Being wealthy comes with a lot of fun, when money isn’t your problem, life gives you almost all the peace you need to enjoy this world, only the rich folks can testify to this, most rich men and women, teach their children how they can be wealthy too because they want a better life for them.
As a parent, if you are not wealthy you can teach your children about money, kids love to know how to be rich and they want to be wealthy in future.
True wealth gives you freedom from negative stress and boosts your confidence in life.
Parents need to pass this to their children and we also want to pass this gift along to my kids, it is a great way to live and feel accomplished in life.
As parents, we can produce the happiness of our wealth if you can then why can’t we pass it to our kids, and they end up happy life as their parents are, we will be more than satisfied.
In this part of the world, most parents feel they are not much concerned about it, parents who were able to embed it in their kids, enjoy the benefits that come with it and their children remember them for the great knowledge of wealth they have passed unto them.
Every wealthy parent wants to pass a good life to their kids, so they try their best to give them financial advice and model them to the right path in life.
Foreign countries do this a lot to their kids, and we see the need for every Africa parents to embrace this, that why we want to teach parents how they can teach their children about money.
Steps to teach your children about money
- Family Money should be open to them
Let your kids know about how the household money is been earned, don’t let it be a subject of secret, they should know what will happen when you spend it, (the money is gone), and also they should know what will happen when you invest it (more money for the family).
Parents that own assets like rental houses or shares of businesses, these will teach them how best they can manage everything, even in your absence.
Teach them financially independent it will help them while growing up in their financial life.
Let them practice how it works at kids, so when they are old enough to make decisions, they we do the right thing with money.
2. Making Money
They feel kids get holding money as shown us how happy they are going to be if they can earn the money by themselves, let there be a little task, you are given them to earn money tor them.
As a parent, you can, pay your kids for walking along with you to a salon as part of family life, watch to see how they used the cash gift given to the relatives.
If they can manage those little earnings right, move from little-kid sources of income into more independent ones.
Working and earning your own money at any age is possible, parents shouldn’t focus more on academic alone for their kids.
3. The spreadsheet
They should have a piggy bank, where they can easily save money and they must know how to be accountable for all their money,
Therefore a spreadsheet that contains every transaction they made with money must be available, teach them how to use a spreadsheet.
Some money should be set aside for investment, that brings a monthly return to them.
These build them to know how they are spending money on and what is left for them, it also teaches them what to help the family financially.
4. Living by example, and giving
Kids love to watch the elders while growing up and most time, they love to remodel what the elders have done, in teaching them about money, you must mentor to them, meaning you must practice what you are teaching them if you want them to listen to you. Teach them how to give also, in giving them we have more.
When you do all these, you are creating a better future for them and they would be happy you led them to paths of building wealth for themselves to live a happy life.