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The question is how to achieve that? In today's world and as a father myself, I can tell you that it's practically impossible to control or even keep an eye on your children 24/7. Kids, if they are not out with their friends, they will stay in their rooms with phones/tablets/PCs and open access to the internet or watching TVs with all sorts of ads. How can you protect them from all this and limit their exposure to ads and content which is not suitable for their age?
It is impossible to control or even supervise your children 24/7 but you have to keep trying to keep your relationship with them closer. If you can establish that close relationship, they will be more open to you and willing to tell you a lot about their world.
I see this trend occurring because parents are busy with their work, so they are less able to supervise their children and don't even know what their children are doing. As parents, we must try to approach our children because with today's technological advances, we can invite them to study together and not leave them alone playing on phones/tablets/PCs and others. When we can explain what is good and not good for them, they will slowly understand and not try to try. Parental supervision is very necessary for this.
Relationship between parents and their children is really important, now that we are embracing the digital era where communication using the internet is really hard to address, I mean we can't supervise our kids 24/7 that's reality.
But if we can open our lines and let them know that we are always there to assist them, listen to them, take time to sit with them and discuss what kind of life is waiting for them, explain the possibilities and what are the risk.
As parents, we are the first support line that needs to have an established a bond with our kids. They do have a better overview of anything if we guide them to the right path of life, generally speaking.
You are right that mate it's our duty as a parent to guide our children , listen to them if they have a good suggestion but like in the OP tackled above it's the decision of Michael Jordan and his son gambling to relax and have fun and nothing wrong about that it because they have a lot of money they can afford what they want to do or buy. But as of me I don't let my children known in gambling in the young age maybe in the right time if they want to gamble them it's okay.