Leaving the legacy of being financially astute.

A young boy raced up to the water fountain and took a drink and then squirted his sister with a small amount of water. A squeal of surprised alerted me the antics and I watched as the young girl raced in and grabbed some water to throw back at her brother. My joy of seeing good old fashioned fun is shattered by their mother screeching “don’t waste the water”. I bet this is the same mother who yells, “Don’t forget to flush the toilet”.

On further reflection I see that is woman is not so far from me and I am reminded of the need to have a look at the priorities/values that I am teaching my children. My fear of not wasting water is twofold. One I don’t want to end up without clean water to drink and two, it is bloody expensive these days. My water bill just came in at $800. I see that these two points are linked to my belief that we need to teach our children how to look after their bodies and bank accounts.

 

These kids used less water than that used to flush a toilet. If I was to approach the mother and say “let your children play I won’t flush the toilet for the next day” I wonder if she would get the irony.

 

You don’t have to have children of your own to influence the next generation. As Aunties, Cousin, Family Friend, Teacher or Doctor you provide influence and leave a legacy of financial knowledge.

 

With our bodies and bank accounts you need to think about what you put in and what you get out. Do I need this item? Is the item going to enrich my life? True for both for Bodies and Bank Balance.

With our bodies and bank accounts you need to think about what you put in and what you get out.

 

At school and at Home our children are taught to read, write, add up and there is a focus on Science and Robotics and many other varied topic. Yet most parent and schools fail to teach basic budgeting, economic survival and nutritional skills required for everyday living.

 

So how do we educate our children to be financially astute without turning them into “tight asses”.

 

If I had my way there would be a lesson every day. The lesson would commence with a walk outside. Rain, hail or shine then recording what you ate and how much did your day cost? This should be a habit that you take throughout your life and complete each day.

 

Here is an example of how to do things differently. A treat for a teenage child these days is to eat out at a fast food chain and the cost would be around $10 dollars. We are rewarding our children with nutrimental devoid food but it’s also lazy and expensive. If we were to take the child to a market with $10, buy fresh ingredients and spend a couple of hours in the kitchen we can create a Master Chef experience for the whole family. As a whole this is a far richer and rewarding experience for the child. Alternately if the child hates it they will never ask you for money for fast food again. It’s a Win Win as far as I can see.

 

“Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime

 

Working as a Business consultant and Banking and finance I consistently see brilliant people with very poor bank balances. Is it because they don’t have the balance of commonsense to go with their brilliance? Or because they were not taught to do the simple things in life like balance a cheque book?

 

Please leave your comments/tips on how you influence the young ones in your life to be more economically astute. Or if you would like to contact me directly my email address is gmfinancialanswers@gmail.com.