Financial knowledge is something that every individual should have and should transfer that knowledge to the next generation. Sometimes people miss the opportunity to transfer their knowledge to the next generation. This becomes a huge miss. They say that 80 % of the second generation millionaires are not millionaires anymore. They somehow lose their money or reduce the money their father and grandfather gave to them. Some great people bring the knowledge from their father and grandfather and do a great job.
They say money is not everything, but we should have earned enough before making or believing such statements.
Kids need a lot of financial learning
I'm someone who thinks that kids should also be exposed to money at a very young age. The important thing for them to note is to understand why money is required in life and how important it is in our lives. This should also cover the part where they should share the money with other,s and also how to not be greedy.
I will be buying a piggy bank for my son and I will make him save money and teach him the importance of saving money. We can learn this from nature. Honey Bees and Ants save their food preparing themselves for Winter. It doesn't mean that they are greedy, they are just planning it well for the worst. Kids should have this as part of their learning process.
Let they earn their own money
Mostly, the money we earn, we can use it to take care of the basic needs of the famil,y but when the kids grow up, it should be their responsibility to earn enough money and take care of the family. They shouldn't live with sophistication and they should not undervalue the money and live without a proper moral. Only when earning money is tough, lots of life lessons are learned. If we can get everything we want, without any efforts, those things won't last long in life. This is something that I want my son to understand and grow up.
The money that I have earned will mostly be used by me and I will encourage my kids to make their own money and only if they earn their own money they will understand the pain and suffering it took to earn it. That's when they realize the importance of keeping it safe and know how to respect money.
Teaching charity
From a very young age, we should also teach charity to the kids. There should be a balance in what we are earning and what we are giving. We shouldn't be giving more and we shouldn't be hesitant to give. Finding the right place to do charity is also the most important thing. Filling an empty stomach is more preferable than filling a stomach that is already full. The real peace is not in earning money but in spending money. Especially if we are spending the money towards a selfless charity, the feeling is very great.
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The thing is, who has parents with lot of money usually doesn't understand its value, has no work culture and waste them
I would love to save up for my next generation, at least they will have a better financial privilege to pursue their dream, maybe landing a good ob, or making a new business. But it is true that transferring the financial knowledge is even more important than the physical money, as they will understand, appreciate and know how to get the money when they understand it.
Earning money is very difficult but children don't want to understand that so they waste money. They need to be given practical experience and made efficient.