work out a subjective measure for a financial allowance. Be clear about what tasks are allowance-worthy. Allowance is for frivolous expenses so push for proactivity from your child.

You want to raise a compassionate, resilient child who knows the difference between needs and wants.

Listen as Dr. Michael Wetter joins Melanie Cole, MS, to share how you can curb expectations and have your child earn what he wants.