the source of revolution


How to raise a financially literate child

Every parent begins with an inextricable desire to raise a child who is more successful than the parent. Regardless of how well that parent had growing up, he or she wants the child to have an easier path than the parent traveled. This aspiration is as eternal as time itself. It transcends religion, race, culture and nationality.

Parents everywhere love their children as much as parents everywhere. Don’t say that to the children of African parents; We believe that our parents are the most loving parents in the world. That mindset is largely based on the fact that our parents overcame numerous difficulties raising us. However, history teaches us that some (if not most) of the difficulties people experience in life are inflicted by themselves or by society. Afflictions come in the form of corruption, civil war, having more mouths than you can feed, broken homes, bigotry, greed, poor health, and financial habits. There are things that can be done to improve these problems and achieve successful individual results. One of the keys to a better result is practicing good financial habits. It is not just about knowing what to do, but also about implementing what you know.

Even in this Eden where we reside with modern conveniences like 24-hour supermarkets and ATMs, internal refrigeration, a social safety net, reliable electricity, and accessible healthcare, many of us in the Diaspora have realized the inherent excitement. to be parents. We are awakening to the truth in Alayi’s adage that all roads to Arochukwu are fraught with challenges; That Hot Chocolate didn’t mean it when they sang that “Heaven is in the back seat of my Cadillac.” In my humble opinion, people don’t begin to truly appreciate their parents until they become parents themselves, even under the best of circumstances. However you look at it, raising a family is a monumental financial endeavor, albeit a rewarding one.

Part of being a better parent is teaching our children the skills they need to live successful lives. In this global village we now live in, it is paramount to learn and practice solid financial life lessons. If a child wants to be financially gifted, he needs to learn the positive habits of the rich. Those who ignore these facts of life often pay a heavy price. Yet studies show that parents would rather chatter about birds and bees than teach their children money lessons. It doesn’t help when some parents misinterpret the quote from the Bible: that “the love of money is the root of evil” in the sense that money is the root of all evil. Some say that the “lack” of money is the root of all evil. If a happy person has some reservations, they would be less inclined to do anything for money. On the other hand, a hungry and desperate saint would sin in no time over that steaming porridge.

A friend of Raymond Matthews said it best when he said: “Often in life, what money cannot buy, the individual does not need.” That may sound harsh or extreme, but if you think about it rationally, it makes sense. According to a YouTube anti-poverty video, “At the beginning of the 21st century, 1.2 billion people live in extreme poverty. More than 800 million people go to bed hungry and 50,000 die every day from poverty-related causes.” Na Shakara (lack of money), paraphrasing the Great Fela.

Every child should acquire basic financial skills before entering high school. In these times of unemployment, excessive student debt, and credit cards, your child is likely to come home and cause a lot of trouble later on if you don’t equip them with these skills for a lifetime. One of my cycling buddies once told me that the best thing any parent can do for a child is to help them become financially independent as soon as possible. Having a well-paying job is no longer enough; your child must know how to manage his resources. According to Jim Rohn, “If you work hard at your job, you can make a living [live paycheck to paycheck]. If you work hard on yourself [by acquiring prudent financial skills], you can make a fortune “and have true financial freedom. It’s not how much you earn that matters, it’s how much you save.

As parents, we must be careful not to send mixed financial messages to our children. Parents should not slander the importance of money. Desperate people do desperate things. Some pass up opportunities and desperately incite their children to accumulate huge student loans or play dangerous sports to finance their college education. What seemed like a good way to “beat the system” today may haunt them and their children for years to come. Ask some retired athletes or former high-income people. Google My Article: “Should You As A Parent Encourage Your Child To Play Dangerous Sports?” I exposed everything there.

Start early! “One important thing to remember about children and financial education is that it is more helpful to start teaching children about money early on rather than waiting until high school,” according to Sara Berthiaum. It is amazing what the human mind can absorb when it is as open and eager to learn as children’s minds are. This is why they learn languages ​​and new things faster than most adults.

I credit my parents, particularly my father Lawrence Okoronkwo Ukaoma, for teaching me at an early age the virtues of saving money. One particular teaching moment is etched in my mind. He was around 8 years old and the brutal civil war between Nigeria and Biafra was raging. I had done housework for a neighbor and they paid me with wrinkle-free Biafra bills. Thinking that I had gotten rich, I went to see my father and asked him to keep my money. He asked me why I couldn’t keep my money. I replied that I did not want to be tempted to spend or lose it. He told me that “it was okay to be tempted, but I should learn to control my money because the way I manage my resources would determine my height in life.”

My father also taught me about the savings account, stocks (stocks), and real estate investing. He made sure she learned that how much you save counts more than how much you earn. In my teens, I had an account at the Federal Savings Bank where you could “open an account with only ten kobo.” The reader of that time might remember that jingle. The bank was cleverly managed through post offices. During my teens, my father would send me to collect rent from his tenants and deposit the funds (and coupons / dividends) into his bank account as soon as possible to earn interest. He taught me how to take off my “going out” clothes and put on my “stay at home” clothes as soon as I got home so my good clothes would last longer. He taught me how “one stitch in time saves nine” and how to defer gratification. If it could be done during and shortly after a civil war, it can be done today. Whatever people say about Nigeria, I am very grateful for my Nigerian heritage. Most of what sustains me and others like me today we learned in Nigeria. I learned good work habits, independent thinking and content living from my upbringing in Nigeria.

Developing money saving habits should not be misinterpreted as depriving yourself. Rather, saving money is a way to develop a savings fund for you (not someone else) to use when you really need it. It is something that everyone should aspire to. Money may not be everything; nothing is. No one should diminish its importance. Like good health, many people may not realize its essence until they have it and need it.

Who says solid financial skills are not important in life? Studies show that financial problems are at the core of most marital discord. These problems are compounded when warring parents use money as ammunition in battles for their children. Financial education is the beginning and the lasting victim of that dead-end war.

Some financial institutions now have a savings account with no minimum. Take your young child to a financial institution and open a savings account for him. Start by doing research online or over the phone to find out the incentive for new accounts. Some banks will give you between $ 25 and $ 250 to open an account for your child. Several online and physical financial institutions want to have a lifelong financial relationship with youth. Let these banks pay to win your son’s business.

The decision on how much to give your child as an allowance, if any, is yours as a parent. Some provide allowance for their child for household chores such as cleaning their room, the bathroom, or washing dishes, etc. Others give assignments for no reason. Personally, I give an allowance for housework beyond what my children should be doing as family members. And I would make sure the money is deposited into the child’s account to “cool down” and earn interest for a while before spending it. And if the child needs to spend some money, you should do your research before buying.


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