Biggest responsibility of any parent for their children is to teach them the life of Independence.
Financial Freedom and Independence can be achieved only by knowing certain personal
Finance concepts and certain discipline attributes.
Personal finance can even be a challenge for adults. Here i have created 5 Step guide to help
parents navigate financial conversations and offer tips and tricks to teach children about the
importance of money. As a parent, however, you can teach your child important financial
lessons — and you should.
Begin Basic Investing
Children often receive money as gifts for B’days and Festivals. The idea of gifting money is to
emphasis about the fundamental and Importance of Saving. But however we often forget not to
talk about how to utilise these savings for Larger Purchases and to multiply their savings.
Teach them about how compounding works and why it is 8 th Wonder of the world.
Teaching them about Smart Spending
There are many ways to get the most value for your rupee spent. For instance, a child who
wants a new video game may be surprised to learn prices could possibly drop after the holiday
Involve them when you are doing your House Hold budgeting and Financial Planning.
Insist them to keep a record of everything they spend, so they can go back and evaluate if they’d
like to change anything about their spending habits.
Educate Credit Concepts
There is nothing inherently wrong with using credit. Debts and credit should be used only for a
constructive purpose like – Education & Business.
As we see, many young Adults are struggling with the credit card debts. They get stuck in
revolving credit with Credit cards and what is responsible credit.
Inspire them to Earn Money
Allowing your kids to do chores for extra cash is a great way to start teaching them the
concept of earning money and also this can be a good seeding them to learn about
entrepreneurship and their early age.
Allow them to sell their toys, clothing, or sports equipment in OLX or similar sites.
If they are into art, help them set up a website to sell their creations.
It’s surprising that our schools don’t teach children about money and these lessons will
definitely help them to become Financially Free and Independent
One Call Can Change your Finance Forever – Reach me at 9841058689 to become more responsible
in investing and to earn high returns.
Take Your First Step Towards Smarter Investment Decision.
Equity Fund Manager | Wealth Consultant | Author
Whatsapp / Call – +919841058689
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