Academic qualifications are important and so is financial education. They’re both important and schools are forgetting one of them. Robert Kiyosaki
As a parent, education is very important to the development of your child and the establishment of your child’s future. It can open doors for furthering their education and provide the quality of life you desire for them to have.
In the previous blog, “Never Too Young to Learn About Money”, it was highlighted that this young generation needs to adopt the discipline of financial management. I truly believe that by granting them this gift of financial prudence at an early age, they are well on their way to financial success in every sphere of their lives.
Here are some benefits of teaching your children financial management principles at an early age:
- You will build a solid foundation for your children to build on. You can start them off by purchasing a piggy bank and teaching them about saving. It is a fun, creative way to peak their interest. In turn, their curiosity about financial management will increase.
- Budgeting is a very important practice to adopt. By giving them strong budgeting strategies, they are better equipped to handle their financial matters, when they go off to college, start to work and eventually get married.
- By teaching them to sleep on certain purchases and delay gratification, for example, they will become content with what they have. Also ensuring them they don’t need to get rich quick, will teach them about contentment as well. By avoiding “get quick rich” schemes, they are guaranteed to be financially stable.
- You can learn from each other. As you instil these principles into your children, you will be amazed at how they uniquely view financial management. They may very well see something that you may not have been seeing. In turn, you will be motivated to continue to set or set an excellent example for your children to follow.
Today, some, I am afraid to say, simply do not want to take full responsibility for the current state of their monetary affairs. By teaching your children to make wise decisions with their finances, you will enable them to rebuild their countries’ economies in the long term. This future generation, our nation builders, can be the ones to change the financial landscapes of many nations, with one wise, financial decision at a time.
Start teaching your child the importance of financial prudence today!