The most obvious reason is if you do not teach money to your kids, nobody else will. So YOU must. And for all of us Children and Money both are very important. In fact the cost of having a child is so high that many people are wondering whether to have a kid and if yes can the afford the second kid!!
Here let us look at some more reasons:
1. Teaching them delayed gratification is one of the best things you can do for them! It will teach them patience, saving for a goal, thinking and re thinking about something before committing, …etc. This itself is immensely useful.
2. Good Financial Habits start early! -What you teach kids stays on with them till their grave. So when it is possible to mould their lives and thinking, putting in the nice seeds is very very important. Start early works here as much as it works for your money!
3. Kids influence YOUR financial decision making too! So teaching them Value for Money, Value vs Price, etc. may sound outlandish but is possible. All toys cost money – but that which gets used a lot acquires value!
4. They will learn to give AWAY – their own efforts, time, money, etc.
5. Kids can make their money grow when they understand compounding, equities, etc. So they tend to say…let me top up my Mutual fund – this is from a 9 YEAR OLD. Awesome early start, right?
6. Kids can learn budgeting and allocation of their own money. For e.g. I give my daughter a Rs. 5k budget for Diwali – she HAS to buy a dress – anything else is voluntary…So she has to make a choice of a hand me down I pad, an I pod, a hand me down Kindle, books, whatever. She skips crackers – which is FINE by me…..
sure there are more reasons..but this is a good beginning…
Post Footer automatically generated by Add Post Footer Plugin for wordpress.