1. Ignoring their retirement Every new parent seems to jump into 529 plans before their babies are sleeping through the night. They don’t look at the tradeoffs in their own financial lives, specifically getting themselves out of debt or funding their retirement as higher priorities than college education. Borrowing for school, after all, is easy and relatively cheap, compared with other kinds of debt. Remember, the kids can always take student loans, while no one will give you a loan for retirement.

2. A bedroom for everyone Somewhere in time, good parents decided every child needed a bedroom. Bigger houses, bigger mortgages, bigger real estate taxes. They all lead to longer commutes, the need for two incomes. Along the way, they’re convinced the house was a “good investment,” not an expense, but they’re trapped in these higher fixed costs, lowering both quality of life now and financial options.

3. Keeping up with the Joneses’ kids Throughout the suburbs of America, there is a fierce competition for who can throw the most lavish birthday parties for their children. Renting ponies, carnival rides, etc., is a common scene. Setting the bar so high can destroy a child’s appreciation of the fact that some of the best things in life are free and set him up for a lifetime of needing a high-cost lifestyle in order to be happy.

4. Not teaching them about money Parents who are struggling themselves to get the most out of their money become terrible role models and teachers for their children. Instead of preparing their children to be financially independent by the time they get to college, I see parents either overprotect or educate inappropriately. Tracking Disney’s stock is not going to teach a child how to balance a checkbook, learn to be charitable or communicate some day with a spouse or partner.