If someone asks me, which are the 3 most important things forleading a successful life; I will answer relationships, work and money. Most of the education is to train for work but maintaining relationship and value of money needs to be learned from parents. Money is one of the most sought after commodity in our life. Value of money is well understood in lower and middle class families but children who are raised in higher middle class and rich families sometimes do not get proper opportunities to understand the value of money. It is nature’s rule that things which are abundant in nature are not valued much. A person living in desert knows importance of water so well that we cannot expect the same level of consciousness from a person who is living near river which is flowing with fresh water all the 365 days.
Teaching the value of money is prime responsibility of parents and grandparents. We cannot expect this from teachers. Most critical age is between 5-10 years when parents should be more careful in handling money matters in front of children. Fulfilling all reasonable and unreasonable desires of the child without any conditions, buying child's attention and love through expensive gifts, spending money recklessly in front of children are few practices which create an impression in child's mind that money is freely available. And those impressions and experiences becomes great hurdle throughout his/her life to overcome.
5 Tips to teach value of money to children particularly when you have abundance of it:
1. There is no problem in living in a big house, having all comforts, owning luxury cars etc. Important is to develop a habit of avoiding wasteful expenditure.
2. Be strict about unreasonable demands of the children and do not bend against emotional blackmail. What is unreasonable is one’sown wisdom.
3. Try to develop a system of give and take. Child gets reward for whatever good acts he does. Nothing should be easily available except basic needs.
4. Take him to charity trips. They must realize that they are fortunate to have luxuries in life.
5. Right, relevant and proper education must be top agenda for theparents.
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