The Success Letter
Your children’s are your biggest asset. And you have to invest your time in developing your asset.
Success begins when you teach your children about money and investing. It’s a phenomenal to start as early as possible. Like sowing the seeds and how to bring it up, it’s totally up to you. Don’t afraid to handle money by your kids. If you will not teach them to handle, they will not able to handle it in future.
As parents, the earlier you create money and investing awareness among your children, the lesser mistake they will make as they grow up in life.
Secret 1 Educate them:
As you know educating the children is very tough, but don’t worry don’t teach them by reading the books. Teach them by action and doing yourself and make them partner in your action. The best way is to teach them by cartoon or games, children remember the character more than words. Teach them visually.
Secret 2 Saving Habit:
Start as early as possible. Give them piggy bank, because in successful investing, saving money is very much important. They will inhibit the habit of saving money from childhood. People earn a lot of money but they are not saving their money, and over the period of time they end up with nothing. So saving is a good habit, when you doing it actually. Create the habit of saving and show your children how it works with their piggy banks.
Secret 3: Give them actual money:
Give them actual money, in different denomination and tell them value of each denomination by comparing with their liking like, chocolate, toys, etc.
Secret 4: Learn from Mistake:
Don’t afraid to make mistake, and don’t shout on children when they made mistake. Because learning from mistake is a great thing in life. 90% people don’t have a habit of learning from mistakes. And you will teach your children this secret if you will give them full responsibility of their money and their decision. Giving responsibility is tough but you have to do it, and monitor them, by way of discussion. When they make mistake they take lesson, and these lesson are not easy to forget, because learning from ones own mistakes is never forgotten. People make mistake in their spending habit, so watch the spending habit of your children.
Secret 5 Partner them:
Partnering with your children, in decision-making is great tool to teach your children how to take decision? You should involve your children for decision-making in your life. Give them your goal, your plan, and how you are achieving your goal? Partner them with your every step. They learn confidently, and they watch you they mimic your action, and as they grow in their life they will become just like you. So educating your children, first of all you should have great habit about money and investing. You are your child’s biggest role model.
Secret 6: Bad things Vs Good things:
Educate them about the bad things about money and investing, like debt, loan, credit card. And give them lessons about each and every subject possible. And give them basic learning as and when they learn basics they automatically take interest. Educate them about good things like compounding money, dividend from stocks. Create interesting environments around your children. Your family environments have biggest impact on your children, and are open to discuss about money in front of your children.
Secret 7 GOALS and Achieve:
This is the last step but if you work on it. It’s a great thing for children not in terms of money or investing; it’s great and outstanding for their entire successful life. Set a goal for buying video game, make a target of how much it cost? And divide it into monthly installment. Take a close watch in what they are doing, and encourage them to save money. After achieving the goal give them monetary rewards. Create a habit of making and achieving GOAL, its great, and don’t worry how much it cost to you, let’s do it. It’s rewarding in long-term. Don’t give them anything free, except love; otherwise they don’t know the value. In money and investing people know the price of everything but value of nothing. Money and investing is the game of value.
So practice these secrets and build your greatest asset.
To Your Success;
Harish S. Kawalkar
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