I'm thrilled that you're teaching your child that you can live without borrowing money and the value of saving. The school I teach at is very wealthy, and those kids see what their parents have and think it's normal to have a BMW at 16 or a 5000 sq ft house (and will probably want that when they graduate from college- not knowing how much it actually costs).
My first year there, one of my students asked me where my lake house was. I laughed out loud and said "baby- I only have ONE house, and it's not at the lake."

I wish more parents would teach their kids that you don't HAVE to get a car loan, mortgage yourself over your head, or keep up with the Jonses to live a great life!