Thursday, July 25, 2019

Teaching Our Children to Make Good Financial Choices


Although the concept of "American dream" varies from person to person, most people think that it is a happy nuclear family home in the suburbs, a white fence, a tire swing to the front yard, a swing to the front porch, a leap of a dog. Jump (Calder, 1999, p. 3) Then people may ask what they need to get this dream. The answer may seem simple, but it is a product of long-standing credit and debit management that is defined by an unrealistic credit score and is defined intertwined with economic success and diligence. 
It was bank financial analysts who founded Pennybox with my friend Reji Eapen, but the goal is simple but bold. . Before I started using Pennybox, I talked with hundreds of parents and asked the following questions. Have you taught your child about money? What we have learned is amazing. Although all parents believe that financial education is important for the happiness of children, few are those who have the ability to actively participate in the home finance course, have the authority, and have sufficient skills.
It is a good time to encourage your child to make good economic choices, not to make them reality. Indeed, teaching early is a good thing. But it is never too late to begin teaching the children about the smart financial situation and encouraging them to do what they should be independent in their own economy. In this way you do not have to worry about supporting them instead of enjoying retirement. No, you are already in your 40's, now is a good time to consider your priorities and make sure they are still applied. What you began working for your 20s and 30s may not be important to you at the moment. Please review your priorities and find out what matters to you. If you find that you are still trying to solve something that is not important to you, it is a good opportunity to change direction now. Not too late 
One of the main problems faced by adults is debt. This debt is often due to poor cash management practices. That is why it is important for us to educate our children about the economic knowledge since they were very young. By educating them early and acquiring good habits, you can reduce the risk of making bad financial decisions. You can teach economic knowledge of pre-school children as follows. The first lesson of economic knowledge is to teach how much money your child has money. You can purchase (or print) fake money (you will need to use invoices and coins) and teach your children various denominations. You can show them your debt / credit card and checkbook (if any). Let's catch them. They need to classify invoices and coins with size and denominations (depending on their age and skill level). This will help them learn to distinguish all of these

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