What do you think it's the greatest non-monetary gift that parents can give their children about personal finance (you can also share non-personal finance questions, if you'd like)? And why?
Recently had this conversation with a friend of mine who will soon become a parent herself in a few months time. Think it will be interesting to see what the Community shares.
I'm surprised this question hasn't garnered more replies yet!
A healthy relationship with money, of course. To inculcate in children that 1) money is everywhere as long as they work hard and are savvy about generating it, 2) money is something that should neither be feared nor given too much power, 3) money buys happiness to a certain extent, but true happiness lies in leading the life you desire (i.e. time with loved ones, time for hobbies, ME time)
Most definitely the gift of introduction to financial literacy. I mean every parent wants the best for your child. And what better than to pass on what we have already learnt from life rather than wait for them to learn from trial and error.
So many topics that i wish had been introduced to me earlier in life such as:
Prioritising Needs Over Wants,
Budgeting and Delayed Gratification
Concept of (Financial) Planning
i dont think im any expert in these fields, but i do believe that simply getting our kids to start thinking about such topics would be a great start.
I believe it is very important that the parents teach their children about personal finance skills. ...
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