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Mon
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March
2014
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Teach Children about Money @12:39 pm

Teach Children about Money

In this ever growing world, as things get more expensive each day, the ability to be able to manage your money and expenses wisely is more important than ever. For our children, I always believe that we have to start teaching them while they are young so that they can start cultivating good habits in their spending and saving.

As we all know, kids in Singapore nowadays are very fortunate, they can get whatever they want, be it an Xbox 360, Playstation 3 and or other toys. If parents do not make the effort to teach financial literacy to their children no one else will. Schools and institutions teach a variety of courses to cater to an ever growing interest field. However no school or institution will teach their students how to save and invest their money as they grow through life.

Our education system trains our children to think and become good and high value employees. However entrepreneurship cannot be taught. There is no one clear way to become a successful entrepreneur. Paying for a course to train you on how to become a super businessman earning millions is as redundant as paying for a course to teach you how to beat the casino in roulette. Schools can only equip students with necessary skills to analyze and understand the economy but to become a successful entrepreneur one has to be able to coordinate these skills and use also charisma and many other factors that cannot be taught in a single module.

Karen Aw, 31 who runs financial literacy classes for children first explains that she don’t recommend parents giving an allowance to children. She recommends paying their children a salary and giving them household jobs from young like tabulating household grocery expenses. From there on parents can “promote” their children and give them bigger responsibilities. Many of the parents who send their kids to Karen are top end businessmen and professionals. They know the benefits of having children who understand wealth management as their children can grow up to continue to nurture their families’ asset portfolio.

Parents in order to have kids to excel in their careers and finances must first put the seeds of knowledge in these young ones minds. They have to first manage their own finances and make the right decisions.

This article is written by Anna Tan from Ace tuition services (A.C.T.S tampines). She has many years of experience in handling students and has been featured in The New Paper. She continues to write articles relating to managing our children and excelling as students. She can be contacted through whiteknightcaesar@aol.com.

 

 

 

 

 

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