Why every parent should raise money-smart children
Posted on 4 March 2014 - 05:39am
IN TODAY'S world, being savvy with personal finances is as important as being able to make a lot of money.
While the amount of money you make is vital to your financial health, how you handle that money and the discipline it takes to make sound financial decisions plays a huge role in that aspect of your lives.
That is why it is extremely important that such a discipline and behaviour is instilled upon people at a young age.
I am a proud uncle of two lovely nephews, and I am happy with how their parents have taught them about money.
At such young ages (the oldest being 14), I noticed how disciplined they are when it comes to saving money and I have no doubt that this will carry over as they grow up.
As parents, it is your duty to make sure your child grows up equipped with the specific skill set required to handle money properly.
Here are numerous reasons for this:
Being money-smart has become a necessary skill. As much as hunting and building fires were necessary skills in the old world, now, properly developing a healthy financial life is the vital skill required in this modern, yet at times equally savage, world.
We teach our children on how to survive and being smart with our finances−by starting with a small act of prudence but necessary skill like budgeting our money properly.
We promote the idea of how being money-savvy is essential to survival in today's life and not instilling such a skill is to raise your child at a distinct advantage.
Discipline carries over. Proper management of resources does take discipline, and if you are successful in teaching your child this skill early on, then you can bet that your child will show manifestations of discipline in several, if not all, aspects of life.
Discipline is a hard behavior to unlearn, and by teaching your child early, there is a strong chance that this will be reflected in your child's schoolwork, social and domestic relationships and responsibilities, and general outlook.
In short, teaching your child financial discipline early on can be the beginning of your child's journey to excellence and give your child a solid foundation for the future in terms of professional standards and work ethics.
It improves parent-child relationships. This is something that a lot of people neglect to mention when discussing topics of this nature.
Instilling such an important trait in your child does not just improve your child as an individual—it enhances your child's relationship with you as well.
As parents, you are automatically a child's authority figure, but there is a difference between a child's blind obedience to a child looking up to a parental figure.
Most of us have traits that our parents instilled in us that we tend to greatly respect them for and will forever be grateful for.
This is your opportunity to pass on something your child will appreciate for the rest of his or her life. If the child grows up into a balanced adult, the child will have you and your spouse to thank for.
Build the right attitude towards money. Teaching your child early on about the reality of money contributes in the child growing up seeing money for what it really is: a resource.
Many people have allowed money to control them in a way that yields negative circumstances simply because they were not brought up with the proper attitude.
Money is a necessity; but not a gateway to happiness.
This will avoid raising a greedy child, and oftentimes, greed results in poor financial decisions.
Teach your child to be financially savvy today, and you will be paving the way towards a bright future for your beloved offspring.
Andreas Weiler is a money-saving expert with CompareHero, a Malaysian financial comparison platform,aimed at helping Malaysians save time and money.
For more tips go to www.comparehero.com.my
While the amount of money you make is vital to your financial health, how you handle that money and the discipline it takes to make sound financial decisions plays a huge role in that aspect of your lives.
That is why it is extremely important that such a discipline and behaviour is instilled upon people at a young age.
I am a proud uncle of two lovely nephews, and I am happy with how their parents have taught them about money.
At such young ages (the oldest being 14), I noticed how disciplined they are when it comes to saving money and I have no doubt that this will carry over as they grow up.
As parents, it is your duty to make sure your child grows up equipped with the specific skill set required to handle money properly.
Here are numerous reasons for this:
Being money-smart has become a necessary skill. As much as hunting and building fires were necessary skills in the old world, now, properly developing a healthy financial life is the vital skill required in this modern, yet at times equally savage, world.
We teach our children on how to survive and being smart with our finances−by starting with a small act of prudence but necessary skill like budgeting our money properly.
We promote the idea of how being money-savvy is essential to survival in today's life and not instilling such a skill is to raise your child at a distinct advantage.
Discipline carries over. Proper management of resources does take discipline, and if you are successful in teaching your child this skill early on, then you can bet that your child will show manifestations of discipline in several, if not all, aspects of life.
Discipline is a hard behavior to unlearn, and by teaching your child early, there is a strong chance that this will be reflected in your child's schoolwork, social and domestic relationships and responsibilities, and general outlook.
In short, teaching your child financial discipline early on can be the beginning of your child's journey to excellence and give your child a solid foundation for the future in terms of professional standards and work ethics.
It improves parent-child relationships. This is something that a lot of people neglect to mention when discussing topics of this nature.
Instilling such an important trait in your child does not just improve your child as an individual—it enhances your child's relationship with you as well.
As parents, you are automatically a child's authority figure, but there is a difference between a child's blind obedience to a child looking up to a parental figure.
Most of us have traits that our parents instilled in us that we tend to greatly respect them for and will forever be grateful for.
This is your opportunity to pass on something your child will appreciate for the rest of his or her life. If the child grows up into a balanced adult, the child will have you and your spouse to thank for.
Build the right attitude towards money. Teaching your child early on about the reality of money contributes in the child growing up seeing money for what it really is: a resource.
Many people have allowed money to control them in a way that yields negative circumstances simply because they were not brought up with the proper attitude.
Money is a necessity; but not a gateway to happiness.
This will avoid raising a greedy child, and oftentimes, greed results in poor financial decisions.
Teach your child to be financially savvy today, and you will be paving the way towards a bright future for your beloved offspring.
Andreas Weiler is a money-saving expert with CompareHero, a Malaysian financial comparison platform,aimed at helping Malaysians save time and money.
For more tips go to www.comparehero.com.my
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