CHILDREN AND FINANCIAL INDEPENDENCE.
The era of providing kids with virtually every single thing they need in the name of love is fast fading. In my opinion, for you to raise confident kids, it is important you set them on the path of financial knowledge and let them have the knowledge that someday they will have to provide and account for everything they need or have. Spending extravagantly on kids makes them to think that money flows like rivers of endless waters. I am not saying that the children which god has blessed you with should not be taken care of or provided for; all I am saying is that each day we live with these children, implanting the consciousness that money is not planted on the tree and money is not difficult- it all goes with hard work, consistency, determination and discipline, is really necessary.
To provide the educational opportunities is important, just the same way to them with the knowledge of financial freedom.
HOW DO I CREATE A PATH OF FINANCIAL FREEDOM FOR MY CHILDREN?
• Teach them discipline: Appropriate your expenditure for a specific purpose. There is always a case of “impulse buying”, “a need to show off”, and “to enjoy the pleasures of life” but all these should be avoided because a short term gain brings a long term consequence. A habit of impulse buying, showing off and enjoying the luxury of life won’t give you the opportunity to invest. Let them know that.
• Teach them the act of saving: The act of saving has always been seen as a tool to teach kids how to be able to be accountable to them. It improves the skill of discipline on them also. Let them learn how to save.
• Make them accountable in their savings: Buy a log book, a short log book, where they can input the amount they save each day and the time they have saved it. When they are about to take it, let them scribble it down and show the reason for the expenditure. Teach them not to hesitate to show you their expenditures, with these; you can align them on the right path.
• Teach them to follow financial experts: A child’s mind is porous and whatever is implanted would be there almost forever. It takes time for a child who has grown into an adolescent or teenager, or even an adult to forsake the teaching he or she has learnt in the formative stage. Buy books written by financial experts. Teach them financial theories and let them lend their opinion on how to apply them.
• Seek their opinion in budget planning: when you are making with a budget with your partner, have them included. It gives them a sense of responsibility on what to do and what to expect in future.
• Help them to acquire skills: An educational degree with a skill is an advantage to one. Let them acquire skills such as digital skills or physical skills- advisably- digital skills. Let them also learn to upgrade their skills by following updates on it in order to better person in that particular field of skill.
• Teach them to invest
WHAT ARE THE BENEFITS OF FINANCIAL INDEPENDENCE?
• A financial independent child is sure to attain on basic states of success. It is important to know that financial freedom is the route to success, but one of them.
• He or she is set to be proactive in his or her thinking as he has mastered the act of self discipline.
• Attaining goals would not be difficult for him or her.
There are so many benefits! Create a path of financial independence for your child today as you think about him or her.
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