Every committed parent would like to see their child prosper. They do everything within their power to make it happen. However, raising kids is a complicated endeavour that encompasses a myriad of responsibilities. And sometimes, despite your best efforts, you might not get it all right.
You pay good money to send your child to school and to teach them morals. But more often than not, parents undermine or completely ignore a crucial aspect of their child’s upbringing: financial education.
And the end result? – Young people who remain completely or partially reliant on their parents well into their late twenties or early thirties. Some do well enough to secure good jobs but are incapable of managing their finances efficiently.
If you wish for your kids to imbibe healthy habits that will set them up to succeed, the following tips will be of great help:
1. Say No to Helicopter Parenting
Helicopter parenting, otherwise known as snowplough parenting, is when you are overly involved in the affairs of your children, controlling and overprotecting them; always attempting to remove challenges and any form of discomfort, sometimes to the child’s embarrassment and dismay.
This attitude interferes with the child’s healthy development. It disempowers them and chips away at their confidence. It breeds self-doubt and an unnatural dependency as they become less able to fight their own battles.
Although you may have the best of intentions, you will inevitably mould them into an individual that lacks crucial social skills and a positive self-image. Someone who can’t solve problems lacks creativity, always needs help, and is afraid to take risks.
A healthy parent-child relationship is one in which there’s mutual trust and respect. The child is allowed to learn and make mistakes. They are confident and have strong self-esteem because they know that their parents have faith in them and have empowered them to make sound choices.
2. Focus on Skill Building
Your child’s education should not be restricted to academics. The world is rapidly evolving, and the labour market is highly competitive. Academic excellence is barely enough to set you apart from the crowd and put you in demand. To have an edge, one needs to acquire valuable skills that remain useful throughout the course of the person’s life; skills that can be monetized.
Some skills are inherent and can be improved upon, while others are acquired over time. You need to take advantage of your child’s formative years to expose them to a broad range of beneficial activities. This is how you can discover the child’s aptitude and interests and be able to capitalize on them. It’s never too early to start.
If you are unsure where to begin, here are some options to consider:
- Sports: Swimming, football, running, etc.
- Communication skills can be acquired through public speaking, poetry, good books, etc.
- Computer skills: Programming, graphics design, etc.
- Creative skills: Singing, dancing, drawing, playing a musical instrument.
- Leadership and teamwork skills can be gained by engaging in certain sporting activities.
- Analytical skills that promote problem-solving can be acquired through activities such as playing chess and other games including brain teasers, monopoly, etc.
3. Set a good example
Parents have a big influence on the lives of their offspring. Young minds are like sponges that quickly absorb both positive and negative impressions that could imprint on their subconscious. Thus, kids pick up a lot of traits from their parents.
It is, therefore, the responsibility of every parent to ensure that they are setting a good example. If, for instance, a child grows up witnessing periods of boom followed by noticeable dry spells in the home, it could set a precedent for them to carry on the same lifestyle when they become adults.
4. Teach Kindness and Contentment
Financial intelligence is not just about learning to save and spend wisely. It goes much deeper into the core values of an individual. So teach your kids gratitude, self-control, and service towards others. Let them learn that a person only receives as much as they can offer. Such a mindset will encourage them to be responsible members of society who solve problems and create value, for that is the true way to attract wealth.
I love this write up