As a teacher, I take it upon myself to enlighten my students on the importance of having proper financial knowledge. It was a burden to me whenever I saw them spend money recklessly on things they ought not to have spent. I happened to be a class manager for students between the ages of 14 to 16. They are regarded as adolescents and youngsters. They are very smart and intelligent academically but financially ignorant and uninformed. I realized that for every money given to them by their parents and caregivers, they must spend every dime and return home empty. Even when some of them will come to school with lunch, they still use their money to buy snacks. Not that I am against them buying snacks in addition to the food they brought to school, but I see it as a waste of resources. You only eat when you are hungry, not when you feel like eating.
It's so pathetic that the prevalent culture and belief system in this part of the world is that you cannot start making money as a child. This is one of the reasons that children are not taught about money and how to earn money at home. Rather they are exposed to financial recklessness and willful spending. As a result of this, they grow up to have financial problems and challenges.
What I did was to organize a seminar during their free period and I invited a few other staff to educate them on the need for effective financial or money management as a young person. From the seminar, we were able to bring them to an understanding of how important it is for them to start saving and investing. I told them they do not need to exhaust all the money given to them every day. I told them to always divide the money into two parts, and keep the other part in a box or bottle while spending the other parts. I told them that by the end of the month, they would be surprised at how much they must have saved and the money could then be used to get them books and other stuff they need.
I also told them that Warren Buffet who's wealthy cannot match the wealth of Steve Jobs because he did not start making money from his youth.[ I don't know if it's a fact, but I needed something to pass a message across to them]. I told them that if they start to save money and also invest at a young age they won't have problems with money. Every money not properly managed is bound to be finished quickly but every money that is budgeted for will certainly be used for the purpose it was meant for.
Other staff spoke to them about the need for them to be more wealthy than their parents. It is unfortunate that some of their parents still struggle to pay their fees. They were told that if they start making money early, they will support their parents to pay their fees, and another aspect is that they might need help.
The truth is that most of the parents and guardians of these students are also financially not educated, that's why some of them are struggling to pay for their fees and to give their children a better life so we told them to extend this knowledge to their parents at home.
In the end, I recommended some useful books for them to read. Books like “Rich Dad, Poor Dad” and “The Richest Man Who Lived in Babylon”. I knew that not all of them would understand the seminar because of their ages and their level of understanding, but some of them started acting based on what we taught them.
As parents, the best time to start putting people through on effective money management and earning is from childhood. Whenever they start making money, they would learn how to effectively manage their money.
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!PIZZA for everybody working on his/her financial literacy!
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@borsengelaber(2/5) tipped @newbreed
Great job, continue the good works
This is so great. I am glad to see that Financial knowledge is taught in schools. This is a welcoming idea. Alot of Young ones will get to gain proper financial knowledge of how to effectively spend and save money.
Thank you