Teaching Children The Fundamentals Of Personal Finance From An Early Age

#Parents are often faced with a dilemma; we want our #children to have better #lives and #opportunities than we ever had and want to give them the best of everything. Driven by a natural instinct to #love, #nurture, and provide for them, we run the #risk of overindulging or spoiling our children, which can have dire consequences for their #future, as it may prevent them from reaching their full potential.

When children are deprived of the opportunity to be self reliant, they develop a sense of entitlement that shields them from the desire to #workhard. Overindulgence can lead to a #loss of #motivation, which comes from having every whim satisfied and never having to take care of basic #needs for themselves. This could leave them ill-equipped to cope with the real world and #financially dependent on parents who should be catering to their #retirement. On the more sinister side, they can become financially irresponsible, and out of desperation, be tempted to maintain a certain #lifestyle at all costs.

If we want our children to #grow up to be financially responsible adults, we must introduce them to the fundamentals of #personalfinance from an early age; they should have some basic understanding and practical experience in #spending, #saving, #banking and #investing. This will help them to develop a responsible attitude towards #money and provide them with sufficient grounding for making sensible #financial decisions in future.

- Teach them to #Save

- Teach them to #Budget

- Give them an #Allowance

- Teach them to #Earn

- #Teach them to give

- Be a good role model

#MMWN #MoneyMattersWithNimi