How has your week been?
Children’s Day is coming up, and I think it is a great day to discuss how we prepare our children or wards for adulthood.
Manu of us grew up without anyone talking to us about money and personal finance. Most of our parents didn’t teach us. Our schools didn’t teach us either. But we can do better for our kids. Here are ways we can raise financially smart kids:
Be a role model.
Children learn a lot through observations. When they look at you, let them see a parent that is financially smart. A person they can emulate. A person who is deliberate about saving and investing.
Do you remember what Children’s Day was like growing up? We thought to share eight money lessons for you to implement and share with your kids and young friends.
Remember, someone must plant a tree before others can sit in a shade.
Discipline through Savings: Saving from what you have is key. Encourage children to save from their pocket money – no matter how little. The amount saved might.
Here are some of the excerpts from my address at the “Evening at the Chancery” “Whenever I have an opportunity to share thoughts with young people, I seize the moment to share some money tips. Try to embrace at least few of them.
- PLAN FOR YOUR FUTURE
Don’t leave your future to chance. Have short, medium, and long-term goals that you are working towards. - CREATE A BUDGET
Where does your money go? Priotize between your wants and your needs. Delayed gratification will pay. - START TO SAVE AND INVEST
Try to save a little of whatever you have, no matter how little: it all adds up. Saving and investment early will have a transformational impact on your life. - YOUR NETWORK