Pride is something that one credits themselves with. It's based on ego. That's why it causes people to act either boastful or defensively.
Self Respect reserves graciousness and allows a person to act positively towards another in spite of perceived ego blows.
Self respect and respect for others (including your children) in place of pride builds character and integrity for all involved.
Pride takes the place of Self Respect and robs people of the ability to grow emotionally or spiritually - though if wealth is the main pursuit, history is full of the wealthy, as well as the proud.