I cannot tell my daughter ‘when I was your age I did not have that’. I actually had all those things that technology could provide – camera, music system, etc. while in school and then in college. I had access to even better cameras – my uncle and dad had them. So really nothing to tell my daughter ‘you are privileged’ . However, the following things help.
- Get your children to do some research on charitable organisations and choose which organisation they wish to support
- Kids do not have money, but ask them to use their time to do research into various alternatives, Google helps!
- Involve them while planning your travel – booking tickets, comparing hotels, etc. – learning the process helps
- Do not buy them something every time they ask for something, teach them patience and DENIAL.
- Teach them every thing has a price, and if you use it well, YOU create value – Barbie doll or whatever.
- Let them handle all the payments – at the shops, paying the servant, – let them UNDERSTAND ‘everything has a price’
- Take them to the old markets (Crawford market in Mumbai) and feel the heat, bargaining and see sheer volume
- Ask them to make a budget for the servant’s house and discuss it
- Remember kids ‘catch’ what you do rather than listen to your sermons.
Recently Justin Beiber performed in Mumbai, and I had a discussion with my daughter about the tickets pricing. I was happy to buy her a couple of tickets – but she did not want to go. She choose to use that money more ‘sensibly’ – as she put it.
So whether it is choosing a dress, choosing packs for renewal of phones, or doing charity, children can play a role. Once you teach them the process – and do the rigor yourself, they do understand the ‘value’ part of life. Once you have taught them that, teaching value investing is easy. Or I hope it will be in the forthcoming years.
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