A Parent's Guide to teaching Children about Money

Schools don't teach children about money management. Many parents are not equipped to do so. This book is to assist you do just that. Preparing our children for life is our job. We cannot outsource that. We won't be here forever. At some point, our work here is done, especially with respect to preparing our children to face the world on their own. The window of opportunity to train our children will not remain open indefinitely. At some point, school is out and all we can do is hope that we did the best we could. Time flies and before you know it, they turn 18 and start to spread their wings. For parents that send their children to boarding schools, our time with them is even more limited. Our role in the lives of our children's is pretty significant. They learn from us. They don't do what we say. They do what we do. That includes the way we handle money. The subject of money is not taught in many homes. Many parents find money an uncomfortable to discuss with their children. They believe their children will pick up basic money management skills as they grow up. Many children have no idea how their parents earn income. Our parents did not teach us about money and we seem to be doing okay. We, therefore, believe our children will turn out okay. We seem to forget that our children are growing up in an age different from the one we grew up in. To raise financially literate children, we have to become financially literate ourselves. You cannot give what you don't have. A pregnant woman lets go of some habits for the sake of the wellbeing of her unborn child. In the same vein, parents need to model the behaviour or values they want to pass on to their children. Leading by personal example is much more powerful than a thousand sermons. We love our children and we want the best for them. The least we can do is to model behaviours that empower them to achieve their goals and dreams. Being financially literate is a significant component in that equation. We want our children to negotiate from a position of strength, not weakness. The time to start is while they are still young. The best place to start is home. You want to have control over what or who influences your children especially when they are at the stage of figuring out who they are. In a culture of consumerism and instant gratification, it is easy for our children to feel entitled, and spend whatever money that comes into their hands. Financial freedom is the cornerstone of other freedoms. It gives you the freedom to choose. In an entrepreneurial world where job security is gone with the wind, it is becoming more crucial for individuals to take their financial destinies in their hands rather than depend on their employers to do so. The world we grew up in no longer exists. Raising our children the way we were raised is simply preparing them for a world that no longer exists. The children are our future. We can shape that future by passing on our values and teaching them key skills to thrive in all seasons. If our job is well done, our children will not need to run back home in the future for a bailout. They will be able to stand on their two feet, thrive and make the contribution they were born to make.