Money lessons for children are essential. It makes them responsible in life and in relationships. But it’s a sensitive matter. Parents needs to ensure children don’t become a slave to it. Handling money responsibly and being money-minded or materialistic are two different things. Here are five money thoughts I want to instil in my child and you should do in yours:
1) The purpose of money:
Being independent in financial matters frees you. Every child must aspire to earn money and at the same time save some for future. Money may not be the most important thing but is important enough to live a comfortable life. It enables you to fulfil your dreams. It makes the little and big things in life easier. It allows you to experience moments of joy and avail comfort and ease for people you care for. It serves a real purpose. It lets you access necessities of life and more.
2) Money doesn’t define you:
They say with money comes power. It could be true. But, with money should come humility. Children must learn early in life that they shouldn’t judge people by money but by character. Never let it affect how you are and behave with others because people are more than their bank balance. It shouldn’t affect your sense of self-worth or your confidence either because it has the power to do that. Character matters much more than money. Character defines people, not money.
3) Gratitude for today and vision for tomorrow:
Gratitude is the most important money attitude. You have more than I did, and I have more than my parents did. Each generation works harder to provide a better life to the next one. Appreciate and use what you have to take another leap. Take risks and create opportunities that we never had. You be a better version of your parents and ensure your children to be a better version of yourself.
4) No end to greed:
Greed takes you down. Finance is one of the best paid industries in the world, yet fraught with examples of biggest and best fall-hard stories because of greed. There is no end to greed. Know the value of “enough” and never take a shortcut to earn money. It can never be worth it. Aspire to
make good money but not by wrong means.
5) Manage your talent:
Your parents have earned a living managing money. You don’t have to do the same. Focus on managing your biggest asset – your talent. Rest will fall in place. You are playing in one of the best markets in the world – India. Learn to read, write, think, fall, rise, dream, create and build. It will take you places. So, manage your talent. You can learn to manage money much later. It isn’t that hard. And when you do, mutual funds will help you. I hope you will believe they are Sahi! Money values are equally important as moral values. I want you to pay heed to both.