Teach your child about money value and wealth management
Growing up in a wealthy family can be amazing. Splendid vacations, lavish homes, fancy cars and education in the best schools. It can also color your world with unrealistic expectations. Children from well-off households are still the most privileged group of people because they have access to almost the best things in life.
Sometimes they are the ones who decide for their parents, in which country they want to spend the summer, Thanksgiving and the New Year. They are always given the best of everything: clothes, shoes, books, cell phones, cars and other things. These children usually don’t stress for an after-school job because of their parents’ relationships. However, they also resort to the family business, in case they decide to work there.
Wealthy parents make life so easy and comfortable for their children – From hiring a driver to hiring a cook, lawyer, housekeeper, and estate managers. These kids will never feel intimidated by anyone or anything because of their parents’ wealth. Other times, children from well-off households can be arrogant and proud.
Most of the time, these children are blown away by their parents’ wealth and the luxurious lifestyle it provides them and they neglect to understand the basics of wealth management, business management and financial management. Failure to understand the basics of wealth management will jeopardize everything their parents worked for. Children from well-off households should learn the act of wealth management from their parents, otherwise they will be wasting everything their parents worked for.
A father can decide to give his children 1 million naira every week for the next 15 years and that will mean nothing to him, because of his wealth. But he will be afraid. Why? Because her children do not understand the principles of wealth management and the value of money, her hard work is therefore at stake.
Growing up, I saw children from wealthy families who mismanaged their parents’ wealth simply because they didn’t understand the principles of wealth management and the value of money.
I have also seen families who bequeathed their properties to orphanages, simply because their children did not understand the principles of wealth management and the value of money and were unwilling to do so. .
Every parent’s mission is to teach their children about the value of money and the principles of wealth management.
The essence of this luxurious lifestyle is to expose children to the world in order to change their thinking pattern and refine them for tomorrow. A luxurious lifestyle is no excuse for being unnecessary and lazy about money.
Children who are not from affluent homes should also strive to learn basic wealth management principles from wealthy and successful friends and relatives.
Children need a lot of support, but there has to be a balance. Parents should not apologize for refusing a request from their children. Intentionally refusing to meet their needs will make them realize that they cannot always have everything. It can be painful and difficult to try, but over time you will get used to it and your children will get used to it as well.
“If you want your kids to keep their feet on the ground, put some responsibility on their shouldersâ-Abigail Van Buren
Parents should also strive to teach their children basic financial management principles such as saving, budgeting, risk management, investing, and insurance. To save, parents should start by buying a piggy bank for their children and rewarding them for their savings to encourage them to save more. Parents should also open an account for their children and teach them how to save in the bank and how to save with certain financial apps like Piggybank, Cowrywise, etc.
Parents should also teach their children the basics of entrepreneurship – families running businesses should also teach children about the business and make sure they run the business whenever they are in the business. home for summer, Christmas or any holiday. This will help to continue the legacy they left for their children.
Parents should also encourage their children to read books on business and finance and also to attend lectures and seminars which will refine their thinking pattern and contribute to their personal development.
Parents should also encourage their children to use a lot of discipline and contempt when making decisions for themselves.
Parents are also expected to encourage their children to associate with people who will inspire them to become the best version of themselves, friends whose value system does not contradict the value system parents have. built for their children.
Parents should be sensitive to the identification of their children’s skills, they should encourage them to hone these skills and they should also encourage their children to maximize these skills, use them and monetize them.
Parents should also ensure that the type of education and school they choose for their children is guided by the same value system that they used to raise those children. Education plays a vital role in the refinement of a child through experience and exposure.
Parents should also encourage their children to apply for internships during school holidays.
In the process of raising a child, parents should allow their children to make mistakes and suffer the consequences. In doing so, they will be very careful next time. Parents should allow their children to apply for jobs without making calls or taking advantage of their parents’ position. It will motivate them to be so diligent and they will take these jobs very seriously.
We are committed to giving our children love, care and care against or against the fear of spoiling them.
We want to give them the best of everything
We want to give them a better life than ever.
Children need support, but there has to be a balance.
However, the dangers of abusing children are;
- They won’t appreciate the value for money and they will spend all of your money – undermines self-discipline.
- This diminishes their ability to be altruistic. They will see their own need before others.
- This deprives them of any possibility of being independent.
- It is therefore difficult for them to learn to manage and respond to disappointment.