Author: Financial Awakening Blog
If you still haven’t read Step 1 – Plan ahead. Imagine where you are when you retire, I highly recommend you to read it first.
If one live in a world without worry. Everything is taken care of by someone such as your parents, then there is nothing to worry about. And you can live happy ever after. Except if the one who take care of you pass away, then you start having everything to worry about.
One question arise: How well should you protect your child?
As parents, it is difficult to see your child in trouble without helping them. So to what extent should you help them? If you help them in every simply thing, they will soon learn that they should stop using their brain because you will think for them. They will also stop thinking twice before they make any mistakes because you will fix all the mistakes they commit. On the other hand, it is also not a good idea to give your child too much pressure when they are too young. Afterall, they are still kids and need to have some motivation and fun to create some memory to remember.
Responsiblity is the key
No matter how much or how little pressure you give your child, if they have a sense of responsibility, they are on the right track. If they make a mess, they are responsible to clean it up. You can give them guidance of how to do it, but you should not do it for them. If they want to drink water when they are outside, they should carry the water bottle instead of you carrying everything for them. They should learn that they are responsible for their own well being. Your job is to guide them, not to strip away their ability to take care of themselves.
If they fall down, they should learn to get back up. If your child cannot learn to get up by themselves when they learn to walk, they won’t be away to get back up when they grow up and failed.
Should them how to manage their money
You can store all the money for them, but then money is just going to be a number for them. They should get a feeling of money. If you do not let them learn to handle their own money when you can still guide them, they will do worse when you are away from them. Most young people nowaday cannot save money because they first feel the power of money when they start working. However, if you let them feel the power of money in their early age, they will have a better idea of how to handle money when they later on acquire more money.
Everyone learn from failure. The only different is the scale of fail. You want your kid to fail early with a smaller magnitude.
With great power comes great responsibility.
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