Which one is your preference; to be book smart or street smart? This entry is my personal opinion on why we need to teach our kids about money.
To some people, their lives are just one paycheck away from being homeless on the street. Or maybe bankruptcy. Isn’t that the saddest truth?
Let’s take a look at why that is.
By the normal mechanism, we learn from what we’ve been taught. A vast majority of us live paycheck to paycheck. So how does the cycle break?
One of the ways is by engaging in an active education. For example, money management skills being taught in the school, but parents do some follow-ups at home. And while most of you might think I’m just rambling here, it just makes sense that only we can teach our kids what we know especially when it comes to dealing with the reality of life.
So why don’t we start showing our kids our bank books, payslips, income tax stuffs, insurance, road tax and maybe show them how we make our monthly budget? Maybe we can start having them tally up the groceries while we’re shopping with them and explaining on branded vs generic brand? Start telling them that the plastic cards in our wallet are not magical; it’s actually evil in disguise.
Lots of kids have daily and weekly allowance, but who teaches them how to be responsible with that allowance? The teachers in school? Of course not. We, the teachers, teach Maths to your kids and explain on the functions of maths in life but it’s the parents responsibility to prepare them to face the reality.
In the age of entitlement, should we just let them be ignorant and figure out themselves as they go; watching without sharing what has already been established for centuries?
Or do we choose to give them the knowledge, skills and values to be successful and let them make an informed choice?
To teach our kids about money and making our children street smart isn’t entirely the teacher’s responsibility. It’s also OUR responsibility as their parents.
#CikguShah
Picture credit to: workingmomsagainstguilt.com
Also read: https://www.workingmomsagainstguilt.com/kids-and-money-financial-education-for-your-kids/
