We need Financial Literacy to be Financially Equal.

“Roses are red.

Violets are blue.

Let’s smash the patriarchy.

Me and you.”

I highly recommend you watch this video. My friend Anu Somani forwarded this to me. Brilliantly put. It brings to light, not so lightly, the importance of financial literacy, education, and knowledge beyond the male. It reminds me of the t-shirt Rhea Chakroborty wore when questioned by authorities which had the above quote.

I have been talking through my series, “Frankly Speaking Finance” the importance of discussing money with your family, especially wife and kids. Make money-talk a part of your daily family lingo. The more you talk, the more your family will embrace it. The more your kids will learn about it. We all teach our kids about the right vs wrong, morality, non-violence, respecting elders, and yet refrain from teaching them the biggest truth - why we live - to make money!

I tell my nine- and 17-year-old daughters that most people sit on the side-lines and watch, and some play to win. With money, the only way to make more money, is to play. Not sit on the side-lines. I also never forget to reiterate that this is one game they cannot afford to lose. While playing chess with my nine-year old, I tell her, when it comes to money matters, don’t be a chess piece. Be a chess player. You may win or you may lose. If you lose, you will learn and not make the same mistake again. If you win, you will advance and then make mistake. It is okay. Every time you make a mistake and lose money, think of it as a tuition fee you paid for the lesson it taught you.

Not playing is not an option.

I tell them, money = freedom, security, power, choice, charity and more

We make money for our family. And yet patriarchy prevents us from involving our family. I lost a very close friend when he was just 35! I know what his wife went through, despite being a CA. I will keep shouting, please, please, please discuss money with your family. You should allow them to take decision, make mistakes, learn and grow. If you are not so bold, start by sharing knowledge. Explain why you invested in something or chose not to. Investment in knowledge pays best interest.

Imagine this horrible scenario: You die tomorrow. An accident. Heart attack. A tragedy. And then ask yourself this?

1.    Would you have hoped that your wife and kids knew your financial investment or wealth you have left behind?

2.    Would you have wanted your wife and kids to know about the ‘why’ you invested and take informed decision, or first figure out what you left and then take decision based on someone else’s decision?

3.    Would you want your wife and kids to live in insecurity from lack of knowledge of money?

4.    Which school teaches financial education or literacy? Is it not your responsibility?

5.    And ask the biggest of them, why are you not sharing matters of money with your wife and kids? If you are earning for them, why not discuss with them?

Why is discussing money at the dining table such a taboo? Like sex? Like politics? Both sex and politics have entered our homes through OTT and news. When will money make its grand entry into your homes?

I take my hat off, and bow down to Paytm and Ruchi Narayan, who made this film.

This is what I do and recommend:

1.    Discuss money freely and openly with my daughters. Infact, I encourage them to talk money with their friends and cousins. They can be young without money, but I don’t want them to be old without it.

2.    Rotate managing ‘your’ family portfolio amongst ‘your’ family members, especially wife and kids. They are your family, your, not anyone else. Why hide?

3.    Allow them to take financial decisions, if you can, they can.

4.    Let them make mistakes. That’s the only way to learn. Investing cannot be taught it has to be learnt. How did you learn? Don’t you think they should too the same way?

5.    Let them take risks. Risk hai to ishq hai. That the only way to grow wealthy. No risk, no reward.

6.    Let them ask questions. Questions are answers. The more questions, the better answers and options will arise.

7.    Change your mind, and mindset. We are all equal. Involve them in matters of money.

Let us smash this patriarchy. Me and you.

video credit: Paytm