Today's parents are doing a great job. Compared to earlier generations, we are emotionally closer to our kids, they confide in us more, we have more fun with them, and we know more about the science of child development. But we are also too indulgent. We give our kids too much and expect too little of them. Why? Because we want our children to be happy.

In our eagerness to spare our children pain, we often fail to realize that their happiness as adults is largely dependent on the tools we give them—tools that will allow them to develop emotional maturity, to be honest with themselves, to be empathetic, to take initiatives, to delay gratification, to learn from failure and move on, to accept their flaws, and to face the consequences when they've done something wrong. We need to prepare our kids for the time when they will be responsible for themselves, by helping them develop the healthy attitudes and good habits that are character's foundation. And to do that, we must stop over indulging them both materialistically and emotionally.