Raising money-smart kids
Why is raising money-smart kids so important?
Raising money-smart kids today can be tough. We live in a time where internet shopping, credit cards and online banking are the norm, a time when our young adults have incredibly high student debt to settle and a time when our young children have some very bad instant gratification needs. It is no wonder our nation has some of the highest-ranking debt rates in the world as well as the lowest ranking on the emergency savings side of things.
To put it frankly- South African kids have some very bad money habits.
Fact of the matter is- you will either intentionally raieor they will end up living in your basement until they are forty years of age.
You will either model how to handle money or your kids will struggle like the rest of our culture, where common sense around finances is sadly not common at all.
If we fail to teach our children about money management, it may come back to haunt us later in life when our own retirement should start being a priority or when all our debt should be paid off.
Ask yourself the question: How would you feel if you had to support your adult children financially?
Or if you had to bail them out of a financial mess with savings painstakingly accumulated and set aside for your own future? Not a great thought is it?
What about the children themselves? Healthy, happy and successful adults are adults who are usually financially responsible and independent. If you`ve ever struggled with financial problems that were brought on by bad habits , or simply by not knowing how to approach personal financial planning effectively , then you know what a negative impact such problems can have on your life and on the people close to you. Certainly, this is worth our effort to save our children from such a fate?
Over the next few months I will advise parents on raising money-smart kids as well as all things financial and entrepreneurial focussed especially on children and to raise awareness of the issues out there around these topics for parents.
By Jolandie Strydom, Young entrepreneurs