teefaithy

Financial literacy is still one of the least discussed subjects for many kids today, and it really shouldn't be underrated, as children need to learn early enough how to be independent. Children need to know and understand the skills needed to manage money effectively, and this will only happen if you put in the work to ensure they learn. Many adults find it difficult to talk to kids about money, how it should be spent and all that they need to know. This can be due to a wide range of reasons, ranging from not having adequate knowledge themselves about finance, to how they probably mishandle their own finances. These could seem like enough reasons to shy away from teaching kids the basics but is definitely not the best option. Kids need to learn, so they don't become adults who can't manage their finances. If it means getting your financial life in order first, then go ahead and do just that. Your kids will grow up and have to deal with finances for the rest of their lives, which is why the knowledge of finance shouldn't be taken lightly. Not all schools have fully integrated finance topics into their syllabus, so there's still a long way to go in teaching kids as a parent or as a guardian. Here are the steps you need to follow: 1. Begin With Yourself If you will be teaching your kid about finance, it is important that you also have adequate knowledge about it yourself. You need to be a great role model to your kid, and it makes it even easier for them to follow the right path when they see you doing same. Start by learning all that is there to. Read books and take financial courses if you have to. Monitor how you spend. If you go after every new technology gadget and ignore basic needs at home, it will be difficult to explain to your child why they should prioritize and go for the needful first. Learn how to save from every income, and work with a budget. Be open about your finance, and not keep it a secret from them. This will help them learn important financial lessons. 2. Use Money Milestones Age 2-5 (Toddlers):  You need to introduce your kids to money at this age, by making them understand first that you buy everything with money; nothing falls from the sky. Toddlers will always cry and forcefully demand some things, and the earlier you let them know it can't always be possible, the better. Other ways to introduce them to this concept are by letting them learn how to count with currency notes, making little donations or even owning a piggy bank. Age 6-10 (Elementary school) This is the core age to start introducing them properly into the importance of earnings, expenses, and savings. Let them know about banks, and you can even go ahead to open a savings account for kids, where they can slowly grow their [...]

Entrepreneurship is not for the fainthearted. It requires a lot of positivity and strength to keep going regardless of whatever happens. However, as humans, we get stretched and sometimes get to the point of giving up and it takes quite a lot to get back on our feet. Kids have very high tendency to give up, because they know very little and would most likely not consider the consequences of giving up, especially at a critical time. This is why you have to help them. There are several ways in which you can help your child overcome his/her fears and not give up. Below are a few tips to guide you: 1. Constructive feedback We all need to be encouraged to do better at whatever we do, and kids are just the same. Rather than scolding or attacking them on errors made, you could consistently give constructive and specific, but not brutally critical advice. Whatever you do, try not to make them feel less of themselves. The feedback should be able to point out their flaws, how to improve and to also make them feel good about themselves. This will assure them that they can do better, and there will be lesser chances of giving up because there's at least one person cheering them on. 2. Healthy competitions Competition in the business world today keeps increasing, and if one isn't careful, you might find yourself in unhealthy competitionZ that focus on only your flaws and failures. Introduce your child to healthy competitions that will drive them to be top at their game and also help them improve. Healthy competitions won't make them feel less of themselves even if they lose. This will encourage them to strive to do more, even when all hope seems lost. 3. Learn through mistakes Children should be taught to see the other side of mistakes, to pick lessons every time there's a flop. Teach them to find solutions when there's a challenge and help them see lessons in doing that. This will help expand their mind and make them understand that failure in one doesn't mean failure in all. In the course of your child's business, there will be times they wants to throw in the towel, and you need to do everything within your power to avoid it. Teaching kids how not to give up and to remain strong will not only help them now as kids but will be a great forte for them in the future.