HOW TO TRAIN YOUR CHILDREN TO BE FINANCIALLY LITERATES
This post was inspired from a post that Mr Nnamdi Ibe made and a post of a concerned sister complaining how her younger sister spends money that is given to her.
The Bible said in Ecclesiastes 2:18 that we must leave all our toil to one who will come after us, who knows if he would be wise or foolish yet he would be a master of all that you toiled and got with your wisdom.
We can give wisdom to our children, we can give financial intelligence to them, but how can we be able to achieve this?
1. Through Games..
Yes we can teach children about finances with the games that they play when they are young, games like Monopoly can teach your children about real estate more than you can imagine, chess can teach them about strategy while Cash flow for kids (a game invented by Robert Kiyosaki to enlighten children about the cash flow quadrant and how-to escape the rat race)
2. Movies and Tv shows
I remember one time when I had to reward my cousins for giving me the recent current affairs that I wasn’t aware of, so they would watch the news by 6am to tell me about the headlines, most times I knew about the story because (I watch the 12am news, Amen Lol) but most times I would reward whosever that told me a current affair I wasn’t aware of. In three months they knew more current affairs than I did. What if I decided to teach them how to watch business news instead, like Bloomberg, CNBC Africa, TVC Business news, moneyline with Nancy etc and tell them to summarize the headlines for me every day? There are other movies they can see like The Banker, Smart money woman, the wolf of wall street, Suits (some of these movies need parental guidance)
3. Get them to save
Get them a piggy bank that would enable them save and not just get them a piggy bank but reward the highest saver, this would inculcate a savings habit in them at a young age.
4. Monitor their allowance
Ask them what they spent their allowance on, help them see the difference between an asset and a liability, teach them how to raise cash, I remember one time Sir Ubong King (of blessed memory) taught us how his son was teaching his peers mathematics for money just so that he could get money that he wanted to buy a bike.
Teach them that they can rent bikes to gain more money, that they can buy food stuff in bulk to save money etc
5. Digital skills- teach them digital skills that could help them become financially free but not just the financial freedom but to know the power of words when it comes to selling, skills like copywriting, storyselling, closing, content writing etc
6. Have conversations with them
Ask them questions like if you had a million naira, what would you do with it? You would see where their priorities lie, help them see that most of the things they want to buy are liabilities, for instance when you buy a bike you can’t recover that money ever.
When we pay for extra lessons, we are investing in your mind, when you buy books, you’re investing in your mind, you can teach what you have learnt and gain back the money…
Hope you found value
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