Such an apt reflection of what my father taught me as a child. He always asked me to question my spending. "Is it nice to have or is it necessary to have?", he asked me to reflect. I think he was essentially asking me to develop an idea of disposable income and investable income, actively making the decision to 'waste it' if it just nice to have. It's something that's stayed with me well into my twenties. I'm constantly trying to manage my finances better and this post really rang with those lessons my father tried to ingrain in me :)
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Nice or necessary is a good way to look at it. I think a lot of parents don't make an active attempt to teach kids about finance, but still expect them to learn and manage it well. It becomes generational bad habits in some cases and very hard to break.
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Yeah, and also children look at how their parents spend/consume/ save and imbibe those habits. I’m no expert and have SO much of a road ahead when it comes to being financially literate but I think we should also be taught about borrowing money - from banks, from friends, from family- and the consequences of it.