so I think this is where I am going to post this.
I saw a friend last night, one of my oldest friends. guy is smart, Swarthmore and then PhD at MIT. inherited a nice piece of change at 21 - I would estimate 2 mil, give or take. loving family, parents divorced, but 10 years after he left home. tall, good looking, sense of humor. married a sort of hot chick, 5 years older than him, when he was 21. well mannered, well read, kind, a really great guy.
I haven't seen him more than 2-3 times in the past 10 years, last time 7 years ago. he's blown pretty much all of his money, although he has a pretty nice house. he's makes about 1/3 as much as I do, he hates his job, his wife looks miserable, they spend the whole evening bitching about how they can't afford to send their kids to summer camp, and they can't afford to buy this or that, and they can't afford to travel, etc. his wife is working at a low paying job that she hates.
so here's how this hooks to parenting - he was raised with the idea that he probably wouldn't have to work, he actually told me that at one point, that he figured he would study something interesting, because he probably wouldn't ever work. his father never worked. so he got a great education, and then didn't work, he basically didn't have a full time job until he was 45. I helped him write a CV a while back - he had 3 or 4 part time jobs over the years, but if you put them together, it was about like he worked 5-8 years by the time he was 45. then the money didn't work out to be worth as much as anticipated.
the only other friend I have in the same position isn't happy, either - he got divorced and at 46, is still trying to figure out what to do with his life.
the issue of work ethic seems to be incredibly important to a happy life.